Wicks Engineering Co. Limited - Abbreviated accounts 16.1

REGISTERED NUMBER: 01473046 (England and Wales)

Wicks Engineering Co. Limited

Abbreviated Unaudited Accounts for the Year Ended 31 January 2016

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTORS:

S C Wicks

D C Wicks

SECRETARY:

S C Wicks

REGISTERED OFFICE:

Wyther Mills

Wyther Lane

Leeds

LS5 3BT

REGISTERED NUMBER:

01473046 (England and Wales)

ACCOUNTANTS:

Bamforth & Co, Chartered Accountants

Douglas House

24 Bridge Street

Slaithwaite

Huddersfield

West Yorkshire

HD7 5JN

FIXED ASSETS

Tangible assets

2

53,077

58,529

CURRENT ASSETS

Stocks

500

Debtors

43,049

20,311

Cash at bank

68,495

71,105

112,044

91,916

CREDITORS

Amounts falling due within one year

3

77,236

61,813

NET CURRENT ASSETS

34,808

30,103

TOTAL ASSETS LESS CURRENT
LIABILITIES

87,885

88,632

CREDITORS

Amounts falling due after more than one
year

3

(7,547

)

(16,970

)

PROVISIONS FOR LIABILITIES

(4,000

)

(9,500

)

NET ASSETS

76,338

62,162

CAPITAL AND RESERVES

Called up share capital

4

Retained earnings

76,334

62,158

SHAREHOLDERS' FUNDS

76,338

62,162

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2016 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 4 March 2016 and were signed on its behalf by:

D C Wicks - Director

1.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015) and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover represents net invoiced sales of goods, 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 or, if held under a finance lease, over the lease term, whichever is the shorter.

Land and buildings

-

2% on cost

Plant and machinery etc

-

25% on reducing balance, 25% on cost and 20% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

Deferred tax

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

sheet date.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held

under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases

are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element

of the future payments is treated as a liability.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 February 2015

212,473

Additions

10,724

Transfer to ownership

(10,495

)

At 31 January 2016

212,702

DEPRECIATION

At 1 February 2015

153,944

Charge for year

16,176

Transfer to ownership

(10,495

)

At 31 January 2016

159,625

NET BOOK VALUE

At 31 January 2016

53,077

At 31 January 2015

58,529

3.

CREDITORS

Creditors include an amount of £ 24,285 (2015 - £ 29,440 ) for which security has been given.

4.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2016

2015

value:

£

3

Ordinary 'A'

3

1

Ordinary 'B'

1

4