Ernest Wedge (Roofing) Limited
Ernest Wedge (Roofing) Limited
Registered number: 01435940
Unaudited Financial Statements
For The Year Ended 31 December 2018
Ernest Wedge (Roofing) Limited
Unaudited Financial Statements
For The Year Ended 31 December 2018
Unaudited Financial Statements
| Contents | |
| Page | |
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| Balance Sheet | 1—2 |
| Notes to the Financial Statements | 3—7 |
Ernest Wedge (Roofing) Limited
Balance Sheet
As at
31 December 2018
Balance Sheet
Registered number:
01435940
For the year ending 31 December 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
| 2018 | 2017 | ||||
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| Notes | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Tangible Assets | 7 |
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| CURRENT ASSETS | |||||
| Stocks | 8 |
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| Debtors | 9 |
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| Cash at bank and in hand |
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| Creditors: Amounts Falling Due Within One Year | 10 |
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| NET CURRENT ASSETS (LIABILITIES) |
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| TOTAL ASSETS LESS CURRENT LIABILITIES |
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| Creditors: Amounts Falling Due After More Than One Year | 11 |
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| NET ASSETS |
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| CAPITAL AND RESERVES | |||||
| Called up share capital | 13 |
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| Profit and Loss Account |
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| SHAREHOLDERS' FUNDS | 8,229 | 7,441 | |||
Page 1
Ernest Wedge (Roofing) Limited
Balance Sheet (continued)
As at
31 December 2018
Director's responsibilities
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The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. -
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. -
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime. - The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
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The notes on pages 3 to 7 form part of these financial statements.
Page 2
Ernest Wedge (Roofing) Limited
Notes to the Financial Statements
For The Year Ended 31 December 2018
Notes to the Financial Statements
1.
Accounting Policies
1.1.
Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard 102 for Smaller Entities (effective January 2015).
1.2.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
1.3.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
| Leasehold |
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| Plant & Machinery |
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| Motor Vehicles |
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| Fixtures & Fittings |
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1.4.
Leasing and Hire Purchase Contracts
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
1.5.
Stocks and Work in Progress
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 stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
1.6.
Taxation
The charge for taxation takes into account taxation deferred as a result of timing differences between the treatment of certain items for taxation and accounting purposes. In general, deferred taxation is recognised in respect of timing differences that have originated but not reversed at the balance sheet date. However, deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred taxation is measured on a non-discounted basis at the tax rates that are expected to apply in periods in which the timing differences reverse, based on tax rates and the law enacted or substantively enacted at the balance sheet date.
1.7.
Registrar Filing Requirements
The company has taken advantage of Companies Act 2006 section 444(1) and opted not to file the profit and loss account, directors report, and notes to the financial statements relating to the profit and loss account. The notes which are not included have been hidden but original note numbering has remained the same for those that are present.
Page 3
Ernest Wedge (Roofing) Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2018
4.
Average Number of Employees
Average number of employees, including directors, during the year was as follows:
| 2018 | 2017 | ||
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| Office and administration |
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| Sales, marketing and distribution |
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7.
Tangible Assets
| Land & Property | |||||
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| Leasehold | Plant & Machinery | Motor Vehicles | Fixtures & Fittings | Total | |
| £ | £ | £ | £ | £ | |
| Cost | |||||
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| Disposals |
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| Depreciation | |||||
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| Provided during the period |
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| Disposals |
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| Net Book Value | |||||
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Included above are assets held under finance leases or hire purchase contracts with a net book value as follows:
| 2018 | 2017 | ||
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| £ | £ | ||
| Motor Vehicles |
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8.
Stocks
| 2018 | 2017 | ||
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| £ | £ | ||
| Stock - finished goods |
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Page 4
Ernest Wedge (Roofing) Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2018
9.
Debtors
| 2018 | 2017 | ||
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| £ | £ | ||
| Due within one year | |||
| Trade debtors |
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| Prepayments and accrued income |
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| Other debtors |
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| Director's loan account | 305 | - | |
| Amounts owed by associates |
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10.
Creditors: Amounts Falling Due Within One Year
| 2018 | 2017 | ||
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| £ | £ | ||
| Net obligations under finance lease and hire purchase contracts |
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| Trade creditors |
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| Bank loans and overdrafts | - |
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| Corporation tax |
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| Other taxes and social security |
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| VAT |
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| Other creditors |
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| Accruals and deferred income |
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| Director's loan account | - |
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| Amounts owed to associates |
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11.
Creditors: Amounts Falling Due After More Than One Year
| 2018 | 2017 | ||
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| £ | £ | ||
| Net obligations under finance lease and hire purchase contracts |
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Ernest Wedge (Roofing) Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2018
12.
Obligations Under Finance Leases and Hire Purchase
| 2018 | 2017 | ||
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| £ | £ | ||
| The maturity of these amounts is as follows: | |||
| Amounts Payable: | |||
| Within one year |
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| Between one and five years |
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14.
Directors Advances, Credits and Guarantees
Included within (Creditors) / Debtors are the following loans due to / from directors:
| As at |
Amounts advanced | Amounts repaid | Amounts written off | As at |
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| £ | £ | £ | £ | £ | |
| Mr Peter Bird |
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The above loan is unsecured, interest free and repayable on demand.
Salary paid to the director was £5,000 (2017 : £5,000)
Dividends paid to a company owned by the director
| 2018 | 2017 | |
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| £ | £ | |
| Mr Peter Bird | 63,400 | 78,582 |
15.
Dividends
| 2018 | 2017 | ||
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| £ | £ | ||
| On equity shares: | |||
| Final dividend paid |
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| 63,400 | 88,582 | ||
Page 6
Ernest Wedge (Roofing) Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2018
16.
Related Party Transactions
Wedge Investments Ltd
Common shareholders
The related party rents a property to the company and the annual cost is £11,500. At the year end the company owed the related party £1,125.
Wedge London Ltd
Common owners and compnay officers
During the year the related party provided management services to the company in the sum of £7,500, together with recharges of costs such as phones. At the year end the company owed the related party £1,757.
HG Orme Ltd
Shareholder of company and common directors
During the year the company lend the ralted party £50,000. This was interest free and repayable on demand. At the year end the amoutn was still outstanding.
17.
General Information
Ernest Wedge (Roofing) Limited Registered number 01435940 is a limited by shares company incorporated in England & Wales. The Registered Office is Wedge House, White Hart Lane, Tottenham, London, N17 8HJ.
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