HJ Wadley & Son Limited - Period Ending 2017-03-31
HJ Wadley & Son Limited - Period Ending 2017-03-31
HJ Wadley & Son Limited
COMPANY No.:
for the Year Ended 31 March 2017
HJ Wadley & Son Limited
Contents
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Company Information |
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Directors' Report |
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Balance Sheet |
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Notes to the Financial Statements |
HJ Wadley & Son Limited
Company Information
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Directors |
Mr Keith Wadley Mr David Philip John Wadley |
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Registered office |
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Accountants |
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Page 1 |
Company No.: 00612204 |
HJ Wadley & Son Limited
Directors' Report for the Year Ended 31 March 2017
The directors present their report and the financial statements for the year ended 31 March 2017.
Directors of the company
The directors who held office during the year were as follows:
Principal activity
The principal activity of the company is: provision of letting own property.
Small companies provision statement
This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
Approved by the Board on
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Mr Keith Wadley
Director
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Page 2 |
Company No.: 00612204 |
HJ Wadley & Son Limited
Balance Sheet as at 31 March 2017
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2017 |
2016 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current liabilities |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Revaluation reserve |
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Profit and loss account |
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Total equity |
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For the financial year ending 31 March 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
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Page 3 |
Company No.: 00612204 |
HJ Wadley & Son Limited
Balance Sheet as at 31 March 2017 (continued)
Approved and authorised by the
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Mr Keith Wadley
Director
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Page 4 |
Company No.: 00612204 |
HJ Wadley & Son Limited
Notes to the Financial Statements for the Year Ended 31 March 2017
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General information |
The address of its registered office is:
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Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below.
These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
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Asset class |
Depreciation method and rate |
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Motor Vehicles |
25% Reducing Balance Method |
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Freehold Buildings |
£1600 per Annum Straight Line Method |
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Rental Stock |
50% Reducing Balance Method |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
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Page 5 |
Company No.: 00612204 |
HJ Wadley & Son Limited
Notes to the Financial Statements for the Year Ended 31 March 2017 (continued)
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
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Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
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Page 6 |
Company No.: 00612204 |
HJ Wadley & Son Limited
Notes to the Financial Statements for the Year Ended 31 March 2017 (continued)
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Tangible assets |
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Land and buildings |
Motor vehicles |
Other Tangible Assets |
Total |
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Cost or valuation |
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At 1 April 2016 |
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Additions |
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Disposals |
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At 31 March 2017 |
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Depreciation |
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At 1 April 2016 |
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Charge for the year |
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Eliminated on disposal |
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At 31 March 2017 |
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Carrying amount |
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At 31 March 2017 |
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At 31 March 2016 |
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Included within the net book value of land and buildings above is £759,378 (2016 - £734,852) in respect of freehold land and buildings.
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Debtors |
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2017 |
2016 |
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Trade debtors |
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Other debtors |
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Total current trade and other debtors |
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Creditors |
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Page 7 |
Company No.: 00612204 |
HJ Wadley & Son Limited
Notes to the Financial Statements for the Year Ended 31 March 2017 (continued)
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Note |
2017 |
2016 |
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Due within one year |
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Bank loans and overdrafts |
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Trade creditors |
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Taxation and social security |
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- |
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Other creditors |
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Due after one year |
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Other non-current financial liabilities |
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Loans and borrowings |
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2017 |
2016 |
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Current loans and borrowings |
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Bank overdrafts |
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Page 8 |
Company No.: 00612204 |