Walton Intwood Limited - Accounts to registrar - small 16.3d

REGISTERED NUMBER: 05318180 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2017

FOR

WALTON INTWOOD LIMITED

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

M H Wood

Mrs C W Wood

SECRETARY:

M H Wood

REGISTERED OFFICE:

Walton House

Wendling Road

Longham

Dereham

Norfolk

NR19 2RD

REGISTERED NUMBER:

05318180 (England and Wales)

ACCOUNTANTS:

Burrells Accountancy Limited

Jubilee House

Jubilee Court

Dersingham

King's Lynn

Norfolk

PE31 6HH

BANKERS:

National Westminster Bank plc

4 Tuesday Market Place

King's Lynn

Norfolk

PE30 1YY

FIXED ASSETS

Investment property

3

500,000

500,000

CREDITORS

Amounts falling due within one year

26,813

24,755

NET CURRENT LIABILITIES

(26,813

)

(24,755

)

TOTAL ASSETS LESS CURRENT LIABILITIES

473,187

475,245

CREDITORS

Amounts falling due after more than one year

4

374,209

394,753

NET ASSETS

98,978

80,492

CAPITAL AND RESERVES

Called up share capital

502

502

Revaluation reserve

5

60,000

60,000

Retained earnings

38,476

19,990

SHAREHOLDERS' FUNDS

98,978

80,492

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2017 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.

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 31 March 2017 in accordance with Section 444(2A) of the Companies Act 2006.

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 10 August 2017 and were signed on its behalf by:

M H Wood - Director

1.	STATUTORY INFORMATION

Walton Intwood 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.

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 as modified by the revaluation of certain assets.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from

changes in fair value is recognised in profit or loss.

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.

3.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2016

and 31 March 2017

500,000

NET BOOK VALUE

At 31 March 2017

500,000

At 31 March 2016

500,000

The investment property was transferred from trading stock during the year ended 31 December 2011

at a professional valuation.

The Companies Act would normally require depreciation to be charged on investment properties, but

this would not give a true and fair view of the state of affairs of the company. The treatment required by

the Financial Reporting Standard for Smaller Entities (effective January 2015) has, therefore, been

adopted.

The overall effect of the departure from the Companies Act cannot be quantified, as the resulting value

and economic life of the property cannot be estimated.

Cost or valuation at 31 March 2017 is represented by:

£

Valuation in 2015

500,000

4.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.17

31.3.16

£

£

Directors loan account

374,209

394,753

5.

RESERVES

Revaluation

reserve

£

At 1 April 2016

and 31 March 2017

60,000

6.	FIRST YEAR ADOPTION

The company transitioned from previously extant UK GAAP to FRS 102 as at 1 February 2015. The

transition to FRS 102 has not affected the reported financial position and financial performance.