Waverley Contract & Supply Limited - Accounts to registrar - small 17.1.1

REGISTERED NUMBER: 07549979 (England and Wales)

Financial Statements

for the Year Ended 31 March 2017

for

Waverley Contract & Supply Limited

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

J James

G James

D James

B James

SECRETARY:

B James

REGISTERED OFFICE:

Rowan House

Guildford Road Trading Estate

Farnham

Surrey

GU9 9PZ

REGISTERED NUMBER:

07549979 (England and Wales)

ACCOUNTANTS:

Barnbrook Sinclair

Chartered Accountants

Chancery House

30 St Johns Road

Woking

Surrey

GU21 7SA

FIXED ASSETS

Intangible assets

5

792,400

849,000

Property, plant and equipment

6

221,221

114,283

1,013,621

963,283

CURRENT ASSETS

Inventories

448,830

301,137

Debtors

7

489,524

474,347

Prepayments and accrued income

718,569

419,458

Cash at bank

7,810

321,447

1,664,733

1,516,389

CREDITORS

Amounts falling due within one year

8

(1,065,588

)

(1,516,069

)

NET CURRENT ASSETS

599,145

320

TOTAL ASSETS LESS CURRENT LIABILITIES

1,612,766

963,603

CREDITORS

Amounts falling due after more than one year

9

(501,010

)

(515,580

)

PROVISIONS FOR LIABILITIES

11

(35,188

)

(9,874

)

NET ASSETS

1,076,568

438,149

CAPITAL AND RESERVES

Called up share capital

1,000

1,000

Retained earnings

1,075,568

437,149

SHAREHOLDERS' FUNDS

1,076,568

438,149

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2017 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 22 June 2017 and were signed on its behalf by:

G James - Director

1.	STATUTORY INFORMATION

Waverley Contract & Supply 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.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

Turnover

Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Goodwill

Goodwill, representing the excess of the purchase price compared with the fair value of net assets acquired, is

capitalised and written off evenly over the number of years which, in the opinion of the directors, represents the

goodwill's useful economic life, as follows:-

Goodwill paid on incorporation - 20 years

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost

less any accumulated amortisation and any accumulated impairment losses.

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.

Fixtures, fittings & equipment

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Stocks and work in progress

Stocks and work in progress are valued at the lower of cost and net realisable value. Cost of finished goods and

work in progress includes overheads appropriate to the stage of manufacture. Net realisable value is based upon

estimated selling price less further costs expected to be incurred to completion and disposal. Provision is made

for obsolete and slow-moving items.

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 statement of financial position date.

Deferred tax

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

statement of financial position 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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the

statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of

exchange ruling at the date of transaction. Exchange differences are taken to the income statement.

Hire purchase and leasing commitments

Where assets are financed by leasing agreements that give rights approximating to ownership ("finance leases"),

the assets are treated as if they had been purchased outright. The amount capitalised is the present value of the

minimum lease payments payable during the lease term. The corresponding leasing commitments are shown as

obligations to the lessor.

Lease payments are treated as consisting of capital and interest elements, and the interest is charged to the profit

and loss account in proportion to the remaining balance outstanding.

All other leases are "operating leases" and the annual rentals are charged to the income statement on a straight

line basis over the lease term.

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 income statement in the period to which they relate.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 32 .

5.	INTANGIBLE FIXED ASSETS

Goodwill

£

Cost

At 1 April 2016

and 31 March 2017

1,197,000

Amortisation

At 1 April 2016

348,000

Charge for year

56,600

At 31 March 2017

404,600

Net book value

At 31 March 2017

792,400

At 31 March 2016

849,000

6.	PROPERTY, PLANT AND EQUIPMENT

Fixtures,

fittings

Motor

& equipment

vehicles

Totals

£

£

£

Cost

At 1 April 2016

155,854

72,787

228,641

Additions

172,027

21,314

193,341

Disposals

(29,869

)

(39,125

)

(68,994

)

At 31 March 2017

298,012

54,976

352,988

Depreciation

At 1 April 2016

88,221

26,137

114,358

Charge for year

45,055

11,855

56,910

Eliminated on disposal

(21,570

)

(17,931

)

(39,501

)

At 31 March 2017

111,706

20,061

131,767

Net book value

At 31 March 2017

186,306

34,915

221,221

At 31 March 2016

67,633

46,650

114,283

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Fixtures,

fittings

Motor

& equipment

vehicles

Totals

£

£

£

Cost

At 1 April 2016

16,632

56,122

72,754

Additions

80,821

21,314

102,135

Disposals

-

(22,460

)

(22,460

)

At 31 March 2017

97,453

54,976

152,429

Depreciation

At 1 April 2016

9,031

18,410

27,441

Charge for year

18,462

10,438

28,900

Eliminated on disposal

-

(8,787

)

(8,787

)

At 31 March 2017

27,493

20,061

47,554

Net book value

At 31 March 2017

69,960

34,915

104,875

At 31 March 2016

7,601

37,712

45,313

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/3/17

31/3/16

£

£

Trade debtors

438,385

469,160

Other debtors

51,139

5,187

489,524

474,347

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/3/17

31/3/16

£

£

Bank loans and overdrafts

52,327

-

Hire purchase contracts

44,715

18,887

Trade creditors

508,260

391,007

Taxation and social security

342,982

292,644

Other creditors

117,304

813,531

1,065,588

1,516,069

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31/3/17

31/3/16

£

£

Bank loans

-

12,236

Hire purchase contracts

26,010

5,286

Other creditors

475,000

498,058

501,010

515,580

10.	SECURED DEBTS

The following secured debts are included within creditors:

31/3/17

31/3/16

£

£

Bank overdraft

52,327

-

Bank loans

-

12,236

Hire purchase contracts

70,725

24,173

123,052

36,409

11.	PROVISIONS FOR LIABILITIES

31/3/17

31/3/16

£

£

Deferred tax

Accelerated capital allowances

35,188

9,874

Deferred

tax

£

Balance at 1 April 2016

9,874

Provided during year

25,314

Balance at 31 March 2017

35,188

12.	CAPITAL COMMITMENTS

31/3/17

31/3/16

£

£

Contracted but not provided for in the

financial statements

177,715

27,181

13.	OTHER FINANCIAL COMMITMENTS

At the balance sheet date the company had other financial commitments under operating leases which are not

included in the balance sheet totalling £158,206 (2016: £151,724).

14.	RELATED PARTY DISCLOSURES

During the year, total dividends of £20,000 (2016 - £965,000) were paid to the directors .

At the year end the company owed the following amounts to the directors of the company; £54,469 (2016:

£211,068) to G James; £103,316 (2016: £238,985) to D James; £92,998 (2016: £214,954) to B James; £94,165

(2016: £214,708) to J James. These amounts are split as £245,000 (2016: £268,058) being shown within other

creditors due over one year, with the balance being reflected as a short term creditor.

There is no single ultimate controlling party.

15.	FIRST YEAR ADOPTION

The company has adopted FRS 102 for the year end 31 March 2017. There have been no transitional

adjustments to the company's equity or reserves at the date of transition to FRS 102 nor at the end of the

comparative period.