Wightlaw Service Company Limited - Accounts to registrar - small 16.1.1

REGISTERED NUMBER: 00988164 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2016

FOR

WIGHTLAW SERVICE COMPANY LIMITED

Page

Company Information

1

Balance Sheet

2

to

3

Notes to the Financial Statements

4

to

6

DIRECTORS:

I Pratt

N Gale

Mrs S Higgs

SECRETARY:

N Gale

REGISTERED OFFICE:

Portland House

18 Melville Street

Ryde

Isle of Wight

PO33 2AP

REGISTERED NUMBER:

00988164 (England and Wales)

ACCOUNTANTS:

Bright Brown Limited

Chartered Accountants

Exchange House

St. Cross Lane

Newport

Isle of Wight

PO30 5BZ

FIXED ASSETS

Tangible assets

3

-

-

Investment property

4

425,000

430,000

425,000

430,000

CURRENT ASSETS

Cash at bank

5,000

2,608

CREDITORS

Amounts falling due within one year

5

17,202

14,969

NET CURRENT LIABILITIES

(12,202

)

(12,361

)

TOTAL ASSETS LESS CURRENT LIABILITIES

412,798

417,639

CREDITORS

Amounts falling due after more than one year

6

112,834

119,288

NET ASSETS

299,964

298,351

CAPITAL AND RESERVES

Called up share capital

4,604

4,604

Capital redemption reserve

2,848

2,848

Other reserves

1,478

1,478

Retained earnings

291,034

289,421

SHAREHOLDERS' FUNDS

299,964

298,351

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 financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 21 June 2016 and were signed on its behalf by:

I Pratt - Director

N Gale - Director

Mrs S Higgs - Director

1.	STATUTORY INFORMATION

Wightlaw Service Company Limited is a private company, limited by shares , registered in England and Wales.

The company's registered number and registered office address can be found on the Company Information

page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover

Turnover represents amounts invoiced during the year.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

20% on cost

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes

in fair value is recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to

apply when the property is sold.

3.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 February 2015

and 31 January 2016

3,342

DEPRECIATION

At 1 February 2015

and 31 January 2016

3,342

NET BOOK VALUE

At 31 January 2016

-

4.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 February 2015

430,000

Revaluations

(5,000

)

At 31 January 2016

425,000

NET BOOK VALUE

At 31 January 2016

425,000

At 31 January 2015

430,000

Investment property was valued on an open market basis on 31 January 2016 by N Gale (Director).

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2016

2015

£

£

Bank loans and overdrafts

8,178

6,240

Taxation and social security

8,403

8,004

Other creditors

621

725

17,202

14,969

6.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2016

2015

£

£

Bank loans

112,834

119,288

Amounts falling due in more than five years:

Repayable by instalments

Bank loans

85,103

92,377

7.	SECURED DEBTS

The following secured debts are included within creditors:

2016

2015

£

£

Bank overdraft

1,748

-

Bank loans

119,264

125,528

121,012

125,528

8.	IMPACT OF CHANGE TO ACCOUNTING REGIME

The company is required to adopt Financial Reporting Standard 102, "The Financial Reporting Standard

applicable in the UK and Republic of Ireland" (FRS102) for its accounting period beginning on 1 February 2015.

The company's date of transition to FRS102 is 1 February 2014 and, as required by FRS102, it has restated

reserves as at that date and as at 31 January 2015, and its retained earnings reserve for the year ended 31

January 2015.

The only change to comparatives as a result of the adoption of FRS102 arises in relation to investment

properties. Previously, the company recognised changes in the value of its investment properties by increasing

the carrying amount in the balance sheet and recording a corresponding entry in a revaluation reserve. Under

FRS102, valuation adjustments are recognised as part of retained earnings.

Accordingly, the balance on the revaluation reserve at 1 February 2014 of £256,053 has been transferred to

the retained earnings reserve. There was no revaluation adjustment in the year ended 31 January 2015 to

report.