Locker Wire Weavers Limited - Accounts to registrar (filleted) - small 18.2
Locker Wire Weavers Limited - Accounts to registrar (filleted) - small 18.2
REGISTERED NUMBER: |
Financial Statements for the Year Ended 31 March 2019 |
for |
Locker Wire Weavers Limited |
Locker Wire Weavers Limited (Registered number: 00420247) |
Contents of the Financial Statements |
for the Year Ended 31 March 2019 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
Locker Wire Weavers Limited |
Company Information |
for the Year Ended 31 March 2019 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Statutory Auditor |
8 Winmarleigh Street |
Warrington |
Cheshire |
WA1 1JW |
Locker Wire Weavers Limited (Registered number: 00420247) |
Balance Sheet |
31 March 2019 |
31.3.19 | 31.3.18 |
Notes | £ | £ |
FIXED ASSETS |
Intangible assets | 5 |
Tangible assets | 6 |
CURRENT ASSETS |
Stocks |
Debtors | 7 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 8 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 11 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 12 |
Retained earnings |
SHAREHOLDERS' FUNDS |
In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered. |
The financial statements were approved by the Board of Directors on by: |
Locker Wire Weavers Limited (Registered number: 00420247) |
Notes to the Financial Statements |
for the Year Ended 31 March 2019 |
1. | STATUTORY INFORMATION |
Locker Wire Weavers Limited is a |
company's registered number and registered office address can be found on the Company Information page. |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Significant judgements and estimates |
In the application of the company's accounting policies, the directors are required to make judgements, estimates |
and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other |
sources. The estimates and associated assumptions are based on historical experience and other factors that are |
considered to be relevant. Actual results may differ from these estimates. |
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates |
are recognised in the period in which the estimate is revised where the revision affects only that period, or in the |
period of the revision and future periods where the revision affects both current and future periods. |
Going concern |
At the time of approving the financial statements, the directors have a reasonable expectation that the company |
has adequate resources to continue in operational existence for the foreseeable future. Thus the directors |
continue to adopt the going concern basis of accounting in preparing the financial statements. |
Turnover |
Turnover represents net invoiced sales of goods, excluding value added tax. Revenue is recognised at the point |
of despatch. |
Intangible assets |
Intangible assets represents goodwill, being the amount paid in connection with the acquisition of businesses. |
After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any |
accumulated impairment losses. |
Tangible fixed assets |
Plant and machinery | - |
Motor vehicles | - |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow |
moving items. |
Locker Wire Weavers Limited (Registered number: 00420247) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2019 |
3. | ACCOUNTING POLICIES - continued |
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 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. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the |
balance sheet 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. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the |
period of the lease. |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held |
under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases |
are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to the profit and loss account over the relevant period. The |
capital element of the future payments is treated as a liability. |
Rentals paid under operating leases are charged to the profit and loss account as incurred. |
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. |
Locker Wire Weavers Limited (Registered number: 00420247) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2019 |
3. | ACCOUNTING POLICIES - continued |
Provisions |
A provision is recognised in the balance sheet when the company has a constructive or legal obligation as a result |
of a past event and it is probable that an outflow of economic benefits will be required to settle the obligation. If |
the effect is material, provisions are determined by discounting the expected future cash flows at the current time |
value of money. |
Cash and cash equivalents |
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with bank, |
other short-term liquid investments with original maturities of three months or less, and bank overdrafts. |
Financial instruments |
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 |
'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. |
Financial instruments are recognised in the company's statement of financial position when the company |
becomes party to the contractual provisions of the instrument. |
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is |
a legally enforcible right to set off the recognised amounts and there is an intention to settle on a net basis or to |
realise the net asset and settle the liability simultaneously. |
Basic financial assets |
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction |
price including transaction costs and are subsequently carried at amortised costs using the effective interest |
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the |
present value of the future receipts discounted at a market rate of interest. Financial assets classified as |
receivable within one year are not amortised. |
Other financial assets |
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint |
ventures, are initially measured at fair value, which is normally the transaction price. Such assets are |
subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that |
