Warwick Banks and Jenkins Limited Filleted accounts for Companies House (small and micro)

WARWICK BANKS AND JENKINS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 05871774

Warwick Banks and Jenkins Limited

Filleted Unaudited Financial Statements

30 June 2022

Warwick Banks and Jenkins Limited

Statement of Financial Position

30 June 2022

	2022	2021
Note	£	£

Fixed assets

Tangible assets	4	541	1,186

Current assets

Stocks		32,455	33,192
Debtors	5	205,173	363,304
Cash at bank and in hand		1	21,620
		----------	----------
		237,629	418,116

Creditors: amounts falling due within one year	6	259,099	433,674
		----------	----------
Net current liabilities		21,470	15,558
		---------	---------
Total assets less current liabilities		( 20,929)	( 14,372)

Creditors: amounts falling due after more than one year	7	30,894	40,640
		---------	---------
Net liabilities		( 51,823)	( 55,012)
		---------	---------

Capital and reserves

Called up share capital	150	150
Profit and loss account	( 51,973)	( 55,162)
	---------	---------
Shareholders deficit	( 51,823)	( 55,012)
	---------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.

For the year ending 30 June 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Warwick Banks and Jenkins Limited

Statement of Financial Position (continued)

30 June 2022

These financial statements were approved by the board of directors and authorised for issue on 26 May 2023 , and are signed on behalf of the board by:

Mr HJJ Jenkins	Mr NJJ Jenkins
Director	Director

OG Warwick Banks
Director

Company registration number: 05871774

Warwick Banks and Jenkins Limited

Notes to the Financial Statements

Year ended 30 June 2022

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Suite 1, First Floor, 1 Duchess Street, London, W1W 6AN, England.

2. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

In the opinion of the directors, continued financial support will be available such that the company can continue trading and meet it's liabilities as they fall due. Based on this, the directors consider it appropriate that the financial statements are prepared on a going concern basis.

Revenue recognition

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.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

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:

	Equipment	-	25% straight line

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.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

3. Employee numbers

The average number of persons employed by the company during the year amounted to 3 (2021: 3 ).

4. Tangible assets

	Equipment
	£
Cost
At 1 July 2021 and 30 June 2022	2,580
	-------
Depreciation
At 1 July 2021	1,394
Charge for the year	645
	-------
At 30 June 2022	2,039
	-------
Carrying amount
At 30 June 2022	541
	-------
At 30 June 2021	1,186
	-------

5. Debtors

	2022	2021
	£	£
Trade debtors	57,111	277,876
Other debtors	148,062	85,428
	----------	----------
	205,173	363,304
	----------	----------

6. Creditors: amounts falling due within one year

	2022	2021
	£	£
Bank loans and overdrafts	9,708	9,363
Trade creditors	8,993	127,941
Corporation tax	30,068	21,703
Social security and other taxes	45,732	32,602
Other creditors	164,598	242,065
	----------	----------
	259,099	433,674
	----------	----------

7. Creditors: amounts falling due after more than one year

	2022	2021
	£	£
Bank loans and overdrafts	30,894	40,640
	---------	---------

8. Directors' advances, credits and guarantees

During the year the directors entered into the following advances and credits with the company:

	2022
	Balance brought forward	Advances/ (credits) to the directors	Balance outstanding
	£	£	£
Mr HJJ Jenkins	( 32,492)	45,920	13,428
Mr NJJ Jenkins	( 239)	239	–
OG Warwick Banks	58,403	( 47,239)	11,164
	---------	---------	---------
	25,672	( 1,080)	24,592
	---------	---------	---------

	2021
	Balance brought forward	Advances/ (credits) to the directors	Balance outstanding
	£	£	£
Mr HJJ Jenkins	32,039	( 64,530)	(32,491)
Mr NJJ Jenkins	( 239)	–	( 239)
OG Warwick Banks	116,519	( 58,117)	58,402
	----------	----------	---------
	148,319	( 122,647)	25,672
	----------	----------	---------