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Unaudited Financial Statements for the Year Ended 30 November 2021 |
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Warwickshire Drain Services Ltd |
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Unaudited Financial Statements for the Year Ended 30 November 2021 |
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for |
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Warwickshire Drain Services Ltd |
Warwickshire Drain Services Ltd (Registered number: 10876999) |
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Contents of the Financial Statements |
for the Year Ended 30 November 2021 |
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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 | 3 |
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Warwickshire Drain Services Ltd |
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Company Information |
for the Year Ended 30 November 2021 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
Crosby Court |
28 George Street |
Birmingham |
B3 1QG |
Warwickshire Drain Services Ltd (Registered number: 10876999) |
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Balance Sheet |
30 November 2021 |
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30.11.21 | 30.11.20 |
Notes | £ | £ |
CURRENT ASSETS |
Debtors | 4 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 5 |
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NET CURRENT ASSETS |
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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 |
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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. |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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Warwickshire Drain Services Ltd (Registered number: 10876999) |
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Notes to the Financial Statements |
for the Year Ended 30 November 2021 |
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1. | STATUTORY INFORMATION |
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Warwickshire Drain Services Ltd is a
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
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Turnover is measured at the fair value of the consideration received or receivable net of Vat and trade discounts. The policies adopted for the recognition of turnover are as follows |
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Sale of goods |
Revenue from the sale of goods is recognised when all of the following conditions are satisfied: |
The Company has transferred the significant risks and rewards of ownership to the buyer |
The Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; |
The amount of revenue can be measured reliably; |
It is probable that the Company will receive the consideration due under the transaction; and |
The costs incurred or to be incurred in respect of the transaction can be measured reliably. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Warwickshire Drain Services Ltd (Registered number: 10876999) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 November 2021 |
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2. | ACCOUNTING POLICIES - continued |
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Debtors and creditors receivable/ payable within one year |
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in the other administrative expenses. |
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Cash and cash equivalents |
Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. |
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Basic financial assets |
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised costs using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts at a discounted at a market rate of interest. |
Financial assets are classified as receivable within one year are not amortised. |
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Financial instruments |
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade debtors and other debtors and creditors, loans from banks and other third parties and loans to related parties. |
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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. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.11.21 | 30.11.20 |
£ | £ |
Trade debtors |
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Other debtors |
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5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.11.21 | 30.11.20 |
£ | £ |
Trade creditors |
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Taxation and social security |
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Other creditors |
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6. | ULTIMATE PARENT UNDERTAKING |
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The Company is a wholly owned subsidiary of The Drain Group Limited, a company incorporated in England and Wales. |