Emerson Willis Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04476069 (England and Wales)

EMERSON WILLIS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2020

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

D W Norton

SECRETARY:

Ms S De Winter

REGISTERED OFFICE:

21 Lodge Lane

Grays

Essex

RM17 5RY

BUSINESS ADDRESS:

The Old Barn

Bretts Farm

Romford Road

Aveley

Essex

RM15 4XD

REGISTERED NUMBER:

04476069 (England and Wales)

ACCOUNTANTS:

Bland Baker

Chartered Accountants

21 Lodge Lane

Grays

Essex

RM17 5RY

FIXED ASSETS

Tangible assets

4

143,846

85,366

Investment property

5

242,083

242,083

385,929

327,449

CURRENT ASSETS

Stocks

116,927

116,927

Debtors

6

1,262,913

1,128,761

Cash at bank

2,224,908

2,310,135

3,604,748

3,555,823

CREDITORS

Amounts falling due within one year

7

632,836

771,488

NET CURRENT ASSETS

2,971,912

2,784,335

TOTAL ASSETS LESS CURRENT LIABILITIES

3,357,841

3,111,784

PROVISIONS FOR LIABILITIES

27,700

16,000

NET ASSETS

3,330,141

3,095,784

CAPITAL AND RESERVES

Called up share capital

20

20

Retained earnings

3,330,121

3,095,764

SHAREHOLDERS' FUNDS

3,330,141

3,095,784

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2020 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 5 October 2020 and were signed by:

D W Norton - Director

1.	STATUTORY INFORMATION

Emerson Willis Limited is a private company, limited by shares , registered in England and Wales.

The company's registered number and registered office address can be found on the Company

Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding

discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery

-

20% on reducing balance

Fixtures and fittings

-

20% on reducing balance

Motor vehicles

-

20% on reducing balance

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from

changes in fair value is recognised in profit or loss.

Stocks

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

obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of

Income and Retained Earnings, 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.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been

enacted or substantively enacted by the balance sheet date.

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 leases 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 lives or the lease term,

whichever is the shorter.

The interest element of these obligations is charged to profit or loss 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 14 (2019 - 15 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2019

264,508

Additions

82,578

Disposals

(10,810

)

At 31 March 2020

336,276

DEPRECIATION

At 1 April 2019

179,142

Charge for year

22,171

Eliminated on disposal

(8,883

)

At 31 March 2020

192,430

NET BOOK VALUE

At 31 March 2020

143,846

At 31 March 2019

85,366

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

etc

£

COST

At 1 April 2019

38,000

Transfer to ownership

(38,000

)

At 31 March 2020

-

DEPRECIATION

At 1 April 2019

3,790

Transfer to ownership

(3,790

)

At 31 March 2020

-

NET BOOK VALUE

At 31 March 2020

-

At 31 March 2019

34,210

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2019

and 31 March 2020

242,083

NET BOOK VALUE

At 31 March 2020

242,083

At 31 March 2019

242,083

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

532,804

448,009

Other debtors

730,109

680,752

1,262,913

1,128,761

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Hire purchase contracts

-

7,500

Trade creditors

227,212

300,707

Taxation and social security

105,870

135,836

Other creditors

299,754

327,445

632,836

771,488

8.	SECURED DEBTS

The following secured debts are included within creditors:

2020

2019

£

£

Hire purchase contracts

-

7,500

Hire purchase creditor is secured on the asset obtained under the finance agreement.