DRAINCURE (SW) LIMITED
DRAINCURE (SW) LIMITED
Company No:
DRAINCURE (SW) LIMITED
Unaudited Financial Statements
For the financial year ended 30 June 2020
For the financial year ended 30 June 2020
Unaudited Financial Statements
Contents
COMPANY INFORMATION
COMPANY INFORMATION (continued)
DIRECTOR | Ken Twydell |
REGISTERED OFFICE | Century House |
Nicholson Road | |
Torquay | |
Devon | |
England | |
TQ2 7TD | |
United Kingdom | |
COMPANY NUMBER | 05470315(England and Wales) |
CHARTERED ACCOUNTANTS | Bishop Fleming LLP |
Century House | |
Nicholson Road | |
Torquay | |
TQ2 7TD |
STATEMENT OF FINANCIAL POSITION
STATEMENT OF FINANCIAL POSITION (continued)
2020 | 2019 | |||
Note | £ | £ | ||
Fixed assets | ||||
Tangible assets | 4 |
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21,879 | 19,547 | |||
Current assets | ||||
Stocks | 5 |
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Debtors | 6 |
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Cash at bank and in hand |
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25,687 | 9,838 | |||
Creditors | ||||
Amounts falling due within one year | 7 | (
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Net current assets/(liabilities) | 6,939 | (5,614) | ||
Total assets less current liabilities | 28,818 | 13,933 | ||
Provisions for liabilities | 8 | (
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Net assets |
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Capital and reserves | ||||
Called-up share capital | 9 |
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Profit and loss account |
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Total shareholder's funds |
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Director's responsibilities:
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The member has not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476; -
The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements; and -
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.
The financial statements of Draincure (SW) Limited (registered number:
Ken Twydell
Director |
NOTES TO THE FINANCIAL STATEMENTS
NOTES TO THE FINANCIAL STATEMENTS
1. Accounting policies
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year.
General information and basis of accounting
Draincure (SW) Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Century House, Nicholson Road, Torquay, Devon, England, TQ2 7TD, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council.
The functional currency of Draincure (SW) Limited is considered to be pounds sterling because that is the currency of the primary economic environment in which the Company operates.
Going concern
The director has assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
Turnover
Employee benefits
Taxation
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Intangible assets
Goodwill
Tangible fixed assets
Plant and machinery - 25% reducing balance
Motor vehicles - 25% reducing balance
Fixtures and fittings - 15% reducing balance
Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.
Stocks
Trade and other debtors
Cash and cash equivalents
Trade and other creditors
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
Provisions
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).
When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.
Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
2. Employees
2020 | 2019 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including director |
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3. Intangible assets
Goodwill | Total | ||
£ | £ | ||
Cost | |||
At 01 July 2019 |
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At 30 June 2020 |
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Accumulated amortisation | |||
At 01 July 2019 |
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At 30 June 2020 |
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Net book value | |||
At 30 June 2020 |
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At 30 June 2019 |
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4. Tangible assets
Plant and machinery | Vehicles | Fixtures and fittings | Total | ||||
£ | £ | £ | £ | ||||
Cost/Valuation | |||||||
At 01 July 2019 |
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Additions |
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At 30 June 2020 |
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Accumulated depreciation | |||||||
At 01 July 2019 |
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Charge for the financial year |
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At 30 June 2020 |
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Net book value | |||||||
At 30 June 2020 |
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At 30 June 2019 |
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5. Stocks
2020 | 2019 | ||
£ | £ | ||
Stocks |
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6. Debtors
2020 | 2019 | ||
£ | £ | ||
Trade debtors |
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Other debtors |
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7. Creditors: amounts falling due within one year
2020 | 2019 | ||
£ | £ | ||
Trade creditors |
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Other creditors |
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Corporation tax |
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Other taxation and social security |
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8. Deferred tax
2020 | 2019 | ||
£ | £ | ||
At the beginning of financial year | (
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Charged to the Statement of Income and Retained Earnings | (
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At the end of financial year | (
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9. Called-up share capital
2020 | 2019 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
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10. Financial commitments
Pensions
The Company operates a defined contribution pension scheme for the director and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.
2020 | 2019 | ||
£ | £ | ||
Paid contributions in to the fund |
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Included in creditors at the year end is £205 (2019: £190 ) owed to the scheme.
11. Related party transactions
Transactions with the entity's director
2020 | 2019 | ||
£ | £ | ||
Dividends | 2,000 | 2,000 |
Advances