WM Fencing Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 05154467 (England and Wales)

WM FENCING LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

Chartered Certified Accountants' Report

6

DIRECTORS:

Mrs N A Murphy

W A Murphy

SECRETARY:

Mrs N A Murphy

REGISTERED OFFICE:

Maybrook Industrial Estate

Maybrook Road

Walsall

West Midlands

WS8 7DG

REGISTERED NUMBER:

05154467 (England and Wales)

ACCOUNTANTS:

Equus Miller Limited

Chartered Certified Accountants

Brook House

47 High Street

Henley in Arden

Warwickshire

B95 5AA

FIXED ASSETS

Tangible assets

4

329,456

361,378

CURRENT ASSETS

Stocks

5

32,473

32,783

Debtors

6

623,629

839,921

Cash at bank

194,010

314,086

850,112

1,186,790

CREDITORS

Amounts falling due within one year

7

265,103

303,405

NET CURRENT ASSETS

585,009

883,385

TOTAL ASSETS LESS CURRENT LIABILITIES

914,465

1,244,763

CREDITORS

Amounts falling due after more than one year

8

(250,000

)

-

PROVISIONS FOR LIABILITIES

(16,339

)

(16,384

)

NET ASSETS

648,126

1,228,379

CAPITAL AND RESERVES

Called up share capital

9

2

2

Retained earnings

10

648,124

1,228,377

SHAREHOLDERS' FUNDS

648,126

1,228,379

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2021 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 19 October 2021 and were signed on its behalf by:

W A Murphy - Director

1.	STATUTORY INFORMATION

WM Fencing 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.

Turnover

Turnover represents net invoiced sales of goods and services, excluding value added tax.

Turnover has been recognised in accordance with Urgent Issues Task Force Abstract 40, application note G. Provided that the outcome of contracts can be assessed with reasonable certainty, the revenues and costs on such contracts are recognised based on the stage of completion and the overall contract profitability. Full provision is made on estimated losses to completion of contracts having regard to the overall substance of the arrangement.

Tangible fixed assets

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

Freehold property

-

2% on cost

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

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.

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 15 (2020 - 17 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

Plant and

and

Motor

property

machinery

fittings

vehicles

Totals

£

£

£

£

£

COST

At 1 April 2020

259,317

93,860

32,842

319,149

705,168

Additions

-

-

2,464

-

2,464

At 31 March 2021

259,317

93,860

35,306

319,149

707,632

DEPRECIATION

At 1 April 2020

21,344

69,462

27,535

225,449

343,790

Charge for year

3,248

6,099

1,441

23,598

34,386

At 31 March 2021

24,592

75,561

28,976

249,047

378,176

NET BOOK VALUE

At 31 March 2021

234,725

18,299

6,330

70,102

329,456

At 31 March 2020

237,973

24,398

5,307

93,700

361,378

Included in cost of land and buildings is freehold land of £ 103,920 (2020 - £ 103,920 ) which is not depreciated.

5.

STOCKS

31/3/21

31/3/20

£

£

Stocks

32,473

32,783

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/3/21

31/3/20

£

£

Trade debtors

574,968

533,577

Amounts owed by related company

18,163

280,006

Other debtors

-

4,950

VAT

17,048

8,792

Prepayments and accrued income

13,450

12,596

623,629

839,921

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/3/21

31/3/20

£

£

Trade creditors

154,882

123,662

Amounts owed to related company

5,029

-

Corporation tax payable

70,621

144,326

Social security & other taxes

18,980

20,507

Other creditors

647

1,127

Wages control

7,956

6,865

Directors' loan accounts

70

-

Accrued expenses

6,918

6,918

265,103

303,405

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31/3/21

31/3/20

£

£

Bank loans - 2-5 years

250,000

-

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31/3/21

31/3/20

value:

£

£

2

Ordinary

£1

2

2

10.

RESERVES

Retained

earnings

£

At 1 April 2020

1,228,377

Profit for the year

269,747

Dividends

(850,000

)

At 31 March 2021

648,124

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of WM Fencing Limited for the year ended 31 March 2021 which comprise the Statement of Income and Retained Earnings, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook.

This report is made solely to the Board of Directors of WM Fencing Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of WM Fencing Limited and state those matters that we have agreed to state to the Board of Directors of WM Fencing Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that WM Fencing Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of WM Fencing Limited. You consider that WM Fencing Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of WM Fencing Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Equus Miller Limited

Chartered Certified Accountants

Brook House

47 High Street

Henley in Arden

Warwickshire

B95 5AA

19 October 2021