WCI Sewage Treatment Limited 31/01/2021 iXBRL

WCI Sewage Treatment Limited 31/01/2021 iXBRL

WCI GROUP LIMITED - Company Information

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Company registration number: 06434634
WCI Sewage Treatment Limited
Unaudited filleted financial statements
31 January 2021
WCI SEWAGE TREATMENT LIMITED
Contents
Statement of financial position
Notes to the financial statements
WCI SEWAGE TREATMENT LIMITED
STATEMENT OF FINANCIAL POSITION
31 JANUARY 2021
2021 2020
Note £ £ £ £
Fixed assets
Tangible assets 5 156,201 78,765
_______ _______
156,201 78,765
Current assets
Stocks 30,245 25,732
Debtors 6 76,795 77,999
Cash at bank and in hand 330,942 308,081
_______ _______
437,982 411,812
Creditors: amounts falling due
within one year 7 ( 231,505) ( 209,538)
_______ _______
Net current assets 206,477 202,274
_______ _______
Total assets less current liabilities 362,678 281,039
Creditors: amounts falling due
after more than one year 8 ( 20,640) ( 24,037)
Provisions for liabilities ( 25,208) ( 9,251)
_______ _______
Net assets 316,830 247,751
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 9 316,730 247,651
_______ _______
Shareholders funds 316,830 247,751
_______ _______
For the year ending 31 January 2021 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 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 financial statements.
These 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 statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 06 July 2021 , and are signed on behalf of the board by:
Mr Bradley Taylor
Director
Company registration number: 06434634
WCI SEWAGE TREATMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 JANUARY 2021
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is WCI Sewage Treatment Limited , The Watershed, Old Brewery Road, Wiveliscombe, Somerset, TA4 2PW.
Principal activity
The principal activity of the company is the treatment of domestic and industrial waste water.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The 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 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 requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.
Turnover
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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Tangible assets
tangible assets are initially recorded at cost, and are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves 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:
Tools,equipment and Fixtures and fittings - 15 % reducing balance
Office equipment - 30 % reducing balance
Motor vehicles - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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. 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 are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 8 (2020: 8 ).
5. Tangible assets
Freehold and leasehold properties Tools,equipment fixtures and fittings Office equipment Motor vehicles Total
£ £ £ £ £
Cost
At 1 February 2020 24,153 54,336 15,852 64,842 159,183
Additions - 1,013 59,830 38,790 99,633
Disposals - ( 30,738) ( 8,226) - ( 38,964)
_______ _______ _______ _______ _______
At 31 January 2021 24,153 24,611 67,456 103,632 219,852
_______ _______ _______ _______ _______
Depreciation
At 1 February 2020 969 31,670 11,859 35,920 80,418
Charge for the year 966 2,636 1,609 10,938 16,149
Disposals - ( 25,409) ( 7,507) - ( 32,916)
_______ _______ _______ _______ _______
At 31 January 2021 1,935 8,897 5,961 46,858 63,651
_______ _______ _______ _______ _______
Carrying amount
At 31 January 2021 22,218 15,714 61,495 56,774 156,201
_______ _______ _______ _______ _______
At 31 January 2020 23,184 22,666 3,993 28,922 78,765
_______ _______ _______ _______ _______
Obligations under finance leases
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Motor vehicles
£
At 31 January 2021 48,790
_______
At 31 January 2020 18,276
_______
6. Debtors
2021 2020
£ £
Trade debtors 70,150 60,822
Other debtors 6,645 17,177
_______ _______
76,795 77,999
_______ _______
7. Creditors: amounts falling due within one year
2021 2020
£ £
Bank loans and overdrafts 50,000 5,883
Trade creditors 45,383 52,782
Accruals and deferred income 33,485 37,749
Social security and other taxes 55,177 57,599
Other creditors 47,460 55,525
_______ _______
231,505 209,538
_______ _______
8. Creditors: amounts falling due after more than one year
2021 2020
£ £
Other creditors 20,640 24,037
_______ _______
9. Reserves
Profit and loss account:This reserve records retained earnings and accumulated losses.
10. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
Loans to / (from) directors at 1 February 2020 Loans to / (from) the directors Balance at 31 January 2021
£ £ £
Director 2 ( 15,599) 248 ( 15,351)
Director 3 ( 25,586) 9,749 ( 15,837)
_______ _______ _______
( 41,185) 9,997 ( 31,188)
_______ _______ _______
Loans to / (from) directors at 1 February 2019 Loans to / (from) the directors Balance at 31 January 2020
£ £ £
Director 2 ( 11,886) ( 3,713) ( 15,599)
Director 3 ( 20,997) ( 4,589) ( 25,586)
_______ _______ _______
( 32,883) ( 8,302) ( 41,185)
_______ _______ _______
Directors' loans are repayable on demand and subject to interest on overdrawn balances at the official rate.
11. Coronavirus Job Retention Scheme
During the year the company was the receipient of goverment assisstance as a result of participating in the Coronavirus Job retention Scheme.The total funds recognised on an accruals basis from the UK Government during the year was £15494.
12. Government grants
During the year the company was the recepient of economic benefits as a result of the small Business Grant Fund. The total funds received from the UK Goverment and recognised in other operating income during the year was £10000.