Willings Services Limited - Accounts to registrar - small 16.3

REGISTERED NUMBER: 03308490 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2016

FOR

WILLINGS SERVICES LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

Mr A D Brown

Mrs J T Brown

SECRETARY:

Southern Corporate Services Limited

REGISTERED OFFICE:

Fleming Court

Leigh Road

Eastleigh

Southampton

Hampshire

SO50 9PD

BUSINESS ADDRESS:

Unit 5, Kenyons Yard

Weyhill Road

Andover

Hampshire

SP10 3NP

REGISTERED NUMBER:

03308490 (England and Wales)

BANKERS:

Lloyds

22 High Street

Andover

Hampshire

SP10 1NW

FIXED ASSETS

Tangible assets

5

84,621

58,529

Investments

6

60

60

84,681

58,589

CURRENT ASSETS

Stocks

39,556

33,600

Debtors

7

293,277

242,081

Cash at bank and in hand

386,612

166,386

719,445

442,067

CREDITORS

Amounts falling due within one year

8

227,903

81,478

NET CURRENT ASSETS

491,542

360,589

TOTAL ASSETS LESS CURRENT LIABILITIES

576,223

419,178

PROVISIONS FOR LIABILITIES

13,640

7,687

NET ASSETS

562,583

411,491

CAPITAL AND RESERVES

Called up share capital

9

118

118

Capital redemption reserve

121

121

Retained earnings

562,344

411,252

SHAREHOLDERS' FUNDS

562,583

411,491

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2016 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 March 2017 and were signed on its behalf by:

Mr A D Brown - Director

1.	STATUTORY INFORMATION

Willings Services 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.

Preparation of consolidated financial statements

The financial statements contain information about Willings Services Limited as an individual company and do

not contain consolidated financial information as the parent of a group. The company has taken the option under

Section 398 of the Companies Act 2006 not to prepare consolidated financial statements.

Turnover

The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of

Value Added Tax, amended for uninvoiced sales at the year end.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Improvements to property

-

15% on reducing balance

Plant and machinery

-

15% on reducing balance

Fixtures, fittings and equipment

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

All fixed assets are initially recorded at cost.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

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.

Foreign currencies

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

balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling

at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

Rentals paid under operating leases are charged to profit or loss 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 profit or loss in the period to which they relate.

Debtors and creditors receivable / payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at

transaction price. Any losses arising from impairment are recognised in the profit and loss account in other

administrative expenses.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 13 (2015 - 12 ) .

5.	TANGIBLE FIXED ASSETS

Fixtures,

Improvements

fittings

to

Plant and

and

Motor

property

machinery

equipment

vehicles

Totals

£

£

£

£

£

COST

At 1 January 2016

7,814

47,159

104,606

130,748

290,327

Additions

-

-

1,934

37,812

39,746

At 31 December 2016

7,814

47,159

106,540

168,560

330,073

DEPRECIATION

At 1 January 2016

3,654

35,343

84,402

108,399

231,798

Charge for year

624

2,044

5,399

5,587

13,654

At 31 December 2016

4,278

37,387

89,801

113,986

245,452

NET BOOK VALUE

At 31 December 2016

3,536

9,772

16,739

54,574

84,621

At 31 December 2015

4,160

11,816

20,204

22,349

58,529

6.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 January 2016

and 31 December 2016

60

NET BOOK VALUE

At 31 December 2016

60

At 31 December 2015

60

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2016

2015

£

£

Trade debtors

180,535

139,213

Amounts owed by group undertakings

24,046

8,045

Other debtors

88,696

94,823

293,277

242,081

Included in other debtors is £15,925 (2015 - £14,476) in relation to prepayments and accrued income.

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2016

2015

£

£

Trade creditors

37,919

13,728

Taxation and social security

110,938

37,711

Other creditors

79,046

30,039

227,903

81,478

Included in other creditors is £3,550 (2015 - £29,300) in relation to accruals and deferred income.

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2016

2015

value:

£

£

69

Ordinary

£1

69

69

49

Ordinary A

£1

49

49

118

118

10.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 December 2016 and

31 December 2015:

2016

2015

£

£

Mr A D Brown and Mrs J T Brown

Balance outstanding at start of year

16,031

36,456

Amounts advanced

108,200

165,046

Amounts repaid

(162,565

)

(185,471

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(38,334

)

16,031

The loan was unsecured, with no repayment date specified. Interest is charged on overdrawn balances at HM

Revenue and Customs approved rates.

The maximum overdrawn balance during the year on the directors loan account of Mr A D Brown & Mrs J T

Brown was £58,252 (2015: £68,920).

11.	FIRST YEAR ADOPTION - FRS 102 SECTION 1A

This is the first year that the company has presented its financial statements under Financial Reporting Standard

102 Section 1A (FRS 102 Section 1A) issued by the Financial Reporting Council. The last financial statements,

for the year ended 31st December 2015, were prepared under previous UK GAAP. The transition date to FRS

102 Section 1A is therefore 1st January 2015.

Adopting FRS 102 Section 1A has not resulted in the requirement to change any of the company's existing

accounting policies which were being applied prior to transition.

Profit & loss for the year ended 31st December 2015

There was no change to the reported profit and loss account of the business for the year ended 31st December

2015 as a result of the transition.

Balance sheet at 31st December 2015

£

Equity under former UK GAAP

411,491

Equity under FRS 102 Section 1A

411,491

Balance sheet at 1 January 2015

Equity under former UK GAAP

451,395

Equity under FRS 102 Section 1A

451,395