The Regular Works Ltd - Accounts to registrar (filleted) - small 18.2
The Regular Works Ltd - Accounts to registrar (filleted) - small 18.2
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REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE PERIOD 12 JULY 2018 TO 31 JULY 2019 |
FOR |
THE REGULAR WORKS LTD |
THE REGULAR WORKS LTD (REGISTERED NUMBER: 11461619) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE PERIOD 12 JULY 2018 TO 31 JULY 2019 |
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Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
THE REGULAR WORKS LTD |
COMPANY INFORMATION |
FOR THE PERIOD 12 JULY 2018 TO 31 JULY 2019 |
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DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Certified Accountants |
62-66 Deansgate |
Manchester |
M3 2EN |
THE REGULAR WORKS LTD (REGISTERED NUMBER: 11461619) |
BALANCE SHEET |
31 JULY 2019 |
Notes | £ |
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CURRENT ASSETS |
Stocks |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 4 |
NET CURRENT LIABILITIES | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | ( |
) |
( |
) |
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. |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on signed on its behalf by: |
THE REGULAR WORKS LTD (REGISTERED NUMBER: 11461619) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE PERIOD 12 JULY 2018 TO 31 JULY 2019 |
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1. | STATUTORY INFORMATION |
The Regular Works Ltd is a |
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 |
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary |
amounts in these financial statements are rounded to the nearest £. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow |
moving items. |
Financial instruments |
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 |
'Other Financial Instruments Issues' of FRS102 to all of its financial statements. |
Financial instruments are recognised in the company's balance sheet when the company becomes party to the |
contractual provisions of the instrument. |
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is |
a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to |
realise the asset and settle the liability simultaneously. |
Basic financial assets |
Basic financial assets, which includes debtors and cash and bank balances, are initially measured at transaction |
price including transaction costs and are subsequently carried at amortised cost using the effective interest |
method unless the arrangement constitutes a financing transaction, where the transaction is measured at present |
value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within |
one year are not amortised. |
Classification of financial liabilities |
Financial liabilities and equity instruments are classified according to the substance of the contractual |
arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of |
the company after deducting all of its liabilities. |
Basic financial liabilities |
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference |
shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a |
financing transaction, where the debt instrument is measured at the present value of the future payments |
discounted at a market rate of interest. Financial liabilities classified as payable within one year are not |
amortised. |
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of |
business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year |
or less, if not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction |
price and subsequently measured at amortised cost using the effective interest rate method. |
THE REGULAR WORKS LTD (REGISTERED NUMBER: 11461619) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 12 JULY 2018 TO 31 JULY 2019 |
2. | ACCOUNTING POLICIES - continued |
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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 balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance |
sheet 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. |
Going concern |
In common with virtually every other business in the country, the Company has been experiencing the effects of |
the Coronavirus pandemic. |
Whilst the full impact of this exceptional situation on the Company cannot be assessed with complete certainty at |
the current time, the Directors believe they have taken all possible steps to protect the Company including |
accessing relevant Government assistance. |
At the time of signing these accounts the Directors are of the opinion that the Company will remain viable for the |
foreseeable future and therefore these Financial Statements have been prepared on the Going Concern basis. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the period was NIL. |
4. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
£ |
Other creditors |
5. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
Included within other creditors are loans owed to the directors of £16,946. |
These loans are interest free with no fixed repayment terms. |