CD Commercial Limited |
Notes to the Accounts |
for the year ended 31 July 2021 |
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1 |
Accounting policies |
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Basis of preparation |
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The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. |
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Turnover |
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Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover represemnts revenue earned from the rendering of services and is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. |
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Tangible fixed assets |
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Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on tangible fixed assets at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
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Fixtures, fittings, tools and equipment |
over 5 years |
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Debtors |
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Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. |
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Creditors |
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Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
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Taxation |
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A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. |
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2 |
Employees |
2021 |
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2020 |
Number |
Number |
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Average number of persons employed by the company |
2 |
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2 |
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3 |
Debtors |
2021 |
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2020 |
£ |
£ |
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Trade debtors |
- |
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1,338 |
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4 |
Creditors: amounts falling due within one year |
2021 |
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2020 |
£ |
£ |
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Trade creditors |
1,583 |
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820 |
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Corporation tax |
12,962 |
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9,858 |
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Other creditors |
22,288 |
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1,396 |
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36,833 |
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12,074 |
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5 |
Other information |
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CD Commercial Limited is a private company limited by shares and incorporated in England. Its registered office is: |
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5A Church Road South |
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Woolton Village |
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Liverpool |
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L25 7RJ |