Company Registration No. 04788708 (England and Wales)
NOW Clare (Properties) Limited
Unaudited accounts
for the year ended 31 July 2019
NOW Clare (Properties) Limited
Unaudited accounts
Contents
NOW Clare (Properties) Limited
Company Information
for the year ended 31 July 2019
Director
Mr Nigel O W Clare
Company Number
04788708 (England and Wales)
Registered Office
43 Chapel street
Chorley
Lancashire
PR7 1BU
NOW Clare (Properties) Limited
Statement of financial position
as at
31 July 2019
Tangible assets
154,161
154,963
Cash at bank and in hand
35,682
9,708
Creditors: amounts falling due within one year
(168,500)
(209,809)
Net current liabilities
(120,485)
(118,552)
Called up share capital
100
100
Profit and loss account
33,576
36,311
Shareholders' funds
33,676
36,411
For the year ending 31 July 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
Approved by the Board on 30 March 2020.
Mr Nigel O W Clare
Director
Company Registration No. 04788708
NOW Clare (Properties) Limited
Notes to the Accounts
for the year ended 31 July 2019
NOW Clare (Properties) Limited is a private company, limited by shares, registered in England and Wales, registration number 04788708. The registered office is 43 Chapel street, Chorley, Lancashire, PR7 1BU.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention.
The accounts are presented in £ sterling.
Turnover represents the value of goods sold, excluding value added tax.
Goodwill is being written off evenly over its estimated useful life of ten years.
Tangible fixed assets policy
Tangible fixed assets are stated at cost less depreciation.
Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Fixtures and fittings 25% reducing balance basis
Website 20% straight line basis
Office equipment 25% reducing balance basis
Freehold buildings are not depreciated on the grounds that the directors keep the property in good condition with regular repairs and maintenance, and the current market value of the property is estimated to exceed its original cost.
Stock is valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
NOW Clare (Properties) Limited
Notes to the Accounts
for the year ended 31 July 2019
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax is not provided on timing differences arising from the revaluation of fixed assets where there is no commitment to sell the asset.
Deferred tax assets and liabilities are not discounted.
4
Intangible fixed assets
Goodwill
5
Tangible fixed assets
Land & buildings
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At 1 August 2018
154,161
7,869
10,507
172,537
Disposals
-
(7,869)
(10,507)
(18,376)
At 31 July 2019
154,161
-
-
154,161
At 1 August 2018
-
7,605
9,969
17,574
Charge for the year
-
265
537
802
On disposals
-
(7,870)
(10,506)
(18,376)
At 31 July 2019
154,161
-
-
154,161
At 31 July 2018
154,161
264
538
154,963
NOW Clare (Properties) Limited
Notes to the Accounts
for the year ended 31 July 2019
Accrued income and prepayments
333
-
Other debtors
12,000
2,560
8
Creditors: amounts falling due within one year
2019
2018
Trade creditors
(222)
41,332
Taxes and social security
19,055
13,235
Other creditors
149,667
148,649
9
Share capital
2019
2018
Allotted, called up and fully paid:
100 Ordinary shares of £1 each
100
100
10
Transactions with related parties
The company is related to NOW Clare Limited, a company owned and controlled by the director. The amount owing to NOW Clare Limited at the end of the year was £149,667 (2018: £148,649).
The company is under the control of the director who owns 100% of the share capital.
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Average number of employees
During the year the average number of employees was 4 (2018: 4).