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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AGE UK WIGAN BOROUGH ENTERPRISES 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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AGE UK WIGAN BOROUGH ENTERPRISES LIMITED |
AGE UK WIGAN BOROUGH ENTERPRISES LIMITED (REGISTERED NUMBER: 03315916) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
for the Year Ended 31 March 2020 |
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Company Information | 1 |
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Statement of Financial Position | 2 |
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Notes to the Financial Statements | 3 |
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AGE UK WIGAN BOROUGH ENTERPRISES 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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Chartered Accountants |
Douglas Bank House |
Wigan Lane |
Wigan |
Lancashire |
WN1 2TB |
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BANKERS: |
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6 Market Place |
Wigan |
Lancashire |
WN1 1QS |
AGE UK WIGAN BOROUGH ENTERPRISES LIMITED (REGISTERED NUMBER: 03315916) |
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STATEMENT OF FINANCIAL POSITION |
31 March 2020 |
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2020 | 2019 |
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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SHAREHOLDERS' FUNDS |
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8,693 | 9,538 |
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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 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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AGE UK WIGAN BOROUGH ENTERPRISES LIMITED (REGISTERED NUMBER: 03315916) |
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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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Age UK Wigan Borough Enterprises Limited is a private company, limited by shares, registered in England and |
Wales. The company's registered number and registered office address can be found on the Company |
Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Revenue recognition |
Turnover represents retail shop income. Shop income is recognised when the goods have been sold to customers |
and all risks and rewards have been transferred to them. |
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Tangible fixed assets and depreciation |
Tangible fixed assets are stated at cost less depreciation and impairment. |
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value |
of each asset over its estimated useful life. |
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Fixtures and fittings | - | 12.5% on cost |
Computer equipment | - | 20% - 33% on cost |
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Impairment of assets |
At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets |
have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any |
affected asset is estimated and compared with its carrying amount. If the estimated recoverable amount is lower, |
the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised |
immediately in profit or loss. |
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Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised |
estimate of its recoverable amount, to the extent that the increased carrying amount does not exceed the carrying |
amount that would have been determined (net of depreciation) had no impairment loss been recognised for the |
asset in prior years. A reversal of an impairment loss is recognised as income immediately. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and |
Retained Earnings, 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 statement of financial position date. |
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Deferred taxation |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the |
statement of financial position 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. |
AGE UK WIGAN BOROUGH ENTERPRISES LIMITED (REGISTERED NUMBER: 03315916) |
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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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Employee benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension |
scheme are charged to the profit and loss in the period to which they relate. |
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Financial instruments |
The company only enters into basic financial instruments transactions that result in the recognition of financial |
assets and liabilities such as trade debtors and other accounts receivable and payable. Basic financial instruments |
are recognised at cost. |
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Related party loans have no stated interest rate, are payable on demand and are not measured at the discounted |
amount due. |
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Leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the lease term, |
unless the rental payments are structured to increase in line with expected general inflation, in which case the |
company recognises annual rent expense equal to the amounts owed to the lessor. |
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The benefits of lease incentives are recognised as a reduction to the expense recognised over the lease term on a |
straight line basis. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was NIL (2019 -
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4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Trade debtors |
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Amounts owed by group undertakings |
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Prepayments |
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5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Amounts owed to group undertakings |
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Accrued expenses |
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6. | RELATED PARTY DISCLOSURES |
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The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The |
Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party |
transactions with wholly owned subsidiaries within the group. |
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7. | ULTIMATE CONTROLLING PARTY |
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The ultimate controlling party is deemed to be the Board of Directors/Trustees of Age Concern Wigan Borough. |
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8. | ULTIMATE PARENT COMPANY |
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The company is wholly owned by Age Concern Wigan Borough, a charity registered in England and Wales. |
Accounts can be obtained from its registered office, Pennyhurst Mill, Haig Street, Wigan WN3 4AZ. |