WD Drywall Limited Company accounts

WD Drywall Limited Company accounts

WD DRYWALL LTD. - Company Information

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COMPANY REGISTRATION NUMBER: 07819606
WD Drywall Limited
Unaudited Financial Statements
For the year ended
31 March 2019
WD Drywall Limited
Financial Statements
Year ended 31 March 2019
Contents
Page
Officers and professional advisers
1
Directors' report
2
Income statement
3
Statement of financial position
4
Notes to the financial statements
6
The following pages do not form part of the financial statements
Chartered accountants report to the board of directors on the preparation of the unaudited statutory financial statements
11
WD Drywall Limited
Officers and Professional Advisers
The board of directors
Mr C M Walker
Mr R P Doherty
Registered office
Unit 15 The Ropewalk Industrial Estate
Ilkeston
Derbyshire
DE7 5HX
Accountants
Swandec
Chartered Accountants
550 Valley Road
Basford
Nottingham
NG5 1JJ
Bankers
Barclays
Rose Hill
Chesterfield
Derbyshire
WD Drywall Limited
Directors' Report
Year ended 31 March 2019
The directors present their report and the unaudited financial statements of the company for the year ended 31 March 2019 .
Directors
The directors who served the company during the year were as follows:
Mr C M Walker
Mr R P Doherty
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 13 November 2019 and signed on behalf of the board by:
Mr R P Doherty
Director
WD Drywall Limited
Income Statement
Year ended 31 March 2019
2019
2018
Note
£
£
Turnover
5,230,299
5,739,476
Cost of sales
4,954,508
5,374,888
------------
------------
Gross profit
275,791
364,588
Administrative expenses
153,787
125,726
---------
---------
Operating profit
122,004
238,862
Interest payable and similar expenses
1,395
2,972
---------
---------
Profit before taxation
4
120,609
235,890
Tax on profit
23,804
45,220
---------
---------
Profit for the financial year
96,805
190,670
---------
---------
All the activities of the company are from continuing operations.
The company has no other recognised items of income and expenses other than the results for the year as set out above.
WD Drywall Limited
Statement of Financial Position
31 March 2019
2019
2018
Note
£
£
£
Fixed assets
Tangible assets
5
62,376
61,510
Current assets
Stocks
303,820
459,250
Debtors
6
377,667
281,663
Cash at bank and in hand
756,584
503,452
------------
------------
1,438,071
1,244,365
Creditors: amounts falling due within one year
7
1,017,475
777,818
------------
------------
Net current assets
420,596
466,547
---------
---------
Total assets less current liabilities
482,972
528,057
Provisions
Taxation including deferred tax
12,475
12,302
---------
---------
Net assets
470,497
515,755
---------
---------
Capital and reserves
Called up share capital
8
100
100
Profit and loss account
470,397
515,655
---------
---------
Shareholders funds
470,497
515,755
---------
---------
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 March 2019 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 .
WD Drywall Limited
Statement of Financial Position (continued)
31 March 2019
These financial statements were approved by the board of directors and authorised for issue on 13 November 2019 , and are signed on behalf of the board by:
Mr C M Walker
Director
Company registration number: 07819606
WD Drywall Limited
Notes to the Financial Statements
Year ended 31 March 2019
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 15 The Ropewalk Industrial Estate, Ilkeston, Derbyshire, DE7 5HX.
2. 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.
Revenue recognition
The turnover shown in the profit and loss account represents amounts invoiced for work carried out during the year, exclusive of Value Added Tax.
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:
Fixtures & Fittings
-
15% 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 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 instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Short term debtors and creditors with no stated interest rate are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account.
3. Employee numbers
The average number of persons employed by the company during the year amounted to 5 (2018: 2 ).
4. Profit before taxation
Profit before taxation is stated after charging:
2019
2018
£
£
Depreciation of tangible assets
12,975
12,041
--------
--------
5. Tangible assets
Fixtures and fittings
Motor vehicles
Total
£
£
£
Cost
At 1 April 2018
23,184
65,057
88,241
Additions
1,002
12,839
13,841
--------
--------
---------
At 31 March 2019
24,186
77,896
102,082
--------
--------
---------
Depreciation
At 1 April 2018
4,931
21,800
26,731
Charge for the year
2,888
10,087
12,975
--------
--------
---------
At 31 March 2019
7,819
31,887
39,706
--------
--------
---------
Carrying amount
At 31 March 2019
16,367
46,009
62,376
--------
--------
---------
At 31 March 2018
18,253
43,257
61,510
--------
--------
---------
6. Debtors
2019
2018
£
£
Trade debtors
295,130
282,068
Other debtors
82,537
( 405)
---------
---------
377,667
281,663
---------
---------
7. Creditors: amounts falling due within one year
2019
2018
£
£
Bank loans and overdrafts
114
–
Trade creditors
772,156
514,177
Corporation tax
23,631
44,016
Social security and other taxes
218,642
216,852
Other creditors
2,932
2,773
------------
---------
1,017,475
777,818
------------
---------
8. Called up share capital
Issued, called up and fully paid
2019
2018
No.
£
No.
£
Ordinary A shares of £ 1 each
90
90
90
90
Ordinary B shares of £ 1 each
10
10
10
10
----
----
----
----
100
100
100
100
----
----
----
----
9. Directors' advances, credits and guarantees
At the statement of financial position the amount owing to the directors through the directors loan accounts was £2,072 (2018:£2,115). The directors loan account is unsecured, interest free and repayable on demand.
WD Drywall Limited
Management Information
Year ended 31 March 2019
The following pages do not form part of the financial statements.
WD Drywall Limited
Chartered Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of WD Drywall Limited
Year ended 31 March 2019
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of WD Drywall Limited for the year ended 31 March 2019, which comprise the income statement, 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 Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the Board of Directors of WD Drywall Limited, as a body, in accordance with the terms of our engagement letter dated 27 September 2018. Our work has been undertaken solely to prepare for your approval the financial statements of WD Drywall Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than WD Drywall Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that WD Drywall 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 WD Drywall Limited. You consider that WD Drywall 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 WD Drywall 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.
Swandec Chartered Accountants
550 Valley Road Basford Nottingham NG5 1JJ
13 November 2019