Edward Williams Furniture Limited - Abbreviated accounts

EDWARD WILLIAMS FURNITURE LTD - Company Information

Registered number

06135369

Edward Williams Furniture Limited

Abbreviated Financial Statements

30 April 2015

Edward Williams Furniture Limited

Report to the directors on the preparation of the unaudited abbreviated accounts of Edward Williams Furniture 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 abbreviated financial statements of Edward Williams Furniture Limited for the year ended 30 April 2015 which comprise of 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 Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://rulebook.accaglobal.com/
This report is made solely to the Board of Directors of Edward Williams Furniture 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 financial statements of Edward Williams Furniture Limited and state those matters that we have agreed to state to the Board of Directors of Edward Williams Furniture 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 Edward Williams Furniture Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Edward Williams Furniture 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 Edward Williams Furniture Limited. You consider that Edward Williams Furniture 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 Edward Williams Furniture 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 abbreviated accounts.

Clark Howes Business Services Limited
Certified Accountants
Riverside House
Bourton Business Centre
Bourton Road
Buckingham
MK18 7DS

22 January 2016

Edward Williams Furniture Limited
Registered number: 06135369
Abbreviated Balance Sheet
as at 30 April 2015

Notes			2015			2014
£				£
Fixed assets
Intangible assets	2		3,833			5,833
Tangible assets	3		212,457			187,803
			216,290			193,636

Current assets
Stocks		213,382			116,953
Debtors		1,219,944			1,063,841
Cash at bank and in hand		2,397			7,099
		1,435,723			1,187,893

Creditors: amounts falling due within one year		(1,162,497)			(884,623)

Net current assets			273,226			303,270

Total assets less current liabilities			489,516			496,906

Creditors: amounts falling due after more than one year			(143,094)			(131,017)

Provisions for liabilities			(39,148)			(33,600)


Net assets			307,274			332,289

Capital and reserves
Called up share capital	4		2,000			2,000
Profit and loss account			305,274			330,289

Shareholders' funds			307,274			332,289

The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
Members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The financial statements have been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime.



Mr A Howe
Director
Approved by the board on 22 January 2016

Edward Williams Furniture Limited
Notes to the Abbreviated Accounts
for the year ended 30 April 2015

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 the value, net of value added tax and discounts, of goods provided to customers and work carried out in respect of services provided to customers. Turnover is recognised when the goods are physically delivered to the customer and when services are provided.

	Depreciation
	Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:

	Plant, machinery and office equipment			25% / 20% / 10% straight line
	Motor vehicles			25% straight line
	Land, buildings and leasehold improvements			10%/ 20% straight line

	Intangible assets
	Intangible fixed assets purchased separately from a business are capitalised at their cost. Intangible assets purchased as part of an acquisition are capitalised at their fair value where this can be measured reliably. Intangible assets are reviewed on the anniversary of acquisition to check for impairment and in later periods where there are changes in events or circumstances that indicate the carrying value may not be recoverable. Amortisation has been provided equally over the following years in order to write off the assets over their estimated useful lives.

	Goodwill	10 years
	Other Intangibles	5 to 6 years

	Stocks
	Stock is valued at the lower cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost includes any expenditure incurred in bringing the stock to its present location and condition. Where consignment stock is in substance an asset of the company, it is recognised as such on the balance sheet.

	Factored debts
	The company utilises a debt factoring arrangement whereby substantially all of the benefits and risks of the factored debts are retained by the company. It is therefore appropriate to adopt a separate presentation whereby gross factored debts are included on the balance sheet within debtors and a corresponding liability in respect of the proceeds received from the factor is shown within secured liabilities. Factoring charges are recognised as they accrue and included within bank charges and similar charges.

	Deferred taxation
	Full provision is made for deferred taxation resulting from timing differences between the recognition of gains and losses in the financial statements and their recognition for tax purposes. Deferred taxation is calculated on an un-discounted basis at the tax rates which are expected to apply in the periods when the timing differences will reverse.

	Foreign currencies
	Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the balance sheet date. All differences are taken to the profit and loss account.

	Leasing and hire purchase commitments
	Assets held under finance leases and hire purchase contracts, which are those where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of the rental obligations 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. Rentals paid under operating leases are charged to income on a straight line basis over the lease term.



2	Intangible fixed assets					£

	Cost
	At 1 May 2014					20,000
	At 30 April 2015					20,000

	Amortisation
	At 1 May 2014					14,167
	Provided during the year					2,000
	At 30 April 2015					16,167

	Net book value
	At 30 April 2015					3,833
	At 30 April 2014					5,833


3	Tangible fixed assets					£

	Cost
	At 1 May 2014					266,577
	Additions					87,513
	Disposals					(2,995)
	At 30 April 2015					351,095

	Depreciation
	At 1 May 2014					78,774
	Charge for the year					62,859
	On disposals					(2,995)
	At 30 April 2015					138,638

	Net book value
	At 30 April 2015					212,457
	At 30 April 2014					187,803


4	Share capital	Nominal		2015		2015		2014
value			Number		£		£
	Allotted, called up and fully paid:
	Ordinary shares	£1 each		2,000		2,000		2,000


5	Loans to directors
B/fwd			Paid		Repaid		C/fwd
£			£		£		£
	Mr A Howe
	Loan	2,601		34,967		(38,912)		(1,344)

	Mr B Chick
	Loan	(93)		35,401		(35,500)		(192)

		2,508		70,368		(74,412)		(1,536)



6	Ultimate controlling party

	During the year the company was controlled by the directors by virtue of their 100% shareholding.

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