ACCOUNTS - Final Accounts preparation

WATFORD REFRIGERATION AND AIR CONDITIONING LIMITED - Company Information

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Registered number: 00457930

WATFORD REFRIGERATION AND AIR CONDITIONING LIMITED

UNAUDITED

ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 OCTOBER 2016

WATFORD REFRIGERATION AND AIR CONDITIONING LIMITED

REGISTERED NUMBER: 00457930

ABBREVIATED BALANCE SHEET

AS AT 31 OCTOBER 2016

2016

2015

	Note	£	£	£	£
FIXED ASSETS
Tangible assets	2		402,086		452,211

CURRENT ASSETS
Stocks	72,492		32,312
Debtors	1,526,719		835,550
Investments	-		21,599
Cash at bank and in hand	388,098		723,685

	1,987,309		1,613,146
CREDITORS: amounts falling due within one year	(741,422)		(783,563)
NET CURRENT ASSETS		1,245,887		829,583

TOTAL ASSETS LESS CURRENT LIABILITIES

1,647,973

1,281,794

CREDITORS: amounts falling due after more than one year	(297,026)	-
PROVISIONS FOR LIABILITIES
Deferred tax	(16,820)	(21,256)
NET ASSETS EXCLUDING PENSION SCHEME LIABILITY	1,334,127	1,260,538
Defined benefit pension scheme liability	(304,480)	(385,160)
NET ASSETS INCLUDING PENSION SCHEME LIABILITY	1,029,647	875,378

CAPITAL AND RESERVES
Called up share capital	3	625	625
Revaluation reserve		274,228	274,228
Profit and loss account		754,794	600,525

SHAREHOLDERS' FUNDS

1,029,647

875,378

The directors consider that the company is entitled to exemption from the requirement to have an audit under the provisions of section 477 of the Companies Act 2006 ("the Act") and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Act.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and for preparing financial statements which give a true and fair view of the state of affairs of the company as at 31 October 2016 and of its profit for the year in accordance with the requirements of sections 394 and 395 of the Act and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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WATFORD REFRIGERATION AND AIR CONDITIONING LIMITED

ABBREVIATED BALANCE SHEET (continued)

AS AT 31 OCTOBER 2016

The abbreviated accounts, which have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006, were approved and authorised for issue by the board and were signed on its behalf on 13 July 2017.

K P Bywater

Director

The notes on pages 3 to 5 form part of these financial statements.

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WATFORD REFRIGERATION AND AIR CONDITIONING LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 OCTOBER 2016

1.ACCOUNTING POLICIES

	1.1	Basis of preparation of financial statements
		The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention as modified by the revaluation of Freehold property and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).

	1.2	Turnover
		Turnover comprises revenue recognised by the company in respect of goods and services supplied during the year, exclusive of Value Added Tax and trade discounts.

	1.3	Tangible fixed assets and depreciation
		Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Freehold property	-	over 50 years
Plant and machinery	-	20% reducing balance
Motor vehicles	-	25% reducing balance
Office equipment	-	20% reducing balance

	1.4	Revaluation of tangible fixed assets
		As permitted by the transitional provisions of the Financial Reporting Standard for Smaller Entities (effective January 2015) the company has elected not to adopt a policy of revaluation of tangible fixed assets. The company will retain the book value of land and buildings, previously revalued at 14 October 2002 and will not update that valuation.

	1.5	Leasing and hire purchase
		Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the Profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

	1.6	Stocks and work in progress
		Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

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WATFORD REFRIGERATION AND AIR CONDITIONING LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 OCTOBER 2016

1.ACCOUNTING POLICIES (continued)

	1.7	Deferred taxation
		Full provision is made for deferred tax assets and liabilities arising from all timing differences between the recognition of gains and losses in the financial statements and recognition in the tax computation.
		Deferred tax is not provided on timing differences arising from the revaluation of fixed assets in the financial statements.
		A net deferred tax asset is recognised only if it can be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred tax assets and liabilities are calculated at the tax rates expected to be effective at the time the timing differences are expected to reverse. Deferred tax assets and liabilities are not discounted.

	1.8	Long-term contracts
		Profit on long-term contracts is taken as the work is carried out if the final outcome can be assessed with reasonable certainty. The profit included is calculated on a prudent basis to reflect the proportion of the work carried out at the year end, by recording turnover and related costs as contract activity progresses. Turnover is calculated as that proportion of total contract value which costs incurred to date bear to total expected costs for that contract. Revenues derived from variations on contracts are recognised only when they have been accepted by the customer. Full provision is made for losses on all contracts in the year in which they are first foreseen.

	1.9	Pensions
		The company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the company to the fund in respect of the year.
		The company operates a defined benefits pension scheme and the pension charge is based on a full actuarial valuation dated 1 February 2015.

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WATFORD REFRIGERATION AND AIR CONDITIONING LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 OCTOBER 2016

2.TANGIBLE FIXED ASSETS

		£
	Cost or valuation
	At 1 November 2015	872,092
	Additions	61,404
	Disposals	(120,679)
	At 31 October 2016	812,817

	Depreciation
	At 1 November 2015	419,881
	Charge for the year	58,719
	On disposals	(67,869)
	At 31 October 2016	410,731

	Net book value
	At 31 October 2016	402,086
	At 31 October 2015	452,211

3.SHARE CAPITAL

	2016	2015
	£	£
Allotted, called up and fully paid

2,499 Ordinary shares of £0.25 each	625	625

4.ULTIMATE PARENT UNDERTAKING AND CONTROLLING PARTY

The company is ultimately controlled by K P Bywater, a director of the company.

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