West Country Stoves 2016 Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 10416578 (England and Wales)

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2018

FOR

West Country Stoves 2016 Limited

Page

Company Information

1

Balance Sheet

2

to

3

Notes to the Financial Statements

4

to

8

Directors:

A Wotton

J Valentine

Registered office:

The Barns

Fishley

Modbury

Devon

PL21 OSX

Registered number:

10416578 (England and Wales)

Accountants:

Nigel Webster & Co

129 North Hill

Plymouth

Devon

PL4 8JY

Fixed assets

Intangible assets

4

38,597

51,549

Tangible assets

5

19,239

22,703

57,836

74,252

Current assets

Stocks

82,899

68,877

Debtors

6

23,913

21,140

Cash at bank and in hand

118,575

92,549

225,387

182,566

Creditors

Amounts falling due within one year

7

91,735

54,570

Net current assets

133,652

127,996

Total assets less current liabilities

191,488

202,248

Creditors

Amounts falling due after more than one year

8

(161,841

)

(191,028

)

Provisions for liabilities

10

(3,655

)

-

Net assets

25,992

11,220

Capital and reserves

Called up share capital

11

400

400

Retained earnings

25,592

10,820

Shareholders' funds

25,992

11,220

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2018 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 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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors on 29 May 2019 and were signed on its behalf by:

J Valentine - Director

A Wotton - Director

1.	STATUTORY INFORMATION

West Country Stoves 2016 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 receivable, net of discounts and

value added taxes. Turnover includes revenue earned from the sale of goods and from the

rendering of services. Turnover from the sale of goods and rendering of services is

recognised when the significant risks and rewards of ownership of goods and services have

transferred to the buyer.

Goodwill

Goodwill is being written off in equal annual instalments over its useful economic life of 5

years in respect of an acquisition in 2017.

Other intangible assets

Other intangibles represent the capitalised value of website development. The cost is being

amortised over the useful life of 5 years.

Tangible fixed assets

Tangible fixed assets are measured at cost less accumulative depreciation and any

accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other

than freehold land, at rates calculated to write off the cost, less estimated residual value, of

each asset evenly over its expected useful life, as follows:

Plant and machinery

20% reducing balance

Fixtures and fittings

20% reducing balance

Office equipment

20% reducing balance

Motor vehicles

25% reducing balance

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete

and sell. Cost is determined using the first in first out method. The carrying amount of stock

sold is recognised as an expense in the period in which the related revenue is recognised.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit &

Loss Account, 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.

Debtors

Short term debtors are measured at transaction price (which is usually the invoice price),

less any impairment losses for bad and doubtful debts. Loans and other financial assets are

initially recognised at transaction price including any transaction costs and subsequently

measured at amortised cost determined using the effective interest method, less any

impairment losses for bad and doubtful debts.

Creditors

Short term creditors are measured at transaction price (which is usually the invoice price).

Loans and other financial liabilities are initially recognised at transaction price net of any

transaction costs and subsequently measured at amortised cost determined using the

effective interest method.

Hire purchasing/leasing

Assets held under finance leases and hire purchase contracts, which are those where

substantially all the risks and rewards of ownership of the asset have passed to the

company, are capitalised in the balance sheet and depreciated over their useful lives. The

corresponding lease or hire purchase obligation is treated in the balance sheet as a liability.

The interest element of the rental obligations is charged to the profit and loss account over

the period of the lease and represents a constant proportion of the balance of capital

repayments outstanding. Rentals paid under operating leases are charged to income on a

straight line basis over the lease term.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2017 - 9 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

Goodwill

assets

Totals

£

£

£

Cost

At 1 January 2018

and 31 December 2018

60,500

2,555

63,055

Amortisation

At 1 January 2018

11,293

213

11,506

Charge for year

12,100

852

12,952

At 31 December 2018

23,393

1,065

24,458

Net book value

At 31 December 2018

37,107

1,490

38,597

At 31 December 2017

49,207

2,342

51,549

5.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

Office

machinery

fittings

vehicles

equipment

Totals

£

£

£

£

£

Cost

At 1 January 2018

10,000

969

18,250

1,024

30,243

Additions

-

1,066

-

962

2,028

At 31 December 2018

10,000

2,035

18,250

1,986

32,271

Depreciation

At 1 January 2018

2,167

208

4,943

222

7,540

Charge for year

1,567

229

3,327

369

5,492

At 31 December 2018

3,734

437

8,270

591

13,032

Net book value

At 31 December 2018

6,266

1,598

9,980

1,395

19,239

At 31 December 2017

7,833

761

13,307

802

22,703

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

22,432

19,708

Other debtors

1,481

1,432

23,913

21,140

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Hire purchase contracts

4,187

3,863

Trade creditors

31,354

27,339

Taxation and social security

44,406

20,019

Other creditors

11,788

3,349

91,735

54,570

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2018

2017

£

£

Hire purchase contracts

5,689

9,876

Other creditors

156,152

181,152

161,841

191,028

9.	SECURED DEBTS

The following secured debts are included within creditors:

2018

2017

£

£

Hire purchase contracts

9,876

13,739

10.	PROVISIONS FOR LIABILITIES

2018

2017

£

£

Deferred tax

3,655

-

Deferred

tax

£

Provided during year

3,655

Balance at 31 December 2018

3,655

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2018

2017

value:

£

£

100

Ordinary

£1

100

100

100

Ordinary A

£1

100

100

100

Ordinary C

£1

100

100

100

Ordinary J

£1

100

100

400

400

12.	RELATED PARTY TRANSACTIONS

At the balance sheet date the following was owed to directors and their spouses:

J Valentine - current account

£3,917

J Valentine and Mrs L Valentine - loan

£23,572

A Wotton and Mrs C Wotton - loan

£132,580

Interest is charged on outstanding loans at the rate of 6% per year and the following interest

was paid to directors and their spouses during the period:

J Valentine and Mrs L Valentine

£1,422

A Wotton and Mrs C Wotton

£7,972

13.	ULTIMATE CONTROLLING PARTY

The company is controlled by A Wotton and his wife, Mrs C Wotton.