Ian Chick Contracts (South West) Limited 31/03/2021 iXBRL
Ian Chick Contracts (South West) Limited 31/03/2021 iXBRL
Company registration number:
03464922
IAN CHICK CONTRACTS (SOUTH WEST) LIMITED
DIRECTORS AND OTHER INFORMATION
Directors |
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Secretary |
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Company number |
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Registered office |
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Business address |
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Accountants |
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Queens House | ||
42-44 New Street | ||
Honiton | ||
EX14 1BJ | ||
IAN CHICK CONTRACTS (SOUTH WEST) LIMITED
STATEMENT OF FINANCIAL POSITION
31 MARCH 2021
Note | £ | £ | £ | £ | |||||
Fixed assets | |||||||||
Tangible assets | 5 |
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Current assets | |||||||||
Stocks | - |
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Debtors | 6 |
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Cash at bank and in hand |
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Creditors: amounts falling due | |||||||||
within one year | 7 |
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Net current liabilities |
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Total assets less current liabilities |
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Creditors: amounts falling due | |||||||||
after more than one year | 8 |
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Net liabilities |
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Capital and reserves | |||||||||
Called up share capital |
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Profit and loss account | 9 |
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Shareholders deficit |
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Directors responsibilities:
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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;
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the
board of directors
and authorised for issue on
21 December 2021
, and are signed on behalf of the board by:
Director
Company registration number:
03464922
IAN CHICK CONTRACTS (SOUTH WEST) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2021
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is
Ian Chick Contracts (South West) Limited
, Country House Estate, Strete Raleigh, Whimple, Exeter, Devon, EX5 2NL.
Principal activity
The principal activity of the company is that of building construction.
2.
Statement of compliance
3.
Accounting policies
Basis of preparation
Judgements and key sources of estimation uncertainty
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.
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
Tangible assets
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 | |
Fittings fixtures and equipment | - | 20% reducing balance | |
Motor vehicles | - | 20% reducing balance | |
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. 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 are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks and other short-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.
Financial instruments
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
2
(2020:
2
).
5.
Tangible assets
Plant and machinery | Fixtures, fittings and equipment | Motor vehicles | Total | ||
£ | £ | £ | £ | ||
Cost | |||||
At 1 April 2020 |
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Additions | - | - |
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Disposals |
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At 31 March 2021 | - | - |
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Depreciation | |||||
At 1 April 2020 |
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Charge for the year | - | - |
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Disposals |
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At 31 March 2021 | - | - |
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Carrying amount | |||||
At 31 March 2021 | - | - |
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At 31 March 2020 |
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6.
Debtors
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Trade debtors |
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Other debtors |
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7.
Creditors: amounts falling due within one year
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Bank loans and overdrafts |
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Trade creditors |
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Accruals and deferred income |
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Social security and other taxes | 1,249 | 2,077 | ||
Other creditors | 138,813 | 146,071 | ||
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8.
Creditors: amounts falling due after more than one year
£ | £ | |||
Bank loans and overdrafts |
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9.
Reserves
10.
Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company: | |||||
Year ended | |||||
Balance brought forward | Advances /(credits) to the directors | Amounts repaid | Balance o/standing | ||
£ | £ | £ | £ | ||
Directors |
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Period ended | |||||
Balance brought forward | Advances /(credits) to the directors | Amounts repaid | Balance o/standing | ||
£ | £ | £ | £ | ||
Directors |
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Directors' loans are repayable on demand and overdrawn balances are subject to interest at the official rate.
11.
Going concern
The financial statements have been prepared on a going concern basis which assumes that the company will continue in operational existence for the foreseeable future. The validity of this assumption depends on the continued support from the company's directors. If the company were unable to continue in operational existence for the foreseeable future, adjustments would have to be made to reduce the balance sheet value of assets to their recoverable amounts, and to provide for further liabilities that might arise, and to reclassify fixed assets as current assets. The directors believe that it is appropriate for the financial statements to be prepared on the going concern basis.
12.
Government Grants
During the year the company was the recipient of economic benefits as a result of the Small Business Grant Fund. The total funds received from the UK Government and recognised in other operating profit during the year was £10,000.
13.
Coronavirus Job Retention Scheme
During the year the company was the recipient of economic benefits as a result of participating in the UK Government's Coronavirus Job Retention Scheme. The total funds recognised on an accruals basis from the UK Government during the year was £501.