D Cousins Decorators Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 12009631 (England and Wales)

D COUSINS DECORATORS LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD

21 MAY 2019 TO 30 JUNE 2020

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTOR:

D C Cousins Esq

REGISTERED OFFICE:

23 Trinity Square

LLANDUDNO

Conwy

LL30 2RH

REGISTERED NUMBER:

12009631 (England and Wales)

ACCOUNTANTS:

Hawley and Company

Chartered Accountants & Chartered Tax Advisers

First Floor Suite

23 Trinity Square

LLANDUDNO

North Wales

LL30 2RH

FIXED ASSETS

Intangible assets

4

54,000

Tangible assets

5

24,625

78,625

CURRENT ASSETS

Stocks

6

800

Debtors

7

33,844

Cash at bank

35,573

70,217

CREDITORS

Amounts falling due within one year

8

27,882

NET CURRENT ASSETS

42,335

TOTAL ASSETS LESS CURRENT LIABILITIES

120,960

CREDITORS

Amounts falling due after more than one year

9

(75,041

)

PROVISIONS FOR LIABILITIES

10

(4,680

)

NET ASSETS

41,239

CAPITAL AND RESERVES

Called up share capital

11

1

Retained earnings

41,238

SHAREHOLDERS' FUNDS

41,239

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 30 June 2020.

The members have not required the company to obtain an audit of its financial statements for the period ended 30 June 2020 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 16 October 2020 and were signed by:

D C Cousins Esq - Director

1.	STATUTORY INFORMATION

D Cousins Decorators Ltd 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.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Revenue recognition

Turnover represents net invoiced sales of services excluding value added tax.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2019, is being amortised evenly over its estimated useful life of ten years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost

less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

Attributable profit is recognised on contracts, where the outcome of a contract can be assessed with reasonable

certainty before its completion.

Taxation

Taxation for the period 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.

Current or deferred taxation assets and liabilities are not discounted.

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.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the

statement of financial position date.

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 period end and that are expected to apply to the reversal of the

timing difference.

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.

Pension costs and other post-retirement benefits

Pension contributions paid on behalf of employees are charged against profits in the accounting period in which

they are paid.

Trade and other debtors

Trade and other debtors are initially recognised at their transaction price, less impairment losses for bad and

doubtful debts.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks and other short-term

highly liquid investments with original maturities of 3 months or less.

Trade and other creditors

Trade and other creditors are initially recognised at their transaction price.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was 8 .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

Additions

60,000

At 30 June 2020

60,000

AMORTISATION

Charge for period

6,000

At 30 June 2020

6,000

NET BOOK VALUE

At 30 June 2020

54,000

5.	TANGIBLE FIXED ASSETS

Plant and

Motor

machinery

vehicles

Totals

£

£

£

COST

Additions

3,255

34,078

37,333

Disposals

-

(4,500

)

(4,500

)

At 30 June 2020

3,255

29,578

32,833

DEPRECIATION

Charge for period

814

7,394

8,208

At 30 June 2020

814

7,394

8,208

NET BOOK VALUE

At 30 June 2020

2,441

22,184

24,625

6.

STOCKS

£

Stocks

800

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

£

Trade debtors

21,702

Other debtors

11,349

Prepayments

793

33,844

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

£

Trade creditors

6,337

Tax

12,319

Social security and other taxes

6,151

Accrued expenses

3,075

27,882

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

£

Bank loan

50,000

Director's loan account

25,041

75,041

10.	PROVISIONS FOR LIABILITIES

£

Deferred tax

4,680

Deferred

tax

£

Accelerated capital allowances

4,680

Balance at 30 June 2020

4,680

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

value:

£

1

Ordinary

£1

1

1 Ordinary share of £1 was allotted and fully paid for cash at par during the period.