United Welsh Services Limited - Accounts to registrar - small 17.2

REGISTERED NUMBER: 02108485

UNITED WELSH SERVICES LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2016

Page

Company Information

1

Chartered Accountants' Report

2

Balance Sheet

3

Notes to the Financial Statements

5

DIRECTORS:

I H Moore

A D Kreppel

G P Turley

Mrs A J Bending

SECRETARY:

G P Turley

REGISTERED OFFICE:

Eastdene

Brynview Close

Reynoldston

Swansea

SA3 1AJ

REGISTERED NUMBER:

02108485

ACCOUNTANTS:

Bevan & Buckland

Chartered Accountants

Langdon House

Langdon Road

SA1 Swansea Waterfront

Swansea

SA1 8QY

The following reproduces the text of the report prepared for the directors and members in respect of

the company's annual unaudited financial statements. In accordance with the Companies Act 2006,

the company is only required to file a Balance Sheet. Readers are cautioned that the Income

Statement and certain other primary statements and the Report of the Directors are not required to be

filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval

the financial statements of United Welsh Services Limited for the year ended 31 December 2016 which

comprise the Income Statement, Balance Sheet and the related notes from the company's accounting

records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of United Welsh Services Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of United Welsh Services Limited and state those matters that we have agreed to state to the Board of Directors of United Welsh Services Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than United Welsh Services Limited Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that United Welsh Services Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of United Welsh Services Limited. You consider that United Welsh Services Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of United Welsh Services Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Bevan & Buckland

Chartered Accountants

Langdon House

Langdon Road

SA1 Swansea Waterfront

Swansea

SA1 8QY

Date: .............................................

FIXED ASSETS

Tangible assets

4

-

-

Investments

5

244,607

244,607

Investment property

6

300,000

500,000

544,607

744,607

CURRENT ASSETS

Debtors

7

9,490

16,318

Investments

8

1,498,831

1,450,410

Cash at bank

540,331

895,221

2,048,652

2,361,949

CREDITORS

Amounts falling due within one year

9

659,207

666,850

NET CURRENT ASSETS

1,389,445

1,695,099

TOTAL ASSETS LESS CURRENT LIABILITIES

1,934,052

2,439,706

CAPITAL AND RESERVES

Called up share capital

99,373

99,373

Share premium

52,000

52,000

Fair value reserve

10

-

115,476

Capital redemption reserve

3,000

3,000

Retained earnings

1,779,679

2,169,857

SHAREHOLDERS' FUNDS

1,934,052

2,439,706

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

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

The financial statements were approved by the Board of Directors on 15 September 2017 and were signed on its behalf by:

G P Turley - Director

1.	STATUTORY INFORMATION

United Welsh Services Limited is a private company, limited by shares , registered in Not

specified/Other. 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.

Turnover

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

rebates, value added tax and other sales taxes.

Tangible fixed assets

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

Fixtures and fittings

-

33% on cost

Properties are revalued externally every five years, with the aggregate surplus or deficit being

transferred to a revaluation reserve. The Directors review annually the formal external valuation, to

establish if this is still reasonable.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Investment property

In accordance with Statement of Standard Accounting Practice No 19:

(i) investment properties are revalued every five years and the aggregate surplus or deficit is

transferred to a revaluation reserve; and

(ii) no depreciation or amortisation is provided in respect of freehold investment properties and

leasehold investment properties with over 20 years to run.

This treatment, as regards the company's investment properties, may be a departure from the

requirements of the Companies Act concerning depreciation of fixed assets. However, these properties

are not held for consumption but for investment and the directors consider that systematic annual

depreciation would be inappropriate. The accounting policy adopted is therefore necessary to give a

true and fair view. Depreciation or amortisation is only one of the many factors reflected in the annual

valuation and the amount, which might otherwise have been shown, cannot be separately identified or

quantified. When a property is sold the difference between its sale proceeds and its original cost is

taken to profit and loss account.

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.

Taxation

The charge or credit for taxation is based on the result for the year and takes into account taxation

deferred because of timing differences between the treatment of certain items for taxation and

accounting purposes. Provision is made at current rates for taxation deferred in respect of all material

timing differences, except to the extent that in the opinion of the Directors, there is a reasonable

probability that the liability will not arise in the foreseeable future.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

fittings

£

COST

At 1 January 2016

and 31 December 2016

16,928

DEPRECIATION

At 1 January 2016

and 31 December 2016

16,928

NET BOOK VALUE

At 31 December 2016

-

At 31 December 2015

-

5.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 January 2016

and 31 December 2016

244,607

NET BOOK VALUE

At 31 December 2016

244,607

At 31 December 2015

244,607

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 January 2016

500,000

Revaluations

(200,000

)

At 31 December 2016

300,000

NET BOOK VALUE

At 31 December 2016

300,000

At 31 December 2015

500,000

Cost or valuation at 31 December 2016 is represented by:

£

Valuation in 2005

215,476

Valuation in 2010

(100,000

)

Valuation in 2016

(200,000

)

Cost

384,524

300,000

If Investment properties had not been revalued they would have been included at the following

historical cost:

2016

2015

£

£

Cost

384,524

384,524

Investment Properties were valued on an open market basis on 31 December 2016 by Rowland Jones Chartered Surveyors

.

The valuations were undertaken in accordance with the requirements of the RICS Valuation Standards

and FRS 15 (and any other regulatory requirements). The valuation of each property was on the basis

of market value assuming that the property would be sold subject to any existing leases. The valuer's

opinion of market value was primarily derived using comparable recent market transactions on

arm's-length terms.

The Directors assess this as reasonable current valuation and have incorporated the properties into

the accounts at these revalued amounts.

During 2015, the Gloucester property was sold for £1,080,000.

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2016

2015

£

£

Trade debtors

435

15,671

Other debtors

9,055

647

9,490

16,318

Included in other debtors is an amount due from directors of £6,725 (2015: £NIL). This amount has

been repaid within 9 months of year end.

8.	CURRENT ASSET INVESTMENTS

Market value of listed investments at 31 December 2016: £1,743k (2015: £1,695K)

9.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2016

2015

£

£

Trade creditors

-

600

Amounts owed to group undertakings

244,605

244,605

Taxation and social security

-

3,379

Other creditors

414,602

418,266

659,207

666,850

The bank overdraft is secured by fixed charges over certain of the company's properties and a floating

charge over other company assets.

10.

RESERVES

Fair

value

reserve

£

At 1 January 2016

115,476

Fair value adjustment

(115,476

)

At 31 December 2016

-

11.	CONTINGENT LIABILITIES

There is no potential deferred taxation liability this year (2015: £NIL).

12.	CAPITAL COMMITMENTS

There were no capital commitments in the company as at 31 December 2016 (2015: £NIL)

13.	ULTIMATE CONTROLLING PARTY

No individual or company has overall control of United Welsh Services Limited.