Wortley Construction Limited - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 01048904

WORTLEY CONSTRUCTION LIMITED

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2017

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

K T Addy

N J Addy

Mrs Y C Addy

REGISTERED OFFICE:

Hazeldene Cottage

Stoney Bank Lane

New Mill

Holmfirth

HD9 7LZ

REGISTERED NUMBER:

01048904

ACCOUNTANTS:

DTE Business Advisers Limited

Chartered Accountants

The Exchange

5 Bank Street

Bury

BL9 0DN

SOLICITORS:

Bury & Walkers Solicitors

Britannic House

Regent Street

Barnsley

S70 2EQ

FIXED ASSETS

Property, plant and equipment

4

22,573

29,625

Investments

5

9,025

10,021

31,598

39,646

CURRENT ASSETS

Inventories

966,846

965,116

Debtors

6

439,530

530,079

Cash at bank and in hand

1,209,754

1,255,231

2,616,130

2,750,426

CREDITORS

Amounts falling due within one year

7

(539,711

)

(606,090

)

NET CURRENT ASSETS

2,076,419

2,144,336

TOTAL ASSETS LESS CURRENT LIABILITIES

2,108,017

2,183,982

CAPITAL AND RESERVES

Called up share capital

2,500

2,500

Retained earnings

2,105,517

2,181,482

SHAREHOLDERS' FUNDS

2,108,017

2,183,982

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 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 21 December 2017 and were signed on its behalf by:

N J Addy - Director

1.	STATUTORY INFORMATION

Wortley Construction Limited is a private company, limited by shares, registered in England and Wales. The

company's registered number is 01048904 and its registered office address is Hazeldene Cottage, Stoney Bank

Lane, New Mill, Holmfirth, HD9 7LZ.

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.

The company has transitioned to Financial Reporting Standard 102 and the Companies Act 2006 from UK

Generally Accepted Accounting Practice. The date of transition to FRS 102 is 1 April 2015. There have not been

any changes to the comparative figures as a result of the transition.

Significant judgements and estimates

In the application of the company's accounting policies, the directors are required to make estimates and

judgements. The estimates are based on historical experience and other relevant factors. Actual results may differ

from these estimates.

The estimates are continually evaluated. Revisions to accounting estimates are recognised in the period in which

the estimate is revised.

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying

amount of assets and liabilities are outlined below.

Making judgement based on historical experience on the level of provision required for impairment of inventory.

Further information received after the statement of financial position date may impact on the level of provision

required.

Joint projects (j.p)

Income, expenditure, assets and liabilities relative to the company's involvement in various joint projects with

Jaguar Estates Limited and Jaguar Retirement Homes Limited have been included in the accounts to the extent of

50% being the company's share in the underlying activities of the various joint projects.

Revenue

Revenue represents monies receivable from the sale of land and properties completed in the year under review.

Revenue is recognised at legal completion.

Property, plant and equipment

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

Fixtures and fittings

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

33% on cost

Inventory

Inventory and work in progress, representing land and buildings held for development and resale, are stated at

cost (including the cost of any improvements), unless it is considered that the net realisable value of the

inventory and work in progress is less than cost, in which case the value has been adjusted downwards to reflect

the net realisable value. Cost is actual purchase price.

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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the

statement of financial position 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.

Fixed asset investments

Fixed asset investments are included at historic cost less provisions for any permanent diminution in value.

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial

assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third

parties and loans to related parties.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for

objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised

in the income statement.

Basic financial liabilities are initially measured at transaction price and subsequently measured at amortised cost,

being the transaction price less any amounts settled.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2016 - 3 ) .

4.	PROPERTY, PLANT AND EQUIPMENT

Fixtures

and

Motor

Computer

fittings

vehicles

equipment

Totals

£

£

£

£

Cost

At 1 April 2016

25,678

55,300

1,650

82,628

Additions

-

-

424

424

At 31 March 2017

25,678

55,300

2,074

83,052

Depreciation

At 1 April 2016

23,233

28,846

924

53,003

Charge for year

366

6,613

497

7,476

At 31 March 2017

23,599

35,459

1,421

60,479

Net book value

At 31 March 2017

2,079

19,841

653

22,573

At 31 March 2016

2,445

26,454

726

29,625

5.	FIXED ASSET INVESTMENTS

Other

loans

£

At 1 April 2016

10,021

Repayment in year

(996

)

At 31 March 2017

9,025

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

546

2,546

Other debtors

438,984

527,533

439,530

530,079

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade creditors

61,598

47,440

Taxation and social security

906

43,045

Other creditors

477,207

515,605

539,711

606,090