WD Drywall Limited Filleted accounts for Companies House (small and micro)

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COMPANY REGISTRATION NUMBER: 07819606

WD Drywall Limited

Filleted Unaudited Financial Statements

For the year ended

31 March 2020

WD Drywall Limited

Financial Statements

Year ended 31 March 2020

Contents	Page

Officers and professional advisers	1

Statement of financial position	2

Notes to the financial statements	4

WD Drywall Limited

Officers and Professional Advisers

The board of directors	Mr C M Walker
	Mr R P Doherty

Registered office	Unit 15 The Ropewalk Industrial Estate
	Ilkeston
	Derbyshire
	DE7 5HX

Accountants	Swandec
	Chartered Accountants
	550 Valley Road
	Basford
	Nottingham
	NG5 1JJ

Bankers	Barclays
	Rose Hill
	Chesterfield
	Derbyshire

WD Drywall Limited

Statement of Financial Position

31 March 2020

	2020		2019
Note	£	£	£

Fixed assets

Tangible assets	4		55,291	62,376

Current assets

Stocks		420,430	303,820
Debtors	5	495,838	377,667
Cash at bank and in hand		1,046,271	756,584
		------------	------------
		1,962,539	1,438,071

Creditors: amounts falling due within one year	6	1,423,438		1,017,475
		------------		------------
Net current assets			539,101	420,596
			---------	---------
Total assets less current liabilities			594,392	482,972

Creditors: amounts falling due after more than one year	7		95,508	–

Provisions

Taxation including deferred tax	11,058	12,475
	---------	---------
Net assets	487,826	470,497
	---------	---------

Capital and reserves

Called up share capital	8	100	100
Profit and loss account		487,726	470,397
		---------	---------
Shareholders funds		487,826	470,497
		---------	---------

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 Section 1A of 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 income statement has not been delivered.

For the year ending 31 March 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 .

WD Drywall Limited

Statement of Financial Position (continued)

31 March 2020

These financial statements were approved by the board of directors and authorised for issue on 15 December 2020 , and are signed on behalf of the board by:

Mr C M Walker

Director

Company registration number: 07819606

WD Drywall Limited

Notes to the Financial Statements

Year ended 31 March 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 Unit 15 The Ropewalk Industrial Estate, Ilkeston, Derbyshire, DE7 5HX.

2. 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.

Revenue recognition

The turnover shown in the profit and loss account represents amounts invoiced for work carried out during the year, exclusive of Value Added Tax.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.

Tangible assets

Tangible assets are initially recorded at cost, and 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 equity, 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity 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:

Fixtures & Fittings	-	15% reducing balance
Motor Vehicles	-	25% reducing balance

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 stock to its 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 as a finance cost 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. Short term debtors and creditors with no stated interest rate are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account.

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 as a finance cost in profit or loss in the period in which it arises.

3. Employee numbers

The average number of persons employed by the company during the year amounted to 6 (2019: 5 ).

4. Tangible assets

	Fixtures and fittings	Motor vehicles	Total
	£	£	£
Cost
At 1 April 2019	24,186	77,896	102,082
Additions	3,743	–	3,743
	--------	--------	---------
At 31 March 2020	27,929	77,896	105,825
	--------	--------	---------
Depreciation
At 1 April 2019	7,819	31,887	39,706
Charge for the year	3,017	7,811	10,828
	--------	--------	---------
At 31 March 2020	10,836	39,698	50,534
	--------	--------	---------
Carrying amount
At 31 March 2020	17,093	38,198	55,291
	--------	--------	---------
At 31 March 2019	16,367	46,009	62,376
	--------	--------	---------

5. Debtors

	2020	2019
	£	£
Trade debtors	474,157	295,130
Other debtors	21,681	82,537
	---------	---------
	495,838	377,667
	---------	---------

6. Creditors: amounts falling due within one year

	2020	2019
	£	£
Bank loans and overdrafts	73,954	114
Trade creditors	948,866	772,156
Corporation tax	27,786	23,631
Social security and other taxes	317,525	218,642
Other creditors	55,307	2,932
	------------	------------
	1,423,438	1,017,475
	------------	------------

7. Creditors: amounts falling due after more than one year

	2020	2019
	£	£
Bank loans and overdrafts	95,508	–
	--------	----

8. Called up share capital

Issued, called up and fully paid

	2020		2019
	No.	£	No.	£
Ordinary A shares of £ 1 each	90	90	90	90
Ordinary B shares of £ 1 each	10	10	10	10
	----	----	----	----
	100	100	100	100
	----	----	----	----

9. Directors' advances, credits and guarantees

At the statement of financial position the amount owing to the directors through the directors loan accounts was £17,885 (2019:£2,072). The directors loan account is unsecured, interest free and repayable on demand.