Wolverine Garage Doors Ltd - Abbreviated accounts 16.3

REGISTERED NUMBER: 07796544 (England and Wales)

Abbreviated Accounts for the Year Ended 31 October 2016

for

Wolverine Garage Doors Ltd

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTOR:

R D Holloway

SECRETARY:

R D Holloway

REGISTERED OFFICE:

1 Rowallan Close

Caversham

Reading

Berkshire

RG4 6QS

REGISTERED NUMBER:

07796544 (England and Wales)

ACCOUNTANTS:

Geoffrey Cole & Co

4 Reading Road

Pangbourne

Reading

Berkshire

RG8 7LY

FIXED ASSETS

Tangible assets

2

25,438

24,097

CURRENT ASSETS

Stocks

18,998

22,500

Debtors

207,529

199,808

Cash at bank and in hand

9,110

9,389

235,637

231,697

CREDITORS

Amounts falling due within one year

3

214,060

209,872

NET CURRENT ASSETS

21,577

21,825

TOTAL ASSETS LESS CURRENT
LIABILITIES

47,015

45,922

CREDITORS

Amounts falling due after more than one
year

3

(23,727

)

(35,754

)

PROVISIONS FOR LIABILITIES

-

(4,820

)

NET ASSETS

23,288

5,348

CAPITAL AND RESERVES

Called up share capital

4

1

Profit and loss account

23,287

5,347

SHAREHOLDERS' FUNDS

23,288

5,348

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

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

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 abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the director on 10 May 2017 and were signed by:

R D Holloway - Director

1.	ACCOUNTING POLICIES

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

Turnover represents net invoiced sales of goods, excluding value added tax, except in respect of

service contracts where turnover is recognised when the company obtains the right to consideration.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

25% on reducing balance

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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet.

Those held under hire purchase contracts are depreciated over their estimated useful lives. Those

held under finance leases are depreciated over their estimated useful lives or the lease term,

whichever is the shorter.

The interest element of these obligations is charged to the profit and loss account over the relevant

period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis

over the period of the lease.

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.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 November 2015

42,687

Additions

9,657

At 31 October 2016

52,344

DEPRECIATION

At 1 November 2015

18,590

Charge for year

8,316

At 31 October 2016

26,906

NET BOOK VALUE

At 31 October 2016

25,438

At 31 October 2015

24,097

3.

CREDITORS

Creditors include an amount of £ 8,704 (2015 - £ 28,481 ) for which security has been given.

4.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2016

2015

value:

£

1

Ordinary

£1

1

5.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

As at 31 October 2016, a Director, owed the company £81,422 (2015 : £68,703). During the year the

Director made withdrawals totalling £22,793 and introduced capital totalling £10,074. This loan is

repayable on demand and has no interest charge. The maximum amount outstanding during the year

totalled £83,069.