Wades of Wednesbury Limited 30/04/2020 iXBRL

Wades of Wednesbury Limited 30/04/2020 iXBRL

WADES OF WEDNESBURY LIMITED - Company Information

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REGISTRAR
Company registration number: 1621632
Wades of Wednesbury Limited
Unaudited filleted financial statements
30 April 2020
Wades of Wednesbury Limited
Contents
Statement of financial position
Notes to the financial statements
Wades of Wednesbury Limited
Statement of financial position
30 April 2020
2020 2019
Note £ £ £ £
Current assets
Stocks 96,240 97,520
Debtors 5 191,786 541,877
Cash at bank and in hand 189,976 397,683
_______ _______
478,002 1,037,080
Creditors: amounts falling due
within one year 6 ( 298,843) ( 665,157)
_______ _______
Net current assets 179,159 371,923
_______ _______
Total assets less current liabilities 179,159 371,923
_______ _______
Net assets 179,159 371,923
_______ _______
Capital and reserves
Called up share capital 7 2 2
Profit and loss account 179,157 371,921
_______ _______
Shareholders funds 179,159 371,923
_______ _______
For the year ending 30 April 2020 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 12 August 2020 , and are signed on behalf of the board by:
J.W. Wade
Director
Company registration number: 1621632
Wades of Wednesbury Limited
Notes to the financial statements
Year ended 30 April 2020
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Webb Street, Coseley, Bilston, West Midlands, WV14 8XL.
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.The financial statements are prepared in sterling, which is the functional currency of the entity.The accounts are rounded to the nearest £1.
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.
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.
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.
Debtors and creditors receivable/payable within one year
Debtors and creditors with no stated interest rate and receivable and payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 14 (2019: 13 ).
5. Debtors
2020 2019
£ £
Trade debtors 138,762 520,076
Other debtors 53,024 21,801
_______ _______
191,786 541,877
_______ _______
6. Creditors: amounts falling due within one year
2020 2019
£ £
Trade creditors 14,668 366,510
Amounts owed to group undertakings and undertakings in which the company has a participating interest 250,462 273,440
Social security and other taxes 24,086 16,058
Other creditors 9,627 9,149
_______ _______
298,843 665,157
_______ _______
7. Called up share capital
Issued, called up and fully paid
2020 2019
No £ No £
Ordinary shares shares of £ 1.00 each 2 2 2 2
_______ _______ _______ _______