Waites Handmade Kitchens and Furniture - Accounts to registrar (filleted) - small 18.2

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MAY 2018

FOR

WAITES HANDMADE KITCHENS AND FURNITURE

LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

S Waite

C J Timms

REGISTERED OFFICE:

Unit 2, Stoken Place

Stoken Farm

Steventon

Basingstoke

RG25 3BD

REGISTERED NUMBER:

09593282 (England and Wales)

ACCOUNTANTS:

Evans Weir

The Victoria

25 St Pancras

Chichester

West Sussex

PO19 7LT

FIXED ASSETS

Tangible assets

4

881

902

CURRENT ASSETS

Stocks

20,000

20,500

Debtors

5

26,663

42,636

Cash at bank

9,727

10,495

56,390

73,631

CREDITORS

Amounts falling due within one year

6

28,189

30,574

NET CURRENT ASSETS

28,201

43,057

TOTAL ASSETS LESS CURRENT LIABILITIES

29,082

43,959

CAPITAL AND RESERVES

Called up share capital

111

111

Retained earnings

28,971

43,848

SHAREHOLDERS' FUNDS

29,082

43,959

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st May 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st May 2018 in accordance with Section 476 of the Companies Act 2006.

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.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

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

The financial statements were approved by the Board of Directors on 27th February 2019 and were signed on its behalf by:

S Waite - Director

C J Timms - Director

1.	STATUTORY INFORMATION

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

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

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 etc

-

20% on cost and Straight line over 3 years

Stocks

Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance

for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in

bringing stocks to their present location and condition.

Taxation

Taxation for the year 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 year 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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2017 - 4 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1st June 2017

1,462

Additions

430

At 31st May 2018

1,892

DEPRECIATION

At 1st June 2017

560

Charge for year

451

At 31st May 2018

1,011

NET BOOK VALUE

At 31st May 2018

881

At 31st May 2017

902

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

25,692

42,636

Other debtors

971

-

26,663

42,636

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade creditors

8,800

2,242

Taxation and social security

17,528

24,704

Other creditors

1,861

3,628

28,189

30,574