W WELLINGTON AND SON LIMITED 30/09/2018 iXBRL

W WELLINGTON AND SON LIMITED 30/09/2018 iXBRL

W WELLINGTON AND SON LIMITED - Company Information

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Company registration number: 00821301
W WELLINGTON AND SON LIMITED
Unaudited filleted financial statements
30 September 2018
W WELLINGTON AND SON LIMITED
Contents
Statement of financial position
Notes to the financial statements
W WELLINGTON AND SON LIMITED
STATEMENT OF FINANCIAL POSITION
30 SEPTEMBER 2018
2018 2017
Note £ £ £ £
Fixed assets
Tangible assets 5 240 300
Investments 6 500,295 300,000
_______ _______
500,535 300,300
Current assets
Debtors 7 37,509 -
Cash at bank and in hand 19,001 13,805
_______ _______
56,510 13,805
Creditors: amounts falling due
within one year 8 ( 34,459) ( 5,700)
_______ _______
Net current assets 22,051 8,105
_______ _______
Total assets less current liabilities 522,586 308,405
Creditors: amounts falling due
after more than one year 9 ( 450,000) ( 248,000)
_______ _______
Net assets 72,586 60,405
_______ _______
Capital and reserves
Called up share capital 3,002 3,002
Revaluation reserve 10 7,794 7,794
Profit and loss account 10 61,790 49,609
_______ _______
Shareholders funds 72,586 60,405
_______ _______
For the year ending 30 September 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 23 May 2019 , and are signed on behalf of the board by:
Mrs Sheila Beaumont
Director
Company registration number: 00821301
W WELLINGTON AND SON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30 SEPTEMBER 2018
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Plym House, 3 Longbridge Road, Plymouth, Devon, PL6 8LT.
Principal activity
The principal activity of the company is an investment property company.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery - 20 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2017: 2 ).
5. Tangible assets
Plant and machinery Total
£ £
Cost
At 1 October 2017 and 30 September 2018 831 831
_______ _______
Depreciation
At 1 October 2017 531 531
Charge for the year 60 60
_______ _______
At 30 September 2018 591 591
_______ _______
Carrying amount
At 30 September 2018 240 240
_______ _______
At 30 September 2017 300 300
_______ _______
6. Investments
Other investments other than loans Total
£ £
Cost
At 1 October 2017 300,000 300,000
Additions 200,295 200,295
_______ _______
At 30 September 2018 500,295 500,295
_______ _______
Impairment
At 1 October 2017 and 30 September 2018 - -
_______ _______
Carrying amount
At 30 September 2018 500,295 500,295
_______ _______
At 30 September 2017 300,000 300,000
_______ _______
7. Debtors
2018 2017
£ £
Other debtors 37,509 -
_______ _______
8. Creditors: amounts falling due within one year
2018 2017
£ £
Bank loans and overdrafts 24,000 -
Accruals and deferred income 1,330 1,315
Social security and other taxes 1,646 502
Other creditors 7,483 3,883
_______ _______
34,459 5,700
_______ _______
9. Creditors: amounts falling due after more than one year
2018 2017
£ £
Other creditors 450,000 248,000
_______ _______
10. Reserves
Profit and loss account:This reserve records retained earnings and accumulated losses.
11. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
Loans to / (from) directors at 1 October 2017 Loans to / (from) the directors Amounts repaid Balance at 30 September 2018
£ £ £ £
Directors ( 133) ( 488,000) 14,000 ( 474,133)
_______ _______ _______ _______
Loans to / (from) directors at 1 October 2016 Loans to / (from) the directors Amounts repaid Balance at 30 September 2017
£ £ £ £
Directors ( 133) - - ( 133)
_______ _______ _______ _______
During the year the directors have provided interest free loans to the company of £488,000, of which £24,000 is repayable within 12 months.