Wire UK Limited - Accounts to registrar - small 17.2

REGISTERED NUMBER: 06303402 (England and Wales)

Wire UK Limited

Unaudited Financial Statements for the Year Ended 31st January 2017

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

P Dann

SECRETARY:

L Dann

REGISTERED OFFICE:

Regents Court

Princess Street

Hull

HU2 8BA

REGISTERED NUMBER:

06303402 (England and Wales)

ACCOUNTANTS:

Smailes Goldie

Chartered Accountants

Regent's Court

Princess Street

Hull

East Yorkshire

HU2 8BA

FIXED ASSETS

Tangible assets

4

1,276

1,587

CURRENT ASSETS

Stocks

89,305

78,370

Debtors

5

6,721

6,350

Cash at bank and in hand

3,834

1,702

99,860

86,422

CREDITORS

Amounts falling due within one year

6

86,370

86,421

NET CURRENT ASSETS

13,490

1

TOTAL ASSETS LESS CURRENT LIABILITIES

14,766

1,588

PROVISIONS FOR LIABILITIES

256

318

NET ASSETS

14,510

1,270

CAPITAL AND RESERVES

Called up share capital

1

1

Retained earnings

14,509

1,269

SHAREHOLDERS' FUNDS

14,510

1,270

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31st January 2017 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 Income Statement has not been delivered.

The financial statements were approved by the director on 6th August 2017 and were signed by:

P Dann - Director

1.	STATUTORY INFORMATION

Wire UK 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

The financial statements have been prepared in accordance with applicable accounting standards

including Section 1A of Financial Reporting Standard 102 The Financial Reporting Standard Applicable

in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. The financial statements

have been prepared on a going concern basis under the historical cost convention, modified to include

certain items at fair value.

The significant accounting policies applied in the preparation of these financial statements are set out

below. These policies have been consistently applied to all years presented unless otherwise stated.

The company adopted FRS 102 in the current year and an explanation of how transition to FRS 102

has affected the reported financial position and performance is given in the notes.

Turnover

Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade

discounts. The policies adopted for the recognition of turnover are as follows:

Turnover from the sales of goods and services is recognised when significant risks and rewards of

ownership of the goods have transferred to the buyer, the amount of turnover can be measured

reliably, it is probable that the economic benefits associated with the transaction will flow to the

company and the costs incurred or to be incurred in respect of the transaction can be measured

reliably. This is usually on dispatch of the goods or completion of the product.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation

and accumulated impairment losses. Cost includes costs directly attributable to making the asset

capable of operating as intended.

Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less

estimated residual value, of each asset on a systematic basis over its expected useful life as follows:

Plant and machinery - 10% - 100% on cost

Stocks

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

includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its

present location and condition. Cost is calculated using the first-in, first-out formula. Provision is

made for damaged, obsolete and slow-moving stock where appropriate

Taxation

Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss)

for the current or past reporting periods. It is measured at the amount expected to be paid or

recovered using the tax rates and laws that have been enacted or substantively enacted by the

balance sheet date.

Deferred tax represents the future tax consequences of transactions and events recognised in the

financial statements of current and previous periods. It is recognised in respect of all timing

differences, with certain exceptions. Timing differences are differences between taxable profits and

total comprehensive income as stated in the financial statements that arise from the inclusion of

income and expense in tax assessments in periods different from those in which they are recognised

in the financial statements. 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.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively

enacted by the balance sheet date that are expected to apply to the reversal of timing differences.

Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured

using the rates and allowances that apply to the sale of the asset.

Hire purchase and leasing commitments

Assets acquired under finance leases are capitalised and depreciated over the shorter of the lease

term and the expected useful life of the asset. Minimum lease payments are apportioned between the

finance charge and the reduction of the outstanding lease liability using the effective interest method.

The related obligations, net of future finance charges, are included in creditors.

Where goods are sold using finance leases, the entity recognises turnover from the sale of goods and

the rights to receive future lease payments as a debtor. Minimum lease payments are apportioned

between finance income and the reduction of the lease debtor with finance income allocated so as to

produce a constant periodic rate of interest on the net investment in the finance lease.

Rentals payable and receivable under operating leases are charged to the profit and loss account on a

straight line basis over the period of the lease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2016 - 6 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1st February 2016

9,537

Additions

797

At 31st January 2017

10,334

DEPRECIATION

At 1st February 2016

7,950

Charge for year

1,108

At 31st January 2017

9,058

NET BOOK VALUE

At 31st January 2017

1,276

At 31st January 2016

1,587

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

1,522

1,888

Other debtors

5,199

4,462

6,721

6,350

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Bank loans and overdrafts

-

8,468

Trade creditors

32,665

19,040

Taxation and social security

11,740

8,303

Other creditors

41,965

50,610

86,370

86,421

7.	OTHER FINANCIAL COMMITMENTS

Total financial commitment, guarantees and contingencies which are not included in the balance sheet

amount to £14,087 (2016 £30,536) of which £11,200 (2016 £16,450) are due within one year.

8.	FIRST YEAR ADOPTION

The company has adopted FRS 102 section 1A for the first time for the year ended 31st January 2017.

The effect of transition from the previous financial reporting framework is outlined below:

1) Changes in accounting policies

There were no consequential changes in accounting policies as a result of the transition to FRS 102

Section 1A.

2) Reconciliation of Equity

There were no adjustments to previously reported net assets of the company at the date of transition to

FRS 102 Section 1A.

3) Reconciliation of Profit

There were no adjustments to the previously reported profit.