Wallace Crooke (Walsall) Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 08017342 (England and Wales)

WALLACE CROOKE (WALSALL) LIMITED

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2019

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr R A Smallwood

Mr M P H Jones

Mr R G Pratley

REGISTERED OFFICE:

Wallace House

20 Birmingham Road

Walsall

West Midlands

WS1 2LT

REGISTERED NUMBER:

08017342 (England and Wales)

ACCOUNTANTS:

Wallace Crooke Walsall Limited

Chartered Accountants

Wallace House

20 Birmingham Road

Walsall

West Midlands

WS1 2LT

FIXED ASSETS

Intangible assets

4

140,045

212,045

Tangible assets

5

2,982

5,170

143,027

217,215

CURRENT ASSETS

Debtors

6

313,063

307,875

Cash at bank and in hand

157,563

18,576

470,626

326,451

CREDITORS

Amounts falling due within one year

7

496,231

477,264

NET CURRENT LIABILITIES

(25,605

)

(150,813

)

TOTAL ASSETS LESS CURRENT LIABILITIES

117,422

66,402

CAPITAL AND RESERVES

Called up share capital

9

255

202

Share premium

39,949

-

Retained earnings

77,218

66,200

SHAREHOLDERS' FUNDS

117,422

66,402

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors on 24 December 2019 and were signed on its behalf by:

Mr R A Smallwood - Director

Mr R G Pratley - Director

1.	STATUTORY INFORMATION

Wallace Crooke (Walsall) Limited is a private company, limited by shares , registered in England and Wales.

The company's registered number and registered office address can be found on the Company Information

page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The company's financial statements are individual entity financial statements.

The company's financial statements are presented in Sterling and all values are rounded to the nearest pound.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2013, is being amortised evenly over its estimated useful life of nine years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost

less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

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

Plant and machinery etc

-

20% on cost

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and

Retained Earnings, 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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2018 - 11 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2018

and 31 March 2019

538,045

AMORTISATION

At 1 April 2018

326,000

Charge for year

72,000

At 31 March 2019

398,000

NET BOOK VALUE

At 31 March 2019

140,045

At 31 March 2018

212,045

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2018

13,181

Additions

1,185

At 31 March 2019

14,366

DEPRECIATION

At 1 April 2018

8,011

Charge for year

3,373

At 31 March 2019

11,384

NET BOOK VALUE

At 31 March 2019

2,982

At 31 March 2018

5,170

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

127,347

143,124

Amounts owed by associates

30,000

-

Other debtors

155,716

164,751

313,063

307,875

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade creditors

(2

)

(165

)

Taxation and social security

49,618

88,471

Other creditors

446,615

388,958

496,231

477,264

8.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2019

2018

£

£

Within one year

20,000

20,000

Between one and five years

80,000

80,000

In more than five years

60,000

80,000

160,000

180,000

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2019

2018

value:

£

£

NIL

Ordinary

£1

-

100

NIL

Ordinary B

£1

-

102

153

A Ordinary

£1

153

-

51

B Ordinary

£1

51

-

51

C Ordinary

£1

51

-

255

202

Shares were issued during the year as follows:

Cash at par

1 A Ordinary share of £1 for £ 1

1 B Ordinary share of £1 for £ 1

Cash at premium

51 C Ordinary shares of £1 for £ 40,000