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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2020 |
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M. WHITING BUILDERS & CONTRACTORS LTD. |
REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2020 |
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FOR |
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M. WHITING BUILDERS & CONTRACTORS LTD. |
M. WHITING BUILDERS & CONTRACTORS LTD. (REGISTERED NUMBER: 02633977) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JULY 2020 |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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M. WHITING BUILDERS & CONTRACTORS LTD. |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 JULY 2020 |
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DIRECTOR: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Certified Accountants |
Ingram House |
Meridian Way |
Norwich |
Norfolk |
NR7 0TA |
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BANKERS: |
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3 Market Place |
Bungay |
Suffolk |
NR35 1AS |
M. WHITING BUILDERS & CONTRACTORS LTD. (REGISTERED NUMBER: 02633977) |
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BALANCE SHEET |
31 JULY 2020 |
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2020 | 2019 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Stocks |
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Debtors | 5 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 6 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CAPITAL AND RESERVES |
Called up share capital | 8 |
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Retained earnings | ( |
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SHAREHOLDERS' FUNDS | ( |
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The director acknowledges his 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. |
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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. |
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The financial statements were approved by the director and authorised for issue on
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M. WHITING BUILDERS & CONTRACTORS LTD. (REGISTERED NUMBER: 02633977) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JULY 2020 |
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1. | STATUTORY INFORMATION |
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M. Whiting Builders & Contractors Ltd. is a
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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At 31 July 2020 the company has net current liabilities of £52,866 and net liabilities of £33,143. The company meets its day to day working capital requirements through the support of its directors and its bank. On the basis of the anticipated cashflows the directors consider that the company will trade successfully in the future. On this basis, the directors consider it appropriate to prepare the financial statements on the going concern basis. |
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Turnover |
Turnover represents the fair value of services provided during the year. Turnover is recognised as contract activity progresses and the right to consideration is earned. Fair value reflects the amount expected to be recoverable from clients. Turnover excludes value added tax. |
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Unbilled turnover on individual contracts is included as accrued income within other debtors. |
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Tangible fixed assets |
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Plant and machinery | - |
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Office equipment | - |
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Motor vehicles | - |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
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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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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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. |
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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. |
M. WHITING BUILDERS & CONTRACTORS LTD. (REGISTERED NUMBER: 02633977) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JULY 2020 |
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2. | ACCOUNTING POLICIES - continued |
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Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
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The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
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Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
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Pension costs and other post-retirement benefits |
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. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
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COST |
At 1 August 2019 |
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Additions |
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At 31 July 2020 |
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DEPRECIATION |
At 1 August 2019 |
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Charge for year |
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At 31 July 2020 |
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NET BOOK VALUE |
At 31 July 2020 |
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At 31 July 2019 |
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Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
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Plant and |
machinery |
etc |
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COST |
At 1 August 2019 |
and 31 July 2020 |
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DEPRECIATION |
At 1 August 2019 |
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Charge for year |
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At 31 July 2020 |
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NET BOOK VALUE |
At 31 July 2020 |
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At 31 July 2019 |
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M. WHITING BUILDERS & CONTRACTORS LTD. (REGISTERED NUMBER: 02633977) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JULY 2020 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Trade debtors |
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Other debtors |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Bank loans and overdrafts |
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Hire purchase contracts |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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7. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2020 | 2019 |
£ | £ |
Bank overdrafts |
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Hire purchase contracts | - | 873 |
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8. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2020 | 2019 |
value: | £ | £ |
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Ordinary "A" | £1 | 45 | 45 |
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Ordinary "B" | £1 | 50 | 50 |
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Ordinary "C" | £1 | 5 | 5 |
100 | 100 |