Walters General Ltd. Company Accounts
Walters General Ltd. Company Accounts
COMPANY REGISTRATION NUMBER:
3304589
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Financial Statements |
Year ended 31 January 2017
Contents |
Pages |
Officers and professional advisers |
1 |
Chartered accountants report to the director on the preparation of the unaudited statutory financial statements |
2 |
Statement of financial position |
3 |
Notes to the financial statements |
4 to 7 |
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Officers and Professional Advisers |
Director |
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Registered office |
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Wales |
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Accountants |
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Chartered Accountants |
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Hamilton House |
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Hamilton Terrace |
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Milford Haven |
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Pembrokeshire |
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SA73 3JP |
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Chartered Accountants Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of
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Year ended 31 January 2017
Hamilton House
Hamilton Terrace
Milford Haven
Pembrokeshire
SA73 3JP
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Statement of Financial Position |
2017 |
2016 |
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Note |
£ |
£ |
Fixed assets
Tangible assets |
6 |
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Current assets
Stocks |
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Debtors |
7 |
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Cash at bank and in hand |
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Creditors: amounts falling due within one year |
8 |
(
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(
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Net current assets |
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Total assets less current liabilities |
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Provisions |
9 |
(
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– |
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Net assets |
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Capital and reserves
Called up share capital |
11 |
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Profit and loss account |
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Members funds |
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In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
Director's responsibilities:
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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
;
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The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
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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:
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Director |
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Company registration number:
3304589
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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 and Wales. The address of the registered office is The Old Customs House, Milford Marina, Milford Haven, SA73 3AA, Wales.
2.
Statement of compliance
3.
Accounting policies
Basis of preparation
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
Revenue recognition
Taxation
Tangible assets
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:
Equipment |
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Impairment of fixed assets
Stocks
Provisions
Financial instruments
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
3
(2016:
3
).
5.
Tax on profit
Major components of tax expense
2017 |
2016 |
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£ |
£ |
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Current tax:
UK current tax expense |
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Deferred tax:
Origination and reversal of timing differences |
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– |
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Tax on profit |
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6.
Tangible assets
Equipment |
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£ |
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Cost |
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At 1 February 2016 and 31 January 2017 |
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Depreciation |
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At 1 February 2016 |
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Charge for the year |
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At 31 January 2017 |
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Carrying amount |
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At 31 January 2017 |
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At 31 January 2016 |
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7.
Debtors
2017 |
2016 |
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£ |
£ |
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Trade debtors |
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Other debtors |
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8.
Creditors:
amounts falling due within one year
2017 |
2016 |
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£ |
£ |
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Trade creditors |
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– |
Corporation tax |
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Social security and other taxes |
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Other creditors |
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9.
Provisions
Deferred tax (note 10) |
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£ |
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At 1 February 2016 |
– |
Additions |
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------- |
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At 31 January 2017 |
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------- |
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10.
Deferred tax
The deferred tax included in the statement of financial position is as follows:
2017 |
2016 |
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£ |
£ |
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Included in provisions (note 9) |
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– |
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The deferred tax account consists of the tax effect of timing differences in respect of:
2017 |
2016 |
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£ |
£ |
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Accelerated capital allowances |
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– |
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11.
Called up share capital
Issued, called up and fully paid
2017 |
2016 |
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No. |
£ |
No. |
£ |
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2 |
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2 |
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12.
Related party transactions
The company was under the control of
Mr DSH Walters
throughout the current and previous year. Mr DSH Walters
is the managing director and majority shareholder. During the year the company sold goods to the value of £187,587 (2016 - £153,095) to Locks On Line Limited, a company controlled by the managing director. The sales were made on a normal trading basis. At the year end the indebtedness of Locks On Line Limited to Walters General Limited was £216,000 (2016 - £123,855) During the year the company paid dividends of £27,950 (2016 - £14,000) to Mr DSH Walters
, the managing director.
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.
No transitional adjustments were required in equity or profit or loss for the year.