Formwise Washrooms Limited - Accounts to registrar - small 17.2

REGISTERED NUMBER: 06576673 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2017

FOR

FORMWISE WASHROOMS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

M Morris

T M Jupp

L J Morgan

S M Robinson

SECRETARY:

T M Jupp

REGISTERED OFFICE:

Unit 3 Wendel Point

Ryle Drive

Park Farm

Wellingborough

Northamptonshire

NN8 6BA

REGISTERED NUMBER:

06576673 (England and Wales)

ACCOUNTANTS:

Barker Wilkinson Limited

108 High Street

Stevenage

Hertfordshire

SG1 3DW

FIXED ASSETS

Tangible assets

4

324,108

303,040

CURRENT ASSETS

Stocks

241,817

147,778

Debtors

5

765,575

1,170,983

Cash at bank and in hand

339,357

400,699

1,346,749

1,719,460

CREDITORS

Amounts falling due within one year

6

1,132,183

1,342,143

NET CURRENT ASSETS

214,566

377,317

TOTAL ASSETS LESS CURRENT LIABILITIES

538,674

680,357

CREDITORS

Amounts falling due after more than one year

7

(97,804

)

(172,708

)

PROVISIONS FOR LIABILITIES

(58,796

)

(51,892

)

NET ASSETS

382,074

455,757

CAPITAL AND RESERVES

Called up share capital

96

100

Retained earnings

381,978

455,657

SHAREHOLDERS' FUNDS

382,074

455,757

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

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

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 25 October 2017 and were signed on its behalf by:

M Morris - Director

1.	STATUTORY INFORMATION

Formwise Washrooms 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.

Significant judgements and estimates

In the application of the company's accounting policies, management is required to make judgements, estimates

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

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

considered to be relevant. Actual results may differ from those 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 if the revision affects only that period, or in the

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

The key sources of estimation and uncertainty that have a significant effect on the amounts recognised in the

financial statements are described below:

Contract Income

Income from contracts for the supply and fixing of washrooms and related equipment represents a significant

source of income. The nature of such contracts is that a large proportion of income due to the company is not

invoiced to the customer at the year end. The calculation of income and amounts recoverable under such

contracts is calculated on a regular basis by experienced in house quantity surveyors in accordance with the

contract and the stage of completion of the contract. Therefore there is a degree of judgement, estimation and

assumptions made by management when calculating contract income.

Revenue recognition

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

value added tax and other sales taxes.

Supply Only

Revenue from the sale of goods is recognised when the risks and rewards of ownership have been transferred to

the customer, the amount of revenue can be measured reliably and recovery of the consideration is probable.

Supply and Fix (Contract Income)

Where the outcome of contracts can be reliably estimated, revenue and costs are recognised by reference to the

stage of completion of the contract activity at the balance sheet date. The company uses the expertise of in-house

quantity surveyors to determine the appropriate amount to recognise in a given period by reference to the

percentage stage of completion method. The assessment of the stage of completion is dependent on the nature of

the contract, but will generally be based on the estimated proportion of the total contract costs which have been

incurred to date. If a contract is expected to be loss-making, a provision is recognised for the entire loss.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Short leasehold

-

Over the term of the lease

Plant and machinery

-

10% on cost

Fixtures and fittings

-

10% on cost

Stocks

Stocks and work-in-progress have been valued at the lower of cost and estimated selling price less costs to sell

after making due allowance for slow and obsolete items on a first-in-first-out basis. In respect of work in

progress, cost includes a relevant proportion of overheads according to the stage of completion.

Financial instruments

The directors consider all financial instruments to be basic financial instruments in accordance with paragraph 11

of FRS102.

Trade and other receivables and payables

Trade and other receivables and payables are measured at amortised cost which approximates to fair value given

the short term nature of these assets and liabilities.

Trade receivables and other recoverable amounts are valued at original invoice or estimated recoverable amount

less an allowance for potentially un-collectable debts. Provision is made where there is objective evidence to

suggest that the company will not be in a position to collect receivables as they fall due. Bad and Doubtful debts

are written off in the profit and loss account on identification.

Cash and cash equivalents

Cash and cash equivalents comprise cash balances held for the purposes of meeting short-term cash

commitments.

Interest Bearing Borrowings

Interest bearing borrowings are recognised initially at fair value less attributable transaction costs. Subsequent to

initial recognition, interest bearing borrowings are stated at amortised cost using the effective interest rate

method, less any impairment losses.

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.

Hire purchase and leasing commitments

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 profit or loss over the relevant period. The capital element

of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

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.

Lease incentives

The benefits of lease incentives are recognised in the profit and loss account over the lease period.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 34 (2016 - 34 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Short

Plant and

and

leasehold

machinery

fittings

Totals

£

£

£

£

COST

At 1 February 2016

7,603

399,020

48,562

455,185

Additions

-

73,989

-

73,989

At 31 January 2017

7,603

473,009

48,562

529,174

DEPRECIATION

At 1 February 2016

1,521

137,298

13,326

152,145

Charge for year

762

47,301

4,858

52,921

At 31 January 2017

2,283

184,599

18,184

205,066

NET BOOK VALUE

At 31 January 2017

5,320

288,410

30,378

324,108

At 31 January 2016

6,082

261,722

35,236

303,040

The carrying amounts at the year end of fixed assets which the company has pledged as security for liabilities is

£200,729 (2016 £201,431).

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

220,635

295,558

Amounts recoverable under contracts

459,894

850,920

Other debtors

85,046

24,505

765,575

1,170,983

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Bank loans and overdrafts

29,433

32,187

Hire purchase contracts

56,131

52,122

Trade creditors

770,021

895,173

Taxation and social security

244,642

303,788

Other creditors

31,956

58,873

1,132,183

1,342,143

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2017

2016

£

£

Bank loans

-

32,876

Hire purchase contracts

54,582

91,303

Other creditors

43,222

48,529

97,804

172,708

8.	SECURED DEBTS

The following secured debts are included within creditors:

2017

2016

£

£

Bank loans

29,433

65,063

9.	GUARANTEES AND OTHER FINANCIAL COMMITMENTS

The company had total guarantees and commitments at the balance sheet date of £625,429 (2016 - £712,179) for

the rental of premises and £54,673 (2016 - £38,062) for the rental of vehicles.

10.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The directors maintain current accounts with the company. At the year end the sum of £Nil (2016 £4,569) was

owed to the company by one of the directors. The maximum amount outstanding throughout the year was £4,569

(2016 £4,569)

11.	RELATED PARTY DISCLOSURES

During the year, total dividends of £295,932 (2016 - £231,600) were paid to the directors .

12.	ULTIMATE CONTROLLING PARTY

The directors do not consider there to be one ultimate controlling party.