Company Registration No. 04618569 (England and Wales)
D. WARNER PLUMBING & HEATING LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2020
PAGES FOR FILING WITH REGISTRAR
Weavers
22 Ensign Business Centre
Westwood Way
Westwood Business Park
Coventry
CV4 8JA
D. WARNER PLUMBING & HEATING LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
D. WARNER PLUMBING & HEATING LIMITED
BALANCE SHEET
AS AT
5 APRIL 2020
05 April 2020
- 1 -
2020
2019
Notes
£
£
£
£
Fixed assets
Intangible assets
3
1,500
2,000
Tangible assets
4
6,385
9,975
Investment properties
5
270,000
270,000
277,885
281,975
Current assets
Stocks
40,200
40,200
Debtors
6
7,105
7,400
Cash at bank and in hand
49,111
42,138
96,416
89,738
Creditors: amounts falling due within one year
7
(169,201)
(164,679)
Net current liabilities
(72,785)
(74,941)
Total assets less current liabilities
205,100
207,034
Provisions for liabilities
(1,213)
(1,895)
Net assets
203,887
205,139
Capital and reserves
Called up share capital
2
2
Revaluation reserve
51,264
51,264
Profit and loss reserves
152,621
153,873
Total equity
203,887
205,139
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 5 April 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
D. WARNER PLUMBING & HEATING LIMITED
BALANCE SHEET (CONTINUED)
AS AT
5 APRIL 2020
05 April 2020
2020
2019
Notes
£
£
£
£
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 4 December 2020
Mr David Herbert Warner
Director
Company Registration No. 04618569
D. WARNER PLUMBING & HEATING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2020
- 3 -
1
Accounting policies
Company information
D. Warner Plumbing & Heating Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
6 Missing Oak Close, Bedworth, Warwickshire, England, CV12 0DT.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
1.3
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated
amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 20 years.
1.4
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
25% on cost.
Computers
25% on cost.
Motor vehicles
25% on cost.
1.5
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure
. Subsequently it is measured
at fair value a
t
the reporting end date.
Changes in fair value are recognised in profit or loss.
D. WARNER PLUMBING & HEATING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2020
1
Accounting policies
(Continued)
- 4 -
1.6
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.7
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit
.
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense
.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.12
Leases
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease.
D. WARNER PLUMBING & HEATING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2020
- 5 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2020
2019
Number
Number
Total
1
2
3
Intangible fixed assets
Goodwill
£
Cost
At 6 April 2019 and 5 April 2020
10,000
Amortisation and impairment
At 6 April 2019
8,000
Amortisation charged for the year
500
At 5 April 2020
8,500
Carrying amount
At 5 April 2020
1,500
At 5 April 2019
2,000
4
Tangible fixed assets
Plant and equipment
Computers
Motor vehicles
Total
£
£
£
£
Cost
At 6 April 2019 and 5 April 2020
551
439
13,920
14,910
Depreciation and impairment
At 6 April 2019
551
34
4,350
4,935
Depreciation charged in the year
-
110
3,480
3,590
At 5 April 2020
551
144
7,830
8,525
Carrying amount
At 5 April 2020
-
295
6,090
6,385
At 5 April 2019
-
405
9,570
9,975
D. WARNER PLUMBING & HEATING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2020
- 6 -
5
Investment property
2020
£
Fair value
At 6 April 2019 and 5 April 2020
270,000
Investment property comprises 1 Missing Oak Close and 2 Missing Oak Close. The fair value of the investment property has been arrived at on the basis of a valuation carried out at the year end by the Director. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
6
Debtors
2020
2019
Amounts falling due within one year:
£
£
Trade debtors
5,310
6,372
Other debtors
1,250
-
Prepayments and accrued income
545
1,028
7,105
7,400
7
Creditors: amounts falling due within one year
2020
2019
£
£
Trade creditors
3,406
3,678
Corporation tax
5,197
8,131
Other taxation and social security
2,307
2,102
Other creditors
138,893
130,720
Accruals and deferred income
19,398
20,048
169,201
164,679
8
Directors' transactions
Dividends totalling £20,000 (2019 - £18,000) were paid in the year in respect of shares held by the company's directors.
The Company was charged £1,040 for its use of premises owned by the director in this accounting period.