Complete Washroom Solutions Limited 30/09/2020 iXBRL

Complete Washroom Solutions Limited 30/09/2020 iXBRL

COMPLETE WASHROOM SOLUTIONS LIMITED - Company Information

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Company registration number: 05092496
Complete Washroom Solutions Limited
Unaudited financial statements
for the year ended
30 September 2020
Prepared by:
THOMAS NOCK MARTIN LIMITED
CHARTERED ACCOUNTANTS
BRIERLEY HILL
Complete Washroom Solutions Limited
Contents
Directors and other information
Directors report
Accountants report
Statement of income and retained earnings
Statement of financial position
Notes to the financial statements
Complete Washroom Solutions Limited
Directors and other information
Directors Timothy Doyle
Jack Broadley
Company number 05092496
Registered office 5 Hagley Court South
The Waterfront
Brierley Hill
West Midlands
DY5 1XE
Business address 91 Main Road
Meriden
Warwickshire
CV7 7NL
Accountants Thomas Nock Martin Limited
5 Hagley Court South
The Waterfront
Brierley Hill
West Midlands
DY5 1XE
Bankers Handelsbanken
Unit 5 The Courtyard
707 Warwick Road
Birmingham
B91 3DA
Complete Washroom Solutions Limited
Directors report
Year ended 30 September 2020
The directors present their report and the unaudited financial statements of the company for the year ended 30 September 2020.
Directors
The directors who served the company during the year were as follows:
Timothy Doyle
Jack Broadley
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 14 May 2021 and signed on behalf of the board by:
Timothy Doyle
Director
Complete Washroom Solutions Limited
Chartered accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of Complete Washroom Solutions Limited
Year ended 30 September 2020
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Complete Washroom Solutions Limited for the year ended 30 September 2020 which comprise the statement of income and retained earnings, statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the board of directors of Complete Washroom Solutions Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Complete Washroom Solutions Limited and state those matters that we have agreed to state to the board of directors of Complete Washroom Solutions Limited as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Complete Washroom Solutions Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Complete Washroom Solutions Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Complete Washroom Solutions Limited. You consider that Complete Washroom Solutions Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Complete Washroom Solutions Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Thomas Nock Martin Limited
Chartered Accountants
5 Hagley Court South
The Waterfront
Brierley Hill
West Midlands
DY5 1XE
14 May 2021
Complete Washroom Solutions Limited
Statement of income and retained earnings
Year ended 30 September 2020
2020 2019
Note £ £
Turnover 2,159,836 1,903,520
Cost of sales ( 1,324,744) ( 1,139,025)
_________ _________
Gross profit 835,092 764,495
Administrative expenses ( 765,469) ( 663,804)
Other operating income 189,986 34,015
_______ _______
Operating profit 259,609 134,706
Interest payable and similar expenses ( 26,161) ( 15,757)
_______ _______
Profit before taxation 5 233,448 118,949
Tax on profit ( 57,688) ( 29,060)
_______ _______
Profit for the financial year and total comprehensive income 175,760 89,889
_______ _______
Dividends declared and paid or payable during the year ( 16,365) -
Retained earnings at the start of the year 357,738 267,849
_______ _______
Retained earnings at the end of the year 517,133 357,738
_______ _______
All the activities of the company are from continuing operations.
Complete Washroom Solutions Limited
Statement of financial position
30 September 2020
2020 2019
Note £ £ £ £
Fixed assets
Tangible assets 6 1,008,160 1,014,021
_________ _________
1,008,160 1,014,021
Current assets
Stocks 44,182 89,302
Debtors 7 508,707 455,052
Cash at bank and in hand 86,315 6,138
_______ _______
639,204 550,492
Creditors: amounts falling due
within one year 8 ( 598,653) ( 826,367)
_______ _______
Net current assets/(liabilities) 40,551 ( 275,875)
_________ _______
Total assets less current liabilities 1,048,711 738,146
Creditors: amounts falling due
after more than one year 9 ( 347,778) ( 237,408)
Provisions for liabilities ( 175,300) ( 134,500)
_______ _______
Net assets 525,633 366,238
_______ _______
Capital and reserves
Called up share capital 10 8,500 8,500
Profit and loss account 517,133 357,738
_______ _______
Shareholders funds 525,633 366,238
_______ _______
For the year ending 30 September 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
These financial statements were approved by the board of directors and authorised for issue on 14 May 2021 , and are signed on behalf of the board by:
Timothy Doyle
Director
Company registration number: 05092496
Complete Washroom Solutions Limited
Notes to the financial statements
Year ended 30 September 2020
