Adrian White Building Supplies Ltd. - Limited company accounts 18.2
Adrian White Building Supplies Ltd. - Limited company accounts 18.2
| REGISTERED NUMBER: |
| REPORT OF THE DIRECTORS AND |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31ST DECEMBER 2018 |
| FOR |
| ADRIAN WHITE BUILDING SUPPLIES LTD. |
| ADRIAN WHITE BUILDING SUPPLIES LTD. (REGISTERED NUMBER: 02727601) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31ST DECEMBER 2018 |
| Page |
| Company Information | 1 |
| Report of the Directors | 2 |
| Income Statement | 3 |
| Statement of Financial Position | 4 |
| Statement of Changes in Equity | 6 |
| Notes to the Financial Statements | 7 |
| ADRIAN WHITE BUILDING SUPPLIES LTD. |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 31ST DECEMBER 2018 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| 83 Cambridge Street |
| London |
| SW1V 4PS |
| BANKERS: |
| PO Box 858 |
| Wytham Court |
| 11 West Way, Botley |
| Oxford |
| OX2 0XP |
| ADRIAN WHITE BUILDING SUPPLIES LTD. (REGISTERED NUMBER: 02727601) |
| REPORT OF THE DIRECTORS |
| FOR THE YEAR ENDED 31ST DECEMBER 2018 |
| The directors present their report with the financial statements of the company for the year ended 31st December 2018. |
| DIRECTORS |
| The directors shown below have held office during the whole of the period from 1st January 2018 to the date of this |
| report. |
| This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small |
| companies. |
| ON BEHALF OF THE BOARD: |
| ADRIAN WHITE BUILDING SUPPLIES LTD. (REGISTERED NUMBER: 02727601) |
| INCOME STATEMENT |
| FOR THE YEAR ENDED 31ST DECEMBER 2018 |
| 2018 | 2017 |
| Notes | £ | £ |
| TURNOVER |
| Cost of sales | ( |
) | ( |
) |
| GROSS PROFIT |
| Administrative expenses | ( |
) | ( |
) |
| 964,819 | 642,518 |
| Other operating income |
| OPERATING PROFIT | 4 |
| Interest receivable and similar income |
| 971,263 | 650,222 |
| Interest payable and similar expenses | ( |
) | ( |
) |
| PROFIT BEFORE TAXATION |
| Tax on profit | 5 | ( |
) | ( |
) |
| PROFIT FOR THE FINANCIAL YEAR |
| ADRIAN WHITE BUILDING SUPPLIES LTD. (REGISTERED NUMBER: 02727601) |
| STATEMENT OF FINANCIAL POSITION |
| 31ST DECEMBER 2018 |
| 2018 | 2017 |
| Notes | £ | £ |
| FIXED ASSETS |
| Intangible assets | 7 |
| Tangible assets | 8 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 9 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 10 | ( |
) | ( |
) |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
11 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | 13 | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| 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. |
| ADRIAN WHITE BUILDING SUPPLIES LTD. (REGISTERED NUMBER: 02727601) |
| STATEMENT OF FINANCIAL POSITION - continued |
| 31ST DECEMBER 2018 |
| The financial statements were approved by the Board of Directors on |
| ADRIAN WHITE BUILDING SUPPLIES LTD. (REGISTERED NUMBER: 02727601) |
| STATEMENT OF CHANGES IN EQUITY |
| FOR THE YEAR ENDED 31ST DECEMBER 2018 |
| Called up |
| share | Retained | Total |
| capital | earnings | equity |
| £ | £ | £ |
| Balance at 1st January 2017 |
| Changes in equity |
| Dividends | - | ( |
) | ( |
) |
| Total comprehensive income | - |
| Balance at 31st December 2017 |
| Changes in equity |
| Dividends | - | ( |
) | ( |
) |
| Total comprehensive income | - |
| Balance at 31st December 2018 |
| ADRIAN WHITE BUILDING SUPPLIES LTD. (REGISTERED NUMBER: 02727601) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31ST DECEMBER 2018 |
| 1. | STATUTORY INFORMATION |
| Adrian White Building Supplies Ltd. is a |
| 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 |
| Turnover |
| Turnover represents net invoiced sales of goods, excluding value added tax, except in respect of service contracts |
| where turnover is recognised when the company obtains the right to consideration. |
| Goodwill |
| Goodwill, being the amount paid in connection with the acquisition of a business in 1997, was amortised evenly |
| over it's estimated useful life of ten years. |
| Intangible assets |
| Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost |
| less any accumulated amortisation and any accumulated impairment losses. |
| Tangible fixed assets |
| Freehold property | - |
| Plant and machinery | - |
| Stocks |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow |
| moving items. |
| Revenue in respect of partially completed service contracts is recognised as work in progress to reflect the partial |
| performance of the company's contractual obligations. |
| 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 statement of financial position date. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the |
| statement of financial position 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. |
