ACCOUNTS - Final Accounts

ACCOUNTS - Final Accounts

WHISPER CONSTRUCTION LIMITED - Company Information

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Caseware UK (AP4) 2016.0.181 2016.0.181 The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.truetrueNo description of principal activityfalse2017-07-01 04919081 2017-07-01 2018-06-30 04919081 2016-07-01 2017-06-30 04919081 2018-06-30 04919081 2017-06-30 04919081 2016-07-01 04919081 c:Director1 2017-07-01 2018-06-30 04919081 d:MotorVehicles 2017-07-01 2018-06-30 04919081 d:MotorVehicles 2018-06-30 04919081 d:MotorVehicles 2017-06-30 04919081 d:MotorVehicles d:OwnedOrFreeholdAssets 2017-07-01 2018-06-30 04919081 d:OfficeEquipment 2017-07-01 2018-06-30 04919081 d:OfficeEquipment 2018-06-30 04919081 d:OfficeEquipment 2017-06-30 04919081 d:OfficeEquipment d:OwnedOrFreeholdAssets 2017-07-01 2018-06-30 04919081 d:ComputerEquipment 2017-07-01 2018-06-30 04919081 d:ComputerEquipment 2018-06-30 04919081 d:ComputerEquipment 2017-06-30 04919081 d:OwnedOrFreeholdAssets 2017-07-01 2018-06-30 04919081 d:FreeholdInvestmentProperty 2018-06-30 04919081 d:FreeholdInvestmentProperty 2017-06-30 04919081 d:FreeholdInvestmentProperty 2 2017-07-01 2018-06-30 04919081 d:CurrentFinancialInstruments 2018-06-30 04919081 d:CurrentFinancialInstruments 2017-06-30 04919081 d:Non-currentFinancialInstruments 2018-06-30 04919081 d:Non-currentFinancialInstruments 2017-06-30 04919081 d:CurrentFinancialInstruments d:WithinOneYear 2018-06-30 04919081 d:CurrentFinancialInstruments d:WithinOneYear 2017-06-30 04919081 d:Non-currentFinancialInstruments d:AfterOneYear 2018-06-30 04919081 d:Non-currentFinancialInstruments d:AfterOneYear 2017-06-30 04919081 d:ShareCapital 2018-06-30 04919081 d:ShareCapital 2017-06-30 04919081 d:ShareCapital 2016-07-01 04919081 d:InvestmentPropertiesRevaluationReserve 2017-07-01 2018-06-30 04919081 d:InvestmentPropertiesRevaluationReserve 2018-06-30 04919081 d:InvestmentPropertiesRevaluationReserve 2 2017-07-01 2018-06-30 04919081 d:InvestmentPropertiesRevaluationReserve 3 2017-07-01 2018-06-30 04919081 d:InvestmentPropertiesRevaluationReserve 2016-07-01 2017-06-30 04919081 d:InvestmentPropertiesRevaluationReserve 2017-06-30 04919081 d:InvestmentPropertiesRevaluationReserve 2 2016-07-01 2017-06-30 04919081 d:RetainedEarningsAccumulatedLosses 2017-07-01 2018-06-30 04919081 d:RetainedEarningsAccumulatedLosses 2018-06-30 04919081 d:RetainedEarningsAccumulatedLosses 2 2017-07-01 2018-06-30 04919081 d:RetainedEarningsAccumulatedLosses 3 2017-07-01 2018-06-30 04919081 d:RetainedEarningsAccumulatedLosses 2016-07-01 2017-06-30 04919081 d:RetainedEarningsAccumulatedLosses 2017-06-30 04919081 d:RetainedEarningsAccumulatedLosses 2016-07-01 04919081 d:RetainedEarningsAccumulatedLosses 2 2016-07-01 2017-06-30 04919081 d:AcceleratedTaxDepreciationDeferredTax 2018-06-30 04919081 d:TaxLossesCarry-forwardsDeferredTax 2018-06-30 04919081 d:OtherDeferredTax 2018-06-30 04919081 c:FRS102 2017-07-01 2018-06-30 04919081 c:AuditExemptWithAccountantsReport 2017-07-01 2018-06-30 04919081 c:FullAccounts 2017-07-01 2018-06-30 04919081 c:PrivateLimitedCompanyLtd 2017-07-01 2018-06-30 iso4217:GBP xbrli:pure

