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Unaudited Financial Statements |
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for the Year Ended 31 March 2020 |
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for |
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S P Connor Quality Decorating Limited |
REGISTERED NUMBER:
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Unaudited Financial Statements |
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for the Year Ended 31 March 2020 |
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for |
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S P Connor Quality Decorating Limited |
S P Connor Quality Decorating Limited (Registered number: 06111041) |
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Contents of the Financial Statements |
for the Year Ended 31 March 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 | 4 |
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S P Connor Quality Decorating Limited |
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Company Information |
for the Year Ended 31 March 2020 |
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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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ACCOUNTANTS: |
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Airport House |
Suite 43-45 |
Purley Way |
Croydon |
CR0 0XZ |
S P Connor Quality Decorating Limited (Registered number: 06111041) |
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Balance Sheet |
31 March 2020 |
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2020 | 2019 |
Notes | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
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Tangible assets | 5 |
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CURRENT ASSETS |
Cash at bank |
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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 |
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Retained earnings | 7 |
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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. |
S P Connor Quality Decorating Limited (Registered number: 06111041) |
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Balance Sheet - continued |
31 March 2020 |
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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 Board of Directors and authorised for issue on
signed on its behalf by: |
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S P Connor Quality Decorating Limited (Registered number: 06111041) |
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Notes to the Financial Statements |
for the Year Ended 31 March 2020 |
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1. | STATUTORY INFORMATION |
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S P Connor Quality Decorating Limited is a
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The company's registered number and registered office address can be found on the Company Information page. |
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The principal activity of the company was that of painting and decorating. |
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2. | ACCOUNTING POLICIES |
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BASIS OF PREPARING THE FINANCIAL STATEMENTS |
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TURNOVER |
Turnover represents amounts receivable for goods and services net of VAT and trade discounts. |
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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. |
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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. |
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TANGIBLE FIXED ASSETS |
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Motor vehicles | - |
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Computer equipment | - |
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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 . |
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TAXATION |
The tax expense represents the sum of the tax currently payable and deferred tax. |
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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. |
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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 pantries and |
investments in non-puttable ordinary shares. |
S P Connor Quality Decorating Limited (Registered number: 06111041) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2020 |
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2. | ACCOUNTING POLICIES - continued |
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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. |
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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. |
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When payments are eventually made, they are charged to the provision carried in Balance sheet. |
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GOING CONCERN |
At the time of approving the financial statements , the director has a reasonable expectation that the company has |
adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to |
adopt the going concern basis of accounting in preparing the financial statements. |
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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. | INTANGIBLE FIXED ASSETS |
Goodwill |
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COST |
At 1 April 2019 |
and 31 March 2020 |
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AMORTISATION |
At 1 April 2019 |
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Charge for year |
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At 31 March 2020 |
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NET BOOK VALUE |
At 31 March 2020 |
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At 31 March 2019 |
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S P Connor Quality Decorating Limited (Registered number: 06111041) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2020 |
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5. | TANGIBLE FIXED ASSETS |
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 1 April 2019 |
and 31 March 2020 |
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DEPRECIATION |
At 1 April 2019 |
and 31 March 2020 |
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NET BOOK VALUE |
At 31 March 2020 |
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At 31 March 2019 |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Trade creditors |
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Corporation tax payable |
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PAYE control account |
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VAT | 4,384 | 3,310 |
Directors' current accounts | 12,545 | 12,995 |
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The directors consider the carrying amounts of current liabilities approximate to their fair values. |
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7. | RESERVES |
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Profit & loss reserves |
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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. |
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8. | RELATED PARTY DISCLOSURES |
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At the balance sheet date included in other creditors were amounts due to the directors of £12,545 (2019 - £12,995). |
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9. | EVENTS AFTER THE REPORTING DATE |
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Since the year end, the Coronavirus (COVID-19) has emerged globally resulting in a significant impact on |
businesses worldwide. As a result some business operations have been restricted, however the company continues to |
operate using alternative methods and remote working. The directors are unable to evaluate the overall financial |
impact on the business at present. Hence financial statements do not include any adjustments that might result from |
the outcome of this uncertainty. The directors are continuing to monitor, assess and act to the current changing |
environment in order to position the company to ensure its future success. |