Welch Chemists Limited - Abbreviated accounts 16.1
Welch Chemists Limited - Abbreviated accounts 16.1
| REGISTERED NUMBER: |
| ABBREVIATED UNAUDITED ACCOUNTS FOR THE YEAR ENDED 31 MAY 2016 |
| FOR |
| WELCH CHEMISTS LIMITED |
| WELCH CHEMISTS LIMITED (REGISTERED NUMBER: SC165799) |
| CONTENTS OF THE ABBREVIATED ACCOUNTS |
| FOR THE YEAR ENDED 31 MAY 2016 |
| Page |
| Company Information | 1 |
| Abbreviated Balance Sheet | 2 |
| Notes to the Abbreviated Accounts | 4 |
| WELCH CHEMISTS LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 31 MAY 2016 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| BUSINESS ADDRESS: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| WELCH CHEMISTS LIMITED (REGISTERED NUMBER: SC165799) |
| ABBREVIATED BALANCE SHEET |
| 31 MAY 2016 |
| 2016 | 2015 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 2 |
| Tangible assets | 3 |
| CURRENT ASSETS |
| Stocks |
| Debtors |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| PROVISIONS FOR LIABILITIES |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 4 |
| Revaluation reserve |
| Capital redemption reserve |
| Profit and loss account |
| SHAREHOLDERS' FUNDS |
| 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. |
| WELCH CHEMISTS LIMITED (REGISTERED NUMBER: SC165799) |
| ABBREVIATED BALANCE SHEET - continued |
| 31 MAY 2016 |
| The financial statements were approved by the Board of Directors on |
| WELCH CHEMISTS LIMITED (REGISTERED NUMBER: SC165799) |
| NOTES TO THE ABBREVIATED ACCOUNTS |
| FOR THE YEAR ENDED 31 MAY 2016 |
| 1. | ACCOUNTING POLICIES |
| Accounting convention |
| The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain |
| assets and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015). |
| Exemption from preparing a cash flow statement |
| The Company has adopted the Financial Reporting Standard for Smaller Entities (effective January 2015) and is |
| consequently exempt from the requirement to include a cash flow statement in the financial statements. |
| Turnover |
| The turnover shown in the profit and loss account represents the value of all goods sold during the year, less returns |
| received, at selling price exclusive of Value Added Tax. Sales are recognised at the point at which the Company has fulfilled |
| its contractual obligations and the risks and rewards attaching to the product have been transferred to the customer. |
| Intangible assets |
| Goodwill arising on the acquisition of a business represents the excess of the cost of acquisition (being the cash paid and |
| the fair value of other consideration given) over the fair value of the separate net assets acquired. The fair value of the |
| acquired assets and liabilities are assessed in the year of acquisition and the subsequent year, which may impact on the |
| goodwill recognised. Goodwill is capitalised and written off on a straight line basis over its useful economic life of 20 years. |
| Provision is made for any impairment in its value. The useful economic life is the expected period over which the Company |
| expects to derive an economic benefit, and is reviewed on an annual basis. |
| Intangible assets acquired separately from a business are capitalised and written off on a straight line basis over their useful |
| economic lives of 20 years. The useful economic life is the expected period over which the Company expects to derive an |
| economic benefit, and is reviewed on an annual basis. |
| Amortisation |
| Amortisation is calculated so as to write off the cost of an asset, net of anticipated disposal proceeds, over the estimated |
| useful life of that asset as follows: |
| Goodwill - over 20 years |
| Licences - over 20 years |
| Tangible fixed assets |
| Heritable property | - |
| Fixtures and fittings | - |
| Motor vehicles | - |
| Equipment | - |
| Tangible fixed assets are stated at cost or valuation less depreciation. Cost represents purchase price together with any |
| incidental costs of acquisition. |
| On adoption of the Financial Reporting Standard for Smaller Entities (effective January 2015) the Company followed the |
| transitional provisions to retain the book value of heritable property, which was valued in 1996. |
| An amount equal to the excess of the annual depreciation charge on revalued assets over the notional historical cost |
| depreciation charge on those assets is transferred annually from the revaluation reserve to the profit and loss reserve. |
| Stocks |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving |
| items. Cost represents purchase price. |
| WELCH CHEMISTS LIMITED (REGISTERED NUMBER: SC165799) |
| NOTES TO THE ABBREVIATED ACCOUNTS - continued |
| FOR THE YEAR ENDED 31 MAY 2016 |
| 1. | ACCOUNTING POLICIES - continued |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet |
| date where transactions or events have occurred at that date that will result in an obligation to pay more tax, or a right to |
| pay less tax, or a right to receive repayments of tax. |
| Deferred tax assets are recognised only to the extent that the directors consider it more likely than not that there will be |
| suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred tax |
| assets and liabilities recognised have not been discounted. |
| Deferred tax is measured on a non-discounted basis at the average tax rates that are expected to apply in the periods in |
| which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date. |
| Operating lease agreements |
| Rentals applicable to operating leases, where substantially all of the benefits and risks of ownership remain with the lessor, |
| are charged against profits on a straight line basis over the period of the lease. |
| Pension costs and other post-retirement benefits |
| The Company contributes to defined contribution pension schemes for certain employees. Contributions payable to these |
| schemes are charged to the profit and loss account in the period to which they relate. |
| Financial instruments |
| Financial instruments are classified and accounted for as financial assets, financial liabilities or equity instruments, |
| according to the substance of the contractual arrangement. |
| Financial instruments which are assets are stated at cost less any provision for impairment. Financial liabilities are stated at |
| principal capital amounts outstanding at the period end. Issue costs relating to financial liabilities are deducted from the |
| outstanding balance and are amortised over the period to the due date for repayment of the financial liability. |
| An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its |
| liabilities. A financial liability is any contractual arrangement for an entity to deliver cash to the holder of the associated |
| financial instrument. |
| 2. | INTANGIBLE FIXED ASSETS |
| Total |
| £ |
| COST |
| At 1 June 2015 |
| and 31 May 2016 |
| AMORTISATION |
| At 1 June 2015 |
| Amortisation for year |
| At 31 May 2016 |
| NET BOOK VALUE |
| At 31 May 2016 |
| At 31 May 2015 |
| WELCH CHEMISTS LIMITED (REGISTERED NUMBER: SC165799) |
| NOTES TO THE ABBREVIATED ACCOUNTS - continued |
| FOR THE YEAR ENDED 31 MAY 2016 |
| 3. | TANGIBLE FIXED ASSETS |
| Total |
| £ |
| COST OR VALUATION |
| At 1 June 2015 |
| Additions |
| Disposals | ( |
) |
| At 31 May 2016 |
| DEPRECIATION |
| At 1 June 2015 |
| Charge for year |
| Eliminated on disposal | ( |
) |
| At 31 May 2016 |
| NET BOOK VALUE |
| At 31 May 2016 |
| At 31 May 2015 |
| 4. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2016 | 2015 |
| value: | £ | £ |
| A Ordinary | £1 |
| B Ordinary | £1 |
| C Ordinary | £1 |
| D Ordinary | £1 |
| 76,600 | 76,600 |