B W ATKINSON LIMITED Company accounts

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COMPANY REGISTRATION NUMBER: 03674382

B W ATKINSON LIMITED

Unaudited Financial Statements

31 December 2018

B W ATKINSON LIMITED

Financial Statements

Year ended 31 December 2018

Contents	Page

Directors' report	1

Statement of income and retained earnings	2

Statement of financial position	3

Notes to the financial statements	5

The following pages do not form part of the financial statements

Chartered certified accountants report to the board of directors on the preparation of the unaudited statutory financial statements	11

B W ATKINSON LIMITED

Directors' Report

Year ended 31 December 2018

The directors present their report and the unaudited financial statements of the company for the year ended 31 December 2018 .

Directors

The directors who served the company during the year were as follows:

Mr B W Atkinson
Mrs N S Atkinson

Small company provisions

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

This report was approved by the board of directors on 15 August 2019 and signed on behalf of the board by:

Mr B W Atkinson

Director

Registered office:

Deepdale Farm

Lutterworth Road

Burbage

Hinckley

Leicestershire

LE10 2DL

B W ATKINSON LIMITED

Statement of Income and Retained Earnings

Year ended 31 December 2018

	2018	2017
Note	£	£
Turnover	663,986	1,397,877

Cost of sales	481,639	962,618
	---------	------------
Gross profit	182,347	435,259

Administrative expenses	( 14,978)	70,336
	---------	---------
Operating profit	197,325	364,923

Other interest receivable and similar income		726	270
Interest payable and similar expenses		7	15
		---------	---------
Profit before taxation	5	198,044	365,178

Tax on profit	37,658	68,360
	---------	---------
Profit for the financial year and total comprehensive income	160,386	296,818
	---------	---------

Dividends paid and payable	( 52,000)	( 62,000)

Retained earnings at the start of the year	981,044	746,226
	------------	---------
Retained earnings at the end of the year	1,089,430	981,044
	------------	---------

All the activities of the company are from continuing operations.

B W ATKINSON LIMITED

Statement of Financial Position

31 December 2018

	2018		2017
Note	£	£	£

Fixed assets

Tangible assets	6		42,681	68,944

Current assets

Stocks		2,500	5,500
Debtors	7	455,483	275,323
Cash at bank and in hand		650,754	839,322
		------------	------------
		1,108,737	1,120,145

Creditors: amounts falling due within one year	8	53,779		196,946
		------------		------------
Net current assets			1,054,958	923,199
			------------	---------
Total assets less current liabilities			1,097,639	992,143

Provisions

Taxation including deferred tax	8,109	10,999
	------------	---------
Net assets	1,089,530	981,144
	------------	---------

B W ATKINSON LIMITED

Statement of Financial Position (continued)

31 December 2018

	2018		2017
Note	£	£	£

Capital and reserves

Called up share capital	100	100
Profit and loss account	1,089,430	981,044
	------------	---------
Shareholders funds	1,089,530	981,144
	------------	---------

These financial statements have been prepared 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'.

For the year ending 31 December 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 were approved by the board of directors and authorised for issue on 15 August 2019 , and are signed on behalf of the board by:

Mr B W Atkinson

Director

Company registration number: 03674382

B W ATKINSON LIMITED

Notes to the Financial Statements

Year ended 31 December 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 Deepdale Farm, Lutterworth Road, Burbage, Hinckley, Leicestershire, LE10 2DL.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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. No significant judgements have had to be made by the directors in preparing these financial statements .

Revenue recognition

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.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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 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 equity, 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity 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 & machinery	-	12% straight line
Motor vehicles	-	20% straight line
Office equipment	-	25% straight line

Impairment of fixed assets

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. For the purposes of impairment testing, 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 largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 2 (2017: 9 ).

5. Profit before taxation

Profit before taxation is stated after charging:

	2018	2017
	£	£
Depreciation of tangible assets	22,008	24,795
	--------	--------

6. Tangible assets

	Plant and machinery	Motor vehicles	Equipment	Total
	£	£	£	£
Cost
At 1 January 2018	127,036	511,356	3,917	642,309
Additions	–	–	157	157
Disposals	–	( 403,549)	–	( 403,549)
	---------	---------	-------	---------
At 31 December 2018	127,036	107,807	4,074	238,917
	---------	---------	-------	---------
Depreciation
At 1 January 2018	126,382	443,135	3,848	573,365
Charge for the year	270	21,708	30	22,008
Disposals	–	( 399,137)	–	( 399,137)
	---------	---------	-------	---------
At 31 December 2018	126,652	65,706	3,878	196,236
	---------	---------	-------	---------
Carrying amount
At 31 December 2018	384	42,101	196	42,681
	---------	---------	-------	---------
At 31 December 2017	654	68,221	69	68,944
	---------	---------	-------	---------

7. Debtors

	2018	2017
	£	£
Trade debtors	39,330	273,057
Amounts owed by group undertakings and undertakings in which the company has a participating interest	404,500	–
Other debtors	11,653	2,266
	---------	---------
	455,483	275,323
	---------	---------

8. Creditors: amounts falling due within one year

	2018	2017
	£	£
Trade creditors	( 1,311)	32,756
Corporation tax	40,548	64,413
Social security and other taxes	13,753	90,671
Other creditors	789	9,106
	--------	---------
	53,779	196,946
	--------	---------

9. Directors' advances, credits and guarantees

During the year the directors entered into the following advances and credits with the company:

	2018
	Balance brought forward	Advances/ (credits) to the directors	Amounts repaid	Balance outstanding
	£	£	£	£
Mr B W Atkinson	( 8,013)	64,405	( 52,000)	4,392
	-------	--------	--------	-------

	2017
	Balance brought forward	Advances/ (credits) to the directors	Amounts repaid	Balance outstanding
	£	£	£	£
Mr B W Atkinson	( 2,902)	56,889	( 62,000)	( 8,013)
	-------	--------	--------	-------

10. Related party transactions

During the year the company entered into the following transactions with related parties:

	Transaction value		Balance owed by/(owed to)
	2018	2017	2018	2017
	£	£	£	£
BWA Estates Ltd	404,500	–	404,500	–
	---------	----	---------	----

The company is 100% owned by BW Atkinson Holdings Limited. BW Atkinson Holdings Limited is under the control of Mr & Mrs Atkinson. During the year the company made a loan to another group company, BWA Estates Ltd of £404,500 to acquire commercial property. There are no other transactions with related parties such as are required to be disclosed under FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

B W ATKINSON LIMITED

Management Information

Year ended 31 December 2018

The following pages do not form part of the financial statements.

B W ATKINSON LIMITED

Chartered Certified Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of B W ATKINSON LIMITED

Year ended 31 December 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 B W ATKINSON LIMITED for the year ended 31 December 2018, which comprise the statement of income and retained earnings, statement of financial position 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 Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html. This report is made solely to the Board of Directors of B W ATKINSON LIMITED, as a body, in accordance with the terms of our engagement letter dated 31 May 2016. Our work has been undertaken solely to prepare for your approval the financial statements of B W ATKINSON LIMITED and state those matters that we have agreed to state to you, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than B W ATKINSON LIMITED and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that B W ATKINSON 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 B W ATKINSON LIMITED. You consider that B W ATKINSON LIMITED is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of B W ATKINSON 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.

HOWELL & CO (LEICESTER) LTD Chartered Certified Accountants

1 Bitteswell Road Lutterworth Leics LE17 4EL

15 August 2019