W Southerington & Sons Ltd - Accounts to registrar - small 17.1.1

REGISTERED NUMBER: 01271128 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2017

FOR

W SOUTHERINGTON & SONS LTD

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr J Southerington

Mrs P A Southerington

SECRETARY:

Mrs P A Southerington

REGISTERED OFFICE:

Lakeside

Leicester Road

Melton Mowbray

Leicestershire

LE13 0DA

REGISTERED NUMBER:

01271128 (England and Wales)

ACCOUNTANTS:

Osbornes Tax And Advisory Limited

Harwood House

Park Road

Melton Mowbray

Leicestershire

LE13 1TX

FIXED ASSETS

Tangible assets

4

993,674

1,002,065

CURRENT ASSETS

Stocks

30,105

21,444

Debtors

160,280

35,246

Cash at bank and in hand

24,794

68,288

215,179

124,978

CREDITORS

Amounts falling due within one year

77,619

69,113

NET CURRENT ASSETS

137,560

55,865

TOTAL ASSETS LESS CURRENT LIABILITIES

1,131,234

1,057,930

CREDITORS

Amounts falling due after more than one year

(99,623

)

(43,259

)

PROVISIONS FOR LIABILITIES

(123,010

)

(123,331

)

NET ASSETS

908,601

891,340

CAPITAL AND RESERVES

Called up share capital

29,000

29,000

Revaluation reserve

6

670,781

670,781

Retained earnings

208,820

191,559

SHAREHOLDERS' FUNDS

908,601

891,340

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.

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 31 March 2017 in accordance with Section 444(2A) of the Companies Act 2006.

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:

Mr J Southerington - Director

1.	STATUTORY INFORMATION

W Southerington & Sons Ltd 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.

Turnover

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

value added tax and other sales taxes.

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 and fittings

-

12.5% on cost

Motor vehicles

-

25% on reducing balance

Change in accounting estimate

During the year the directors took the decision to commence valuation of the freehold land and building to better

reflect the asset valuation.

Freehold land and building is shown at most recent valuation. Any aggregate surplus or deficit arising from

changes in market value is transferred to a revaluation reserve.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance 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 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.

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 profit or loss over the relevant period. The capital element

of the future payments is treated as a liability.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 .

4.	TANGIBLE FIXED ASSETS

Totals

£

COST OR VALUATION

At 1 April 2016

1,429,212

Additions

292

At 31 March 2017

1,429,504

DEPRECIATION

At 1 April 2016

427,147

Charge for year

8,683

At 31 March 2017

435,830

NET BOOK VALUE

At 31 March 2017

993,674

At 31 March 2016

1,002,065

Cost or valuation at 31 March 2017 is represented by:

Totals

£

Valuation in 2017

803,788

Cost

625,716

1,429,504

If freehold land and buildings had not been revalued they would have been included at the following historical

cost:

2017

2016

£

£

Cost

146,212

146,212

Value of land in freehold land and buildings

140,469

140,469

Freehold land and buildings were valued on an open market basis on 16 June 2016 by Bentons Limited .

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

Totals

£

COST OR VALUATION

At 1 April 2016

and 31 March 2017

18,677

DEPRECIATION

At 1 April 2016

and 31 March 2017

4,378

NET BOOK VALUE

At 31 March 2017

14,299

At 31 March 2016

14,299

5.	SECURED DEBTS

The following secured debts are included within creditors:

2017

2016

£

£

Bank loans

35,552

46,062

Hire purchase contracts

97,094

10,832

132,646

56,894

Bank loans are secured by way of a fixed and floating charge over the assets of the company. The hire purchase

agreements are secured against the assets with which they relate.

6.

RESERVES

Revaluation

reserve

£

At 1 April 2016

and 31 March 2017

670,781

7.	ULTIMATE CONTROLLING PARTY

The controlling party is Mr J Southerington.