United Welsh Services Limited - Limited company - abbreviated

REGISTERED NUMBER: 02108485

UNITED WELSH SERVICES LIMITED

ABBREVIATED UNAUDITED ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2014

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

Chartered Accountants' Report

8

DIRECTORS:

I H Moore

A D Kreppel

G P Turley

Mrs A J Bending

SECRETARY:

G P Turley

REGISTERED OFFICE:

Eastdene

Brynview Close

Reynoldston

Swansea

SA3 1AJ

REGISTERED NUMBER:

02108485

ACCOUNTANTS:

Bevan & Buckland

Chartered Accountants

Langdon House

Langdon Road

SA1 Swansea Waterfront

Swansea

SA1 8QY

FIXED ASSETS

Tangible assets

2

-

2

Investments

3

244,607

Investment property

4

1,570,000

1,706,000

1,814,607

1,950,609

CURRENT ASSETS

Debtors

39,057

68,685

Investments

1,459,526

1,584,629

Cash at bank

107,850

188,524

1,606,433

1,841,838

CREDITORS

Amounts falling due within one year

707,942

716,882

NET CURRENT ASSETS

898,491

1,124,956

TOTAL ASSETS LESS CURRENT
LIABILITIES

2,713,098

3,075,565

CAPITAL AND RESERVES

Called up share capital

5

99,373

Share premium

52,000

Revaluation reserve

115,476

Capital redemption reserve

3,000

Profit and loss account

2,443,249

2,805,716

SHAREHOLDERS' FUNDS

2,713,098

3,075,565

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2014.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2014 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 abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 28 September 2015 and were signed on
its behalf by:

G P Turley - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention as modified by the

revaluation of certain assets and in accordance with the Financial Reporting Standard for Smaller

Entities (effective April 2008).

Turnover

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

Tangible fixed assets

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

Fixtures and fittings

-

33% on cost

Properties are revalued externally every five years, with the aggregate surplus or deficit being

transferred to a revaluation reserve. The Directors review annually the formal external valuation, to

establish if this is still reasonable.

Investment property

In accordance with Statement of Standard Accounting Practice No 19:

(i) investment properties are revalued every five years and the aggregate surplus or deficit is

transferred to a revaluation reserve; and

(ii) no depreciation or amortisation is provided in respect of freehold investment properties and

leasehold investment properties with over 20 years to run.

This treatment, as regards the company's investment properties, may be a departure from the

requirements of the Companies Act concerning depreciation of fixed assets. However, these

properties are not held for consumption but for investment and the directors consider that systematic

annual depreciation would be inappropriate. The accounting policy adopted is therefore necessary to

give a true and fair view. Depreciation or amortisation is only one of the many factors reflected in the

annual valuation and the amount, which might otherwise have been shown, cannot be separately

identified or quantified. When a property is sold the difference between its sale proceeds and its

original cost is taken to profit and loss account.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at

the balance sheet date.

Pensions

The company operates a defined contribution pension scheme. Contributions payable for the year are

charged in the profit and loss account.

Taxation

The charge or credit for taxation is based on the result for the year and takes into account taxation

deferred because of timing differences between the treatment of certain items for taxation and

accounting purposes. Provision is made at current rates for taxation deferred in respect of all material

timing differences, except to the extent that in the opinion of the Directors, there is a reasonable

probability that the liability will not arise in the foreseeable future.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 January 2014

and 31 December 2014

16,928

DEPRECIATION

At 1 January 2014

16,926

Charge for year

2

At 31 December 2014

16,928

NET BOOK VALUE

At 31 December 2014

-

At 31 December 2013

2

3.	FIXED ASSET INVESTMENTS

Investments

other

than

loans

£

COST

At 1 January 2014

394,607

Disposals

(150,000

)

At 31 December 2014

244,607

PROVISIONS

At 1 January 2014

150,000

Provision written back

(150,000

)

At 31 December 2014

-

NET BOOK VALUE

At 31 December 2014

244,607

At 31 December 2013

244,607

The company's investments at the Balance Sheet date in the share capital of companies include the

following:

Vanguard PSV Holdings Limited

Nature of business: Dormant

%

Class of shares:

holding

Ordinary

100.00

2014

2013

£

Aggregate capital and reserves

44,605

Holidays Wales Limited

Nature of business: Dormant

%

Class of shares:

holding

Ordinary

100.00

2014

2013

£

Aggregate capital and reserves

(274,160

)

(274,160

)

Travelwise International Limited

Nature of business: Dormant

%

Class of shares:

holding

Ordinary

100.00

2014

2013

£

Aggregate capital and reserves

200,000

South Wales Transport (Swansea) Limited

Nature of business: Dormant

%

Class of shares:

holding

Ordinary

100.00

2014

2013

£

Aggregate capital and reserves

(594,403

)

(594,403

)

United Welsh Services (Trustees) Limited

Nature of business: Dormant

%

Class of shares:

holding

Ordinary

100.00

2014

2013

£

Aggregate capital and reserves

2

4.	INVESTMENT PROPERTY

Total

£

COST OR VALUATION

At 1 January 2014

1,706,000

Impairments

(136,000

)

At 31 December 2014

1,570,000

NET BOOK VALUE

At 31 December 2014

1,570,000

At 31 December 2013

1,706,000

5.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2014

2013

value:

£

993,720

Ordinary Shares

10p

99,373

The following reproduces the text of the report prepared for the directors in respect of the company's

annual unaudited financial statements, from which the unaudited abbreviated accounts (set out on

pages two to seven) have been prepared.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval

the financial statements of United Welsh Services Limited for the year ended 31 December 2014 which

comprise the Profit and Loss Account, the 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 Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at icaew.com/membershandbook.

This report is made solely to the Board of Directors of United Welsh Services 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 United Welsh Services Limited and state those matters that we have agreed to state to the Board of Directors of United Welsh Services Limited, as a body, in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. 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 United Welsh Services 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 United Welsh Services Limited. You consider that United Welsh Services 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 United Welsh

Services 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.

Bevan & Buckland

Chartered Accountants

Langdon House

Langdon Road

SA1 Swansea Waterfront

Swansea

SA1 8QY

28 September 2015

United Welsh Services Limited - Limited company - abbreviated - 11.6

United Welsh Services Limited - Limited company - abbreviated - 11.6