Childs W Limited Filleted accounts for Companies House (small and micro)

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COMPANY REGISTRATION NUMBER: 07972113

CHILDS W LIMITED

FILLETED UNAUDITED FINANCIAL STATEMENTS

30 March 2020

CHILDS W LIMITED

STATEMENT OF FINANCIAL POSITION

30 March 2020

	2020		2019
Note	£	£	£	£

FIXED ASSETS

Tangible assets	5		11,753		15,620

CURRENT ASSETS

Stocks		144,622	116,598
Debtors	6	73,749	91,114
Cash at bank and in hand		33,071	47,280
		---------	---------
		251,442	254,992

CREDITORS: amounts falling due within one year	7	96,007		129,752
		---------		---------
NET CURRENT ASSETS			155,435		125,240
			---------		---------
TOTAL ASSETS LESS CURRENT LIABILITIES			167,188		140,860

PROVISIONS	1,120	1,784
	---------	---------
NET ASSETS	166,068	139,076
	---------	---------

CAPITAL AND RESERVES

Called up share capital fully paid	1	1
Profit and loss account	166,067	139,075
	---------	---------
SHAREHOLDERS FUNDS	166,068	139,076
	---------	---------

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 30 March 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

CHILDS W LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

30 March 2020

These financial statements were approved by the board of directors and authorised for issue on 24 June 2021 , and are signed on behalf of the board by:

Mr W F Childs
Director

Company registration number: 07972113

CHILDS W LIMITED

NOTES TO THE FINANCIAL STATEMENTS

PERIOD ENDED 30 MARCH 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 56 Drayton Road, Lowick, Kettering, Northamptonshire, NN14 3BG, United Kingdom.

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.

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 and represents amounts receivable for goods supplied, stated net of discounts and of Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods 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.

Income tax

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.

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.

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:

Plant and machinery	-	20% reducing balance
Motor vehicles	-	25% reducing balance
Equipment	-	33% straight line

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 stock to its present location and condition.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

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.

4. EMPLOYEE NUMBERS

The average number of persons employed by the company during the period amounted to 2 (2019: 2 ).

5. TANGIBLE ASSETS

	Plant and machinery	Motor vehicles	Computer equipment	Total
	£	£	£	£
Cost
At 1 April 2019 and 30 March 2020	8,299	54,000	619	62,918
	-------	--------	----	--------
Depreciation
At 1 April 2019	4,447	42,438	413	47,298
Charge for the period	771	2,890	206	3,867
	-------	--------	----	--------
At 30 March 2020	5,218	45,328	619	51,165
	-------	--------	----	--------
Carrying amount
At 30 March 2020	3,081	8,672	–	11,753
	-------	--------	----	--------
At 31 March 2019	3,852	11,562	206	15,620
	-------	--------	----	--------

6. DEBTORS

	2020	2019
	£	£
Trade debtors	73,749	91,114
	--------	--------

7. CREDITORS: amounts falling due within one year

	2020	2019
	£	£
Trade creditors	25,079	34,097
Corporation tax	7,035	8,672
Social security and other taxes	6,016	3,830
Other creditors	57,877	83,153
	--------	---------
	96,007	129,752
	--------	---------

8. RELATED PARTY TRANSACTIONS

During the year the company undertook the following transactions with related parties: The director has advanced monies to the company. At 31 March 2020 the amount due from the company was £ 51,007 (2019 - £ 76,393 ).