Locker Wire Weavers Limited - Accounts to registrar - small 17.2

REGISTERED NUMBER: 00420247 (England and Wales)

Financial Statements for the Year Ended 31 March 2017

for

Locker Wire Weavers Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

H W Platt

A I Campbell

SECRETARY:

H W Platt

REGISTERED OFFICE:

Farrell Street

Warrington

Cheshire

WA1 2WW

REGISTERED NUMBER:

00420247 (England and Wales)

AUDITORS:

Voisey & Co

Statutory Auditor

8 Winmarleigh Street

Warrington

Cheshire

WA1 1JW

FIXED ASSETS

Intangible assets

5

-

3,751

Tangible assets

6

56,054

57,717

56,054

61,468

CURRENT ASSETS

Stocks

473,503

646,055

Debtors

7

1,673,967

2,402,633

Cash at bank and in hand

1,001,555

186,489

3,149,025

3,235,177

CREDITORS

Amounts falling due within one year

8

(2,631,257

)

(2,726,054

)

NET CURRENT ASSETS

517,768

509,123

TOTAL ASSETS LESS CURRENT LIABILITIES

573,822

570,591

CREDITORS

Amounts falling due after more than one year

9

(15,681

)

(29,009

)

PROVISIONS FOR LIABILITIES

11

(143,000

)

(143,000

)

NET ASSETS

415,141

398,582

CAPITAL AND RESERVES

Called up share capital

12

200,000

200,000

Retained earnings

215,141

198,582

SHAREHOLDERS' FUNDS

415,141

398,582

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 24 July 2017 and were signed on its behalf by:

H W Platt - Director

A I Campbell - Director

1.	STATUTORY INFORMATION

Locker Wire Weavers 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

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.

These financial statements for the year ended 31st March 2017 are the first financial statements of Locker Wire

Weavers Limited prepared in accordance with FRS 102 Section 1A small entities, The Financial Reporting

Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 Section 1A small

entities was 1st April 2015. An explanation of how transition to FRS 102 has affected the reported financial

position and financial performance is given in note 17.

Monetary amounts in these financial statements are rounded to the nearest £.

The principal accounting policies adopted are set out below.

Significant judgements and estimates

In the application of the company's accounting policies, the directors are required to make judgements, estimates

and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other

sources. The estimates and associated assumptions are based on historical experience and other factors that are

considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates

are recognised in the period in which the estimate is revised where the revision affects only that period, or in the

period of the revision and future periods where the revision affects both current and future periods.

Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company

has adequate resources to continue in operational existence for the foreseeable future. Thus the directors

continue to adopt the going concern basis of accounting in preparing the financial statements.

Turnover

Turnover represents net invoiced sales of goods, excluding value added tax. Revenue is recognised at the point

of despatch.

Intangible assets

Intangible assets represents goodwill, being the amount paid in connection with the acquisition of businesses.

After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any

accumulated impairment losses.

Tangible fixed assets

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

Plant and machinery

-

10% - 33% straight line per annum

Motor vehicles

-

25% on 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 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

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the

period of the lease.

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 the profit and loss account over the relevant period. The

capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to the profit and loss account as incurred.

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.

Provisions

A provision is recognised in the balance sheet when the company has a constructive or legal obligation as a result

of a past event and it is probable that an outflow of economic benefits will be required to settle the obligation. If

the effect is material, provisions are determined by discounting the expected future cash flows at the current time

value of money.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with bank,

other short-term liquid investments with original maturities of three months or less, and bank overdrafts.

Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12

'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's statement of financial position when the company

becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is

a legally enforcible right to set off the recognised amounts and there is an intention to settle on a net basis or to

realise the net asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction

price including transaction costs and are subsequently carried at amortised costs using the effective interest

method unless the arrangement constitutes a financing transaction, where the transaction is measured at the

present value of the future receipts discounted at a market rate of interest. Financial assets classified as

receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint

ventures, are initially measured at fair value, which is normally the transaction price. Such assets are

subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that

investments in equity instruments that are not publically traded and whose fair values cannot be measured

reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit or loss, are assessed for indicators of

impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that

occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If

an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of

the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is

recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are

settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership

to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has

transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

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 company after deducting all of its liabilities.

