Edwing Limited Company Accounts

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COMPANY REGISTRATION NUMBER: 06021691

Edwing Limited

Unaudited Financial Statements

31 March 2017

HORNER, DOWNEY & COMPANY LIMITED

Chartered Accountants

10 Stadium Court

Stadium Road

Bromborough

Wirral

United Kingdom

CH62 3RP

Edwing Limited

Financial Statements

Year ended 31 March 2017

Contents	Page

Statement of financial position	1

Notes to the financial statements	3

Edwing Limited

Statement of Financial Position

31 March 2017

	2017		2016
Note	£	£	£	£

Current assets

Debtors	5	4,583	3,730
Cash at bank and in hand		2,879	1,977
		--------	--------
		7,462	5,707

Creditors: amounts falling due within one year	6	7,362		5,700
		--------		--------
Net current assets			100		7
			-----		-----
Total assets less current liabilities			100		7
			-----		-----
Net assets			100		7
			-----		-----

Capital and reserves

Called up share capital	2	2
Profit and loss account	98	5
	-----	-----
Members funds	100	7
	-----	-----

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the 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.

Director's responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Edwing Limited

Statement of Financial Position (continued)

31 March 2017

These financial statements were approved by the board of directors and authorised for issue on 12 July 2017 , and are signed on behalf of the board by:

Mr. O. Brown
Director

Company registration number: 06021691

Edwing Limited

Notes to the Financial Statements

Year ended 31 March 2017

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 10 Stadium Court, Stadium Road, Bromborough, Wirral, CH62 3RP, England.

2. Statement of compliance

These financial statements have been prepared in compliance with the provisions of FRS 102 Section 1A, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1 April 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 9.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

4. Staff costs

The average number of persons employed by the company during the year, including the director, amounted to 1 (2016: 1).

5. Debtors

	2017	2016
	£	£
Trade debtors	2,520	1,500
Director's loan account	2,063	2,230
	--------	--------
	4,583	3,730
	--------	--------

6. Creditors: amounts falling due within one year

	2017	2016
	£	£
Accruals and deferred income	143	143
Corporation tax	5,348	3,975
Social security and other taxes	1,871	1,582
	--------	--------
	7,362	5,700
	--------	--------

7. Director's advances, credits and guarantees

During the year the director had a maximum overdrawn loan account of £2,063.00. This loan is to be repaid within nine months of the year end.

8. Related party transactions

The company was under the control of Mr. O. Brown throughout the current and previous year. Mr. O. Brown is the managing director and sole shareholder. No transactions with related parties were undertaken such as are required to be disclosed under Financial Reporting Standard for Smaller Entities.

9. Transition to FRS 102

These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 April 2015.

No transitional adjustments were required in equity or profit or loss for the year.