Wren Davis Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 00518104 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2019

FOR

WREN DAVIS LIMITED

Page

Company Information

1

Accountants' Report

2

Statement of Financial Position

3

to

4

Notes to the Financial Statements

5

to

9

DIRECTORS:

Ms W R Davis

Mr D W Davis

Mr J V W Davis

Ms V A Deradour

SECRETARY:

Ms F R Paul

REGISTERED OFFICE:

Collings Hanger Farm

Prestwood

Great Missenden

Buckinghamshire

HP16 0HP

REGISTERED NUMBER:

00518104 (England and Wales)

ACCOUNTANTS:

Seymour Taylor Audit Limited

57 London Road

High Wycombe

Buckinghamshire

HP11 1BS

The following reproduces the text of the report prepared for the directors in respect of the company's

annual unaudited financial statements. In accordance with the Companies Act 2006, the company is

only required to file a Statement of Financial Position. Readers are cautioned that the Income

Statement and certain other primary statements and the Report of the Directors are not required to be

filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval

the financial statements of Wren Davis Limited for the year ended 31 March 2019 which comprise the Income

Statement, Statement of Financial Position, Statement of Changes in Equity 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 within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Wren Davis Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Wren Davis Limited and state those matters that we have agreed to state to the Board of Directors of Wren Davis Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Wren Davis Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Wren Davis 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 loss of Wren Davis Limited. You consider that Wren Davis 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 Wren Davis 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.

Seymour Taylor Audit Limited

57 London Road

High Wycombe

Buckinghamshire

HP11 1BS

30 January 2020

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

699,827

569,502

699,827

569,502

CURRENT ASSETS

Stocks

79,348

65,712

Debtors

6

159,641

141,027

Cash at bank and in hand

2,458

221,800

241,447

428,539

CREDITORS

Amounts falling due within one year

7

395,596

373,215

NET CURRENT (LIABILITIES)/ASSETS

(154,149

)

55,324

TOTAL ASSETS LESS CURRENT LIABILITIES

545,678

624,826

CREDITORS

Amounts falling due after more than one year

8

(346,610

)

(243,200

)

PROVISIONS FOR LIABILITIES

(36,651

)

-

NET ASSETS

162,417

381,626

CAPITAL AND RESERVES

Called up share capital

9

34,000

34,000

Revaluation reserve

10

156,177

156,177

Retained earnings

(27,760

)

191,449

SHAREHOLDERS' FUNDS

162,417

381,626

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 30 January 2020 and were signed on its behalf by:

Ms W R Davis - Director

1.	STATUTORY INFORMATION

Wren Davis Limited is a private company limited by shares and incorporated in England and Wales.

The address of the company's registered office is Collings Hanger Farm, Prestwood, Great

Missenden, Buckinghamshire, HP16 0HP. The registered number is 00518104.

The presentation currency of these financial statements is Sterling (£), being the currency of the

primary economic market in which the entity operates (its functional currency). All amounts in these

financial statements have been rounded to the nearest pound unless stated otherwise.

Significant accounting policies applied in the preparation of these financial statements are set out

below. These policies have been consistently applied to all years presented unless otherwise stated.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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. The financial statements have been prepared

under the historical cost convention.

Turnover

Turnover is measured at the fair value of consideration received or receivable for goods, net of value

added tax where applicable. Turnover from the sale of goods is recognised when significant risks and

rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be

reliably measured, it is probable that the economic benefits associated with the transaction will flow to

the company and the costs incurred or to be incurred in respect of the transaction can be measured

reliably.

The company also recognises turnover relating to rental income. This turnover represents the amount

of rental income accruing during the year.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 1995, is being amortised evenly over its estimated useful life of ten 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.

Improvements to property

-

straight line - 2%

Plant and machinery

-

reducing balance - 15%

Fixtures and fittings

-

straight line - 33%

Motor vehicles

-

reducing balance - 25%

Computer equipment

-

straight line - 33%

Stocks

Stocks are valued 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 stock to its

present location and condition. Cost is calculated using the weighted average cost principle.

Provision is made for damaged, obsolete and slow-moving stock where appropriate.