Registered number: 04919081










Whisper Construction Limited








Unaudited

Financial statements

Information for filing with the registrar

For the Year Ended 30 June 2018
 
Whisper Construction Limited
 
  
Chartered accountants' report to the director on the preparation of the unaudited statutory financial statements of Whisper Construction Limited for the Year Ended 30 June 2018

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Whisper Construction Limited for the year ended 30 June 2018 which comprise  the Balance sheet, the Statement of changes in equity and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/ members/regulations-standards-and-guidance/.

This report is made solely to the director of Whisper Construction Limited in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Whisper Construction Limited and state those matters that we have agreed to state to the director of Whisper Construction Limited in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Whisper Construction Limited and its director for our work or for this report. 

It is your duty to ensure that Whisper Construction Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Whisper Construction Limited. You consider that Whisper Construction Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Whisper Construction Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

  



Kreston Reeves LLP
 
Chartered Accountants
  
Montague Place
Quayside
Chatham Maritime
Chatham
Kent
ME4 4QU
27 March 2019
Page 1
 
Whisper Construction Limited
Registered number: 04919081

Balance sheet
As at 30 June 2018

2018
2017
Note
£
£

Fixed assets
  

Tangible assets
 4 
344
418

Investment property
 5 
425,001
295,001

  
425,345
295,419

Current assets
  

Debtors: amounts falling due within one year
 6 
13,394
9,401

Cash at bank and in hand
  
6,433
31,958

  
19,827
41,359

Creditors: amounts falling due within one year
 7 
(98,210)
(71,066)

Net current liabilities
  
 
 
(78,383)
 
 
(29,707)

Total assets less current liabilities
  
346,962
265,712

Creditors: amounts falling due after more than one year
 8 
(103,853)
(105,181)

Provisions for liabilities
  

Deferred tax
 9 
(11,597)
-

  
 
 
(11,597)
 
 
-

Net assets
  
231,512
160,531


Capital and reserves
  

Called up share capital 
 10 
1
1

Investment property reserve
  
226,603
108,200

Profit and loss account
  
4,908
52,330

  
231,512
160,531


Page 2
 
Whisper Construction Limited
Registered number: 04919081

Balance sheet (continued)
As at 30 June 2018

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 27 March 2019.





D Pullen
Director

The notes on pages 6 to 11 form part of these financial statements.

Page 3
 
Whisper Construction Limited
 

Statement of changes in equity
For the Year Ended 30 June 2018


Called up share capital
Investment property revaluation reserve
Profit and loss account
Total equity

£
£
£
£

At 1 July 2017
1
108,200
52,330
160,531


Comprehensive income for the year

Profit for the year
-
-
70,981
70,981
Total comprehensive income for the year
-
-
70,981
70,981

Fair value movement
-
130,000
(130,000)
-

Deferred tax movement on revaluation
-
(11,597)
11,597
-


Total transactions with owners
-
118,403
(118,403)
-


At 30 June 2018
1
226,603
4,908
231,512


The notes on pages 6 to 11 form part of these financial statements.

Page 4
 
Whisper Construction Limited
 

Statement of changes in equity
For the Year Ended 30 June 2017


Called up share capital
Investment property revaluation reserve
Profit and loss account
Total equity

£
£
£
£

At 1 July 2016
1
-
52,676
52,677


Comprehensive income for the year

Profit for the year
-
-
107,854
107,854
Total comprehensive income for the year
-
-
107,854
107,854


Fair value movement
-
108,200
(108,200)
-


Total transactions with owners
-
108,200
(108,200)
-


At 30 June 2017
1
108,200
52,330
160,531


The notes on pages 6 to 11 form part of these financial statements.

Page 5
 
Whisper Construction Limited
 

 
Notes to the financial statements
For the Year Ended 30 June 2018

1.


