Wheat Quarter Limited - Period Ending 2020-02-29
Wheat Quarter Limited - Period Ending 2020-02-29
Year Ended
Registration number:
Wheat Quarter Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
Wheat Quarter Limited
Company Information
Directors |
Mr J J D Fooks Mr J M West |
Registered office |
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Accountants |
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Wheat Quarter Limited
Balance Sheet
29 February 2020
Note |
29 February |
28 February |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current (liabilities)/assets |
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Net (liabilities)/assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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Wheat Quarter Limited
Balance Sheet
29 February 2020
For the financial year ending 29 February 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
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Company Registration Number: 10507878
Wheat Quarter Limited
Notes to the Financial Statements
Year Ended 29 February 2020
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts and after eliminating sales within the company.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Tax
Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Wheat Quarter Limited
Notes to the Financial Statements
Year Ended 29 February 2020
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Freehold property |
2% straight line basis |
Fixtures and fittings |
20% straight line basis |
Stocks
Work in progress represents costs to date on property development and is shown at cost.
Financial instruments
Classification
• Short term trade and other debtors and creditors;
• Loans; and
• Cash and bank balances.
All financial instruments are classified as basic.
Recognition and measurement
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.
Except for loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.
Loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Wheat Quarter Limited
Notes to the Financial Statements
Year Ended 29 February 2020
Tangible assets |
Land and buildings |
Furniture, fittings and equipment |
Total |
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Cost or valuation |
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At 1 March 2019 |
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At 29 February 2020 |
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Depreciation |
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At 1 March 2019 |
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Charge for the year |
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At 29 February 2020 |
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Carrying amount |
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At 29 February 2020 |
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At 28 February 2019 |
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Included within the net book value of land and buildings above is £147,672 (2019 - £150,706) in respect of freehold land and buildings.
Debtors |
29 February 2020 |
28 February 2019 |
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Trade debtors |
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Amounts due from group undertakings |
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Other debtors |
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Prepayments |
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Wheat Quarter Limited
Notes to the Financial Statements
Year Ended 29 February 2020
Creditors |
29 February 2020 |
28 February 2019 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Corporation tax |
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455,504 |
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Other creditors |
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- |
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Accrued expenses |
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Loans and borrowings are secured over the assets of the company.
Share capital |
Allotted, called up and fully paid shares
29 February 2020 |
28 February |
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No. |
£ |
No. |
£ |
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10 |
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10 |
Related parties and contingent liabilities |
During the year the company paid fees of £4,488,676 to ZM (WGC) LLP, an LLP which is controlled by the directors. There are further fees payable to the LLP which are contingent on future events, and it is not yet possible to quantify the amount which may become payable.