Financial instruments

The company has applied the provisions of Section 11 "Basic Financial Instruments" and Section 12

"Other Financial Instrument Issues" of FRS 102 to its financial statements.

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.

Taxation

Tax on the profit or loss 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 directly in equity or other

comprehensive income, in which case it is recognised directly in equity or other comprehensive

income.

Current tax is the expected tax payable or receivable on the taxable income or loss for the year, using

tax rates enacted or substantively enacted at the statement of financial position date, and any

adjustment to tax payable in respect of previous years.

Deferred tax is provided on timing differences which arise from the inclusion of income and expenses

in tax assessments in periods different from those in which they are recognised in the financial

statements. Differences between accumulated depreciation and tax allowances for the cost of a fixed

asset, if and when all conditions for retaining the tax allowances have been met, are not provided for.

Deferred tax is not recognised on permanent differences arising because certain types of income or

expense are non-taxable or are disallowable for tax or because certain tax charges or allowances are

greater or smaller than the corresponding income or expense.

Deferred tax is measured at the tax rate that is expected to apply to the reversal of the related

difference, using tax rates enacted or substantively enacted at the statement of financial position date.

Deferred tax balances are not discounted.

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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme for the benefit of its employees.

Contributions payable to the company's pension scheme are charged to profit or loss in the period to

which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 28 (2018 - 26 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2018

13,725

Disposals

(13,725

)

At 31 March 2019

-

AMORTISATION

At 1 April 2018

13,725

Eliminated on disposal

(13,725

)

At 31 March 2019

-

NET BOOK VALUE

At 31 March 2019

-

At 31 March 2018

-

5.	TANGIBLE FIXED ASSETS

Improvements

Freehold

to

Plant and

property

property

machinery

£

£

£

COST

At 1 April 2018

501,608

-

802,985

Additions

-

100,973

7,930

Disposals

-

-

(692,260

)

Reclassification/transfer

-

61,510

34,400

At 31 March 2019

501,608

162,483

153,055

DEPRECIATION

At 1 April 2018

-

-

801,050

Charge for year

-

(23,306

)

(442

)

Eliminated on disposal

-

-

(692,260

)

Reclassification/transfer

-

27,786

11,467

At 31 March 2019

-

4,480

119,815

NET BOOK VALUE

At 31 March 2019

501,608

158,003

33,240

At 31 March 2018

501,608

-

1,935

Fixtures

and

Motor

Computer

fittings

vehicles

equipment

Totals

£

£

£

£

COST

At 1 April 2018

117,758

505,246

17,500

1,945,097

Additions

-

-

-

108,903

Disposals

-

(230,646

)

-

(922,906

)

Reclassification/transfer

(95,910

)

-

-

-

At 31 March 2019

21,848

274,600

17,500

1,131,094

DEPRECIATION

At 1 April 2018

61,101

495,944

17,500

1,375,595

Charge for year

-

2,326

-

(21,422

)

Eliminated on disposal

-

(230,646

)

-

(922,906

)

Reclassification/transfer

(39,253

)

-

-

-

At 31 March 2019

21,848

267,624

17,500

431,267

NET BOOK VALUE

At 31 March 2019

-

6,976

-

699,827

At 31 March 2018

56,657

9,302

-

569,502

We have reclassified in the current year in order to reflect the true nature of the assets.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

113,157

107,885

Other debtors

46,484

33,142

159,641

141,027

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Bank loans and overdrafts

5,984

62

Trade creditors

79,368

72,246

Taxation and social security

15,142

10,041

Other creditors

295,102

290,866

395,596

373,215

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2019

2018

£

£

Other creditors

346,610

243,200

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2019

2018

value:

£

£

34,000

Ordinary

1

34,000

34,000

10.

RESERVES

Revaluation

reserve

£

At 1 April 2018

and 31 March 2019

156,177

11.	OTHER FINANCIAL COMMITMENTS

Total financial commitments, guarantees and contingencies not included in the balance sheet amount

to £29,000 (2018 - £40,600), of which £11,600 (2018 - £11,6000) relates to operating lease

commitments due in less than 1 year and £17,400 (2018 - £29,000) of which relates to operating lease

commitments due between 1 and 5 years respectively.