Weyhill Timber Products Limited - Abbreviated accounts 16.3
Weyhill Timber Products Limited - Abbreviated accounts 16.3
REGISTERED NUMBER: |
ABBREVIATED UNAUDITED ACCOUNTS FOR THE YEAR ENDED 30 SEPTEMBER 2016 |
FOR |
WEYHILL TIMBER PRODUCTS LIMITED |
WEYHILL TIMBER PRODUCTS LIMITED (REGISTERED NUMBER: 04882174) |
CONTENTS OF THE ABBREVIATED ACCOUNTS |
FOR THE YEAR ENDED 30 SEPTEMBER 2016 |
Page |
Abbreviated Balance Sheet | 1 |
Notes to the Abbreviated Accounts | 2 |
WEYHILL TIMBER PRODUCTS LIMITED (REGISTERED NUMBER: 04882174) |
ABBREVIATED BALANCE SHEET |
30 SEPTEMBER 2016 |
2016 | 2015 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 2 |
Tangible assets | 3 |
CURRENT ASSETS |
Stocks |
Debtors |
Cash at bank |
CREDITORS |
Amounts falling due within one year |
NET CURRENT (LIABILITIES)/ASSETS | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
PROVISIONS FOR LIABILITIES |
NET (LIABILITIES)/ASSETS | ( |
) |
CAPITAL AND RESERVES |
Called up share capital | 4 |
Profit and loss account | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) |
The director acknowledges his 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. |
The financial statements were approved by the director on |
WEYHILL TIMBER PRODUCTS LIMITED (REGISTERED NUMBER: 04882174) |
NOTES TO THE ABBREVIATED ACCOUNTS |
FOR THE YEAR ENDED 30 SEPTEMBER 2016 |
1. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The director has made loans to the company that are repayable on demand. The director will not demand |
repayment if it would be financially detrimental to the ongoing trade of the company. |
Due to this ongoing support, the director believes that it is appropriate to prepare the financial statements on the |
going concern basis, which assumes that the company will continue in operational existence for the foreseeable |
future. |
Accounting convention |
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 |
The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of |
Value Added Tax, amended for uninvoiced sales at the year end. |
Goodwill |
Tangible fixed assets |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
All fixed assets are initially recorded at cost. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and |
slow moving items. |
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, or a right to pay less or to receive more tax, with the following exceptions: |
Provision is made for tax on gains arising from the revaluation (and similar fair value adjustments) of fixed |
assets, and gains on disposal of fixed assets that have been rolled over into replacement assets, only to the |
extent that, at the balance sheet date, there is a binding agreement to dispose of the assets concerned. |
However, no provision is made where, on the basis of all available evidence at the balance sheet date, it is more |
likely than not that the taxable gain will be rolled over into replacement assets and charged to tax only where the |
replacement assets are sold. |
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. |
Deferred tax is measured on an undiscounted basis at the 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. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the |
balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling |
at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Pension costs and other post-retirement benefits |
The company contributes to a defined contribution pension scheme. Contributions payable to the pension |
scheme are charged to the profit and loss account in the period to which they relate. |
WEYHILL TIMBER PRODUCTS LIMITED (REGISTERED NUMBER: 04882174) |
NOTES TO THE ABBREVIATED ACCOUNTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2016 |
1. | ACCOUNTING POLICIES - continued |
Financial instruments |
Financial instruments are classified and accounted for, according to the substance of the contractual |
arrangement, as either 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. |
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. |
2. | INTANGIBLE FIXED ASSETS |
Total |
£ |
COST |
At 1 October 2015 |
and 30 September 2016 |
AMORTISATION |
At 1 October 2015 |
and 30 September 2016 |
NET BOOK VALUE |
At 30 September 2016 |
At 30 September 2015 |
3. | TANGIBLE FIXED ASSETS |
Total |
£ |
COST |
At 1 October 2015 |
and 30 September 2016 |
DEPRECIATION |
At 1 October 2015 |
Charge for year |
At 30 September 2016 |
NET BOOK VALUE |
At 30 September 2016 |
At 30 September 2015 |
4. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2016 | 2015 |
value: | £ | £ |
Ordinary | £1 |