Welsby Memorials Limited - Accounts to registrar (filleted) - small 18.2

WELSBY MEMORIALS LIMITED

Unaudited Financial Statements

for the Year Ended 30th September 2020

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

A P Grassi

A J Grassi

REGISTERED OFFICE:

1 Abbots Quay

Monks Ferry

Birkenhead

Merseyside

CH41 5LH

REGISTERED NUMBER:

05493987 (England and Wales)

ACCOUNTANTS:

Haines Watts Wirral Limited

1 Abbots Quay

Monks Ferry

Birkenhead

Merseyside

CH41 5LH

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

514,381

510,689

514,381

510,689

CURRENT ASSETS

Stocks

10,000

10,000

Debtors

6

119,615

23,085

Cash at bank and in hand

219,240

221,302

348,855

254,387

CREDITORS

Amounts falling due within one year

7

261,447

203,167

NET CURRENT ASSETS

87,408

51,220

TOTAL ASSETS LESS CURRENT LIABILITIES

601,789

561,909

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

8

601,689

561,809

SHAREHOLDERS' FUNDS

601,789

561,909

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30th September 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 30th September 2020 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 22nd June 2021 and were signed on its behalf by:

A J Grassi - Director

1.	STATUTORY INFORMATION

Welsby Memorials 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.

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.

Significant judgements and estimates

Preparation of the financial statements requires management to make significant judgements and estimates. The areas in the financial statements where these judgements and estimates have been made include:

- The useful economic lives of fixed assets.

- The value of closing stock.

- The value of freehold property.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2008, has been fully amortised.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

33% on cost

Freehold properties are reviewed annually and are revalued in line with managements' opinion of the value of those properties at each balance sheet date. The revaluation is based on historical experience as well as considering future events which may impact the value of property, such as changes in market demands.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and loans from banks and other third parties.

Taxation

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

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.

Debtors

Short term debtors are measured at transaction price, less any impairment.

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including loans, are measured initially at fair value, net of transaction costs.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2019 - 8 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1st October 2019

and 30th September 2020

177,337

AMORTISATION

At 1st October 2019

and 30th September 2020

177,337

NET BOOK VALUE

At 30th September 2020

-

At 30th September 2019

-

5.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

Plant and

and

property

machinery

fittings

£

£

£

COST

At 1st October 2019

480,000

30,957

1,117

Additions

-

-

-

Disposals

-

-

-

At 30th September 2020

480,000

30,957

1,117

DEPRECIATION

At 1st October 2019

-

19,898

931

Charge for year

-

2,764

28

Eliminated on disposal

-

-

-

At 30th September 2020

-

22,662

959

NET BOOK VALUE

At 30th September 2020

480,000

8,295

158

At 30th September 2019

480,000

11,059

186

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1st October 2019

31,380

7,727

551,181

Additions

10,236

6,525

16,761

Disposals

(1,445

)

-

(1,445

)

At 30th September 2020

40,171

14,252

566,497

DEPRECIATION

At 1st October 2019

14,480

5,183

40,492

Charge for year

6,769

3,447

13,008

Eliminated on disposal

(1,384

)

-

(1,384

)

At 30th September 2020

19,865

8,630

52,116

NET BOOK VALUE

At 30th September 2020

20,306

5,622

514,381

At 30th September 2019

16,900

2,544

510,689

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

45,774

19,638

Other debtors

73,841

3,447

119,615

23,085

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Hire purchase contracts

7,484

-

Trade creditors

38,804

34,368

Taxation and social security

53,116

59,198

Other creditors

162,043

109,601

261,447

203,167

8.

RESERVES

Retained

earnings

£

At 1st October 2019

561,809

Profit for the year

85,880

Dividends

(46,000

)

At 30th September 2020

601,689

9.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30th September 2020 and 30th September 2019:

2020

2019

£

£

A J Grassi

Balance outstanding at start of year

-

-

Amounts advanced

70,970

-

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

70,970

-

10.	RELATED PARTY DISCLOSURES

During the year, total dividends of £44,000 (2019 - £39,400) were paid to the directors .

Included in other creditors are the sums of £5,015 (2019-£15) and £nil (2019 - £237) being amounts due to A P Grassi and A J Grassi who are both directors and shareholders of the company.

During the period rent of £3,000 (2019 - £3,000) was paid to the director, A P Grassi and his wife, Mrs C Grassi, for the use of premises owned by them.