Wolves Crown Constructions Ltd Filleted accounts for Companies House (small and micro)
Wolves Crown Constructions Ltd Filleted accounts for Companies House (small and micro)
COMPANY REGISTRATION NUMBER:
10020563
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Financial Statements |
Year ended 29 February 2020
Contents |
Page |
Chartered certified accountants report to the director on the preparation of the unaudited statutory financial statements |
1 |
Statement of financial position |
2 |
Notes to the financial statements |
4 |
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Chartered Certified Accountants Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of
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Year ended 29 February 2020
P.O. Box 10901
Birmingham
B1 1ZQ
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Statement of Financial Position |
2020 |
2019 |
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Note |
£ |
£ |
£ |
£ |
Fixed assets
Tangible assets |
7 |
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Current assets
Debtors |
8 |
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Cash at bank and in hand |
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-------- |
--------- |
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Creditors: amounts falling due within one year |
9 |
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-------- |
--------- |
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Net current assets |
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-------- |
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Total assets less current liabilities |
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Provisions |
– |
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-------- |
-------- |
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Net assets |
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Capital and reserves
Called up share capital |
11 |
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Profit and loss account |
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-------- |
-------- |
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Shareholders funds |
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In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
Director's 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
;
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The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
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Statement of Financial Position (continued) |
These financial statements were approved by the
board of directors
and authorised for issue on
8 September 2021
, and are signed on behalf of the board by:
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Director |
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Company registration number:
10020563
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Notes to the Financial Statements |
Year ended 29 February 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 11 Pritchett Avenue, Wolverhampton, WV4 6PJ.
2.
Statement of compliance
3.
Accounting policies
Basis of preparation
Disclosure exemptions
The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102: (a) No cash flow statement has been presented for the company. (b) Disclosures in respect of financial instruments have not been presented.
Revenue recognition
Income tax
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 |
- |
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Fixtures and fittings |
- |
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Motor vehicles |
- |
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Equipment |
- |
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Impairment of fixed assets
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. For the purposes of impairment testing, 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 largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Provisions
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 entity after deducting all of its financial liabilities.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
6
(2019:
7
).
5.
Tax on (loss)/profit
Major components of tax (income)/expense
2020 |
2019 |
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£ |
£ |
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Current tax:
UK current tax expense |
– |
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Deferred tax:
Origination and reversal of timing differences |
(
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– |
---- |
------- |
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Tax on (loss)/profit |
(
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---- |
------- |
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Reconciliation of tax (income)/expense
The tax assessed on the (loss)/profit on ordinary activities for the year is lower than (2019: higher than) the
standard rate of corporation tax in the UK
of
19
% (2019:
19
%).
2020 |
2019 |
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£ |
£ |
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(Loss)/profit on ordinary activities before taxation |
(
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------- |
-------- |
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(Loss)/profit on ordinary activities by rate of tax |
– |
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Effect of expenses not deductible for tax purposes |
– |
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Effect of capital allowances and depreciation |
(
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(
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------- |
-------- |
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Tax on (loss)/profit |
(
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------- |
-------- |
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6.
Dividends
2020 |
2019 |
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£ |
£ |
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Dividends paid during the year (excluding those for which a liability existed at the end of the prior year ) |
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------- |
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7.
Tangible assets
Plant and machinery |
Fixtures and fittings |
Motor vehicles |
Equipment |
Total |
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£ |
£ |
£ |
£ |
£ |
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Cost |
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At 1 March 2019 |
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Additions |
– |
– |
– |
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---- |
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------- |
------- |
------- |
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At 29 February 2020 |
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---- |
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------- |
------- |
------- |
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Depreciation |
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At 1 March 2019 |
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Charge for the year |
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---- |
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------- |
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------- |
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At 29 February 2020 |
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------- |
------- |
------- |
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Carrying amount |
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At 29 February 2020 |
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---- |
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------- |
------- |
------- |
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At 28 February 2019 |
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---- |
---- |
------- |
------- |
------- |
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8.
Debtors
2020 |
2019 |
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£ |
£ |
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Trade debtors |
– |
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Other debtors |
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-------- |
-------- |
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9.
Creditors:
amounts falling due within one year
2020 |
2019 |
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£ |
£ |
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Trade creditors |
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Corporation tax |
– |
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Social security and other taxes |
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Other creditors |
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-------- |
-------- |
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10.
Deferred tax
The deferred tax included in the statement of financial position is as follows:
2020 |
2019 |
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£ |
£ |
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Included in provisions |
– |
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---- |
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The deferred tax account consists of the tax effect of timing differences in respect of:
2020 |
2019 |
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£ |
£ |
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Accelerated capital allowances |
– |
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11.
Called up share capital
Issued, called up and fully paid
2020 |
2019 |
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No. |
£ |
No. |
£ |
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100 |
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100 |
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12.
Director's advances, credits and guarantees
At 28th February 2020, other creditors include the following amounts due to the director:- Mr H. Lal £175 (2019 - £20,170) The loans are interest free and repayable on demand
13.
Related party transactions
Mr H. Lal, director received dividends of £9,000 for period under review.