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is 5 Hagley Court South, The Waterfront, Brierley Hill, West Midlands, DY5 1XE.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, 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 at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation 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:
Short leasehold property - Over the life of the lease
Plant and machinery - 10 % reducing balance
Motor vehicles - 15 % straight line
Commerical vehicles - 20 % straight line
If 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.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.Government grants are recognised using the accruals model.Under the accruals model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade debtors and trade creditors, other debtors and creditors.Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date .
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 34 (2019: 31 ).
5. Profit before taxation
Profit before taxation is stated after charging:
2020 2019
£ £
Depreciation of tangible assets 147,268 94,784
_______ _______
6. Tangible assets
Short leasehold property Plant and machinery Motor vehicles Total
£ £ £ £
Cost
At 1 October 2019 16,517 1,262,675 422,482 1,701,674
Additions - 84,452 94,491 178,943
Disposals - - ( 51,874) ( 51,874)
_______ _________ _______ _________
At 30 September 2020 16,517 1,347,127 465,099 1,828,743
_______ _________ _______ _________
Depreciation
At 1 October 2019 9,747 623,901 54,005 687,653
Charge for the year 1,020 79,900 66,348 147,268
Disposals - - ( 14,338) ( 14,338)
_______ _______ _______ _______
At 30 September 2020 10,767 703,801 106,015 820,583
_______ _______ _______ _______
Carrying amount
At 30 September 2020 5,750 643,326 359,084 1,008,160
_______ _______ _______ _________
At 30 September 2019 6,770 638,774 368,477 1,014,021
_______ _______ _______ _________
7. Debtors
2020 2019
£ £
Trade debtors 328,073 305,517
Other debtors 180,634 149,535
_______ _______
508,707 455,052
_______ _______
8. Creditors: amounts falling due within one year
2020 2019
£ £
Bank loans 35,871 171,262
Trade creditors 222,749 290,299
Corporation tax 10,800 -
Social security and other taxes 118,730 121,033
Other creditors 210,503 243,773
_______ _______
598,653 826,367
_______ _______
9. Creditors: amounts falling due after more than one year
2020 2019
£ £
Bank loans 194,746 31,145
Other creditors 153,032 206,263
_______ _______
347,778 237,408
_______ _______
10. Called up share capital
Issued and called up
2020 2019
No £ No £
Ordinary A shares of £ 1.00 each 150 150 150 150
Ordinary B shares of £ 1.00 each 8,350 8,350 8,350 8,350
_______ _______ _______ _______
8,500 8,500 8,500 8,500
_______ _______ _______ _______
Issued and unpaid
2020 2019
No £ No £
Ordinary A shares of £ 1.00 each - £ - paid 150 - 150 -
Ordinary B shares of £ 1.00 each - £ - paid 8,350 - 8,350 -
_______ _______ _______ _______
8,500 - 8,500 -
_______ _______ _______ _______
11. Operating leases
The company as lessee
The total future minimum lease payments under non-cancellable operating leases are as follows:
£ £
Later than 5 years 230,750 282,250
_______ _______
12. Coronavirus
During the year, the company received assistance from the government in the form of the Coronavirus Job Retention Scheme for furloughed employees. A total of £168,387 was received, and is shown as 'Other Operating Income'. The company also received a Coronavirus Business Interruption loan of £200,000 in June 2020 which is included in creditors.
Complete Washroom Solutions Limited
Detailed income statement
Year ended 30 September 2020
2020 2019
£ £
Turnover
Sales 2,159,836 1,903,520
Cost of sales
Opening stock 89,302 83,802
Purchases 546,219 482,699
Wages and salaries 677,349 611,560
Employer's Social security contributions 56,056 50,266
_________ _________
1,368,926 1,228,327
Closing stock (44,182) (89,302)
_________ _________
1,324,744 1,139,025
_______ _______
Gross profit 835,092 764,495
Gross profit percentage 38.7% 40.2%
Overheads
Administrative expenses 765,469 663,804
_______ _______
765,469 663,804
Other operating income
Rent receivable (21,599) (34,015)
Government grants (168,387) -
_______ _______
( 189,986) ( 34,015)
Operating profit 259,609 134,706
Operating profit percentage 12.0% 7.1%
Interest payable and similar expenses ( 26,161) ( 15,757)
_______ _______
Profit before taxation 233,448 118,949
_______ _______
Complete Washroom Solutions Limited
Detailed income statement (continued)
Year ended 30 September 2020
2020 2019
£ £
Overheads
Administrative expenses
Directors remuneration 135,408 98,502
Staff pension costs 6,897 2,531
Rent 79,817 57,639
Rates 2,150 13,340
Insurance 12,489 7,718
Light and heat 8,518 6,842
Cleaning 335 422
Repairs and maintenance 2,822 3,969
Printing, postage and stationery 3,327 4,212
Advertising 635 2,078
Telephone 16,116 16,660
Computer costs 14,852 13,517
Hire of equipment 8,345 9,794
Travelling and entertainment 218,225 293,465
Legal and professional 36,906 25,128
Accountancy fees 4,000 3,555
Bank charges 14,332 7,769
Bad debts 3,019 785
General expenses 8,686 2,988
Charitable donations 15,890 1,290
Depreciation of tangible assets 147,268 94,784
Loss/(gain) on disposal of tangible assets 25,432 (3,184)
_______ _______
765,469 663,804
_______ _______