Childs W Limited Company Accounts

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COMPANY REGISTRATION NUMBER: 07972113

CHILDS W LIMITED

FILLETED UNAUDITED FINANCIAL STATEMENTS

31 March 2017

CHILDS W LIMITED

FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2017

CONTENTS	PAGES

Statement of financial position	1 to 2

Notes to the financial statements	3 to 6

CHILDS W LIMITED

STATEMENT OF FINANCIAL POSITION

31 March 2017

	2017		2016
Note	£	£	£	£

FIXED ASSETS

Tangible assets	5		26,573		22,512

CURRENT ASSETS

Stocks		89,044	124,580
Debtors	6	65,729	79,141
Cash at bank and in hand		68,121	71,133
		---------	---------
		222,894	274,854

CREDITORS: amounts falling due within one year	7	83,282		160,669
		---------		---------
NET CURRENT ASSETS			139,612		114,185
			---------		---------
TOTAL ASSETS LESS CURRENT LIABILITIES			166,185		136,697

CREDITORS: amounts falling due after more than one year	8		5,576		13,939

PROVISIONS

Taxation including deferred tax	3,842	4,502
	---------	---------
NET ASSETS	156,767	118,256
	---------	---------

CAPITAL AND RESERVES

Called up share capital fully paid	1	1
Profit and loss account	156,766	118,255
	---------	---------
MEMBERS FUNDS	156,767	118,256
	---------	---------

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 statement of comprehensive income has not been delivered.

For the year ending 31 March 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 his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

CHILDS W LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

31 March 2017

These financial statements were approved by the board of directors and authorised for issue on 20 December 2017 , and are signed on behalf of the board by:

Mr W F Childs
Director

Company registration number: 07972113

CHILDS W LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 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 56 Drayton Road, Lowick, Kettering, Northamptonshire, NN14 3BG.

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 April 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 10.

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.

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.

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:

Plant and machinery	-	20% reducing balance
Motor vehicles	-	25% reducing balance
Equipment	-	33% straight line

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.

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.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Financial instruments

Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit and loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit and loss.

4. EMPLOYEE NUMBERS

The average number of persons employed by the company during the year amounted to 2 (2016: 3 ).

5. TANGIBLE ASSETS

	Plant and machinery	Motor vehicles	Equipment	Total
	£	£	£	£
Cost
At 1 April 2016	3,882	46,000	272	50,154
Additions	4,417	8,000	–	12,417
	-------	--------	----	--------
At 31 March 2017	8,299	54,000	272	62,571
	-------	--------	----	--------
Depreciation
At 1 April 2016	776	26,594	272	27,642
Charge for the year	1,505	6,851	–	8,356
	-------	--------	----	--------
At 31 March 2017	2,281	33,445	272	35,998
	-------	--------	----	--------
Carrying amount
At 31 March 2017	6,018	20,555	–	26,573
	-------	--------	----	--------
At 31 March 2016	3,106	19,406	–	22,512
	-------	--------	----	--------

6. DEBTORS

	2017	2016
	£	£
Trade debtors	65,729	77,941
Other debtors	–	1,200
	--------	--------
	65,729	79,141
	--------	--------

7. CREDITORS: amounts falling due within one year

	2017	2016
	£	£
Trade creditors	14,843	33,115
Corporation tax	12,064	22,620
Social security and other taxes	1,250	1,999
Other creditors	55,125	102,935
	--------	---------
	83,282	160,669
	--------	---------

Included within other creditors are amounts totalling £8,364 (2016 - £8,364) relating to hire purchase agreements which are secured by the company.

8. CREDITORS: amounts falling due after more than one year

	2017	2016
	£	£
Other creditors	5,576	13,939
	-------	--------

Included within other creditors are amounts totalling £5,576 (2016 - £13,939) relating to hire purchase agreements which are secured by the company.

9. RELATED PARTY TRANSACTIONS

During the year the company undertook the following transactions with related parties: The director has advanced monies to the company. At 31 March 2017 the amount due from the company was £ 40,987 (2016 - £ 52,885 ).

10. TRANSITION TO FRS 102

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

No transitional adjustments were required in equity or profit or loss for the year.