Whittingham Young Limited Company Accounts

WHITTINGHAM YOUNG LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 01699666

Whittingham Young Limited

Unaudited Financial Statements

31 January 2017

CROSSLEY & DAVIS

Chartered accountant

Seneca House

Links Point, Amy Johnson Way

Blackpool

Lancashire

FY4 2FF

Whittingham Young Limited

Financial Statements

Year ended 31 January 2017

Contents	Pages

Chartered accountant's report to the director on the preparation of the unaudited statutory financial statements	1

Statement of financial position	2 to 3

Notes to the financial statements	4 to 9

Whittingham Young Limited

Chartered Accountant's Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of Whittingham Young Limited

Year ended 31 January 2017

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Whittingham Young Limited for the year ended 31 January 2017, which comprise the statement of financial position 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 at www.icaew.com/en/membership/regulations-standards-and-guidance. Our work has been undertaken in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation.

CROSSLEY & DAVIS Chartered accountant

Seneca House Links Point, Amy Johnson Way Blackpool Lancashire FY4 2FF

31 October 2017

Whittingham Young Limited

Statement of Financial Position

31 January 2017

	2017		2016
Note	£	£	£

Fixed assets

Intangible assets	6	119,167	174,167
Tangible assets	7	1,318,831	1,337,408
		------------	------------
		1,437,998	1,511,575

Current assets

Stocks	8	7,500	7,500
Debtors	9	17,808	15,194
Cash at bank and in hand		5,039	5,112
		--------	--------
		30,347	27,806

Creditors: amounts falling due within one year	10	280,145		401,106
		---------		---------
Net current liabilities			249,798	373,300
			------------	------------
Total assets less current liabilities			1,188,200	1,138,275

Creditors: amounts falling due after more than one year	11		1,016,512	1,071,811

Provisions

Taxation including deferred tax	12,002	15,173
	------------	------------
Net assets	159,686	51,291
	------------	------------

Whittingham Young Limited

Statement of Financial Position (continued)

31 January 2017

	2017		2016
Note	£	£	£

Capital and reserves

Called up share capital	28,570	28,570
Profit and loss account	131,116	22,721
	---------	--------
Members funds	159,686	51,291
	---------	--------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.

For the year ending 31 January 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

These financial statements were approved by the board of directors and authorised for issue on 30 October 2017 , and are signed on behalf of the board by:

Mrs M O M M Young
Director

Company registration number: 01699666

Whittingham Young Limited

Notes to the Financial Statements

Year ended 31 January 2017

1. General information

The company is a private company limited by shares, registered in England. The address of the registered office is Ground Floor, Seneca House, Links Point, Amy Johnson Way, Blackpool, Lancs, FY4 2FF.

2. Statement of compliance

These financial statements have been prepared in compliance with the provisions of FRS 102 Section 1A, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1 February 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 13.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 reporting date that are expected to apply to the reversal of the timing difference.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Goodwill	-	10% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Buildings only	-	1% straight line
Fixtures and fittings	-	15% reducing balance
Motor vehicles	-	25% reducing balance

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Stocks

Stocks are measured 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 the stock to its present location and condition.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

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 entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

4. Staff costs

The average number of persons employed by the company during the year, including the director, amounted to 23 (2016: 23).

5. Profit before taxation

Profit/(loss) before taxation is stated after charging:

	2017	2016
	£	£
Amortisation of intangible assets	55,000	55,000
Depreciation of tangible assets	21,963	23,565
	--------	--------

6. Intangible assets

	Goodwill
	£
Cost
At 1 Feb 2016 and 31 Jan 2017	550,000
	---------
Amortisation
At 1 February 2016	375,833
Charge for the year	55,000
	---------
At 31 January 2017	430,833
	---------
Carrying amount
At 31 January 2017	119,167
	---------
At 31 January 2016	174,167
	---------

