Wings & Wheels Limited - Accounts to registrar - small 17.1

REGISTERED NUMBER: 01318654 (England and Wales)

Report of the Directors and

Unaudited Financial Statements

for the Year Ended 31 December 2016

for

Wings & Wheels Limited

Page

Company Information

1

Report of the Directors

2

Balance Sheet

3

Notes to the Financial Statements

5

Chartered Accountants' Report

8

DIRECTORS:

R H Oram

Mrs K Oram

SECRETARY:

Mrs K Oram

REGISTERED OFFICE:

Lakeview House

4 Woodbrook Crescent

Billericay

Essex

CM12 0EQ

BUSINESS ADDRESS:

Top Flat

1520b London Road

Leigh on Sea

Essex

SS9 2UR

REGISTERED NUMBER:

01318654 (England and Wales)

ACCOUNTANTS:

The Mudd Partnership

Chartered Accountants

Lakeview House

4 Woodbrook Crescent

Billericay

Essex

CM12 0EQ

The directors present their report with the financial statements of the company for the year ended 31 December 2016.

DIRECTORS

R H Oram has held office during the whole of the period from 1 January 2016 to the date of this report.

Other changes in directors holding office are as follows:

Mrs K Oram - appointed 6 January 2016

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small

companies.

ON BEHALF OF THE BOARD:

Mrs K Oram - Secretary

27 April 2017

FIXED ASSETS

Tangible assets

4

1,111

1,597

Investment property

5

520,000

520,000

521,111

521,597

CURRENT ASSETS

Debtors

6

1,436

1,807

Cash at bank

4,665

11,990

6,101

13,797

CREDITORS

Amounts falling due within one year

7

20,198

31,373

NET CURRENT LIABILITIES

(14,097

)

(17,576

)

TOTAL ASSETS LESS CURRENT LIABILITIES

507,014

504,021

PROVISIONS FOR LIABILITIES

89,711

90,056

NET ASSETS

417,303

413,965

CAPITAL AND RESERVES

Called up share capital

8

5,000

5,000

Fair value reserve

9

401,822

401,476

Retained earnings

10,481

7,489

SHAREHOLDERS' FUNDS

417,303

413,965

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2016 in accordance with Section 476 of the Companies Act 2006.

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.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 27 April 2017 and were signed on its behalf by:

R H Oram - Director

1.	STATUTORY INFORMATION

Wings & Wheels Limited is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Tangible fixed assets

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

Plant and machinery

-

25% on reducing balance

Computer equipment

-

33.3% straight line

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in

fair value is recognised in profit or loss.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that

have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the

timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they

will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2015 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2016

and 31 December 2016

2,775

DEPRECIATION

At 1 January 2016

1,178

Charge for year

486

At 31 December 2016

1,664

NET BOOK VALUE

At 31 December 2016

1,111

At 31 December 2015

1,597

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 January 2016

and 31 December 2016

520,000

NET BOOK VALUE

At 31 December 2016

520,000

At 31 December 2015

520,000

Cost or valuation at 31 December 2016 is represented by:

£

Valuation in 2015

491,532

Cost

28,468

520,000

If the property had not been revalued it would have been included at the following historical cost:

31.12.16

31.12.15

£

£

Cost

28,468

28,468

The investment property was valued on a market value basis on 31 December 2015 by the director. .

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.16

31.12.15

£

£

Other debtors

1,436

1,807

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.16

31.12.15

£

£

Taxation and social security

3,399

3,004

Other creditors

16,799

28,369

20,198

31,373

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.16

31.12.15

value:

£

£

5,000

Ordinary

£1

5,000

5,000

9.

RESERVES

Fair

value

reserve

£

At 1 January 2016

401,476

Gain on revaluation

346

At 31 December 2016

401,822

10.	ULTIMATE CONTROLLING PARTY

The following reproduces the text of the report prepared for the directors and members in respect of the

company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is

only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other

primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the

financial statements of Wings & Wheels Limited for the year ended 31 December 2016 which comprise the Income

Statement, Balance Sheet and the related notes from the company's accounting records and from information and

explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Wings & Wheels Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Wings & Wheels Limited and state those matters that we have agreed to state to the Board of Directors of Wings & Wheels Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Wings & Wheels Limited Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Wings & Wheels Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Wings & Wheels Limited. You consider that Wings & Wheels Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Wings & Wheels Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

The Mudd Partnership

Chartered Accountants

Lakeview House

4 Woodbrook Crescent

Billericay

Essex

CM12 0EQ

27 April 2017