Wemco Limited 31/10/2019 iXBRL

Wemco Limited 31/10/2019 iXBRL

WEMCO LIMITED - Company Information

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Company registration number: 06890451
Wemco Limited
Unaudited filleted financial statements
31 October 2019
Wemco Limited
Contents
Statement of financial position
Notes to the financial statements
Wemco Limited
Statement of financial position
31 October 2019
2019 2018
Note £ £ £ £
Fixed assets
Tangible assets 5 89,646 79,395
_______ _______
89,646 79,395
Current assets
Stocks 29,490 37,665
Debtors 6 498,821 323,335
Cash at bank and in hand 82,729 137,479
_______ _______
611,040 498,479
Creditors: amounts falling due
within one year 7 ( 559,079) ( 448,330)
_______ _______
Net current assets 51,961 50,149
_______ _______
Total assets less current liabilities 141,607 129,544
Creditors: amounts falling due
after more than one year 8 ( 54,263) ( 48,802)
Provisions for liabilities ( 17,033) ( 15,085)
_______ _______
Net assets 70,311 65,657
_______ _______
Capital and reserves
Called up share capital 5,000 5,000
Profit and loss account 65,311 60,657
_______ _______
Shareholders funds 70,311 65,657
_______ _______
For the year ending 31 October 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 income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 21 July 2020 , and are signed on behalf of the board by:
Mr J P Vallance
Director
Company registration number: 06890451
Wemco Limited
Notes to the financial statements
Year ended 31 October 2019
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is Cooper Yard, Old Cider Works, Abbotskerswell, Newton Abbot, TQ12 5NF.
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 goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
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.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
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 - 20 % reducing balance
Motor vehicles - 25 % reducing balance
Computer equipment - 25 % straight line
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.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured 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 the stocks to their present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
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.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 17 (2018: 17 ).
5. Tangible assets
Fixtures, fittings and equipment Motor vehicles Computer equipment Total
£ £ £ £
Cost
At 1 November 2018 9,334 138,869 3,519 151,722
Additions - 41,561 930 42,491
Disposals - ( 12,450) - ( 12,450)
_______ _______ _______ _______
At 31 October 2019 9,334 167,980 4,449 181,763
_______ _______ _______ _______
Depreciation
At 1 November 2018 6,241 63,283 2,803 72,327
Charge for the year 772 28,733 519 30,024
Disposals - ( 10,234) - ( 10,234)
_______ _______ _______ _______
At 31 October 2019 7,013 81,782 3,322 92,117
_______ _______ _______ _______
Carrying amount
At 31 October 2019 2,321 86,198 1,127 89,646
_______ _______ _______ _______
At 31 October 2018 3,093 75,586 716 79,395
_______ _______ _______ _______
Obligations under finance leases
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Motor vehicles
£
At 31 October 2019 75,144
_______
At 31 October 2018 58,630
_______
6. Debtors
2019 2018
£ £
Trade debtors 492,032 316,546
Other debtors 6,789 6,789
_______ _______
498,821 323,335
_______ _______
7. Creditors: amounts falling due within one year
2019 2018
£ £
Trade creditors 203,568 170,975
Corporation tax 39,250 33,536
Social security and other taxes 76,595 55,684
Other creditors 239,666 188,135
_______ _______
559,079 448,330
_______ _______
There is a debenture created 20 August 2009 in respect of company liabilities to HSBC Bank Plc .
8. Creditors: amounts falling due after more than one year
2019 2018
£ £
Other creditors 54,263 48,802
_______ _______
9. Operating leases
The company as lessee
The total future minimum lease payments under non-cancellable operating leases are as follows:
£ £
Not later than 1 year 3,000 6,241
_______ _______
This commitment relates to motor leasing.
10. Controlling party
55% of the company is owned by the parent, JN Electrical Limited.