Winstanleys Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 05713842 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2020

FOR

WINSTANLEYS LIMITED

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

K Winstanley

C Winstanley

SECRETARY:

K Winstanley

REGISTERED OFFICE:

725/729 Ormskirk Road

Pemberton

Wigan

Lancashire

WN5 8AT

REGISTERED NUMBER:

05713842 (England and Wales)

ACCOUNTANTS:

Hayes & Co

Chartered Accountants

St Andrews House

11 Dalton Ct,Commercial Rd

Blackburn Interchange

Darwen

Lancashire

BB3 0DG

FIXED ASSETS

Tangible assets

5

88,785

87,047

CURRENT ASSETS

Stocks

2,104,553

2,408,600

Debtors

81,389

81,647

Cash in hand

5,172

1,356

2,191,114

2,491,603

CREDITORS

Amounts falling due within one year

1,813,624

2,112,874

NET CURRENT ASSETS

377,490

378,729

TOTAL ASSETS LESS CURRENT LIABILITIES

466,275

465,776

CAPITAL AND RESERVES

Called up share capital

500

500

Share premium

143,356

143,356

Retained earnings

322,419

321,920

SHAREHOLDERS' FUNDS

466,275

465,776

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2020 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.

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 31 January 2020 in accordance with Section 444(2A) of the Companies Act 2006.

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 and authorised for issue on 10 July 2020 and were signed on its behalf by:

K Winstanley - Director

1.	STATUTORY INFORMATION

Winstanleys Limited is a private company, limited by shares, registered in England and Wales. The company's

registered number is 05713842 and the registered office is 725-729 Ormskirk Road, Pemberton, Wigan,

Lancashire, WN5 8AT.

2.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

The financial statements are prepared in sterling which is the functional currency of the company and are

rounded to the nearest pound.

Significant judgements and estimates

In the application of the company's accounting policies, the directors are required to make judgements, estimates

and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other

sources.The estimates and associated assumptions are based on historical experience that the directors have and

other factors that are considered relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates

are recognised in the period to which the estimate is revised where the revision affects only that period, or in the

period of revision and future periods where the revision affects both the current and future periods.

Turnover

Turnover represents the consideration receivable in exchange for goods provided. It is recognised upon

despatch, net of value added tax.

Tangible fixed assets

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

Fixtures and fittings

-

10% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

33% on reducing balance

Fixed assets are initially recorded at cost and are measured at cost less accumulated depreciation and any

accumulated impairment losses.

Stocks

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

moving items.

Financial instruments

The company has elected to apply the provisions of section 11 ' Basic Financial Instruments' and section 12

'Other Financial Instruments' of FRS 102 to all of its financial instruments.

Financial Instruments are recognised in the company's statement of financial position when the company

becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is

a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to

realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade receivable, cash and bank balances are initially recorded at

transaction price including transaction costs and are subsequently carried at amortised cost using the effective

interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at

the present value of the future receipts discounted at a market value rate of interest. Financial assets classified as

receivable within one year are not amortised.

Other financial assets

The company has no financial instruments that are classified as other financial assets.

Impairment of financial assets

Financial assets, other than those held at fair value through the income statement, are assessed for indicators of

impairment at each reporting date.

Financial assets are impaired where there is objective evidence that, as a result if one or more events that

occurred after the initial recognition of the financial assets, the estimated future cash flows have been affected. If

an assets is impaired, the impairment loss is the difference between the carrying amount and the present value of

the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is

recognised in the income statement

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised,

the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the

carrying amount would have been, had the impairment not previously been recognised. The impairment reversal

is recognised in the income statement.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are

settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership

to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has

transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Basic financial liabilities, including creditors, loans from associated companies that are classified as debt, are

initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt

instrument is measured at the present value of the future receipts discounted at a market rate of interest. Financial

liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of

business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or

less. If not, they are presented as non current liabilities. Trade creditors are recognised initially at transaction

price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

The company has no financial instruments that are classified as other financial liabilities.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or

cancelled.

Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.

Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of

the company.

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.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit or loss as

reported in the income statement because it excludes items of income or expenses that are taxable or deductible

in other years and it further excludes items that are never taxable or deductible. The company's liability for

current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting

date.balance sheet

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 obtained under hire purchase contracts or finance are capitalised in the balance sheet. Those held under

hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are

depreciated over their estimated useful life or the lease term, whichever is the shorter.

The interest element of these obligations is charged to the income statement over the relevant period. The capital

element of the future payments is treated as a liability.

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

lease.

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.

Going concern

The director's have reasonable expectations that the company has adequate resources to continue in operational

existence for the foreseeable future. The company therefore continues to adopt the going concern basis in

preparing its financial statements.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held with the bank.

Employee benefits

The costs of short- term employee benefits are recognised as a liability and an expense, unless those costs are

required to be recognised as part of the cost of stock or fixed assets.

The cost of unused holiday entitlement is recognised in the period in which the employee's services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to

terminate the employment of an employee or to provide termination benefits.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 19 (2019 - 23 ) .

5.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 February 2019

306,277

Additions

16,200

Disposals

(1,166

)

At 31 January 2020

321,311

DEPRECIATION

At 1 February 2019

219,230

Charge for year

13,393

Eliminated on disposal

(97

)

At 31 January 2020

232,526

NET BOOK VALUE

At 31 January 2020

88,785

At 31 January 2019

87,047

6.	LEASING AGREEMENTS

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

2020

2019

£

£

Within one year

115,975

120,313

Between one and five years

568,991

562,689

In more than five years

121,925

234,462

806,891

917,464

The operating leases relates to the rentals payable on the Company's trading premises over the remainder of the

lease and a lease on a vehicle.

7.	SECURED DEBTS

The following secured debts are included within creditors:

2020

2019

£

£

Bank overdrafts

155,045

293,335

The overdraft is secured by way of a debenture over the companies assets and a personal guarantee from Mr

Kevin Winstanley.

8.	ULTIMATE CONTROLLING PARTY

The controlling party is K and M C Winstanley .

Ultimate control of the company lies with one of the directors, Mr K Winstanley, and Mrs M C Winstanley, who

together own 53% of the shares of the company.