Wolverson Associates Ltd 31/03/2019 iXBRL

Wolverson Associates Ltd 31/03/2019 iXBRL

WOLVERSON ASSOCIATES LTD - Company Information

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Company registration number: 10650683
Wolverson Associates Ltd
Unaudited filleted financial statements
31 March 2019
Wolverson Associates Ltd
Contents
Directors and other information
Accountants report
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Wolverson Associates Ltd
Directors and other information
Directors Dr Clare Lynda Wolverson
Dr Keith Wolverson
Company number 10650683
Registered office 3 Stafford Close
Melbourne
Derby
DE73 8LD
Business address 3 Stafford Close
Melbourne
Derby
DE73 8LD
Accountants Lister & Co
75 High Street
Boston
Lincolnshire
PE21 8SX
Wolverson Associates Ltd
Report to the board of directors on the preparation of the
unaudited statutory financial statements of Wolverson Associates Ltd
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 Wolverson Associates Ltd for the year ended 31 March 2019 which comprise the statement of financial position, statement of changes in equity and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/ professional-standards/ rules-standards/acca-rulebook.html.
This report is made solely to the board of directors of Wolverson Associates Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Wolverson Associates Ltd and state those matters that we have agreed to state to the board of directors of Wolverson Associates Ltd as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global /Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Wolverson Associates Ltd and its board of directors as a body for our work or for this report.
It is your duty to ensure that Wolverson Associates Ltd 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 Wolverson Associates Ltd. You consider that Wolverson Associates Ltd 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 Wolverson Associates Ltd. 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.
Lister & Co
ACCA
75 High Street
Boston
Lincolnshire
PE21 8SX
11 February 2020
Wolverson Associates Ltd
Statement of financial position
31 March 2019
2019
Note £ £
Fixed assets
Tangible assets 5 1,055
_______
1,055
Current assets
Debtors 6 6,710
Cash at bank and in hand 4,624
_______
11,334
Creditors: amounts falling due
within one year 7 ( 9,292)
_______
Net current assets 2,042
_______
Total assets less current liabilities 3,097
Provisions for liabilities ( 200)
_______
Net assets 2,897
_______
Capital and reserves
Called up share capital 8 100
Profit and loss account 2,797
_______
Shareholders funds 2,897
_______
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 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 comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 11 February 2020 , and are signed on behalf of the board by:
Dr Clare Lynda Wolverson
Director
Company registration number: 10650683
Wolverson Associates Ltd
Statement of changes in equity
Year ended 31 March 2019
Called up share capital Profit and loss account Total
£ £ £
At 1 April 2018 - - -
Profit for the year 34,797 34,797
_______ _______ _______
Total comprehensive income for the year - 34,797 34,797
Issue of shares 100 100
Dividends paid and payable ( 32,000) ( 32,000)
_______ _______ _______
Total investments by and distributions to owners 100 ( 32,000) ( 31,900)
_______ _______ _______
At 31 March 2019 100 2,797 2,897
_______ _______ _______
Wolverson Associates Ltd
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. The address of the registered office is 3 Stafford Close, Melbourne, Derby, DE73 8LD.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. 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.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for services rendered, net of discounts and Value Added Tax.
Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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 are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves 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:
Fittings fixtures and equipment - 15 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2
5. Tangible assets
Fixtures, fittings and equipment Total
£ £
Cost
At 1 April 2018 - -
Additions 1,109 1,109
_______ _______
At 31 March 2019 1,109 1,109
_______ _______
Depreciation
At 1 April 2018 - -
Charge for the year 54 54
_______ _______
At 31 March 2019 54 54
_______ _______
Carrying amount
At 31 March 2019 1,055 1,055
_______ _______
6. Debtors
2019
£
Trade debtors 6,710
_______
7. Creditors: amounts falling due within one year
2019
£
Trade creditors 42
Corporation tax 7,962
Other creditors 1,288
_______
9,292
_______
8. Called up share capital
Issued, called up and fully paid
2019
No £
A Ordinary shares of £ 1.00 each 50 50
B Ordinary shares of £ 1.00 each 50 50
_______ _______
100 100
_______ _______