Wills House Restoration Limited Small abridged accounts

WILLS HOUSE RESTORATION LIMITED - Company Information

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Statement of Consent to Prepare Abridged Financial Statements

All of the members of Wills House Restoration Limited have consented to the preparation of the abridged statement of financial position for the year ending 31 March 2017 in accordance with Section 444(2A) of the Companies Act 2006.

COMPANY REGISTRATION NUMBER: 07898051

Wills House Restoration Limited

Filleted Unaudited Abridged Financial Statements

31 March 2017

Wills House Restoration Limited

Abridged Financial Statements

Year ended 31 March 2017

Contents	Page

Report to the board of directors on the preparation of the unaudited statutory abridged financial statements	1

Abridged statement of financial position	2

Notes to the abridged financial statements	4

Wills House Restoration Limited

Chartered Certified Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Abridged Financial Statements of Wills House Restoration Limited

Year ended 31 March 2017

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the abridged financial statements of Wills House Restoration Limited for the year ended 31 March 2017, which comprise the abridged 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 Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html. Our work has been undertaken in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf.

JAY & JAY PARTNERSHIP LIMITED Chartered Certified Accountants

2 Chesterfield Buildings Westbourne Place Clifton Bristol BS8 1RU

19 December 2017

Wills House Restoration Limited

Abridged Statement of Financial Position

31 March 2017

	2017	2016
Note	£	£

Current assets

Stocks	747,207	508,654
Debtors	–	1,700,000
Cash at bank and in hand	114,785	3,579
	---------	------------
	861,992	2,212,233

Creditors: amounts falling due within one year	512,686	1,315,645
	---------	------------
Net current assets	349,306	896,588
	---------	---------
Total assets less current liabilities	349,306	896,588

Creditors: amounts falling due after more than one year	–	536,307
	---------	---------
Net assets	349,306	360,281
	---------	---------

Capital and reserves

Called up share capital	250	250
Profit and loss account	349,056	360,031
	---------	---------
Members funds	349,306	360,281
	---------	---------

These abridged 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 income and retained earnings 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.

Directors' responsibilities:

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

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .

Wills House Restoration Limited

Abridged Statement of Financial Position (continued)

31 March 2017

These abridged financial statements were approved by the board of directors and authorised for issue on 19 December 2017 , and are signed on behalf of the board by:

Mr B C Box Dossett

Director

Company registration number: 07898051

Wills House Restoration Limited

Notes to the Abridged 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 2 Chesterfield Buildings, Westbourne Place, Clifton, Bristol, BS8 1RU.

2. Statement of compliance

These abridged 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 abridged 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 abridged 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 5.

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.

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.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

4. Directors' advances, credits and guarantees

During the year the directors entered into the following advances and credits with the company:

	2017
	Balance brought forward	Advances/ (credits) to the directors	Amounts repaid	Balance outstanding
	£	£	£	£
Ms S C Watson	( 271,093)	( 2,000)	202,500	( 70,593)
Dr S Clarke	( 336,277)	–	258,750	( 77,527)
Mr B C Box Dossett	( 262,710)	( 89,361)	202,500	( 149,571)
Dr J Clinch	( 336,278)	–	258,750	( 77,528)
Ms L Dossett	( 349,962)	–	349,962	–
Ms M Clinch	( 99,995)	–	75,000	( 24,995)
Ms J O'Brien	( 79,992)	–	60,000	( 19,992)
	------------	--------	------------	---------
	( 1,736,307)	( 91,361)	1,407,462	( 420,206)
	------------	--------	------------	---------

	2016
	Balance brought forward	Advances/ (credits) to the directors	Amounts repaid	Balance outstanding
	£	£	£	£
Ms S C Watson	( 264,093)	( 7,000)	–	( 271,093)
Dr S Clarke	( 329,277)	( 7,000)	–	( 336,277)
Mr B C Box Dossett	( 246,710)	( 16,000)	–	( 262,710)
Dr J Clinch	( 329,278)	( 7,000)	–	( 336,278)
Ms L Dossett	( 349,962)	–	–	( 349,962)
Ms M Clinch	( 99,995)	–	–	( 99,995)
Ms J O'Brien	( 79,992)	–	–	( 79,992)
	------------	--------	----	------------
	( 1,699,307)	( 37,000)	–	( 1,736,307)
	------------	--------	----	------------

These loans are interest bearing and repayable on the completion of the project. No interest was paid on these loans in the year ended 31st March 2017.

5. Transition to FRS 102

These are the first abridged 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.