Guaranteed Waterproofing Systems Ltd Filleted accounts for Companies House (small and micro)

GUARANTEED WATERPROOFING SYSTEMS LTD - Company Information

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COMPANY REGISTRATION NUMBER: 08189019

GUARANTEED WATERPROOFING SYSTEMS LTD

FILLETED UNAUDITED FINANCIAL STATEMENTS

31 August 2020

GUARANTEED WATERPROOFING SYSTEMS LTD

FINANCIAL STATEMENTS

YEAR ENDED 31 AUGUST 2020

CONTENTS	PAGE

Statement of financial position	1

Notes to the financial statements	3

GUARANTEED WATERPROOFING SYSTEMS LTD

STATEMENT OF FINANCIAL POSITION

31 August 2020

	2020	2019
Note	£	£

CURRENT ASSETS

Debtors	5	150,140	160,671
Cash at bank and in hand		52,243	4,272
		------------	------------
		202,383	164,943

CREDITORS: amounts falling due within one year	6	152,254	164,822
		------------	------------
NET CURRENT ASSETS		50,129	121
		----------	-----
TOTAL ASSETS LESS CURRENT LIABILITIES		50,129	121

CREDITORS: amounts falling due after more than one year	7	50,000	–
		----------	-----
NET ASSETS		129	121
		----------	-----

GUARANTEED WATERPROOFING SYSTEMS LTD

STATEMENT OF FINANCIAL POSITION (continued)

31 August 2020

	2020	2019
Note	£	£

CAPITAL AND RESERVES

Called up share capital	100	100
Capital redemption reserve	20	20
Profit and loss account	9	1
	-----	-----
SHAREHOLDERS FUNDS	129	121
	-----	-----

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 income statement has not been delivered.

For the year ending 31 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 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 were approved by the board of directors and authorised for issue on 26 May 2021 , and are signed on behalf of the board by:

Mr S A Taylor

Director

Company registration number: 08189019

GUARANTEED WATERPROOFING SYSTEMS LTD

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 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 Onega House, 112 Main Road, Sidcup, Kent, DA14 6NE, United Kingdom.

2. 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.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

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.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.

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 accrual model and the performance model. Under the accrual 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. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

3. EMPLOYEE NUMBERS

The average number of persons employed by the company during the year amounted to 5 (2019: 5 ).

4. TAX ON PROFIT

Major components of tax expense

	2020	2019
	£	£

Current tax:

UK current tax expense	47,132	62,005
	----------	----------
Tax on profit	47,132	62,005
	----------	----------

5. DEBTORS

	2020	2019
	£	£
Trade debtors	–	35,993
Other debtors	150,140	124,678
	------------	------------
	150,140	160,671
	------------	------------

6. CREDITORS: amounts falling due within one year

	2020	2019
	£	£
Trade creditors	164	361
Corporation tax	47,212	62,838
Social security and other taxes	83,252	78,247
Other creditors	21,626	23,376
	------------	------------
	152,254	164,822
	------------	------------

7. CREDITORS: amounts falling due after more than one year

	2020	2019
	£	£
Bank loans and overdrafts	50,000	–
	----------	-----

8. GOVERNMENT GRANTS

The amounts recognised in the financial statements for government grants are as follows:

	2020	2019
	£	£

Recognised in other operating income:

Government grants recognised directly in income	7,390	–
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9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

At 31 August 2020 the directors owed Guaranteed Waterproofing Systems Ltd £69,335 (2019: £45,834). There are no terms attached to the loans provided to the directors and they have been provided by the company interest free.