The Willocks Practice Limited - Period Ending 2016-05-31

Registration number: 03579588

The Willocks Practice Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 May 2016
 

Thompson Jenner LLP
Chartered Accountants
1 Colleton Crescent
Exeter
Devon
EX2 4DG

The Willocks Practice Limited
Contents

Abbreviated Balance Sheet 1

Notes to the Abbreviated Accounts 2 to 4

The Willocks Practice Limited
(Registration number: 03579588)
Abbreviated Balance Sheet at 31 May 2016

		Note			2016 £			2015 £
Fixed assets
Intangible fixed assets		2			33,500			41,875
Tangible fixed assets		2			27,006			29,400
					60,506			71,275
Current assets
Debtors					359,009			255,746
Cash at bank and in hand					38,334			91,423
					397,343			347,169
Creditors: Amounts falling due within one year					(206,652)			(177,226)
Net current assets					190,691			169,943
Total assets less current liabilities					251,197			241,218
Creditors: Amounts falling due after more than one year					-			(3,938)
Provisions for liabilities					(1,870)			(1,935)
Net assets					249,327			235,345
Capital and reserves
Called up share capital		4			492			492
Capital redemption reserve					512			512
Profit and loss account					248,323			234,341
Shareholders' funds					249,327			235,345

For the year ending 31 May 2016 the company was entitled to exemption from audit 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 2015).

Approved by the Board on 22 September 2016 and signed on its behalf by:

N M Drew
 Director

The notes on pages 2 to 4 form an integral part of these financial statements.
Page 1

The Willocks Practice Limited
Notes to the Abbreviated Accounts for the Year Ended 31 May 2016
......... 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).

Turnover

Turnover represents the total invoice value, net of value added tax, of sales made during the year and derives from the provision of goods falling within the company's ordinary activities. Invoices are raised when the contract work has been completed.

Amortisation

Amortisation is provided on intangible fixed assets so as to write off the cost, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Amortisation method and rate
Goodwill	20 years

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
Office equipment	15% reducing balance
Computer equipment	33% straight line
Motor vehicles	25% reducing balance

Deferred tax

Where material, deferred tax is recognised in respect of timing differences that have originated but not reversed by the balance sheet date. Deferred tax balances are not discounted.

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 obtained under hire purchase contracts and finance leases, are capitalised as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. Obligations under such leases are included in creditors net of the finance charge allocated to future periods. The finance element of the rental is charged to the profit and loss account so as to produce constant periodic rates of charge on the net obligation outstanding in each period.

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.

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The Willocks Practice Limited
Notes to the Abbreviated Accounts for the Year Ended 31 May 2016
......... continued

Pensions

The pension costs charged in the financial statements represent the contribution payable by the company during the year.

2	Fixed assets

		Intangible assets £			Tangible assets £			Total £
Cost
At 1 June 2015		167,500			119,537			287,037
Additions		-			9,909			9,909
At 31 May 2016		167,500			129,446			296,946
Depreciation
At 1 June 2015		125,625			90,137			215,762
Charge for the year		8,375			12,303			20,678
At 31 May 2016		134,000			102,440			236,440
Net book value
At 31 May 2016		33,500			27,006			60,506
At 31 May 2015		41,875			29,400			71,275

3

Creditors

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

		2016 £			2015 £
Amounts falling due within one year		3,938			1,640
Amounts falling due after more than one year		-			3,938
Total secured creditors		3,938			5,578

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The Willocks Practice Limited
Notes to the Abbreviated Accounts for the Year Ended 31 May 2016
......... continued

4	Share capital

Allotted, called up and fully paid shares

	2016						2015
		No.			£			No.			£
Ordinary A shares of £0.10 each		4,900			490			4,900			490
Ordinary D shares of £1 each		1			1			1			1
Ordinary E shares of £1 each		1			1			1			1
		4,902			492			4,902			492

5	Related party transactions

Directors' advances and credits

	2016 Advance/ Credit £	2016 Repaid £	2015 Advance/ Credit £	2015 Repaid £
N M Drew
Unsecured interest free loan	-	-	10,000	10,000
R Andrews
Unsecured interest free loan	-	-	10,000	10,000

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