W. L. Sleigh Limited Filleted accounts for Companies House (small and micro)

W.L. SLEIGH LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: SC055405

W. L. Sleigh Limited

Filleted Unaudited Financial Statements

For the year ended

31 March 2019

W. L. Sleigh Limited

Statement of Financial Position

31 March 2019

	2019	2018
Note	£	£

Fixed assets

Tangible assets	5	110,412	60,626

Current assets

Debtors	6	71,451	138,182
Cash at bank and in hand		169	2,000
		--------	---------
		71,620	140,182

Creditors: amounts falling due within one year	7	219,193	199,516
		---------	---------
Net current liabilities		147,573	59,334
		---------	--------
Total assets less current liabilities		( 37,161)	1,292

Creditors: amounts falling due after more than one year	8	63,407	57,461
		---------	--------
Net liabilities		( 100,568)	( 56,169)
		---------	--------

Capital and reserves

Called up share capital	10	40,000	40,000
Share premium account		1,907	1,907
Profit and loss account		( 142,475)	( 98,076)
		---------	--------
Shareholders deficit		( 100,568)	( 56,169)
		---------	--------

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 income and retained earnings has not been delivered.

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 .

These Financial Statements were approved by the board of directors and authorised for issue on 24 December 2019 , and are signed on behalf of the board by:

W L Sleigh

Director

Company registration number: SC055405

W. L. Sleigh 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 Scotland. The address of the registered office is Unit 11A West Craigs Industrial Estate, Turnhouse Road, Edinburgh, EH12 0BD.

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. The financial statements are prepared in sterling, which is the functional currency of the entity. Going concern The financial statements have been prepared on a going concern basis. The directors have assessed the Company's ability to continue as a going concern and have reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing these financial statements.

Revenue recognition

The turnover shown in the profit and loss account represents services provided in the normal course of business, 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.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

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:

Leasehold improvements	-	over the lease term
Fixtures & equipment	-	3 to 7 years
Motor vehicles	-	4 to 6 years

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.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Financial instruments

A financial asset or financial liability is recognised only when the company becomes a party to the contractual provisions of the financial instrument. Basic financial assets, which include trade and other debtors, amounts due from group undertakings, and cash and bank balances, 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 receipts discounted at the market rate of interest for a similar debt instrument. Basic financial liabilities, which include trade creditors, bank loans and overdrafts, and other creditors, 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 receipts discounted at the market rate of interest for a similar debt instrument. At each reporting date the company assesses whether there is objective evidence that any financial asset has been impaired. A provision for impairment is established when there is objective evidence that the company will not be able to collect all amounts due. The amount of the provision is recognised immediately in profit or loss.

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.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 17 (2018: 12 ).

5. Tangible assets

Leasehold improv'ts	Fixtures and equipment	Motor vehicles	Total
£	£	£	£

Cost
At 1 April 2018	4,760	25,970	198,505	229,235
Additions	–	–	103,084	103,084
Disposals	–	–	( 45,834)	( 45,834)
	-------	--------	---------	---------
At 31 March 2019	4,760	25,970	255,755	286,485
	-------	--------	---------	---------
Depreciation
At 1 April 2018	4,760	25,771	138,078	168,609
Charge for the year	–	199	50,062	50,261
Disposals	–	–	( 42,797)	( 42,797)
	-------	--------	---------	---------
At 31 March 2019	4,760	25,970	145,343	176,073
	-------	--------	---------	---------
Carrying amount
At 31 March 2019	–	–	110,412	110,412
	-------	--------	---------	---------
At 31 March 2018	–	199	60,427	60,626
	-------	--------	---------	---------

6. Debtors

	2019	2018
	£	£

Trade debtors	61,806	85,944
Other debtors	9,645	52,238
	--------	---------
	71,451	138,182
	--------	---------

7. Creditors: amounts falling due within one year

	2019	2018
	£	£

Bank loans and overdrafts	17,582	48,538
Trade creditors	40,069	16,417
Social security and other taxes	7,068	7,146
Other creditors	154,474	127,415
	---------	---------
	219,193	199,516
	---------	---------

The hire purchase creditors are secured over the assets being purchased on each finance agreement.

8. Creditors: amounts falling due after more than one year

	2019	2018
	£	£

Other creditors	63,407	57,461
	--------	--------

9. Deferred tax

The company has an unrecognised deferred tax asset of £33,259 (2018: £25,673) This primarily arises as a result of fixed asset timing differences. Its recoverability is dependent upon future taxable profits arising, the likelihood of which cannot at this stage be determined with reasonable certainty.

10. Called up share capital

Issued, called up and fully paid

2019		2018
No.	£	No.	£

Ordinary shares of £ 1 each	40,000	40,000.00	40,000	40,000.00
	--------	------------	--------	------------

11. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2019	2018
	£	£

Not later than 1 year	20,675	27,348
Later than 1 year and not later than 5 years	19,788	34,728
	--------	--------
	40,463	62,076
	--------	--------

12. Directors' advances, credits and guarantees

W L Sleigh (Director) has provided loan funding of £69,833 (2018: £82,278) to the Company which is included within other creditors. These loans are interest free and are repayable on demand giving 30 days notice.