Willington Joinery Limited - Period Ending 2015-04-30

Registration number: 05420256

Willington Joinery Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 April 2015
 

Mr John Summerfield
29 Vicarage Road
Coseley
Bilston
West Midlands
WV14 9EA

Willington Joinery Limited
Contents

Company Information 1

Directors' Report 2

Accountants' Report 3

Profit and Loss Account 4

Balance Sheet 5 to 6

Notes to the Financial Statements 7 to 9

Willington Joinery Limited
Company Information

Directors

Mr Stuart Corrington Mr Mark Williams

Company secretary

Mr Mark Williams

Registered office

C/o Unit 22 Hollies Industrial Estated Wolverhampton West Midlands WV2 4HE

Accountants

Mr John Summerfield 29 Vicarage Road Coseley Bilston West Midlands WV14 9EA

Page 1

Willington Joinery Limited
Directors' Report for the Year Ended 30 April 2015

The directors present their report and the unaudited financial statements for the year ended 30 April 2015.

Directors of the company

The directors who held office during the year were as follows:

Mr Stuart Corrington

Mr Mark Williams

Small company provisions

This report has been prepared in accordance with the small companies regime under the Companies Act 2006.

Approved by the Board on 8 January 2016 and signed on its behalf by:

.........................................
Mr Stuart Corrington
Director

.........................................
Mr Mark Williams
Director

Page 2

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Willington Joinery Limited
for the Year Ended 30 April 2015

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Willington Joinery Limited for the year ended 30 April 2015 set out on pages 4 to 9 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 Willington Joinery 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 Willington Joinery 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 Willington Joinery Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Willington Joinery 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 Willington Joinery Limited. You consider that Willington Joinery 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 Willington Joinery 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.

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

Mr John Summerfield
29 Vicarage Road
Coseley
Bilston
West Midlands
WV14 9EA

8 January 2016

Page 3

Willington Joinery Limited
Profit and Loss Account for the Year Ended 30 April 2015

		Note			2015 £			2014 £
Turnover					179,449			158,059
Cost of sales					(127,953)			(109,302)
Gross profit					51,496			48,757
Administrative expenses					(49,419)			(46,932)
Operating profit		2			2,077			1,825
Profit on ordinary activities before taxation					2,077			1,825
Tax on profit on ordinary activities		4			-			(365)
Profit for the financial year		9			2,077			1,460

The notes on pages 7 to 9 form an integral part of these financial statements.
Page 4

Willington Joinery Limited
(Registration number: 05420256)
Balance Sheet at 30 April 2015

		Note			2015 £			2014 £
Fixed assets
Tangible fixed assets		5			187			243
Current assets
Stocks					4,000			3,500
Debtors		6			21,692			33,972
Cash at bank and in hand					30,018			29,747
					55,710			67,219
Creditors: Amounts falling due within one year		7			(35,828)			(49,470)
Net current assets					19,882			17,749
Net assets					20,069			17,992
Capital and reserves
Called up share capital		8			1,000			1,000
Profit and loss account		9			19,069			16,992
Shareholders' funds					20,069			17,992

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the Financial Reporting Standard for Smaller Entities (effective 2008).

For the year ending 30 April 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.

Approved and authorised for issue by the Board on 8 January 2016 and signed on its behalf by:

.........................................
Mr Stuart Corrington
Director

The notes on pages 7 to 9 form an integral part of these financial statements.
Page 5

Willington Joinery Limited
(Registration number: 05420256)
Balance Sheet at 30 April 2015
......... continued

.........................................
Mr Mark Williams
Director

The notes on pages 7 to 9 form an integral part of these financial statements.
Page 6

Willington Joinery Limited
Notes to the Financial Statements for the Year Ended 30 April 2015
......... continued

1	Accounting policies

Basis of preparation

The financial statements 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:

Plant and machinery - 18%

Asset class	Depreciation method and rate
Plant and machiery	18%

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.

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.

2	Operating profit

Operating profit is stated after charging:

		2015 £			2014 £
Depreciation of tangible fixed assets		56			60

3	Directors' remuneration

The directors' remuneration for the year was as follows:

Page 7

Willington Joinery Limited
Notes to the Financial Statements for the Year Ended 30 April 2015
......... continued

		2015 £			2014 £
Remuneration		15,600			10,400

4

Taxation

Tax on profit on ordinary activities

		2015 £			2014 £
Current tax
Corporation tax charge		-			365

5	Tangible fixed assets

		Plant and machinery £			Total £
Cost or valuation
At 1 May 2014		2,198			2,198
Depreciation
At 1 May 2014		1,955			1,955
Charge for the year		56			56
At 30 April 2015		2,011			2,011
Net book value
At 30 April 2015		187			187
At 30 April 2014		243			243

6

Debtors

		2015 £			2014 £
Trade debtors		20,038			33,972
Other debtors		1,654			-
		21,692			33,972

Page 8

Willington Joinery Limited
Notes to the Financial Statements for the Year Ended 30 April 2015
......... continued

7	Creditors: Amounts falling due within one year

		2015 £			2014 £
Trade creditors		15,921			12,491
Corporation tax		-			365
Other taxes and social security		-			6,790
Other creditors		19,907			29,824
		35,828			49,470

8	Share capital

Allotted, called up and fully paid shares

	2015						2014
		No.			£			No.			£
Ordinary of £1 each		1,000			1,000			1,000			1,000

9

Reserves

		Profit and loss account £			Total £
At 1 May 2014		16,992			16,992
Profit for the year		2,077			2,077
At 30 April 2015		19,069			19,069

10

Control

The company is controlled by the directors who own 100% of the called up share capital.

Page 9