7. Tangible assets

	Land and buildings	Fixtures and fittings	Motor vehicles	Total
	£	£	£	£
Cost
At 1 February 2016	1,259,212	223,937	7,500	1,490,649
Additions	–	3,386	–	3,386
	------------	---------	-------	------------
At 31 January 2017	1,259,212	227,323	7,500	1,494,035
	------------	---------	-------	------------
Depreciation
At 1 February 2016	8,500	138,926	5,815	153,241
Charge for the year	8,500	13,042	421	21,963
	------------	---------	-------	------------
At 31 January 2017	17,000	151,968	6,236	175,204
	------------	---------	-------	------------
Carrying amount
At 31 January 2017	1,242,212	75,355	1,264	1,318,831
	------------	---------	-------	------------
At 31 January 2016	1,250,712	85,011	1,685	1,337,408
	------------	---------	-------	------------

8. Stocks

	2017	2016
	£	£
Raw materials and consumables	7,500	7,500
	-------	-------

9. Debtors

	2017	2016
	£	£
Trade debtors	9,312	5,159
Other debtors	8,496	10,035
	--------	--------
	17,808	15,194
	--------	--------

10. Creditors: amounts falling due within one year

	2017	2016
	£	£
Bank loans and overdrafts	115,854	98,595
Trade creditors	22,690	1,431
Corporation tax	20,779	196,396
Social security and other taxes	33,151	22,142
Other creditors	87,671	82,542
	---------	---------
	280,145	401,106
	---------	---------

11. Creditors: amounts falling due after more than one year

	2017	2016
	£	£
Bank loans and overdrafts	1,016,512	1,071,811
	------------	------------

Included within creditors: amounts falling due after more than one year is an amount of £716,900 (2016: £866,588) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.

Included in creditors greater than 5 years is a bank loan that is being repaid monthly at a variable rate of interest over an initial 15 year period.

12. Director's advances, credits and guarantees

Included within other creditors is a balance of £51,620 (2016: £57,554) owing to Mrs M O M M Young , a director and 50% shareholder.

13. Transition to FRS 102

These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 February 2015.

Reconciliation of equity

	1 February 2015			31 January 2016
	As previously stated	Effect of transition	FRS 102 (as restated)	As previously stated	Effect of transition	FRS 102 (as restated)
	£	£	£	£	£	£
Fixed assets	1,584,918	–	1,584,918	1,520,075	( 8,500)	1,511,575
Current assets	24,356	–	24,356	27,806	–	27,806
Creditors: amounts falling due within one year	( 324,979)	–	( 324,979)	( 401,106)	–	( 401,106)
	------------	----	------------	------------	-------	------------
Net current liabilities	( 300,623)	–	( 300,623)	( 373,300)	–	( 373,300)
	------------	----	------------	------------	-------	------------
Total assets less current liabilities	1,284,295	–	1,284,295	1,146,775	( 8,500)	1,138,275

Creditors: amounts falling due after more than one year	( 1,125,202)	–	( 1,125,202)	( 1,071,811)	–	( 1,071,811)
Provisions	( 15,173)	–	( 15,173)	( 15,173)	–	( 15,173)
	------------	----	------------	------------	-------	------------
Net assets	143,920	–	143,920	59,791	( 8,500)	51,291
	------------	----	------------	------------	-------	------------

	------------	----	------------	------------	-------	------------
Capital and reserves	143,920	–	143,920	59,791	( 8,500)	51,291
	------------	----	------------	------------	-------	------------

Reconciliation of profit or loss for the year

	Year ended 31 January 2016
	As previously stated	Effect of transition	FRS 102 (as restated)
	£	£	£
Turnover	624,671	–	624,671
Cost of sales	( 99,900)	–	( 99,900)
	---------	----	---------
Gross profit	524,771	–	524,771
Administrative expenses	( 505,137)	( 8,500)	( 513,637)
	---------	-------	---------
Operating profit	19,634	( 8,500)	11,134
Interest payable and similar expenses	( 59,696)	–	( 59,696)
Tax on profit/(loss)	( 4,067)	–	( 4,067)
	--------	-------	--------
Profit/(loss) for the financial year	( 44,129)	( 8,500)	( 52,629)
	--------	-------	--------

The transition to FRS102 has only required one adjustment to be made to the accounts. Depreciation from the 1st February 2015 has now been provided on the estimated value of the building included in Land & Buildings.