WDS Group Limited - Period Ending 2015-12-31

Registration number: 07048195

WDS Group Limited
 
  Unaudited Abbreviated Accounts
 
  for the Year Ended 31 December 2015
 

Wilds Ltd
Chartered Accountants
Lancaster House
70-76 Blackburn Street
Radcliffe
Manchester
Manchester
M26 2JW

WDS Group Limited
Contents

Abbreviated Balance Sheet 1

Notes to the Abbreviated Accounts 2 to 3

WDS Group Limited
(Registration number: 07048195)
Abbreviated Balance Sheet at 31 December 2015

		Note			2015 £			2014 £
Fixed assets
Tangible fixed assets		2			38,518			35,865
Current assets
Stocks					41,426			31,584
Debtors					115,058			100,521
Cash at bank and in hand					415			999
					156,899			133,104
Creditors: Amounts falling due within one year		3			(161,326)			(129,619)
Net current (liabilities)/assets					(4,427)			3,485
Total assets less current liabilities					34,091			39,350
Creditors: Amounts falling due after more than one year		3			(21,999)			(30,636)
Provisions for liabilities					(7,200)			(7,200)
Net assets					4,892			1,514
Capital and reserves
Called up share capital		4			100			100
Profit and loss account					4,792			1,414
Shareholders' funds					4,892			1,514

For the year ending 31 December 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 and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).

Approved by the Board on 23 August 2016 and signed on its behalf by:

......................................... Mr R C Smith Director

The notes on pages 2 to 3 form an integral part of these financial statements.
Page 1

WDS Group Limited
Notes to the Abbreviated Accounts for the Year Ended 31 December 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 January 2015).

Going concern

The financial statements have been prepared on a going concern basis. The continuation of the business is dependent upon continued financial support from the shareholders and directors. They have indicated their desire to continue to provide that support.

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
Plant & machinery	25% Reducing balance
Office equipment	25% Straight line
Motor vehicles	25% Reducing balance

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.

Deferred tax

Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date, except as required by the FRSSE. Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and law enacted at the balance sheet date.

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.

Assets held under finance leases, which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital elements of future obligations under the leases are included as liabilities in the balance sheet. The interest element of the rental obligation 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. Assets held under hire purchase agreements are capitalised as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital element of future finance payments is included within creditors. Finance charges are allocated to accounting periods over the length of the contract and represent a constant proportion of the balance of capital repayments outstanding.

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WDS Group Limited
Notes to the Abbreviated Accounts for the Year Ended 31 December 2015
......... continued

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	Fixed assets

		Tangible assets £			Total £
Cost
At 1 January 2015		55,110			55,110
Additions		13,044			13,044
At 31 December 2015		68,154			68,154
Depreciation
At 1 January 2015		19,245			19,245
Charge for the year		10,391			10,391
At 31 December 2015		29,636			29,636
Net book value
At 31 December 2015		38,518			38,518
At 31 December 2014		35,865			35,865

3

Creditors

Creditors includes the following liabilities, on which security has been given by the company:

		2015 £			2014 £
Amounts falling due within one year		6,318			6,467
Amounts falling due after more than one year		12,784			19,102
Total secured creditors		19,102			25,569

4	Share capital

Allotted, called up and fully paid shares

	2015						2014
		No.			£			No.			£
Ordinary Shares of £1 each		100			100			100			100

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