Walsall Battery Services Limited - Accounts to registrar - small 17.2

REGISTERED NUMBER: 00746358 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31st December 2016

for

WALSALL BATTERY SERVICES LIMITED

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

I R Braid

K J Male

SECRETARY:

I R Braid

REGISTERED OFFICE:

Bridgman Street

Walsall

West Midlands

WS2 9PG

REGISTERED NUMBER:

00746358 (England and Wales)

ACCOUNTANTS:

Bakers

(The practising name of

Baker (Midlands) Limited)

Arbor House

Broadway North

Walsall

WS1 2AN

FIXED ASSETS

Tangible assets

4

47,172

23,062

CURRENT ASSETS

Stocks

30,000

24,000

Debtors

5

208,011

186,935

Cash at bank and in hand

110,955

18,628

348,966

229,563

CREDITORS

Amounts falling due within one year

6

243,933

167,477

NET CURRENT ASSETS

105,033

62,086

TOTAL ASSETS LESS CURRENT LIABILITIES

152,205

85,148

CREDITORS

Amounts falling due after more than one year

7

(4,487

)

-

PROVISIONS FOR LIABILITIES

(7,000

)

(2,600

)

NET ASSETS

140,718

82,548

CAPITAL AND RESERVES

Called up share capital

9

1,500

1,500

Capital redemption reserve

500

500

Retained earnings

138,718

80,548

SHAREHOLDERS' FUNDS

140,718

82,548

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31st 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 Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors on 17th July 2017 and were signed on its behalf by:

I R Braid - Director

1.	STATUTORY INFORMATION

Walsall Battery 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.	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.

Significant judgements and estimates

The preparation of the financial statements requires management to make judgements, estimates and

assumptions that affect the amounts reported for assets and liabilities at the balance sheet date and the

amounts reported for revenues and expenses during the year. However the nature of estimation means that

actual outcomes could differ from those estimates.

Turnover

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

value added tax and other sales taxes.

The company recognises revenue from the sale of goods when all the following conditions are satisfied:

(a) the company has transferred to the buyer the significant risks and rewards of ownership of the goods;

(b) the company retains neither continuing managerial involvement to the degree usually associated with

ownership nor effective control over the goods sold;

(c) the amount of revenue can be measured reliably;

(d) it is probable that the economic benefits associated with the transaction will flow to the company; and

(e) the costs incurred or to be incurred in respect of the transaction can be measured reliably.

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.

Short leasehold

-

over term of the lease

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any

accumulated impairment losses. Historical cost includes any expenditure that is directly attributable to bringing

the asset to the location and condition necessary for it to be capable of operating in the manner intended by

management.

The carrying values of tangible fixed assets are reviewed for impairment when events or changes in

circumstances indicate the carrying value may not be recoverable.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Stocks are

recognised as an expense in the period in which the related turnover is recognised.

Cost is determined on the first-in, first-out (FIFO) method. Cost includes the purchase price, including taxes and

duties and transport and handling directly attributable to bringing the stock to its present location and

condition. The cost of finished goods and work in progress includes raw materials, direct labour and other

direct costs and related production overheads (based on normal operating capacity).

At the end of each reporting period stocks are assessed for impairment. If an item of stock is impaired, the

identified stock is reduced to its selling price less costs to complete and sell and an impairment charge is

recognised in the profit and loss account. Where a reversal of the impairment is recognised the impairment

charge is reversed, up to the original impairment loss, and is recognised as a credit in the profit and loss

account.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive

Income, 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 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.

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.

Employee benefits

The company provides a range of benefits to employees, including annual bonus arrangements and defined

contribution pension plans.

i. Short term benefits

Short term benefits, including holiday pay and other similar non-monetary benefits, are recognised as an

expense in the period in which the service is received.

ii. Defined contribution pension plans

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension

plan under which the company pays fixed contributions into a separate entity. Once the contributions have

been paid the company has no further payment obligations. The contributions are recognised as an expense

when they are due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are

held separately from the company in independently administered funds.

Short-term debtors and creditors

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 recognisin the profit and loss account in other

administrative expenses.

Cash and cash equivalents

Cash comprise cash in hand and demand deposits. Cash equivalents are short-term, highly liquid investments

that mature in no more than three months from the date of acquisition and that are readily convertible to

known amounts of cash with an insignificant risk of change in value.

Provisions

Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past

event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be

reliably estimated.

Impairment

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each

balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating

unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable

amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount

where the impairment loss is a revaluation decrease.

3.	EMPLOYEES AND DIRECTORS

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

4.	TANGIBLE FIXED ASSETS

Fixtures

Short

Plant and

and

Motor

leasehold

machinery

fittings

vehicles

Totals

£

£

£

£

£

COST

At 1st January 2016

2,779

37,206

116,581

27,940

184,506

Additions

307

3,750

2,445

30,280

36,782

Disposals

-

-

-

(1,900

)

(1,900

)

At 31st December 2016

3,086

40,956

119,026

56,320

219,388

DEPRECIATION

At 1st January 2016

1,111

33,984

109,662

16,687

161,444

Charge for year

618

1,743

2,341

6,924

11,626

Eliminated on disposal

-

-

-

(854

)

(854

)

At 31st December 2016

1,729

35,727

112,003

22,757

172,216

NET BOOK VALUE

At 31st December 2016

1,357

5,229

7,023

33,563

47,172

At 31st December 2015

1,668

3,222

6,919

11,253

23,062

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

Motor

vehicles

£

COST

At 1st January 2016

6,750

Additions

12,000

Transfer to ownership

(6,750

)

At 31st December 2016

12,000

DEPRECIATION

At 1st January 2016

3,270

Charge for year

2,500

Transfer to ownership

(3,270

)

At 31st December 2016

2,500

NET BOOK VALUE

At 31st December 2016

9,500

At 31st December 2015

3,480

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2016

2015

£

£

Trade debtors

176,929

151,109

Other debtors

31,082

35,826

208,011

186,935

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2016

2015

£

£

Hire purchase contracts

3,269

1,467

Trade creditors

164,925

91,100

Taxation and social security

63,652

68,596

Other creditors

12,087

6,314

243,933

167,477

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2016

2015

£

£

Hire purchase contracts

4,487

-

8.	SECURED DEBTS

The following secured debts are included within creditors:

2016

2015

£

£

Hire purchase contracts

7,756

1,467

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2016

2015

value:

£

£

1,500

Ordinary shares

£1

1,500

1,500

10.	FIRST YEAR ADOPTION

This is the first year that the company has presented its results under FRS 102. The last financial statements

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

FRS 102 was 1 January 2015.

The change to new UK GAAP has had no material impact upon either the profit and loss account or the balance

sheet in the current or comparative year and accordingly no reconciliation has been provided.