Abbreviated Company Accounts - WAKERING ENGINEERING CO.LIMITED

WAKERING ENGINEERING CO.LIMITED - Company Information

00908450 WAKERING ENGINEERING CO.LIMITED 2016-02-29 false 2015-03-01 2016-02-29 true 00908450 2015-03-01 2016-02-29 00908450 2016-02-29 00908450 2015-02-28 00908450 uk-gaap-cd-bus:Director1 2015-03-01 2016-02-29 00908450 uk-gaap-cd-bus:Director2 2015-03-01 2016-02-29 uk-gaap-cd-bus:OrdinaryShareClass1 2015-03-01 2016-02-29 uk-gaap-cd-bus:OrdinaryShareClass1 2016-02-29 uk-gaap-cd-bus:OrdinaryShareClass1 2015-02-28 uk-gaap-cd-bus:OrdinaryShareClass2 2015-03-01 2016-02-29 uk-gaap-cd-bus:OrdinaryShareClass2 2016-02-29 uk-gaap-cd-bus:OrdinaryShareClass2 2015-02-28 iso4217:GBP shares

Registered Number 00908450

WAKERING ENGINEERING CO.LIMITED

Abbreviated Accounts

29 February 2016

WAKERING ENGINEERING CO.LIMITED Registered Number 00908450

Abbreviated Balance Sheet as at 29 February 2016

	Notes	2016	2015
		£	£
Fixed assets
Tangible assets	2	2,061,280	2,096,776
		2,061,280	2,096,776
Current assets
Stocks		711,127	810,131
Debtors		59,283	262,137
Cash at bank and in hand		718,001	527,168
		1,488,411	1,599,436
Creditors: amounts falling due within one year		(220,335)	(442,639)
Net current assets (liabilities)		1,268,076	1,156,797
Total assets less current liabilities		3,329,356	3,253,573
Provisions for liabilities		(26,069)	(25,264)
Total net assets (liabilities)		3,303,287	3,228,309
Capital and reserves
Called up share capital	3	1,200	8
Profit and loss account		3,302,087	3,228,301
Shareholders' funds		3,303,287	3,228,309

For the year ending 29 February 2016 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.

Approved by the Board on 1 December 2016

And signed on their behalf by:
T S Smith, Director

WAKERING ENGINEERING CO.LIMITED Registered Number 00908450

Notes to the Abbreviated Accounts for the period ended 29 February 2016

1Accounting Policies

Basis of measurement and preparation of accounts
The financial statements have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities effective January 2015.

Turnover policy
Turnover represents net invoiced sales of goods and services, excluding value added tax.

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

Freehold land and property 2% on cost
Boats 5% on reducing balance
Plant and office equipment 15% on reducing balance
Website development 33% on cost
Motor vehicles 25% on reducing balance

Intangible assets amortisation policy
Goodwill, being the amount paid in connection with the acquisition of a business has been written off.

Valuation information and policy
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items if applicable. Land on hand and costs is valued at cost.

Other accounting policies
Deferred taxation
The charge for taxation takes into account taxation deferred as a result of timing differences between the treatment of certain items for taxation and accounting purposes. In general, deferred taxation is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. However, deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. The company has not adopted a policy of discounting deferred tax assets and liabilities.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to the profit and loss account in the period to which they relate.

2Tangible fixed assets

	£
Cost
At 1 March 2015	2,553,366
Additions	9,390
Disposals	(18,289)
Revaluations	-
Transfers	-
At 29 February 2016	2,544,467
Depreciation
At 1 March 2015	456,590
Charge for the year	39,469
On disposals	(12,872)
At 29 February 2016	483,187
Net book values
At 29 February 2016	2,061,280
At 28 February 2015	2,096,776

Freehold land and property includes freehold land of £1,039,165 which is not depreciated.

3Called Up Share Capital
Allotted, called up and fully paid:

	2016 £	2015 £
1,000 A Ordinary shares of £1 each (8 shares for 2015)	1,000	8
200 B Ordinary shares of £1 each (0 shares for 2015)	200	0