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No description of principal activity
2019-03-01
Sage Accounts Production Advanced 2018 - FRS
xbrli:pure
xbrli:shares
iso4217:GBP
07565525
2019-03-01
2020-02-28
07565525
2020-02-28
07565525
2019-02-28
07565525
2018-03-01
2019-02-28
07565525
2019-02-28
07565525
core:PlantMachinery
2019-03-01
2020-02-28
07565525
core:FurnitureFittings
2019-03-01
2020-02-28
07565525
core:MotorVehicles
2019-03-01
2020-02-28
07565525
bus:Director1
2019-03-01
2020-02-28
07565525
core:PlantMachinery
2019-02-28
07565525
core:FurnitureFittings
2019-02-28
07565525
core:MotorVehicles
2019-02-28
07565525
core:PlantMachinery
2020-02-28
07565525
core:FurnitureFittings
2020-02-28
07565525
core:MotorVehicles
2020-02-28
07565525
core:WithinOneYear
2020-02-28
07565525
core:WithinOneYear
2019-02-28
07565525
core:AfterOneYear
2020-02-28
07565525
core:AfterOneYear
2019-02-28
07565525
core:ShareCapital
2020-02-28
07565525
core:ShareCapital
2019-02-28
07565525
core:RetainedEarningsAccumulatedLosses
2020-02-28
07565525
core:RetainedEarningsAccumulatedLosses
2019-02-28
07565525
core:PlantMachinery
2019-02-28
07565525
core:FurnitureFittings
2019-02-28
07565525
core:MotorVehicles
2019-02-28
07565525
bus:SmallEntities
2019-03-01
2020-02-28
07565525
bus:AuditExemptWithAccountantsReport
2019-03-01
2020-02-28
07565525
bus:AbridgedAccounts
2019-03-01
2020-02-28
07565525
bus:SmallCompaniesRegimeForAccounts
2019-03-01
2020-02-28
07565525
bus:PrivateLimitedCompanyLtd
2019-03-01
2020-02-28
07565525
core:ComputerEquipment
2019-03-01
2020-02-28
07565525
core:ComputerEquipment
2019-02-28
07565525
core:ComputerEquipment
2020-02-28
07565525
core:EntitiesControlledByKeyManagementPersonnel
2019-03-01
2020-02-28
COMPANY REGISTRATION NUMBER:
07565525
GREATER LONDON CRADLES LIMITED
|
|
Filleted Unaudited Abridged Financial Statements
|
|
GREATER LONDON CRADLES LIMITED
|
|
Abridged Statement of Financial Position
|
|
28 February 2020
Fixed assets
Tangible assets
|
5
|
|
221,489
|
253,700
|
|
|
|
|
|
Current assets
Debtors
|
105,568
|
|
173,374
|
Cash at bank and in hand
|
1
|
|
16,860
|
|
---------
|
|
---------
|
|
105,569
|
|
190,234
|
|
|
|
|
Creditors: amounts falling due within one year
|
118,636
|
|
143,908
|
|
---------
|
|
---------
|
Net current (liabilities)/assets
|
|
(
13,067)
|
46,326
|
|
|
---------
|
---------
|
Total assets less current liabilities
|
|
208,422
|
300,026
|
|
|
|
|
Creditors: amounts falling due after more than one year
|
|
54,238
|
65,582
|
|
|
---------
|
---------
|
Net assets
|
|
154,184
|
234,444
|
|
|
---------
|
---------
|
|
|
|
|
Capital and reserves
Called up share capital
|
|
100
|
100
|
Profit and loss account
|
|
154,084
|
234,344
|
|
|
---------
|
---------
|
Shareholders funds
|
|
154,184
|
234,444
|
|
|
---------
|
---------
|
|
|
|
|
These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the abridged statement of comprehensive income has not been delivered.
For the year ending 28 February 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
The members have not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476
;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements
.
All of the members have consented to the preparation of the abridged statement of comprehensive income and the abridged statement of financial position for the year ending 28 February 2020 in accordance with Section 444(2A) of the Companies Act 2006.
GREATER LONDON CRADLES LIMITED
|
|
Abridged Statement of Financial Position (continued)
|
|
28 February 2020
These abridged financial statements were approved by the
board of directors
and authorised for issue on
29 August 2020
, and are signed on behalf of the board by:
Mr A D MacCarthy
|
Director
|
|
Company registration number:
07565525
GREATER LONDON CRADLES LIMITED
|
|
Notes to the Abridged Financial Statements
|
|
Year ended 28 February 2020
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 12, The Metropolitan Centre, Derby Road, Greenford, UB6 8UJ, England.
2.
Statement of compliance
These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The abridged financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The abridged financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements do not requires management to make judgements, estimates and assumptions that affect the amounts reported
.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
Plant and Machinery
|
-
|
25% reducing balance
|
|
Fixtures and Fittings
|
-
|
25% reducing balance
|
|
Motor Vehicle
|
-
|
25% reducing balance
|
|
Equipment
|
-
|
25% reducing balance
|
|
|
|
|
Depreciation is calculated on prorata basis on acquisition or addition of Asset and then standard depreciation calculation in subsequent years
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the abridged statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Defined contribution plans
The company operates a defined contribution pension scheme. Contribution payable to the company's pension scheme are charged to the profit and loss account in the period in which they relate.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
10
(2019:
11
).
5.
Tangible assets
|
Plant and machinery
|
Fixtures and fittings
|
Motor vehicles
|
Equipment
|
Total
|
|
£
|
£
|
£
|
£
|
£
|
Cost
|
|
|
|
|
|
At 1 March 2019
|
630,146
|
4,310
|
42,495
|
2,411
|
679,362
|
Additions
|
13,625
|
–
|
22,565
|
–
|
36,190
|
|
---------
|
-------
|
--------
|
-------
|
---------
|
At 28 February 2020
|
643,771
|
4,310
|
65,060
|
2,411
|
715,552
|
|
---------
|
-------
|
--------
|
-------
|
---------
|
Depreciation
|
|
|
|
|
|
At 1 March 2019
|
397,571
|
2,592
|
24,301
|
1,198
|
425,662
|
Charge for the year
|
60,093
|
430
|
7,575
|
303
|
68,401
|
|
---------
|
-------
|
--------
|
-------
|
---------
|
At 28 February 2020
|
457,664
|
3,022
|
31,876
|
1,501
|
494,063
|
|
---------
|
-------
|
--------
|
-------
|
---------
|
Carrying amount
|
|
|
|
|
|
At 28 February 2020
|
186,107
|
1,288
|
33,184
|
910
|
221,489
|
|
---------
|
-------
|
--------
|
-------
|
---------
|
At 28 February 2019
|
232,575
|
1,718
|
18,194
|
1,213
|
253,700
|
|
---------
|
-------
|
--------
|
-------
|
---------
|
|
|
|
|
|
|
6.
Directors' advances, credits and guarantees
During the year the two (2) directors received an interest free loan of £9,950 to enable them carry out their duties. The amount outstanding at the end of year is £9,950
7.
Related party transactions
The company was under the control of
Mr A D MacCarthy
and Mr S P MacCarthy throughout the current and previous year. Mr A D MacCarthy
and Mr S P MacCarthy are the managing directors and majority shareholders. No transactions with related parties were undertaken such as are required to be disclosed under Financial Reporting Standard 8.