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference

shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a

financing transaction, where the debt instrument is measured at the present value of the future receipts discounted

at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of

business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or

less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction

price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or

cancelled.

Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.

Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of

the company.

Foreign currencies

Transactions in foreign currency are translated at exchange rates approximating to the rate ruling at the date of

the transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are

translated at the foreign exchange rate ruling at that date. Foreign exchange differences are recognised in the

profit and loss account.

Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are

required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee's services are

received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to

terminate the employment of an employee or to provide termination benefits.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 29 (2016 - 29 ) .

5.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2016

and 31 March 2017

30,001

AMORTISATION

At 1 April 2016

26,250

Charge for year

3,751

At 31 March 2017

30,001

NET BOOK VALUE

At 31 March 2017

-

At 31 March 2016

3,751

6.	TANGIBLE FIXED ASSETS

Plant and

Motor

machinery

vehicles

Totals

£

£

£

COST

At 1 April 2016

190,773

79,303

270,076

Additions

10,058

23,500

33,558

Disposals

-

(20,101

)

(20,101

)

At 31 March 2017

200,831

82,702

283,533

DEPRECIATION

At 1 April 2016

177,092

35,267

212,359

Charge for year

9,649

23,901

33,550

Eliminated on disposal

-

(18,430

)

(18,430

)

At 31 March 2017

186,741

40,738

227,479

NET BOOK VALUE

At 31 March 2017

14,090

41,964

56,054

At 31 March 2016

13,681

44,036

57,717

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.17

31.3.16

£

£

Trade debtors

516,426

456,683

Amounts owed by group undertakings

1,097,524

1,830,116

Other debtors

-

977

VAT

-

64,299

Deferred tax asset

10,893

8,434

Prepayments

49,124

42,124

1,673,967

2,402,633

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.17

31.3.16

£

£

Bank loans and overdrafts

-

129,571

Hire purchase contracts

12,284

11,297

Trade creditors

332,949

307,380

Amounts owed to group undertakings

2,098,305

2,107,891

Tax

31,826

82,170

Social security and other taxes

55,196

59,601

VAT

15,996

-

Accruals and deferred income

84,701

28,144

2,631,257

2,726,054

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.17

31.3.16

£

£

Hire purchase contracts

15,681

29,009

10.	SECURED DEBTS

The following secured debts are included within creditors:

31.3.17

31.3.16

£

£

Bank overdraft

-

129,571

The company's bank overdraft facility is secured by a debenture on the assets of the company and an unlimited

inter-company guarantee in favour of National Westminster Bank Plc between each of the Locker Group

companies. At the year end date the amount outstanding under the guarantee to the bank was £Nil (2016

£129,571).

11.	PROVISIONS FOR LIABILITIES

31.3.17

31.3.16

£

£

Other provisions

143,000

143,000

Deferred

Other

tax

provisions

£

£

Balance at 1 April 2016

(8,434

)

143,000

Credit to Statement of Comprehensive Income during year

(2,459

)

-

Balance at 31 March 2017

(10,893

)

143,000

The deferred tax provision is in relation to the excess of depreciation over capital allowances.

Other provisions are in relation product warranty claims. The directors anticipate a future liability in respect of

product warranty claims for supplied materials in the current and previous years. Provisions are to be reviewed

annually by the directors to establish the company's probable future liabilities.

12.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.17

31.3.16

value:

£

£

2,000,000

Ordinary

10p

200,000

200,000

13.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Philip Urmston BSc FCA (Senior Statutory Auditor)

for and on behalf of Voisey & Co

14.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Locker Holdings Limited.

The results of the company have been consolidated within the financial statements of Locker Holdings Limited.

This is both the smallest and largest group in which the results of the company are consolidated. Copies of the

consolidated accounts are available from the registered office of that company.

15.	NOTES ON ADOPTION OF FRS 102

Holiday pay accrual

FRS 102 requires short term employee benefits to be charged to the profit and loss account as the employee

service is received. This has resulted in the company recognising a liability for holiday pay of £6,183 in the year

to 31 March 2017. Previously holiday pay accruals were not recognised and were charged to the profit and loss

account as they were paid. No transitional adjustment has been reflected for the year ended 31st March 2016 as

the amounts are not material.