Willard Limited - Period Ending 2017-04-30
Willard Limited - Period Ending 2017-04-30
Registration number:
Willard Limited
for the Year Ended 30 April 2017
Willard Limited
Contents
Company Information |
|
Statement of Comprehensive Income |
|
Abridged Balance Sheet |
|
Statement of Changes in Equity |
|
Notes to the Abridged Financial Statements |
Willard Limited
Company Information
Director |
Miss Melissa Willard |
Registered office |
|
Page 1 |
Willard Limited
Statement of Comprehensive Income for the Year Ended 30 April 2017
Note |
2017 |
2016 |
|
Profit for the year |
|
|
|
Total comprehensive income for the year |
|
|
Page 2 |
Willard Limited
(Registration number: 05904590)
Abridged Balance Sheet as at 30 April 2017
Note |
2017 |
2016 |
|
Current assets |
|||
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Total assets less current liabilities |
|
|
|
Accruals and deferred income |
( |
( |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
|
|
|
Profit and loss account |
|
|
|
Total equity |
|
|
For the financial year ending 30 April 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 director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.
Approved and authorised by the
.........................................
Miss Melissa Willard
Director
Page 3 |
Willard Limited
Statement of Changes in Equity for the Year Ended 30 April 2017
Share capital |
Profit and loss account |
Total |
|
At 1 May 2016 |
|
|
|
Profit for the year |
- |
|
|
Total comprehensive income |
- |
|
|
Dividends |
- |
( |
( |
At 30 April 2017 |
|
|
|
Share capital |
Profit and loss account |
Total |
|
At 1 May 2015 |
|
|
|
Profit for the year |
- |
|
|
Total comprehensive income |
- |
|
|
Dividends |
- |
( |
( |
At 30 April 2016 |
|
|
|
Page 4 |
Willard Limited
Notes to the Abridged Financial Statements for the Year Ended 30 April 2017
General information |
The company is a private company limited by share capital incorporated in England.
The address of its registered office is:
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These abridged financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
Basis of preparation
These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Page 5 |
Willard Limited
Notes to the Abridged Financial Statements for the Year Ended 30 April 2017
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Dividends |
2017 |
2016 |
|
£ |
£ |
|
Interim dividend of £ |
31,000 |
34,200 |
Transition to FRS 102 |
Balance Sheet at 1 May 2015
Note |
As originally reported |
Reclassification |
Remeasurement |
As restated |
|
Current assets |
|||||
Debtors |
76,729 |
- |
- |
76,729 |
|
Cash at bank and in hand |
43,253 |
- |
- |
43,253 |
|
119,982 |
- |
- |
119,982 |
||
Creditors: Amounts falling due within one year |
(21,344) |
- |
- |
(21,344) |
|
Net assets |
98,638 |
- |
- |
98,638 |
|
Capital and reserves |
|||||
Called up share capital |
(2) |
- |
- |
(2) |
|
Profit and loss account |
(98,636) |
- |
- |
(98,636) |
|
Total equity |
(98,638) |
- |
- |
(98,638) |
Page 6 |
Willard Limited
Notes to the Abridged Financial Statements for the Year Ended 30 April 2017
Balance Sheet at 30 April 2016
Note |
As originally reported |
Reclassification |
Remeasurement |
As restated |
|
Current assets |
|||||
Debtors |
70,530 |
- |
- |
70,530 |
|
Cash at bank and in hand |
60,162 |
- |
- |
60,162 |
|
130,692 |
- |
- |
130,692 |
||
Creditors: Amounts falling due within one year |
(32,922) |
- |
- |
(32,922) |
|
Net assets |
97,770 |
- |
- |
97,770 |
|
Capital and reserves |
|||||
Called up share capital |
(2) |
- |
- |
(2) |
|
Profit and loss account |
(97,768) |
- |
- |
(97,768) |
|
Total equity |
(97,770) |
- |
- |
(97,770) |
Page 7 |
Willard Limited
Notes to the Abridged Financial Statements for the Year Ended 30 April 2017
Profit and Loss Account for the year ended 30 April 2016
Note |
As originally reported |
Reclassification |
Remeasurement |
As restated |
|
Turnover |
50,384 |
- |
- |
50,384 |
|
Cost of sales |
(2,121) |
- |
- |
(2,121) |
|
Gross profit |
48,263 |
- |
- |
48,263 |
|
Administrative expenses |
(6,512) |
- |
- |
(6,512) |
|
Operating profit |
41,751 |
- |
- |
41,751 |
|
Profit before tax |
41,751 |
- |
- |
41,751 |
|
Taxation |
(8,419) |
- |
- |
(8,419) |
|
Profit for the financial year |
33,332 |
- |
- |
33,332 |
Page 8 |