Wear & Spare Parts Limited 31/12/2020 iXBRL
Wear & Spare Parts Limited 31/12/2020 iXBRL
Company registration number:
07086799
Contents
Directors and other information
Directors responsibilities statement
Independent auditor's report to the members
Income statement
Statement of financial position and notes to the financial statements
Directors and other information
Directors |
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Company number |
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Registered office |
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Business address |
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Auditor |
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2nd Floor, The Cornmill | ||
Coalisland | ||
Co Tyrone | ||
BT71 4LP | ||
Bankers |
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74 London Road | ||
Stockton Heath | ||
Warrington | ||
Cheshire | ||
WA4 6HS | ||
Directors responsibilities statement
Year ended 31 December 2020
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards comprising section 1A of FRS102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period.
In preparing these financial statements, the directors are required to:
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select suitable accounting policies and then apply them consistently;
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make judgments and accounting estimates that are reasonable and prudent; and
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state whether applicable UK Accounting Standards comprising section 1a of FRS 102 have been followed, subject to any material departures disclosed and explained in the financial statements; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Independent auditor's report to the members of
Year ended 31 December 2020
Opinion
Therefore under section 495(3A) of the Companies Act 2006, in our opinion the financial statements give a true and fair view of the state of the company's affairs as at 31 December 2020 and of its loss for the year then ended.
Basis for opinion
Other matter – application of true and fair view
The financial statements have been prepared under the micro-entities regime which does not require the directors or the auditor to consider the inclusion of any disclosures necessary to give a true and fair view where these go beyond the minimum disclosures required by the Companies Act 2006 as applied to micro-entities.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other Information
Matters on which we are required to report by exception
Responsibilities of directors
Auditor's responsibilities for the audit of the financial statements
As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. we also:
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Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
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Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control.
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Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.
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Conclude on the appropriateness of the directors use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 as applied to micro-entities. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditors report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
For and on behalf of
Chartered Accountants
2nd Floor, The Cornmill
Coalisland
Co Tyrone
BT71 4LP
Income statement
Year ended 31 December 2020
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Turnover | - |
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Cost of raw materials and consumables | - |
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Staff costs | - |
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Other charges | (1,967) | 3,604 | |||
Tax |
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(Loss)/profit |
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Statement of financial position
31 December 2020
2020 | 2019 | ||||
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Current assets |
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Net current assets |
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Total assets less current liabilities |
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Accruals and deferred income |
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Net assets |
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Capital and reserves |
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Notes to the financial statements
Year ended 31 December 2020
1.
Employee numbers
The average number of persons employed by the company during the year amounted to 0 (2019: 0).
These financial statements were approved by the
board of directors
and authorised for issue on
23 September 2021
, and are signed on behalf of the board by:
Director
Director
Company registration number:
07086799
The company is a private company limited by shares, registered in England and Wales.