ABC Worcester Limited - Accounts to registrar (filleted) - small 18.2
ABC Worcester Limited - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| Financial Statements for the Year Ended 31st December 2020 |
| for |
| ABC Worcester Limited |
| ABC Worcester Limited (Registered number: 08736272) |
| Contents of the Financial Statements |
| for the Year Ended 31st December 2020 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| ABC Worcester Limited |
| Company Information |
| for the Year Ended 31st December 2020 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Thorneloe House |
| 25 Barbourne Road |
| Worcester |
| Worcestershire |
| WR1 1RU |
| ABC Worcester Limited (Registered number: 08736272) |
| Balance Sheet |
| 31st December 2020 |
| 2020 | 2019 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| CURRENT ASSETS |
| Debtors | 5 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 6 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
7 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Share premium |
| Retained earnings | ( |
) |
| The directors acknowledge their responsibilities for: |
| (a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
| (b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
| In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| ABC Worcester Limited (Registered number: 08736272) |
| Notes to the Financial Statements |
| for the Year Ended 31st December 2020 |
| 1. | STATUTORY INFORMATION |
| ABC Worcester Limited is a |
| 2. | ACCOUNTING POLICIES |
| BASIS OF PREPARING THE FINANCIAL STATEMENTS |
| TURNOVER |
| Turnover represents the value of services provided to the extent that there is a right to consideration and it is recorded at the value of the consideration due. Where a service has only been partially completed at the balance sheet date, turnover represents the value of the services provided to that date on a proportion of the total expected consideration at completion. |
| TANGIBLE FIXED ASSETS |
| Computer equipment | - |
| GOVERNMENT GRANTS |
| Government grants are recognised using the accruals model. |
| Government grants relating to compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the company with no future related costs are recognised in income in the period in which the grants becomes receivable. |
| FINANCIAL INSTRUMENTS |
| The company has elected to apply the provisions of Section 11' Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. |
| Financial instruments are recognised when the company becomes party to contractual provisions of the instrument. |
| Financial assets are offset, with the net amounts presented in the accounts where there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. |
| Basic Financial Assets |
| Basic financial assets, which include trade and other receivables and cash and bank balances, are initially |
| measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. |
| Basic Financial Liabilities |
| Basic financial liabilities, including trade and other payables, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of future receipts, discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
| Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of the operations from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at |
| transaction cost. |
| ABC Worcester Limited (Registered number: 08736272) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31st December 2020 |
| 2. | ACCOUNTING POLICIES - continued |
| TAXATION |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
| DEFERRED TAX |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
| OPERATING LEASE COMMITMENTS |
| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
| PENSION COSTS |
| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | TANGIBLE FIXED ASSETS |
| Computer |
| equipment |
| £ |
| COST |
| At 1st January 2020 |
| Additions |
| Disposals | ( |
) |
| At 31st December 2020 |
| DEPRECIATION |
| At 1st January 2020 |
| Charge for year |
| Eliminated on disposal | ( |
) |
| At 31st December 2020 |
| NET BOOK VALUE |
| At 31st December 2020 |
| At 31st December 2019 |
| ABC Worcester Limited (Registered number: 08736272) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31st December 2020 |
| 5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2020 | 2019 |
| £ | £ |
| Trade debtors |
| Other debtors |
| Accrued income |
| Prepayments |
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2020 | 2019 |
| £ | £ |
| Bank loans and overdrafts |
| Trade creditors |
| Corporation tax |
| Social security and other taxes |
| VAT | 17,014 | 15,387 |
| Other creditors |
| Pension creditor | 1,299 | 858 |
| Directors' loan accounts | 33,238 | 12,225 |
| Accrued expenses |
| 7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2020 | 2019 |
| £ | £ |
| Bank loans |
| 8. | LEASING AGREEMENTS |
| Minimum lease payments under non-cancellable operating leases fall due as follows: |
| 2020 | 2019 |
| £ | £ |
| Within one year |
| Between one and five years |
| 9. | PRIOR YEAR ADJUSTMENTS |
| The comparative figures have been amended compared to the previously issued financial statements for the year ended 31 December 2019 in regard to accrued income of £104,950 (and £90,000 for the year ended 31 December 2018) previously accounted for as stock of work in progress. |
| In addition, other creditors as at 31 December 2019 totalling £66,216 previously reported as being due after more than one year have been reallocated as being due within one year. |