Walters Architects Limited - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 06705909 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2017

FOR

WALTERS ARCHITECTS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

Mr K A Walters

REGISTERED OFFICE:

69 Town Green Street

Rothley

Leicester

LE7 7NW

REGISTERED NUMBER:

06705909 (England and Wales)

FIXED ASSETS

Intangible assets

4

8,500

11,900

Tangible assets

5

-

658

8,500

12,558

CURRENT ASSETS

Debtors

6

21,234

16,273

Cash at bank and in hand

5,120

243

26,354

16,516

CREDITORS

Amounts falling due within one year

7

34,848

28,072

NET CURRENT LIABILITIES

(8,494

)

(11,556

)

TOTAL ASSETS LESS CURRENT LIABILITIES

6

1,002

PROVISIONS FOR LIABILITIES

-

132

NET ASSETS

6

870

CAPITAL AND RESERVES

Called up share capital

1

1

Retained earnings

5

869

SHAREHOLDERS' FUNDS

6

870

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 director acknowledges his 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 director on 21 March 2018 and were signed by:

Mr K A Walters - Director

1.	STATUTORY INFORMATION

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

company's registered number and registered office address can be found on the Company Information page.

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.

This is the first year in which the financial statements have been prepared under FRS 102. There are no material

transitional adjustments.

FIRST YEAR ADOPTION OF FINANCIAL REPORTING STANDARD 102 ( FRS 102) SECTION 1A

These financial statements for the year ended 31 March 2017 are the first that are prepared in accordance with

FRS 102 Section 1A. The previous financial statements were prepared in accordance with UK GAAP, the date of

transition to FRS 102 Section 1A is 1 April 2015.

TURNOVER

Turnover represents net invoiced sales of services, excluding value added taxes. Revenue is recognised when an

invoice is raised and a right to consideration is due.

GOODWILL

Goodwill, being the amount paid in connection with the acquisition of a business in 2010, is being amortised evenly over its estimated useful life of ten years.

INTANGIBLE ASSETS

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost

less any accumulated amortisation and any accumulated impairment losses.

TANGIBLE FIXED ASSETS

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

Fixtures and fittings

-

20% on cost

Computer equipment

-

33% on cost

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 balance sheet date.

DEFERRED TAX

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

sheet 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.

PENSION COSTS AND OTHER POST-RETIREMENT BENEFITS

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2016

and 31 March 2017

34,000

AMORTISATION

At 1 April 2016

22,100

Amortisation for year

3,400

At 31 March 2017

25,500

NET BOOK VALUE

At 31 March 2017

8,500

At 31 March 2016

11,900

5.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 April 2016

and 31 March 2017

4,018

3,171

7,189

DEPRECIATION

At 1 April 2016

3,822

2,709

6,531

Charge for year

196

462

658

At 31 March 2017

4,018

3,171

7,189

NET BOOK VALUE

At 31 March 2017

-

-

-

At 31 March 2016

196

462

658

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

15,120

6,027

Directors' current accounts

6,114

10,246

21,234

16,273

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Bank loans and overdrafts

-

2,897

Trade creditors

1

578

Taxation

15,902

11,454

Social security and other taxes

5,274

3,481

VAT

10,681

3,902

Other creditors

-

2,000

Wages creditor

-

1,000

Accruals and deferred income

2,990

2,760

34,848

28,072

8.	SECURED DEBTS

The following secured debts are included within creditors:

2017

2016

£

£

Bank overdraft

-

2,897

9.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2017 and

31 March 2016:

2017

2016

£

£

Mr K A Walters

Balance outstanding at start of year

10,246

7,661

Amounts advanced

42,980

23,793

Amounts repaid

(47,112

)

(21,208

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

6,114

10,246

10.	RELATED PARTY DISCLOSURES

In the year to 31 March 2017, the company paid dividends of £37,040 (2016: £21,000) to Mr KA Walters, the

director and sole shareholder of the company.

11.	ULTIMATE CONTROLLING PARTY

The controlling party is Mr K A Walters.