Contents of the Financial Statements

for the Period Ended 31 July 2020

Balance sheet

As at 31 July 2020

The notes form part of these financial statements

Balance sheet statements

For the year ending 31 July 2020 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors have chosen not to file a copy of the company's profit and loss account.

The notes form part of these financial statements

Notes to the Financial Statements

for the Period Ended 31 July 2020

• 1. Accounting policies

  Basis of measurement and preparation

  These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

  Turnover policy

  Turnover is measured at the fair value of the consideration received or receivable for goods suppliedand services rendered, net of discounts and Value Added Tax.Revenue from the sale of goods is recognised when the significant risks and rewards of ownership havetransferred to the buyer, usually on despatch of the goods; the amount of revenue can be measuredreliably; it is probable that the associated economic benefits will flow to the entity and the costs incurredor to be incurred in respect of the transactions can be measured reliably.

  Tangible fixed assets depreciation policy

  Tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income tothe extent of any previously recognised revaluation increase accumulated in capital and reserves inrespect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.DepreciationDepreciation is calculated so as to write off the cost or valuation of an asset, less its residual value,over the useful economic life of that asset as follows:Fittings fixtures and equipment - 25% straight lineIf there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.

  Intangible fixed assets amortisation policy

  Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, overthe useful life of that asset as follows:If there is an indication that there has been a significant change in amortisation rate, useful life orresidual value of an intangible asset, the amortisation is revised prospectively to reflect the newestimates.

  Other accounting policies

  Basis of preparationThe financial statements have been prepared on the historical cost basis, as modified by the revaluationof certain financial assets and liabilities and investment properties measured at fair value through profitor loss.The financial statements are prepared in sterling, which is the functional currency of the entity.Going concernThe financial statements have been drawn up on the going concern basis that assumes the continuedsupport of the company bankers and its directors. The directors are confident that this support willcontinue for the foreseeable future and as such the going concern basis is appropriate.Judgements and key sources of estimation uncertaintyThe preparation of the financial statements requires management to make judgements, estimates andassumptions that affect the amounts reported. These estimates and judgements are continuallyreviewed and are based on experience and other factors, including expectations of future events thatare believed to be reasonable under the circumstances.Accounting estimates and assumptions are made concerning the future and, by their nature, will rarelyequal the related actual outcome.TaxationThe taxation expense represents the aggregate amount of current and deferred tax recognised in thereporting period. Tax is recognised in the statement of comprehensive income, except to the extent thatit relates to items recognised in other comprehensive income or directly in capital and reserves. In thiscase, tax is recognised in other comprehensive income or directly in capital and reserves, respectively.Current tax is recognised on taxable profit for the current and past periods. Current tax is measured atthe amounts of tax expected to pay or recover using the tax rates and laws that have been enacted orsubstantively enacted at the reporting date.Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved taxlosses and other deferred tax assets are recognised to the extent that it is probable that they will berecovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax ismeasured using the tax rates and laws that have been enacted or substantively enacted by thereporting date that are expected to apply to the reversal of the timing difference.ImpairmentA review for indicators of impairment is carried out at each reporting date, with the recoverable amountbeing estimated where such indicators exist. Where the carrying value exceeds the recoverableamount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal ateach reporting date.When it is not possible to estimate the recoverable amount of an individual asset, an estimate is madeof the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generatingunit is the smallest identifiable group of assets that includes the asset and generates cash inflows thatare largely independent of the cash inflows from other assets or groups of assets.Cash and cash equivalentsCash and cash equivalents comprise cash at bank and in hand, demand deposits with banks and othershort-term highly liquid investments with original maturities of three months or less and bank overdrafts.In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities.ProvisionsProvisions are recognised when the entity has an obligation at the reporting date as a result of a pastevent; it is probable that the entity will be required to transfer economic benefits in settlement and theamount of the obligation can be estimated reliably. Provisions are recognised as a liability in thestatement of financial position and the amount of the provision as an expense.Provisions are initially measured at the best estimate of the amount required to settle the obligation atthe reporting date and subsequently reviewed at each reporting date and adjusted to reflect the currentbest estimate of the amount that would be required to settle the obligation. Any adjustments to theamounts previously recognised are recognised in profit or loss unless the provision was originallyrecognised as part of the cost of an asset. When a provision is measured at the present value of theamount expected to be required to settle the obligation, the unwinding of the discount is recognised infinance costs in profit or loss in the period it arises.Financial instrumentsA financial asset or a financial liability is recognised only when the company becomes a party to thecontractual provisions of the instrument.Basic financial instruments are initially recognised at the transaction price, unless the arrangementconstitutes a financing transaction, where it is recognised at the present value of the future paymentsdiscounted at a market rate of interest for a similar debt instrument.

Notes to the Financial Statements

for the Period Ended 31 July 2020

• 2. Employees

  	2020	2019
  Average number of employees during the period	2	2