Wedding Bookers Ltd Filleted accounts for Companies House (small and micro)

Wedding Bookers Ltd Filleted accounts for Companies House (small and micro)

WEDDING BOOKERS LTD - Company Information

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COMPANY REGISTRATION NUMBER: 08880249
Wedding Bookers Ltd
Filleted Unaudited Financial Statements
26 August 2020
Wedding Bookers Ltd
Statement of Financial Position
26 August 2020
26 Aug 20
28 Feb 19
Note
£
£
Fixed assets
Tangible assets
5
20,084
36,773
Current assets
Debtors
6
40,128
59,189
Cash at bank and in hand
30,775
23,025
--------
--------
70,903
82,214
Creditors: amounts falling due within one year
7
36,893
95,020
--------
--------
Net current assets/(liabilities)
34,010
( 12,806)
--------
--------
Total assets less current liabilities
54,094
23,967
Creditors: amounts falling due after more than one year
8
50,000
–
--------
--------
Net assets
4,094
23,967
--------
--------
Capital and reserves
Called up share capital
2
2
Profit and loss account
4,092
23,965
-------
--------
Shareholders funds
4,094
23,967
-------
--------
These financial statements have been prepared and delivered 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'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the period ending 26 August 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 period 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 .
Wedding Bookers Ltd
Statement of Financial Position (continued)
26 August 2020
These financial statements were approved by the board of directors and authorised for issue on 25 May 2021 , and are signed on behalf of the board by:
Mr L Nathan
Mr N Nurhat
Director
Director
Company registration number: 08880249
Wedding Bookers Ltd
Notes to the Financial Statements
Period from 1 March 2019 to 26 August 2020
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Suite 1a Churchill House, Horndon Business Park, West Horndon, CM13 3XD.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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.
Going concern
The directors believe that despite being severely impacted by the COVID 19 crisis they can withstand the pandemic as a result of mitigating overheads and accessing a number of the government initiatives. Therefore the going concern basis has been adopted.
Revenue recognition
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. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Tangible assets
Tangible assets are initially recorded at cost, and 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 equity, 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 to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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:
Equipment
-
20% straight line
Impairment of fixed assets
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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Financial instruments
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the period amounted to 7 (2019: 9 ).
5. Tangible assets
Equipment
£
Cost
At 1 March 2019 and 26 August 2020
55,630
--------
Depreciation
At 1 March 2019
18,857
Charge for the period
16,689
--------
At 26 August 2020
35,546
--------
Carrying amount
At 26 August 2020
20,084
--------
At 28 February 2019
36,773
--------
6. Debtors
26 Aug 20
28 Feb 19
£
£
Trade debtors
–
2,209
Other debtors
40,128
56,980
--------
--------
40,128
59,189
--------
--------
7. Creditors: amounts falling due within one year
26 Aug 20
28 Feb 19
£
£
Trade creditors
26,817
13,170
Social security and other taxes
10,710
26,495
Travelbugz
–
35,286
Other creditors
( 634)
20,069
--------
--------
36,893
95,020
--------
--------
8. Creditors: amounts falling due after more than one year
26 Aug 20
28 Feb 19
£
£
Bank loans and overdrafts
50,000
–
--------
----
9. Directors' advances, credits and guarantees
As at 26 August 2020 the directors loan account was overdrawn by £34,944 (2019 £30,944). The directors intends to clear the debit balance at the earliest opportunity. The company charged interest on this loan of £1,747.
10. Related party transactions
No transactions were underaken with related parties such as are required to be disclosed under FRS 102.