S P B Watford Limited - Limited company accounts 18.2

REGISTERED NUMBER: 07079110 (England and Wales)

Report of the Directors and

Financial Statements

for the Year Ended 31 March 2019

for

S P B Watford Limited

Page

Company Information

1

Report of the Directors

2

Income Statement

3

Balance Sheet

4

Notes to the Financial Statements

6

DIRECTORS:

S G Peters

Mrs N A Peters

SECRETARY:

Mrs N A Peters

REGISTERED OFFICE:

26 Courtlands Drive

Watford

Hertfordshire

WD17 4HT

REGISTERED NUMBER:

07079110 (England and Wales)

ACCOUNTANTS:

Altway Business Services

44 Links Way

Croxley Green

Rickmansworth

Hertfordshire

WD3 3RQ

The directors present their report with the financial statements of the company for the year ended 31 March 2019.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 April 2018 to the date of this report.

S G Peters

Mrs N A Peters

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:

S G Peters - Director

4 June 2019

TURNOVER

811,811

845,072

Cost of sales

657,697

605,722

GROSS PROFIT

154,114

239,350

Administrative expenses

131,674

133,962

OPERATING PROFIT

4

22,440

105,388

Interest receivable and similar income

94

141

PROFIT BEFORE TAXATION

22,534

105,529

Tax on profit

4,689

19,443

PROFIT FOR THE FINANCIAL YEAR

17,845

86,086

FIXED ASSETS

Tangible assets

5

35,564

38,679

CURRENT ASSETS

Stocks

7,500

-

Debtors

6

4,307

4,488

Investments

7

100,000

100,000

Cash at bank

233,538

247,069

345,345

351,557

CREDITORS

Amounts falling due within one year

8

98,594

65,174

NET CURRENT ASSETS

246,751

286,383

TOTAL ASSETS LESS CURRENT LIABILITIES

282,315

325,062

PROVISIONS FOR LIABILITIES

6,757

7,349

NET ASSETS

275,558

317,713

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

275,556

317,711

SHAREHOLDERS' FUNDS

275,558

317,713

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2019 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 in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 4 June 2019 and were signed on its behalf by:

S G Peters - Director

Mrs N A Peters - Director

1.	STATUTORY INFORMATION

S P B Watford 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 Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" 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.

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

25% on reducing balance

Stocks

Work in progress is valued at the lower of cost and net realisable value.

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 3 (2018 - 5 ) .

4.	OPERATING PROFIT

The operating profit is stated after charging:

31.3.19

31.3.18

£

£

Depreciation - owned assets

10,925

14,816

5.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

Computer

machinery

fittings

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 April 2018

3,466

1,687

62,587

3,282

71,022

Additions

1,124

414

5,605

667

7,810

At 31 March 2019

4,590

2,101

68,192

3,949

78,832

DEPRECIATION

At 1 April 2018

2,023

715

28,236

1,369

32,343

Charge for year

642

346

9,292

645

10,925

At 31 March 2019

2,665

1,061

37,528

2,014

43,268

NET BOOK VALUE

At 31 March 2019

1,925

1,040

30,664

1,935

35,564

At 31 March 2018

1,443

972

34,351

1,913

38,679

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.19

31.3.18

£

£

Trade debtors

-

91

Other debtors

4,307

4,397

4,307

4,488

7.	CURRENT ASSET INVESTMENTS

31.3.19

31.3.18

£

£

Other

100,000

100,000

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.19

31.3.18

£

£

Trade creditors

30,597

10,351

Taxation and social security

19,366

26,395

Other creditors

48,631

28,428

98,594

65,174

9.	RELATED PARTY DISCLOSURES

The company had an outstanding directors loan in the name of Mr S Peters of £18,404 (2018: £13,808) at the

year end. This is included in other creditors in note 8. This loan is interest free and repayable on demand.

The company had an outstanding directors loan in the name of Mrs N Peters of £18,404 (2018: £13,808) at

the year end. This is included in other creditors in note 8. This loan is interest free and repayable on demand.

10.	ULTIMATE CONTROLLING PARTY