The Wharf House Company Limited - Period Ending 2015-02-28

Registration number: 04627931

The Wharf House Company Limited

Unaudited Abbreviated Accounts

for the Year Ended 28 February 2015
 

Aims Accountants for Business
Arthur Sampson FCA
Bramley Place
45 The Scarr
Newent
GL18 1DQ

The Wharf House Company Limited
Contents

Accountants' Report 1

Abbreviated Balance Sheet 2

Notes to the Abbreviated Accounts 3 to 4

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 4) have been prepared.

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
The Wharf House Company Limited
for the Year Ended 28 February 2015

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of The Wharf House Company Limited for the year ended 28 February 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 The Wharf House Company Limited, as a body, in accordance with the terms of our engagement letterdated 13 June 2011. Our work has been undertaken solely to prepare for your approval the accounts of The Wharf House Company 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 The Wharf House Company Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that The Wharf House Company 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 The Wharf House Company Limited. You consider that The Wharf House Company 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 The Wharf House Company 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.

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

Aims Accountants for Business
Arthur Sampson FCA
Bramley Place
45 The Scarr
Newent
GL18 1DQ

2 November 2015

Page 1

The Wharf House Company Limited
(Registration number: 04627931)
Abbreviated Balance Sheet at 28 February 2015

		Note			2015 £			2014 £
Fixed assets
Tangible fixed assets					352,876			362,918
Current assets
Stocks					14,250			14,669
Debtors					10,612			43,351
Cash at bank and in hand					9,300			77
					34,162			58,097
Creditors: Amounts falling due within one year					(64,895)			(90,335)
Net current liabilities					(30,733)			(32,238)
Total assets less current liabilities					322,143			330,680
Creditors: Amounts falling due after more than one year					(399,764)			(410,512)
Net liabilities					(77,621)			(79,832)
Capital and reserves
Called up share capital		4			100,002			100,002
Profit and loss account					(177,623)			(179,834)
Shareholders' deficit					(77,621)			(79,832)

For the year ending 28 February 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 2 November 2015 and signed on its behalf by:

.........................................
Mrs E Connors
Company secretary and director

The notes on pages 3 to 4 form an integral part of these financial statements.
Page 2

The Wharf House Company Limited
Notes to the Abbreviated Accounts for the Year Ended 28 February 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.

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
Property Improvements	not provided
Equipment	20% straight line
Fixtures & Fittings	15% straight line
Office Equipment	33% straight line

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.

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.

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.

Page 3

The Wharf House Company Limited
Notes to the Abbreviated Accounts for the Year Ended 28 February 2015
......... continued

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 March 2014		463,181			463,181
Additions		2,609			2,609
At 28 February 2015		465,790			465,790
Depreciation
At 1 March 2014		100,263			100,263
Charge for the year		12,651			12,651
At 28 February 2015		112,914			112,914
Net book value
At 28 February 2015		352,876			352,876
At 28 February 2014		362,918			362,918

3

Creditors

Included in the creditors are the following amounts due after more than five years:

		2015 £			2014 £
After more than five years by instalments		374,791			380,214
After more than five years not by instalments		6,065			6,065
		380,856			386,279

4	Share capital

Allotted, called up and fully paid shares

	2015						2014
		No.			£			No.			£
Ordinary of £1 each		100,002			100,002			100,002			100,002

5

Control

The company is controlled by Herefordshire & Gloucestershire Canal Trust Ltd..

Page 4