General information

Whisper Construction Limited ("the company") is a private company limited by shares and is incorporated in England with the registration number 04919081. The address of the registered office is Trident House, Grassington Road, Sidcup, Kent, DA14 6BY.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
∙the Company has transferred the significant risks and rewards of ownership to the buyer;
∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
∙the amount of revenue can be measured reliably;
∙it is probable that the Company will receive the consideration due under the transaction; and
∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
∙the amount of revenue can be measured reliably;
∙it is probable that the Company will receive the consideration due under the contract;
∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and
∙the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Interest income

Interest income is recognised in the Statement of comprehensive income using the effective interest method.

Page 6
 
Whisper Construction Limited
 

 
Notes to the financial statements
For the Year Ended 30 June 2018

2.Accounting policies (continued)

 
2.4

Finance costs

Finance costs are charged to the Statement of comprehensive income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.5

Borrowing costs

All borrowing costs are recognised in the Statement of comprehensive income in the year in which they are incurred.

 
2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in the Statement of comprehensive income when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.7

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of comprehensive income, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance sheet date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model, other than investment properties, are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 7
 
Whisper Construction Limited
 

 
Notes to the financial statements
For the Year Ended 30 June 2018

2.Accounting policies (continued)


2.8
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.

Depreciation is provided on the following basis:

Motor vehicles
-
20% straight line
Office equipment
-
20% reducing balance
Computer equipment
-
33% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of comprehensive income.

 
2.9

Investment property

Investment property is carried at fair value determined annually by external valuers, or company directors, and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Statement of comprehensive income.

 
2.10

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.11

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.12

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 8
 
Whisper Construction Limited
 

 
Notes to the financial statements
For the Year Ended 30 June 2018

2.Accounting policies (continued)

 
2.13

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to the Statement of comprehensive income in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance sheet.

 
2.14

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2017 - 3).


4.


Tangible fixed assets





Motor vehicles
Office equipment
Computer equipment
Total

£
£
£
£



Cost or valuation


At 1 July 2017
900
1,275
4,315
6,490


Additions
-
192
-
192



At 30 June 2018

900
1,467
4,315
6,682



Depreciation


At 1 July 2017
720
1,037
4,315
6,072


Charge for the year on owned assets
180
86
-
266



At 30 June 2018

900
1,123
4,315
6,338



Net book value



At 30 June 2018
-
344
-
344



At 30 June 2017
180
238
-
418

Page 9
 
Whisper Construction Limited
 

 
Notes to the financial statements
For the Year Ended 30 June 2018

5.


Investment property


Freehold investment property

£



Valuation


At 1 July 2017
295,001


Surplus on revaluation
130,000



At 30 June 2018
425,001

During the year the Fair Value of the Investment Properties held by the company was assessed by D Pullen, a director, not an independent valuer holding a relevant qualification. The method used for valuation was that of market value based on rental yeild, location and condition.




6.


Debtors

2018
2017
£
£


Trade debtors
11,768
5,544

Other debtors
-
2,229

Prepayments and accrued income
1,626
1,628

13,394
9,401



7.


Creditors: Amounts falling due within one year

2018
2017
£
£

Bank loans
1,682
2,035

Trade creditors
20,870
5,212

Other taxation and social security
13,406
15,121

Other creditors
58,952
45,398

Accruals and deferred income
3,300
3,300

98,210
71,066


Page 10
 
Whisper Construction Limited
 

 
Notes to the financial statements
For the Year Ended 30 June 2018

8.


Creditors: Amounts falling due after more than one year

2018
2017
£
£

Bank loans
3,853
5,181

Other creditors
100,000
100,000

103,853
105,181



9.


Deferred taxation




2018


£






Charged to profit or loss
(11,597)



At end of year
(11,597)

The deferred taxation balance is made up as follows:

2018
2017
£
£


Accelerated capital allowances
(58)
-

Tax losses carried forward
11,419
-

Revaluation
(22,958)
-

(11,597)
-


10.


Share capital

2018
2017
£
£
Allotted, called up and fully paid



1 (2017 - 1) Ordinary share of £1.00
1
1



Page 11