| ADRIAN WHITE BUILDING SUPPLIES LTD. (REGISTERED NUMBER: 02727601) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31ST DECEMBER 2018 |
| 2. | ACCOUNTING POLICIES - continued |
| 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. |
| 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. | OPERATING PROFIT |
| The operating profit is stated after charging: |
| 2018 | 2017 |
| £ | £ |
| Depreciation - owned assets |
| Depreciation - assets on hire purchase contracts |
| Loss on disposal of fixed assets |
| Pension costs | 45,541 | 152,704 |
| 5. | TAXATION |
| The tax charge on the profit for the year was as follows: |
| 2018 | 2017 |
| £ | £ |
| UK corporation tax | 165,577 | 112,644 |
| Deferred tax | 14,993 | 8,273 |
| Tax on profit | 180,570 | 120,917 |
| 6. | DIVIDENDS |
| 2018 | 2017 |
| £ | £ |
| Interim |
| ADRIAN WHITE BUILDING SUPPLIES LTD. (REGISTERED NUMBER: 02727601) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31ST DECEMBER 2018 |
| 7. | INTANGIBLE FIXED ASSETS |
| Goodwill |
| £ |
| COST |
| At 1st January 2018 |
| and 31st December 2018 |
| AMORTISATION |
| At 1st January 2018 |
| and 31st December 2018 |
| NET BOOK VALUE |
| At 31st December 2018 |
| At 31st December 2017 |
| 8. | TANGIBLE FIXED ASSETS |
| Portable |
| Freehold | & permanent | Plant and |
| property | buildings | machinery |
| £ | £ | £ |
| COST |
| At 1st January 2018 |
| Additions |
| At 31st December 2018 |
| DEPRECIATION |
| At 1st January 2018 |
| Charge for year |
| Eliminated on disposal |
| At 31st December 2018 |
| NET BOOK VALUE |
| At 31st December 2018 |
| At 31st December 2017 |
| ADRIAN WHITE BUILDING SUPPLIES LTD. (REGISTERED NUMBER: 02727601) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31ST DECEMBER 2018 |
| 8. | TANGIBLE FIXED ASSETS - continued |
| Fixtures |
| and | Motor | Computer |
| fittings | vehicles | equipment | Totals |
| £ | £ | £ | £ |
| COST |
| At 1st January 2018 |
| Additions |
| Disposals | ( |
) | ( |
) |
| At 31st December 2018 |
| DEPRECIATION |
| At 1st January 2018 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) |
| At 31st December 2018 |
| NET BOOK VALUE |
| At 31st December 2018 |
| At 31st December 2017 |
| Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
| Plant and | Motor |
| machinery | vehicles | Totals |
| £ | £ | £ |
| COST |
| At 1st January 2018 |
| Additions |
| At 31st December 2018 |
| DEPRECIATION |
| At 1st January 2018 |
| Charge for year |
| At 31st December 2018 |
| NET BOOK VALUE |
| At 31st December 2018 |
| At 31st December 2017 |
| 9. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2018 | 2017 |
| £ | £ |
| Trade debtors |
| Prepayments and other debtors |
| ADRIAN WHITE BUILDING SUPPLIES LTD. (REGISTERED NUMBER: 02727601) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31ST DECEMBER 2018 |
| 10. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2018 | 2017 |
| £ | £ |
| Bank loans and overdrafts |
| Hire purchase contracts |
| Trade creditors |
| Tax |
| Social security and other taxes |
| VAT | 97,796 | 107,760 |
| Other creditors |
| Directors' current accounts | 8,634 | 81,936 |
| Accrued expenses |
| 11. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2018 | 2017 |
| £ | £ |
| Bank loans repayable 1-2 years |
| Bank loans repayable 2-5 years |
| Bank loans repayable > 5 years |
| Hire purchase contracts |
| Amounts falling due in more than five years: |
| Repayable by instalments |
| Bank loans repayable > 5 years | 981,844 | - |
| 12. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2018 | 2017 |
| £ | £ |
| Bank loans |
| The company's bankers have registered a fixed charge over two freehold properties in respect of legal mortgages |
| and a fixed and floating charge over the assets of the company securing all monies and liabilities due to the bank |
| by the company. |
| 13. | PROVISIONS FOR LIABILITIES |
| 2018 | 2017 |
| £ | £ |
| Deferred tax | 162,446 | 147,453 |
| ADRIAN WHITE BUILDING SUPPLIES LTD. (REGISTERED NUMBER: 02727601) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31ST DECEMBER 2018 |
| 13. | PROVISIONS FOR LIABILITIES - continued |
| Deferred |
| tax |
| £ |
| Balance at 1st January 2018 |
| Provided during year |
| Balance at 31st December 2018 |
| 14. | OTHER FINANCIAL COMMITMENTS |
| Operating lease payments in respect of land and buildings in the sum of £153,120 are committed to be paid |
| within one year, |
| 15. | RELATED PARTY DISCLOSURES |
| The directors, hold current accounts with the company. At 31 December 2018 the sum of £8,634 (2018 - £81,936) was due to the directors. During the period an advance of £51,865 was made to Mr White and interest of £256 was charged by the company on this balance. The amount was repaid in full in April 2018. |