Wallis-Smith Limited - Period Ending 2015-03-31

Registration number: 06510359

Wallis-Smith Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 March 2015
 

Young & Co
Chartered Accountants
Bewell House
Bewell Street
Hereford
Herefordshire
HR4 0BA

Wallis-Smith Limited
Contents

Accountants' Report 1

Abbreviated Balance Sheet 2 to 3

Notes to the Abbreviated Accounts 4 to 6

The following reproduces the text of the accountants' report in respect of the company's annual financial statements, from which the abbreviated accounts (set out on pages 2 to 6) have been prepared.

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Wallis-Smith Limited
for the Year Ended 31 March 2015

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Wallis-Smith Limited for the year ended 31 March 2015 set out on pages 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 Wallis-Smith Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Wallis-Smith Limited and state those matters that we have agreed to state to them, 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 Wallis-Smith Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Wallis-Smith Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Wallis-Smith Limited. You consider that Wallis-Smith 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 accounts of Wallis-Smith 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 accounts.

......................................

Young & Co
Chartered Accountants
Bewell House
Bewell Street
Hereford
Herefordshire
HR4 0BA

30 September 2015

Page 1

Wallis-Smith Limited
(Registration number: 06510359)
Abbreviated Balance Sheet at 31 March 2015

		Note			2015 £			2014 £
Fixed assets
Intangible fixed assets					117,000			126,000
Tangible fixed assets					23,292			25,090
					140,292			151,090
Current assets
Stocks					128,948			80,757
Debtors					61,619			48,882
Cash at bank and in hand					96,374			9,025
					286,941			138,664
Creditors: Amounts falling due within one year					(183,318)			(171,079)
Net current assets/(liabilities)					103,623			(32,415)
Total assets less current liabilities					243,915			118,675
Creditors: Amounts falling due after more than one year					(14,373)			(16,193)
Provisions for liabilities					(4,658)			(5,018)
Net assets					224,884			97,464
Capital and reserves
Called up share capital		4			100			100
Profit and loss account					224,784			97,364
Shareholders' funds					224,884			97,464

For the year ending 31 March 2015 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime .

Approved by the Board on 30 September 2015 and signed on its behalf by:

The notes on pages 4 to 6 form an integral part of these financial statements.
Page 2

Wallis-Smith Limited
(Registration number: 06510359)
Abbreviated Balance Sheet at 31 March 2015
......... continued

.........................................
Mrs K J Wallis-Smith
Director

The notes on pages 4 to 6 form an integral part of these financial statements.
Page 3

Wallis-Smith Limited
Notes to the Abbreviated Accounts for the Year Ended 31 March 2015
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective April 2008).

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Goodwill

Positive goodwill is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful economic life. It is reviewed for impairment at the end of the first full financial year following the acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.

Amortisation

Amortisation is provided on intangible fixed assets so as to write off the cost, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Amortisation method and rate
Goodwill	5% of cost per annum

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Motor vehicles	25% of written down value per annum
Fixtures and fitting	15% of cost per annum

Stock

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

Deferred tax

Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date, except as required by the FRSSE. Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and law enacted at the balance sheet date.

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Page 4

Wallis-Smith Limited
Notes to the Abbreviated Accounts for the Year Ended 31 March 2015
......... continued

Assets held under finance leases, which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital elements of future obligations under the leases are included as liabilities in the balance sheet. The interest element of the rental obligation is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding. Assets held under hire purchase agreements are capitalised as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital element of future finance payments is included within creditors. Finance charges are allocated to accounting periods over the length of the contract and represent a constant proportion of the balance of capital repayments outstanding.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as 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. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

Pensions

The company operates a defined contribution pension scheme. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.

2	Fixed assets

		Intangible assets £			Tangible assets £			Total £
Cost
At 1 April 2014		180,000			33,714			213,714
Additions		-			5,145			5,145
Disposals		-			(119)			(119)
At 31 March 2015		180,000			38,740			218,740
Depreciation
At 1 April 2014		54,000			8,624			62,624
Charge for the year		9,000			6,899			15,899
Eliminated on disposals		-			(75)			(75)
At 31 March 2015		63,000			15,448			78,448
Net book value
At 31 March 2015		117,000			23,292			140,292
At 31 March 2014		126,000			25,090			151,090

Page 5

Wallis-Smith Limited
Notes to the Abbreviated Accounts for the Year Ended 31 March 2015
......... continued

3

Creditors

Creditors includes the following liabilities, on which security has been given by the company:

		2015 £			2014 £
Amounts falling due within one year		1,820			996
Amounts falling due after more than one year		14,373			16,193
Total secured creditors		16,193			17,189

4	Share capital

Allotted, called up and fully paid shares

	2015						2014
		No.			£			No.			£
Ordinary of £1 each		100			100			100			100

5	Related party transactions

Directors' advances and credits

	2015 Advance/ Credit £	2015 Repaid £	2014 Advance/ Credit £	2014 Repaid £
Mr S P Wallis-Smith
Directors loan account joint with Mrs K J Wallis-Smith	40,789	-	78,242	-

Page 6