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Unaudited Financial Statements for the Year Ended 13 January 2019 |
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ACLAIMS LIMITED |
REGISTERED NUMBER:
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Unaudited Financial Statements for the Year Ended 13 January 2019 |
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for |
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ACLAIMS LIMITED |
ACLAIMS LIMITED (REGISTERED NUMBER: 03488086) |
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Contents of the Financial Statements |
for the year ended 13 January 2019 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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ACLAIMS LIMITED |
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Company Information |
for the year ended 13 January 2019 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACLAIMS LIMITED (REGISTERED NUMBER: 03488086) |
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Balance Sheet |
13 January 2019 |
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2019 | 2018 |
as restated |
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 ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
7 |
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PROVISIONS FOR LIABILITIES | 9 | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 10 |
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Revaluation reserve |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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The directors acknowledge their 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. |
ACLAIMS LIMITED (REGISTERED NUMBER: 03488086) |
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Balance Sheet - continued |
13 January 2019 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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ACLAIMS LIMITED (REGISTERED NUMBER: 03488086) |
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Notes to the Financial Statements |
for the year ended 13 January 2019 |
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1. | STATUTORY INFORMATION |
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Aclaims Limited is a
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Since the balance sheet date, the outbreak of Covid-19 and subsequent restrictions imposed have led to uncertainty in the housing market. The directors are confident that the company's stock is secure during the pandemic and that the considerable uncertainty will not impact the company as a going concern. |
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Stocks |
Work in progress is valued at the lower of cost and net realisable value. |
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Cost is calculated using weighted average method and includes all purchases and handling costs in bringing stocks to their present location and condition. |
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Financial instruments |
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors, loans from banks and other third parties. |
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Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit or loss. |
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For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate determined under the contract. |
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For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount the company would receive for the asset if it were to be sold at the reporting date. |
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Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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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ACLAIMS LIMITED (REGISTERED NUMBER: 03488086) |
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Notes to the Financial Statements - continued |
for the year ended 13 January 2019 |
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2. | ACCOUNTING POLICIES - continued |
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. |
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Investment property |
The company is now using the land previously held as investment property for property development therefore this has been transferred to stock. |
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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 |
Freehold |
property |
£ |
COST |
At 14 January 2018 |
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Reclassification/transfer | ( |
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At 13 January 2019 |
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NET BOOK VALUE |
At 13 January 2019 |
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At 13 January 2018 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
as | restated |
£ | £ |
Other debtors |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
as | restated |
£ | £ |
Trade creditors |
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Taxation and social security |
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Other creditors |
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ACLAIMS LIMITED (REGISTERED NUMBER: 03488086) |
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Notes to the Financial Statements - continued |
for the year ended 13 January 2019 |
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7. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2019 | 2018 |
as | restated |
£ | £ |
Other creditors |
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8. | SECURED DEBTS |
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There are fixed and floating charges over the property that is currently held as stock. |
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9. | PROVISIONS FOR LIABILITIES |
2019 | 2018 |
as | restated |
£ | £ |
Deferred tax | 39,140 | 39,140 |
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Deferred |
tax |
£ |
Balance at 14 January 2018 |
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Balance at 13 January 2019 |
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10. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2019 | 2018 |
value: |
as
restated |
£ | £ |
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Ordinary | £1 | 100 | 100 |
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11. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
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At the balance sheet date the directors owed the company £178,036, advances of £215,405 and repayments of £37,369 were made during the year. |
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12. | CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY |
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The valuation of the freehold property is an estimation based on relevant information available. |
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In the absence of supporting documents the Directors have made estimates on the bank and trade creditors figures. |
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13. | DISTRIBUTABLE RESERVES |
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Included in retained earning are reserves of £206,000 (2018: £Nil) that are not distributable. |