J.E. Wakely & Sons Ltd - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 08351836 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2017

FOR

J.E. WAKELY & SONS LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

E B Wakely

N J Wakely

C D Wakely

Mrs N A Wakely

Mrs K Wakely

REGISTERED OFFICE:

St John's House

Castle Street

Taunton

Somerset

TA1 4AY

REGISTERED NUMBER:

08351836 (England and Wales)

ACCOUNTANTS:

Mitchells Chartered Accountants

St. John's House,

Castle Street,

Taunton

Somerset

TA1 4AY

FIXED ASSETS

Intangible assets

3

432

649

Tangible assets

4

33,904

63,154

34,336

63,803

CURRENT ASSETS

Cash in hand

2,600

2,600

CREDITORS

Amounts falling due within one year

5

14,920

22,758

NET CURRENT LIABILITIES

(12,320

)

(20,158

)

TOTAL ASSETS LESS CURRENT LIABILITIES

22,016

43,645

PROVISIONS FOR LIABILITIES

6,206

12,057

NET ASSETS

15,810

31,588

CAPITAL AND RESERVES

Called up share capital

2,600

2,600

Retained earnings

6

13,210

28,988

SHAREHOLDERS' FUNDS

15,810

31,588

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 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 11 December 2017 and were signed on its behalf by:

N J Wakely - Director

1.	STATUTORY INFORMATION

J.E. Wakely & Sons Ltd 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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

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.

Entitlements are being amortised evenly over their estimated useful life of nil years.

Intangible fixed assets - single farm payment entitlements

Single farm payment entitlements are capitalised as an intangible asset. Amortisation is provided on a straight

line basis and aims to write off these entitlements over their expected useful life. Amortisation is calculated by

working out the proportion of the expected useful life that has expired during the accounting period and applying

this proportion to the original cost. For any acquisitions of entitlements after December 2014 these are expected

to have a useful life of 5 years and therefore written off over this period.

Tangible fixed assets

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

Plant and machinery etc

-

15% 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.

3.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 August 2016

and 31 July 2017

28,658

AMORTISATION

At 1 August 2016

28,009

Charge for year

217

At 31 July 2017

28,226

NET BOOK VALUE

At 31 July 2017

432

At 31 July 2016

649

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 August 2016

and 31 July 2017

194,882

DEPRECIATION

At 1 August 2016

131,728

Charge for year

29,250

At 31 July 2017

160,978

NET BOOK VALUE

At 31 July 2017

33,904

At 31 July 2016

63,154

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.7.17

31.7.16

£

£

Trade creditors

7,034

22,758

Taxation and social security

7,886

-

14,920

22,758

6.

RESERVES

Retained

earnings

£

At 1 August 2016

28,988

Profit for the year

9,172

Dividends

(24,950

)

At 31 July 2017

13,210

7.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The directors are all members of the partnership in which the company was a member until 31 March 2014.

They, therefore, had an interest in all of the transactions of the company. All transactions take place on an open

market basis. Transactions with the company since 1 April 2014 have also taken place on an open market basis.