Woodcock Contracting Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 10810956 (England and Wales)

Woodcock Contracting Limited

Financial Statements

for the period

9th June 2017 to 30th June 2018

Page

Company information

1

Balance sheet

2

to

3

Notes to the financial statements

4

to

6

Director:

M J Woodcock

Registered office:

The Woodshack

The Hagg Farm

Cornhill on Tweed

Northumberland

TD12 4RT

Registered number:

10810956 (England and Wales)

Accountants:

Rennie Welch LLP

Academy House

Shedden Park Road

Kelso

Roxburghshire

TD5 7AL

Fixed assets

Tangible assets

4

136,907

Current assets

Stocks

14,504

Debtors

5

21,387

Cash at bank

44,333

80,224

Creditors

Amounts falling due within one year

6

174,485

Net current liabilities

(94,261

)

Total assets less current liabilities

42,646

Provisions for liabilities

25,713

Net assets

16,933

Capital and reserves

Called up share capital

100

Retained earnings

16,833

16,933

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 30th June 2018.

The members have not required the company to obtain an audit of its financial statements for the period ended 30th June 2018 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 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 director on 7th March 2019 and were signed by:

M J Woodcock - Director

1.	Statutory information

Woodcock Contracting Limited 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 represents the total invoice value, excluding value added tax, of sales invoiced during the year, or the

fair value of services provided for amounts not invoiced at the year end.

Turnover arising from the sale of goods is recognised when the significant risks and rewards of ownership have

passed to the buyer. Turnover arising from the provision of services is recognised as contract activity

progresses and the right to consideration is earned.

Tangible fixed assets

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

Equipment

-

25% on cost and 15% on reducing balance

Tractors

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses.

Stocks

Stock is valued at the lower of cost and estimated selling price less costs to sell. In respect of work in progress

and finished goods, cost includes a relevant proportion of overheads according to the stage of completion.

Financial instruments

The following assets and liabilities are classified as financial instruments - trade debtors, trade creditors,

accruals, hire purchase contracts and directors' loans.

Hire purchase contracts are initially measured at the present value of future payments, discounted at a market

rate of interest, and subsequently at amortised cost using the effective interest method.

Directors' loans (being repayable on demand), trade debtors, trade creditors and accruals are measured at the

undiscounted amount of the cash or other consideration expected to be paid or received.

Financial assets that are measured at amortised cost are assessed at the end of each reporting period for

objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised

in the Statement of Income and Retained Earnings.

Taxation

Taxation for the period comprises current and deferred tax. Tax is recognised in the Statement of Income and

Retained Earnings, 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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet.

Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under

finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital

element of the future payments is treated as a liability.

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.

Provisions

Provisions are set up only where it is probable that a present obligation exists as a result of an event prior to the

balance sheet date and that a payment will be required in settlement that can be estimated reliably. Where

material, provisions are calculated on a discounted basis.

Employee benefits

Short term employee benefits, including holiday pay, are recognised as an expense in the Statement of Income

and Retained Earnings in the period in which they are incurred.

Going concern

The director has considered the company's financial position for a period of 12 months from the date of signing

these financial statements and has reasonable expectation that the company has adequate resources to

continue in operational existence for the foreseeable future. Accordingly, he continues to adopt the going

concern basis in preparing these financial statements.

3.	Employees and directors

The average number of employees during the period was 1 .

4.	Tangible fixed assets

Motor

Equipment

Tractors

vehicles

Totals

£

£

£

£

Cost

Additions

104,215

48,200

16,277

168,692

Disposals

-

-

(11,777

)

(11,777

)

At 30th June 2018

104,215

48,200

4,500

156,915

Depreciation

Charge for period

13,045

6,025

938

20,008

At 30th June 2018

13,045

6,025

938

20,008

Net book value

At 30th June 2018

91,170

42,175

3,562

136,907

5.

Debtors: amounts falling due within one year

£

Trade debtors

21,387

6.

Creditors: amounts falling due within one year

£

Hire purchase contracts

4,977

Trade creditors

7,672

Taxation and social security

42,017

Other creditors

119,819

174,485

7.	Secured debts

The following secured debts are included within creditors:

£

Hire purchase contracts

4,977

Hire purchase contracts are secured on the assets involved.