VAW Project Development Limited - Abbreviated accounts 16.3

REGISTERED NUMBER: 04842003 (England and Wales)

Abbreviated Unaudited Accounts for the Year Ended 30 September 2016

for

VAW Project Development Limited

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

Chartered Accountants' Report

7

DIRECTOR:

V A Williams

SECRETARY:

Ms T H Fellows

REGISTERED OFFICE:

1 Aston Court

Bromsgrove Technology Park

Bromsgrove

Worcestershire

B60 3AL

REGISTERED NUMBER:

04842003 (England and Wales)

ACCOUNTANTS:

Kenneth Morris Limited

1 Aston Court

Bromsgrove Technology Park

Bromsgrove

Worcestershire

B60 3AL

FIXED ASSETS

Tangible assets

2

29,956

17,133

CURRENT ASSETS

Stocks

1,500

Debtors

107,806

50,894

Cash at bank and in hand

330

110

109,636

52,504

CREDITORS

Amounts falling due within one year

164,710

83,098

NET CURRENT LIABILITIES

(55,074

)

(30,594

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

(25,118

)

(13,461

)

CREDITORS

Amounts falling due after more than one
year

22,549

10,392

NET LIABILITIES

(47,667

)

(23,853

)

CAPITAL AND RESERVES

Called up share capital

3

100

Profit and loss account

(47,767

)

(23,953

)

SHAREHOLDERS' FUNDS

(47,667

)

(23,853

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 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 20 January 2017 and were signed by:

V A Williams - Director

1.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The company meets it day to day working capital requirements through an overdraft facility which is repayable

on demand. The company expects to operate within the currently agreed facility and within that expected to be

agreed in future, when the company's bankers are due to consider its renewal. These views are based on the

company's plans and on the successful outcome of discussions with the company's bankers.

The director has pledged his continuing support to the company and has agreed not to withdraw his directors

loan account, currently £10,601, until the company has sufficient funds to do so without prejudicing any other

creditor.

Ms T fellows,shareholder, has pledged her continuing support to the company and has agreed not to withdraw

her loan account (currently £30,005) nor her trade creditor account (£12,025), until the company has sufficient

funds to do so without prejudicing any other creditor.

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

-

20% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

20% on reducing balance

Computer equipment

-

33% on 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

The charge for taxation takes into account taxation deferred as a result of timing differences between the

treatment of certain items for taxation and accounting purposes. Deferred tax is recognised in respect of all

timing differences that have originated but not reversed by the balance sheet date. Deferred tax assets are only

recognised where it is considered more likely than not that future profits will be available for offset. Deferred tax

is measured on a non-discounted basis at the average tax rates that would apply in the periods in which the timing

differences are expected to reverse, based on the tax rates and laws that have been enacted by 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.

Operating leases

The relevant annual rentals are charged to the profit and loss account on a straight line basis over the lease term,

unless they relate to vacant leasehold properties, in which case provision is made on a discounted basis for the

net obligation under the lease The unwinding of the discount is disclosed within interest payable and similar

charges.

Where no lease is in place, the rentals are charged to the profit and loss account as and when paid.

Invoice discounting

The company's sales ledger is factored with Bibby Financial Services. Separate presentation has been adopted

with gross debts being included on the balance sheet within debtors. The proceeds received from the factor are

included within creditors as a liability. Factoring charges are recognised as they accrue and included within

interest payable and similar charges.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 October 2015

32,072

Additions

20,340

At 30 September 2016

52,412

DEPRECIATION

At 1 October 2015

14,939

Charge for year

7,517

At 30 September 2016

22,456

NET BOOK VALUE

At 30 September 2016

29,956

At 30 September 2015

17,133

3.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30.9.16

30.9.15

value:

£

100

Ordinary

£1

100

4.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 September 2016 and

30 September 2015:

30.9.16

30.9.15

£

V A Williams

Balance outstanding at start of year

(2,267

)

(5,617

)

Amounts advanced

8,900

3,850

Amounts repaid

(17,234

)

(500

)

Balance outstanding at end of year

(10,601

)

(2,267

)

The above amounts represent the aggregate movements during the year rather than each individual transaction.

The amount in brackets is due to the director. The loan is interest free and repayable on demand.

The director has pledged his continuing support to the company and has agreed not to withdraw his directors

loan account, currently £10,601, until the company has sufficient funds to do so without prejudicing any other

creditor.

The following reproduces the text of the report prepared for the director in respect of the company's annual

unaudited financial statements, from which the unaudited abbreviated accounts (set out on pages two to six) have

been prepared.

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

financial statements of VAW Project Development Limited for the year ended 30 September 2016 which comprise the

Profit and Loss Account, the 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 director of VAW Project Development Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of VAW Project Development Limited and state those matters that we have agreed to state to the director of VAW Project Development Limited 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 VAW Project Development Limited director for our work or for this report.

It is your duty to ensure that VAW Project Development 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 loss of VAW Project Development Limited. You consider that VAW Project Development 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 VAW Project Development 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.

Kenneth Morris Limited

1 Aston Court

Bromsgrove Technology Park

Bromsgrove

Worcestershire

B60 3AL

20 January 2017