Company Registration No. 06111041 (England and Wales)
S P CONNOR QUALITY DECORATING LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2019
PAGES FOR FILING WITH REGISTRAR
S P CONNOR QUALITY DECORATING LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
S P CONNOR QUALITY DECORATING LTD
BALANCE SHEET
AS AT
31 MARCH 2019
31 March 2019
- 1 -
2019
2018
Notes
£
£
£
£
Fixed assets
Intangible assets
3
14,000
17,500
Tangible assets
4
-
4,108
14,000
21,608
Current assets
Debtors
5
-
300
Cash at bank and in hand
10,641
14,974
10,641
15,274
Creditors: amounts falling due within one year
6
(22,496)
(34,138)
Net current liabilities
(11,855)
(18,864)
Total assets less current liabilities
2,145
2,744
Provisions for liabilities
-
(780)
Net assets
2,145
1,964
Capital and reserves
Called up share capital
2
2
Profit and loss reserves
8
2,143
1,962
Total equity
2,145
1,964
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
The notes on pages 3 - 6 form an integral part of these financial statements.
For the financial year ended 31 March 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have 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
and FRS102 Section 1A
.
S P CONNOR QUALITY DECORATING LTD
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2019
31 March 2019
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 29 August 2019 and are signed on its behalf by:
S Connor
Director
Company Registration No. 06111041
S P CONNOR QUALITY DECORATING LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2019
- 3 -
1
Accounting policies
Company information
S P Connor Quality Decorating Ltd is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
10 Croft Avenue, West Wickham, Kent, BR4 0QJ.
The principal activity of the company was that of painting and decorating.
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. The principal accounting policies adopted are set out below.
1.2
Going concern
The accounts are prepared on the basis that the directors of the company have agreed they will not withdraw funds until the company has the available profits and cash flow and continue to support the company for the foreseeable future.
true
At the balance sheet date, the current liabilities exceeded the current assets by £11,855 (2018: £18,864). However the financial statements have been prepared on a going concern basis as the company has the continuing support from Mr S P Connor and Mrs D E Connor, directors and shareholders of the company. The directors are therefore satisfied that the financial statements have been correctly prepared on a going concern basis.
1.3
Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts.
1.4
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 10 years.
For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.
1.5
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.
S P CONNOR QUALITY DECORATING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2019
1
Accounting policies
(Continued)
- 4 -
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:
Computer equipment
25% straight line
Motor vehicles
25% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.6
Financial instruments
The company only enters into basic financial transactions that result in recognition of financial assets and liabilities such as trade and other debtors and creditors, loans from bank and other third parties, loans to related parties and investments in non-puttable ordinary shares.
1.7
Deferred tax
Deferred tax is recognised in respect of all material timing differences that have originated but not reversed at the
balance sheet date.
1.8
Provisions for liabilities
Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to the statement of income and retained earnings in the year that the company becomes aware of the obligation and are measured at the best estimate at the Balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in Balance sheet.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 2 (2018 - 2).
2019
2018
Number
Number
Directors
2
2
2
2
S P CONNOR QUALITY DECORATING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2019
- 5 -
3
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2018 and 31 March 2019
35,000
Amortisation and impairment
At 1 April 2018
17,500
Amortisation charged for the year
3,500
At 31 March 2019
21,000
Carrying amount
At 31 March 2019
14,000
At 31 March 2018
17,500
4
Tangible fixed assets
Computer equipment
Motor vehicles
Total
£
£
£
Cost
At 1 April 2018 and 31 March 2019
540
16,948
17,488
Depreciation and impairment
At 1 April 2018
483
12,899
13,382
Depreciation charged in the year
57
4,049
4,106
At 31 March 2019
540
16,948
17,488
Carrying amount
At 31 March 2019
-
-
-
At 31 March 2018
58
4,050
4,108
5
Debtors
2019
2018
Amounts falling due within one year:
£
£
Trade debtors
-
300
The directors consider the carrying value of trade and other receivables approximate to their fair value.
S P CONNOR QUALITY DECORATING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2019
- 6 -
6
Creditors: amounts falling due within one year
2019
2018
£
£
Obligations under finance leases
-
3,006
Trade creditors
396
667
Corporation tax
5,162
3,650
Other taxation and social security
3,944
2,222
Other creditors
12,994
24,593
22,496
34,138
The directors consider the carrying amounts of current liabilities approximate to their fair values.
7
Provisions for liabilities
2019
2018
£
£
Deferred tax liabilities
-
780
8
Reserves
Profit & loss reserves
The Profit and loss account comprises all current and prior period retained profit and losses after deducting any distributions made to the company's shareholders. This is a distributable reserve.
9
Related party transactions
At the balance sheet date included in other creditors were amounts due to the directors of £12,995 (2018 - £23,028).