investments in equity instruments that are not publically traded and whose fair values cannot be measured |
reliably are measured at cost less impairment. |
Locker Wire Weavers Limited (Registered number: 00420247) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2019 |
3. | ACCOUNTING POLICIES - continued |
Impairment of financial assets |
Financial assets, other than those held at fair value through profit or loss, are assessed for indicators of |
impairment at each reporting end date. |
Financial assets are impaired where there is objective evidence that, as a result of one or more events that |
occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If |
an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of |
the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is |
recognised in profit or loss. |
Derecognition of financial assets |
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are |
settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership |
to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has |
transferred to another party that is able to sell the asset in its entirety to an unrelated third party. |
Classification of financial liabilities |
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 company after deducting all of its liabilities. |
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference |
shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a |
financing transaction, where the debt instrument is measured at the present value of the future receipts discounted |
at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. |
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of |
business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or |
less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction |
price and subsequently measured at amortised cost using the effective interest method. |
Derecognition of financial liabilities |
Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or |
cancelled. |
Equity instruments |
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. |
Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of |
the company. |
Employee benefits |
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are |
required to be recognised as part of the cost of stock or fixed assets. |
The cost of any unused holiday entitlement is recognised in the period in which the employee's services are |
received. |
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to |
terminate the employment of an employee or to provide termination benefits. |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
Locker Wire Weavers Limited (Registered number: 00420247) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2019 |
5. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 April 2018 |
and 31 March 2019 |
AMORTISATION |
At 1 April 2018 |
and 31 March 2019 |
NET BOOK VALUE |
At 31 March 2019 |
At 31 March 2018 |
6. | TANGIBLE FIXED ASSETS |
Plant and | Motor |
machinery | vehicles | Totals |
£ | £ | £ |
COST |
At 1 April 2018 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) |
At 31 March 2019 |
DEPRECIATION |
At 1 April 2018 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) |
At 31 March 2019 |
NET BOOK VALUE |
At 31 March 2019 |
At 31 March 2018 |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.19 | 31.3.18 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
VAT |
Deferred tax asset |
Prepayments |
Locker Wire Weavers Limited (Registered number: 00420247) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2019 |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.19 | 31.3.18 |
£ | £ |
Hire purchase contracts (see note 9) |
Trade creditors |
Amounts owed to group undertakings |
Tax |
Social security and other taxes |
VAT | - | 12,591 |
Accruals and deferred income |
9. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Hire purchase contracts |
31.3.19 | 31.3.18 |
£ | £ |
Net obligations repayable: |
Within one year |
Non-cancellable operating |
leases |
31.3.19 | 31.3.18 |
£ | £ |
Within one year |
Between one and five years |
In respect of the lease of the property there is a surety provided on the lease by Locker Group Limited. |
10. | SECURED DEBTS |
The following secured debts are included within creditors: |
31.3.19 | 31.3.18 |
£ | £ |
Hire purchase contracts | - | 14,887 |
The company's bank overdraft facility is secured by a debenture on the assets of the company and an unlimited |
inter-company guarantee in favour of National Westminster Bank Plc between each of the Locker Group |
companies. At the year end date the amount outstanding under the guarantee to the bank was £Nil (2018 £Nil). |
11. | PROVISIONS FOR LIABILITIES |
31.3.19 | 31.3.18 |
£ | £ |
Deferred tax | 4,439 | - |
Other provisions | 159,000 | 159,000 |
Locker Wire Weavers Limited (Registered number: 00420247) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2019 |
11. | PROVISIONS FOR LIABILITIES - continued |
Deferred | Other |
tax | provisions |
£ | £ |
Balance at 1 April 2018 | ( |
) |
Provided during year |
Balance at 31 March 2019 |
The deferred tax provision is in relation to the excess of depreciation over capital allowances. |
Other provisions are in relation product warranty claims. The directors anticipate a future liability in respect of |
product warranty claims for supplied materials in the current and previous years. Provisions are to be reviewed |
annually by the directors to establish the company's probable future liabilities. |
12. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.3.19 | 31.3.18 |
value: | £ | £ |
Ordinary | 10p | 200,000 | 200,000 |
13. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
14. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party is |
The results of the company have been consolidated within the financial statements of Locker Holdings Limited. |
This is both the smallest and largest group in which the results of the company are consolidated. Copies of the |
consolidated accounts are available from the registered office of that company. |