Wynns Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03162297 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MARCH 2019

FOR

WYNNS LIMITED

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

P A G Wynn

T West

SECRETARY:

T West

REGISTERED OFFICE:

Shaftesbury House

2 High Street

Eccleshall

Stafford

Staffordshire

ST21 6BZ

REGISTERED NUMBER:

03162297 (England and Wales)

ACCOUNTANTS:

Howards Limited

Chartered Certified Accountants

Newport House

Newport Road

Stafford

Staffordshire

ST16 1DA

FIXED ASSETS

Tangible assets

5

19,291

17,670

Investments

6

10,100

10,100

29,391

27,770

CURRENT ASSETS

Debtors

7

791,678

859,267

Prepayments and accrued income

13,879

13,777

Cash at bank and in hand

181,154

135,630

986,711

1,008,674

CREDITORS

Amounts falling due within one year

8

69,129

95,038

NET CURRENT ASSETS

917,582

913,636

TOTAL ASSETS LESS CURRENT LIABILITIES

946,973

941,406

ACCRUALS AND DEFERRED INCOME

380

10,917

NET ASSETS

946,593

930,489

CAPITAL AND RESERVES

Called up share capital

80

80

Capital redemption reserve

20

20

Retained earnings

946,493

930,389

SHAREHOLDERS' FUNDS

946,593

930,489

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31st 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 and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 5th November 2019 and were signed on its behalf by:

P A G Wynn - Director

T West - Director

1.	STATUTORY INFORMATION

Wynns Limited is a private company, limited by shares, registered in England and Wales. The company's

registered number is 03162297 and the registered office address is Shaftesbury House, 2 High Street,

Eccleshall, Staffordshire, ST21 6BZ.

The principal activity of the company in the year under review was that of specialised transport consultancy and

contracting.

2.	STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities"

of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of

Ireland" and the Companies Act 2006.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

Functional currency

The functional currency of the company is sterling (£).

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The

Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party

transactions with wholly owned subsidiaries within the group.

Significant judgements and estimates

In determining and applying accounting policies, judgement is often required in respect of items where the

choice of specific policy, accounting estimate or assumption to be followed could materially affect the reported

results or net asset position of the company; it may later be determined that a different choice would have been

more appropriate. Management considers that certain accounting estimates and assumptions relating to

revenue, taxation, tangible fixed assets, provisions and accruals are its critical accounting estimates.

Turnover

Turnover represents the value of services provided under contracts to the extent that there is a right to

consideration and is recorded at the value of the consideration due.

Where a contract has only been partly completed at the balance sheet date turnover represents the value of the

service provided to date based on a proportion of the total expected consideration at completion. Where

payments are received in advance of services provided, the amounts are recorded as deferred income and

included as part of creditors due within one year.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Leasehold property improvements

-

10% on cost

Fixtures and fittings

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

33.3% on reducing balance

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial

assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third

parties, loans to related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period

for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is

recognised in profit or loss.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an

asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective

interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss

is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference

between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the

company would receive for the asset if it were to be sold at the reporting date.

Financial assets and liabilities are offset and the net amount reported in the statement of financial position when

there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis

or to realise the asset and settle the liability simultaneously.

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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the

statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of

exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the

operating result.

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.

Impairment of non-financial assets

At each reporting date non-financial assets not carried at fair value, like goodwill and tangible fixed assets, are

reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of

possible impairment, the recoverable amount of any asset or group of related assets, which is the higher of value

in use and the fair value less cost to sell, is estimated and compared with its carrying amount. If the recoverable

amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is

recognised immediately in profit or loss.

Inventories are also assessed for impairment at each reporting date. The carrying amount of each item of

inventory, or group of similar items, is compared with its selling price less costs to complete and sell. If an item of

inventory or group of similar items is impaired, its carrying amount is reduced to selling price less costs to

complete and sell, and an impairment loss is recognised immediately in profit or loss.

If an impairment loss is subsequently reversed, the carrying amount of the asset or group of related assets is

increased to the revised estimate of its recoverable amount, but not to exceed the amount that would have been

determined had no impairment loss been recognised for the asset or group of related assets in prior periods. A

reversal of an impairment loss is recognised immediately in profit or loss.

Provisions

Provisions are recognised when the company has a legal or constructive obligation at the reporting date as a

result of a past event, it is probable that the company will be required to settle the obligation and the amount of

the obligation can be reliably estimated. Provisions are recognised at the best estimate of the amount required to

settle the obligation at the reporting date.

Investments

Investments in subsidiary undertakings are stated at historical cost less provision for any permanent diminution

in value.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 13 (2018 - 17 ) .

5.	TANGIBLE FIXED ASSETS

Leasehold

Fixtures

property

and

Motor

Computer

improvements

fittings

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1st April 2018

9,273

20,777

43,918

22,770

96,738

Additions

-

-

-

7,874

7,874

Disposals

(9,273

)

-

-

-

(9,273

)

At 31st March 2019

-

20,777

43,918

30,644

95,339

DEPRECIATION

At 1st April 2018

9,273

18,360

31,415

20,020

79,068

Charge for year

-

363

3,126

2,764

6,253

Eliminated on disposal

(9,273

)

-

-

-

(9,273

)

At 31st March 2019

-

18,723

34,541

22,784

76,048

NET BOOK VALUE

At 31st March 2019

-

2,054

9,377

7,860

19,291

At 31st March 2018

-

2,417

12,503

2,750

17,670

6.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

At 1st April 2018

and 31st March 2019

10,100

NET BOOK VALUE

At 31st March 2019

10,100

At 31st March 2018

10,100

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

39,992

49,199

Amounts owed by group undertakings

294,313

372,925

Other debtors

457,373

437,143

791,678

859,267

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade creditors

15,874

30,516

Taxation and social security

50,956

61,892

Other creditors

2,299

2,630

69,129

95,038

9.	OTHER FINANCIAL COMMITMENTS

The company has future operating lease commitments of £54,444 (2018 - £75,444) of which £21,001 (2018:

£21,001) is due within one year.

10.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31st March 2019 and

31st March 2018:

2019

2018

£

£

P A G Wynn

Balance outstanding at start of year

345,472

356,985

Amounts advanced

25,533

57,987

Amounts repaid

-

(69,500

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

371,005

345,472