Waingap Contracts Limited - Period Ending 2016-03-31

Registration number: 03699107

Waingap Contracts Limited
 
  Abbreviated Accounts
 
  for the Year Ended 31 March 2016
 

Waingap Contracts Limited
Abbreviated Balance Sheet at 31 March 2016

		Note			2016 £			2015 £
Fixed assets
Tangible fixed assets					492,304			509,096
Current assets
Debtors					618,183			591,126
Cash at bank and in hand					746			204,712
					618,929			795,838
Creditors: Amounts falling due within one year					(701,930)			(900,773)
Net current liabilities					(83,001)			(104,935)
Total assets less current liabilities					409,303			404,161
Creditors: Amounts falling due after more than one year					(33,024)			(47,358)
Provisions for liabilities					(14,200)			(17,200)
Net assets					362,079			339,603
Capital and reserves
Called up share capital		4			400			400
Revaluation reserve					195,987			195,987
Profit and loss account					165,692			143,216
Shareholders' funds					362,079			339,603

For the year ending 31 March 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 .

These accounts were approved by the directors and authorised for issue on 12 December 2016 and are signed on their behalf by:

.........................................
 R.T. Phillips
 Director
 Company Registration Number: 03699107

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

Waingap Contracts Limited
Notes to the Abbreviated Accounts for the Year Ended 31 March 2016

1	Accounting policies

Basis of preparation

The full accounts, 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 accounts have been prepared on a going concern basis on the assumption that the bank and creditors will continue their support for the foreseeable future.

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers. In respect of long term contracts and contracts for on-going services, turnover represents the value of work done in the year, by reference to the stage of completion.

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:

Plant and Machinery	10 years straight line basis
Motor Vehicles	4 years straight line basis
Leasehold Improvements	5 years straight line basis

Investment properties

The investment property is included at its open market value. In accordance with the Financial Reporting Standard for Smaller Entities, no depreciation is provided in respect of the freehold investment property. This represents a departure from the Companies Act 2006 requirements concerning the depreciation of fixed assets. However, the directors consider that the adoptioon of this policy is necessary to give a true and fair view.

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.

Operating lease agreements

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Page 2

Waingap Contracts Limited
Notes to the Abbreviated Accounts for the Year Ended 31 March 2016

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.

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 April 2015		611,672			611,672
Additions		21,994			21,994
Disposals		(2,000)			(2,000)
At 31 March 2016		631,666			631,666
Depreciation
At 1 April 2015		102,576			102,576
Charge for the year		38,286			38,286
Eliminated on disposals		(1,500)			(1,500)
At 31 March 2016		139,362			139,362
Net book value
At 31 March 2016		492,304			492,304
At 31 March 2015		509,096			509,096

Page 3

Waingap Contracts Limited
Notes to the Abbreviated Accounts for the Year Ended 31 March 2016

3

Creditors

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

		2016 £			2015 £
Amounts falling due within one year		10,000			10,000
Amounts falling due after more than one year		19,167			29,167
Total secured creditors		29,167			39,167

4	Share capital

Allotted, called up and fully paid shares

	2016						2015
		No.			£			No.			£
Ordinary shares of £1 each		400			400			400			400

Page 4