for the Period Ended 31 December 2020
Directors report | |
Profit and loss | |
Balance sheet | |
Additional notes | |
Balance sheet notes |
Directors' report period ended
The directors present their report with the financial statements of the company for the period ended 31 December 2020
Principal activities of the company
Additional information
Performance of the business Both the level of business and the year-end financial position were considered satisfactory with the increase in profitability due to the receipt of Government support from the Furlough Scheme, which was included in other income. The directors expect that the level of activity will revert to normal levels when the Furlough Scheme ceases.The retained profit for the year after taxation was £261,126 (2019: £82,879 loss).No dividend was paid during the year (2019: £nil).Principal risks and uncertaintiesThe company uses financial instruments, other than derivatives, comprising borrowings, cash and other liquid resources and various other items such as trade debtors and creditors that arise directly from its operations. The main purpose of these financial instruments is to raise finance for the company’s operations. The main risk arising from the company’s financial instruments is credit risk. The directors review and agree policies for managing financial risks as summarised below.Credit risk is managed by agreeing payment terms in advance and by having in place appropriate credit control procedures. Where credit risk is considered to be higher than acceptable, payment must be provided in advance. The company’s transactions are undertaken predominantly in sterling and therefore the directors do not consider that foreign currency risk is significant, although this will be kept under review. Future developmentsThe directors aim to maintain the management policies which have resulted in the company’s results for the year. The directors believe that there will be reduced levels of operations in 2021 due to the Covid-19 pandemic but there will be a return to normal levels once the effects have reduced.
Directors
The directors shown below have held office during the whole of the period from
1 January 2020 to 31 December 2020
The above report has been prepared in accordance with the special provisions in part 15 of the Companies Act 2006
This report was approved by the board of directors on
And signed on behalf of the board by:
Name:
Status: Director
for the Period Ended
2020 | 2019 | |
---|---|---|
| £ | £ |
Turnover: | | |
Cost of sales: | ( | ( |
Gross profit(or loss): | | |
Administrative expenses: | ( | ( |
Other operating income: | | |
Operating profit(or loss): | | ( |
Profit(or loss) before tax: | | ( |
Tax: | ( | ( |
Profit(or loss) for the financial year: | | ( |
As at
Notes | 2020 | 2019 | |
---|---|---|---|
| £ | £ | |
Fixed assets | |||
Tangible assets: | 3 | | |
Total fixed assets: | | | |
Current assets | |||
Debtors: | 4 | | |
Cash at bank and in hand: | | | |
Total current assets: | | | |
Creditors: amounts falling due within one year: | 5 | ( | ( |
Net current assets (liabilities): | | | |
Total assets less current liabilities: | | | |
Creditors: amounts falling due after more than one year: | 6 | ( | ( |
Total net assets (liabilities): | | | |
Capital and reserves | |||
Called up share capital: | | | |
Profit and loss account: | | | |
Total Shareholders' funds: | | |
The notes form part of these financial statements
This report was approved by the board of directors on
and signed on behalf of the board by:
Name:
Status: Director
The notes form part of these financial statements
for the Period Ended 31 December 2020
Basis of measurement and preparation
Turnover policy
Tangible fixed assets depreciation policy
Other accounting policies
for the Period Ended 31 December 2020
2020 | 2019 | |
---|---|---|
Average number of employees during the period | | |
for the Period Ended 31 December 2020
Land & buildings | Plant & machinery | Fixtures & fittings | Office equipment | Motor vehicles | Total | |
---|---|---|---|---|---|---|
Cost | £ | £ | £ | £ | £ | £ |
At 1 January 2020 | | | | |||
Additions | ||||||
Disposals | ||||||
Revaluations | ||||||
Transfers | ||||||
At 31 December 2020 | | | | |||
Depreciation | ||||||
At 1 January 2020 | | | | |||
Charge for year | | | | |||
On disposals | ||||||
Other adjustments | ||||||
At 31 December 2020 | | | | |||
Net book value | ||||||
At 31 December 2020 | | | | |||
At 31 December 2019 | | | |
for the Period Ended 31 December 2020
2020 | 2019 | |
---|---|---|
£ | £ | |
Trade debtors | | |
Other debtors | | |
Total | | |
Debtors due after more than one year: | | |
for the Period Ended 31 December 2020
2020 | 2019 | |
---|---|---|
£ | £ | |
Amounts due under finance leases and hire purchase contracts | | |
Trade creditors | | |
Taxation and social security | | |
Accruals and deferred income | | |
Other creditors | | |
Total | | |
for the Period Ended 31 December 2020
2020 | 2019 | |
---|---|---|
£ | £ | |
Amounts due under finance leases and hire purchase contracts | | |
Other creditors | | |
Total | | |