W J Powell Limited 31/10/2019 iXBRL

W J Powell Limited 31/10/2019 iXBRL

W J POWELL LIMITED - Company Information

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31/10/2019 2019-10-31 false false false false false false false false false false true false false true false false false false false false true false No description of principal activities is disclosed 2018-11-01 Sage Accounts Production 19.0 - FRS102_2014 xbrli:pure xbrli:shares iso4217:GBP 08271035 2018-11-01 2019-10-31 08271035 2019-10-31 08271035 2018-10-31 08271035 2017-11-01 2018-10-31 08271035 2018-10-31 08271035 core:FurnitureFittingsToolsEquipment 2018-11-01 2019-10-31 08271035 core:OnerousContractsExcludingVacantProperties 2018-11-01 2019-10-31 08271035 core:NetGoodwill 2018-11-01 2019-10-31 08271035 bus:OrdinaryShareClass1 2018-11-01 2019-10-31 08271035 bus:Director2 2018-11-01 2019-10-31 08271035 core:WithinOneYear 2019-10-31 08271035 core:WithinOneYear 2018-10-31 08271035 core:NetGoodwill 2018-10-31 08271035 core:NetGoodwill 2019-10-31 08271035 core:FurnitureFittingsToolsEquipment 2018-10-31 08271035 core:FurnitureFittingsToolsEquipment 2019-10-31 08271035 core:ShareCapital 2019-10-31 08271035 core:ShareCapital 2018-10-31 08271035 core:RetainedEarningsAccumulatedLosses 2019-10-31 08271035 core:RetainedEarningsAccumulatedLosses 2018-10-31 08271035 bus:OrdinaryShareClass1 core:ShareCapital 2019-10-31 08271035 bus:OrdinaryShareClass1 core:ShareCapital 2018-10-31 08271035 core:NetGoodwill 2018-10-31 08271035 core:AcceleratedTaxDepreciationDeferredTax 2019-10-31 08271035 core:AcceleratedTaxDepreciationDeferredTax 2018-10-31 08271035 core:FurnitureFittingsToolsEquipment 2018-10-31 08271035 bus:Director1 2018-10-31 08271035 bus:Director1 2019-10-31 08271035 bus:Director1 2017-10-31 08271035 bus:Director1 2018-10-31 08271035 bus:Director1 2018-11-01 2019-10-31 08271035 bus:Director1 2017-11-01 2018-10-31 08271035 bus:SmallEntities 2018-11-01 2019-10-31 08271035 bus:AuditExempt-NoAccountantsReport 2018-11-01 2019-10-31 08271035 bus:FullAccounts 2018-11-01 2019-10-31 08271035 bus:SmallCompaniesRegimeForAccounts 2018-11-01 2019-10-31 08271035 bus:PrivateLimitedCompanyLtd 2018-11-01 2019-10-31
Company registration number: 08271035
W J Powell Limited
Unaudited filleted financial statements
31 October 2019
W J Powell Limited
Contents
Balance sheet
Notes to the financial statements
W J Powell Limited
Balance sheet
31 October 2019
2019 2018
Note £ £ £ £
Fixed assets
Intangible assets 5 56,250 67,500
Tangible assets 6 4,849 7,079
_______ _______
61,099 74,579
Current assets
Stocks 30,100 30,936
Debtors 7 88,500 106,893
Cash at bank and in hand 86,727 132,955
_______ _______
205,327 270,784
Creditors: amounts falling due
within one year 8 ( 89,278) ( 90,172)
_______ _______
Net current assets 116,049 180,612
_______ _______
Total assets less current liabilities 177,148 255,191
Provisions for liabilities ( 921) ( 1,345)
_______ _______
Net assets 176,227 253,846
_______ _______
Capital and reserves
Called up share capital 10 100 100
Profit and loss account 176,127 253,746
_______ _______
Shareholders funds 176,227 253,846
_______ _______
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 Profit and Loss account has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 29 October 2020 , and are signed on behalf of the board by:
............................................
Mrs H L Thomas-Churchill
Director
Company registration number: 08271035
W J Powell 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 United Kingdom. The address of the registered office is W J Powell Limited, CHP, Clifton House, Four Elms Road, Cardiff, CF24 1LE.
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.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill - 12 years
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
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 % straight line
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. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
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 Balance Sheet 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
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
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. Staff costs
The average number of persons employed by the company during the year amounted to 7 (2018: 7 ).
5. Intangible assets
Goodwill Total
£ £
Cost
At 1 November 2018 and 31 October 2019 135,000 135,000
_______ _______
Amortisation
At 1 November 2018 67,500 67,500
Charge for the year 11,250 11,250
_______ _______
At 31 October 2019 78,750 78,750
_______ _______
Carrying amount
At 31 October 2019 56,250 56,250
_______ _______
At 31 October 2018 67,500 67,500
_______ _______
6. Tangible assets
Fixtures, fittings and equipment Computer equipment Total
£ £ £
Cost
At 1 November 2018 and 31 October 2019 8,660 1,933 10,593
_______ _______ _______
Depreciation
At 1 November 2018 3,031 483 3,514
Charge for the year 1,732 498 2,230
_______ _______ _______
At 31 October 2019 4,763 981 5,744
_______ _______ _______
Carrying amount
At 31 October 2019 3,897 952 4,849
_______ _______ _______
At 31 October 2018 5,629 1,450 7,079
_______ _______ _______
7. Debtors
2019 2018
£ £
Trade debtors 82,403 68,534
Social security and other taxes 6,097 19,018
Other debtors - 19,341
_______ _______
88,500 106,893
_______ _______
8. Creditors: amounts falling due within one year
2019 2018
£ £
Trade creditors 82,397 63,615
Accruals and deferred income 3,750 4,000
Director loan accounts 3,131 -
Factoring account - 22,557
_______ _______
89,278 90,172
_______ _______
9. Deferred tax
The deferred tax included in the Balance Sheet is as follows:
2019 2018
£ £
921 1,345
_______ _______
The deferred tax account consists of the tax effect of timing differences in respect of:
2019 2018
£ £
Accelerated capital allowances ( 424) 1,345
_______ _______
10. Called up share capital
Issued, called up and fully paid
2019 2018
No £ No £
Ordinary shares shares of £ 1.00 each 100 100 100 100
_______ _______ _______ _______
11. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2019
Balance brought forward Amounts repaid Balance o/standing
£ £ £
Mr I G Thomas and Mrs H L Thomas-Churchill 19,341 (22,472) (3,131)
_______ _______ _______
2018
Balance brought forward Amounts repaid Balance o/standing
£ £ £
Mr I G Thomas and Mrs H L Thomas-Churchill 67,682 (48,341) 19,341
_______ _______ _______