Wallcourt Limited - Period Ending 2019-03-31
Wallcourt Limited - Period Ending 2019-03-31
Registration number:
Wallcourt Limited
(Companies House Version)
for the Year Ended 31 March 2019
Chartered Accountants
Sherwood House
7 Gregory Boulevard
Nottingham
Nottinghamshire
NG7 6LB
Wallcourt Limited
Contents
Accountants' Report |
|
Abridged Balance Sheet |
|
Notes to the Abridged Financial Statements |
Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Wallcourt Limited
for the Year Ended 31 March 2019
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Wallcourt Limited for the year ended 31 March 2019 as set out on pages 2 to 6 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/regulations-standards-and-guidance/.
This report is made solely to the Board of Directors of Wallcourt Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Wallcourt Limited and state those matters that we have agreed to state to the Board of Directors of Wallcourt Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Wallcourt Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Wallcourt Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Wallcourt Limited. You consider that Wallcourt Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Wallcourt Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
......................................
Chartered Accountants
7 Gregory Boulevard
Nottingham
Nottinghamshire
NG7 6LB
Page 1 |
Wallcourt Limited
(Registration number: 01043877)
Abridged Balance Sheet as at 31 March 2019
Note |
2019 |
2018 |
|||
£ |
£ |
£ |
£ |
||
Fixed assets |
|||||
Tangible assets |
|
|
|||
Current assets |
|||||
Debtors |
|
|
|||
Cash at bank and in hand |
|
|
|||
|
|
||||
Creditors: Amounts falling due within one year |
( |
( |
|||
Net current liabilities |
( |
( |
|||
Total assets less current liabilities |
|
|
|||
Provisions for liabilities |
( |
( |
|||
Net assets |
|
|
|||
Capital and reserves |
|||||
Called up share capital |
|
|
|||
Non-distributable reserve |
|
|
|||
Profit and loss account |
|
|
|||
Total equity |
|
|
Page 2 |
Wallcourt Limited
(Registration number: 01043877)
Abridged Balance Sheet as at 31 March 2019
For the financial year ending 31 March 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
• |
|
• |
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These accounts have been prepared and delivered to the Registrar in accordance with the provisions applicable to companies subject to the small companies' regime and the directors have not delivered to the Registrar a copy of the company's profit and loss account.
All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.
Approved and authorised by the director on
.........................................
Mr A H Cookson
Company secretary and director
Page 3 |
Wallcourt Limited
Notes to the Abridged Financial Statements for the Year Ended 31 March 2019
General information |
The company is a private company limited by share capital incorporated in England and Wales.
The address of its registered office is:
England
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Basis of preparation of financial statements
These financial statements were prepared under the historical cost convention in accordance with applicable United Kingdom accounting standards, including the Financial Reporting Standard 102 ('FRS 102') Section 1A small entities, and with the Companies Act 2006.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Tax
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Page 4 |
Wallcourt Limited
Notes to the Abridged Financial Statements for the Year Ended 31 March 2019
Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Page 5 |
Wallcourt Limited
Notes to the Abridged Financial Statements for the Year Ended 31 March 2019
Tangible assets |
Investment properties |
Total |
|
Cost or valuation |
||
At 1 April 2018 |
|
|
At 31 March 2019 |
|
|
Depreciation |
||
Carrying amount |
||
At 31 March 2019 |
|
|
At 31 March 2018 |
|
|
Revaluations
The Leasehold and Freehold Investment Property class of fixed assets was revalued on 31 March 2013 by the director who is internal to the company. The basis of this valuation was market value. This class of assets has a current value of £720,000 (2018 - £720,000) and a carrying amount at historical cost of £577,780 (2018 - £577,780). The depreciation on this historical cost is £nil (2018 - £nil).
The last full valuation of Leasehold and Freehold Investment Property was carried out on 31 March 2013.
Page 6 |