Woodley Engineering (Stockport) Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 01330011 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 December 2019

for

Woodley Engineering (Stockport) Limited

Page

Balance Sheet

1

Notes to the Financial Statements

3

FIXED ASSETS

Intangible assets

4

58,450

62,625

Tangible assets

5

836,706

884,406

895,156

947,031

CURRENT ASSETS

Stocks

86,446

77,345

Debtors

6

120,448

116,996

Cash at bank and in hand

119,589

120,268

326,483

314,609

CREDITORS

Amounts falling due within one year

7

(107,880

)

(111,649

)

NET CURRENT ASSETS

218,603

202,960

TOTAL ASSETS LESS CURRENT LIABILITIES

1,113,759

1,149,991

CREDITORS

Amounts falling due after more than one year

8

(78,934

)

(134,748

)

PROVISIONS FOR LIABILITIES

(108,632

)

(117,052

)

NET ASSETS

926,193

898,191

CAPITAL AND RESERVES

Called up share capital

42,745

42,745

Capital redemption reserve

36,110

36,110

Fair value reserve

10

373,801

373,801

Retained earnings

473,537

445,535

SHAREHOLDERS' FUNDS

926,193

898,191

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2019 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her 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 director on 27 March 2020 and were signed by:

Mrs D Cummings - Director

1.	STATUTORY INFORMATION

Woodley Engineering (Stockport) Limited is a private company, limited by shares , registered in England and

Wales. The company's registered number and registered office address are as below:

Registered number:

01330011

Registered office:

Whitefield Road

Bredbury

Stockport

Cheshire

SK6 2QR

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.

Turnover

Turnover is recognised when the company obtains the right to consideration.

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 twenty 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 the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery

-

15% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Office equipment

-

33% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and

slow moving items.

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.

Hire purchase and leasing commitments

Assets held under finance leases, which are leases where substantially all the risks and rewards of ownership of

the asset have passed to the company, are capitalised in the balance sheet as tangible fixed assets and are

depreciated over the shorter of the lease term and their useful lives. The capital elements of future obligations

under the leases are included as liabilities in the balance sheet. The interest element of the rental obligation is

charged to the profit and loss account over the period of the lease and represents a constant proportion of the

balance of capital repayments outstanding. Assets held under hire purchase agreements are capitalised as

tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital

element of future finance payments is included within creditors. Finance charges are allocated to accounting

periods over the length of the contract and represent a constant proportion of the balance of capital repayments

outstanding.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2018 - 12 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 January 2019

and 31 December 2019

83,500

AMORTISATION

At 1 January 2019

20,875

Amortisation for year

4,175

At 31 December 2019

25,050

NET BOOK VALUE

At 31 December 2019

58,450

At 31 December 2018

62,625

5.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

Plant and

and

Office

property

machinery

fittings

equipment

Totals

£

£

£

£

£

COST

At 1 January 2019

450,000

1,139,346

51,502

9,833

1,650,681

Additions

-

17,250

-

2,824

20,074

At 31 December 2019

450,000

1,156,596

51,502

12,657

1,670,755

DEPRECIATION

At 1 January 2019

-

711,196

46,541

8,538

766,275

Charge for year

-

65,947

744

1,083

67,774

At 31 December 2019

-

777,143

47,285

9,621

834,049

NET BOOK VALUE

At 31 December 2019

450,000

379,453

4,217

3,036

836,706

At 31 December 2018

450,000

428,150

4,961

1,295

884,406

The freehold property was valued by Roberts & Roberts Chartered Surveyors who are external to the company.

The basis of this valuation was open market valuation.

The director is of the opinion that this valuation is still accurate in the market as of the year end.

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

£

COST

At 1 January 2019

423,655

Transfer to ownership

(52,665

)

At 31 December 2019

370,990

DEPRECIATION

At 1 January 2019

121,069

Charge for year

41,992

Transfer to ownership

(30,025

)

At 31 December 2019

133,036

NET BOOK VALUE

At 31 December 2019

237,954

At 31 December 2018

302,586

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.19

31.12.18

£

£

Trade debtors

112,018

113,358

Other debtors

8,430

3,638

120,448

116,996

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.19

31.12.18

£

£

Hire purchase contracts

55,815

63,607

Trade creditors

17,449

24,378

Taxation and social security

30,884

19,251

Other creditors

3,732

4,413

107,880

111,649

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.19

31.12.18

£

£

Hire purchase contracts

78,934

134,748

9.	SECURED DEBTS

The following secured debts are included within creditors:

31.12.19

31.12.18

£

£

Hire purchase contracts

134,749

198,355

Hire purchase creditors are secured on the assets to which they relate.

10.

RESERVES

Fair

value

reserve

£

At 1 January 2019

and 31 December 2019

373,801