Derwent Fencing Limited - Accounts to registrar (filleted) - small 17.3
Derwent Fencing Limited - Accounts to registrar (filleted) - small 17.3
| REGISTERED NUMBER: |
| Unaudited Financial Statements |
| for the Year Ended 30 June 2017 |
| for |
| Derwent Fencing Limited |
| Derwent Fencing Limited (Registered number: 05308726) |
| Contents of the Financial Statements |
| for the Year Ended 30 June 2017 |
| Page |
| Company Information | 1 |
| Abridged Statement of Financial Position | 2 |
| Notes to the Financial Statements | 4 |
| Chartered Accountants' Report | 8 |
| Derwent Fencing Limited |
| Company Information |
| for the Year Ended 30 June 2017 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| The Lion Buildings |
| 8 Market Place |
| Uttoxeter |
| Staffordshire |
| ST14 8HP |
| Derwent Fencing Limited (Registered number: 05308726) |
| Abridged Statement of Financial Position |
| 30 June 2017 |
| 2017 | 2016 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 4 |
| Tangible assets | 5 |
| Investment property | 6 |
| CURRENT ASSETS |
| Stocks |
| Debtors |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
7 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Other reserves | 8 |
| Retained earnings | 8 |
| 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. |
| Derwent Fencing Limited (Registered number: 05308726) |
| Abridged Statement of Financial Position - continued |
| 30 June 2017 |
| 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 behalf by: |
| Derwent Fencing Limited (Registered number: 05308726) |
| Notes to the Financial Statements |
| for the Year Ended 30 June 2017 |
| 1. | STATUTORY INFORMATION |
| Derwent Fencing Limited is a |
| 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 for the year ended 30 June 2017 are the first financial statements that |
| comply with FRS 102 Section 1A small entities. The date of transition is 1 May 2015. |
| The principal accounting policies adopted in the preparation of the financial statements are set out |
| below and have remained unchanged from the previous year, and also have been consistently applied |
| within the accounts. |
| The financial statements are presented in Sterling. |
| Turnover |
| Turnover represents the value of work completed, excluding value added tax and discounts. |
| Goodwill |
| Goodwill, being the amount paid in connection with the acquisition of a business in 2007, has been |
| amortised in full 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 |
| Plant and machinery etc | - |
| Investment property |
| Investment properties are initially recorded at cost including incidental costs in bringing the property |
| into ownership. Investment properties are reviewed each year by the directors and stated at fair value. |
| Any aggregate surplus or deficit arising from changes in fair value is recognised in the profit or loss. |
| Deferred tax is provided on these changes in fair value at the current rate. |
| Stocks |
| Stocks are valued at the lower of cost and estimated selling price less costs to complete and sell, after |
| making due allowance for obsolete and slow moving. |
| 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. |
| Derwent Fencing Limited (Registered number: 05308726) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 June 2017 |
| 2. | ACCOUNTING POLICIES - continued |
| 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. |
| Hire purchase and leasing commitments |
| Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. |
| Those held under hire purchase contracts are depreciated over their estimated useful lives. Those |
| held under finance leases are depreciated over their estimated useful lives or the lease term, |
| whichever is the shorter. |
| The interest element of these obligations is charged to profit or loss over the relevant period. The |
| capital element of the future payments is treated as a liability. |
| 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. |
| Dividend |
| Dividends were declared and paid during the year of £29,333.33 per share to all registered |
| shareholders on the 26 January 2017. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | INTANGIBLE FIXED ASSETS |
| Totals |
| £ |
| COST |
| At 1 July 2016 |
| and 30 June 2017 |
| AMORTISATION |
| At 1 July 2016 |
| and 30 June 2017 |
| NET BOOK VALUE |
| At 30 June 2017 |
| At 30 June 2016 |
| Derwent Fencing Limited (Registered number: 05308726) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 June 2017 |
| 5. | TANGIBLE FIXED ASSETS |
| Totals |
| £ |
| COST |
| At 1 July 2016 |
| Additions |
| Disposals | ( |
) |
| At 30 June 2017 |
| DEPRECIATION |
| At 1 July 2016 |
| Charge for year |
| Eliminated on disposal | ( |
) |
| At 30 June 2017 |
| NET BOOK VALUE |
| At 30 June 2017 |
| At 30 June 2016 |
| Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
| Totals |
| £ |
| COST |
| At 1 July 2016 | 174,165 |
| Additions | 39,740 |
| Disposals | (30,124 | ) |
| Transfer to ownership | (17,000 | ) |
| At 30 June 2017 | 166,781 |
| DEPRECIATION |
| At 1 July 2016 | 90,698 |
| Charge for year | 41,695 |
| Eliminated on disposal | (28,638 | ) |
| Transfer to ownership | (16,999 | ) |
| At 30 June 2017 | 86,756 |
| NET BOOK VALUE |
| At 30 June 2017 | 80,025 |
| At 30 June 2016 | 83,467 |
| Derwent Fencing Limited (Registered number: 05308726) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 June 2017 |
| 6. | INVESTMENT PROPERTY |
| Total |
| £ |
| FAIR VALUE |
| At 1 July 2016 |
| and 30 June 2017 |
| NET BOOK VALUE |
| At 30 June 2017 |
| At 30 June 2016 |
| Fair value at 30 June 2017 is represented by: |
| £ |
| Valuation in 2015 | 22,145 |
| Cost | 147,855 |
| 170,000 |
| If investment property had not been revalued it would have been included at the following historical |
| cost: |
| 2017 | 2016 |
| £ | £ |
| Cost | 147,855 | 147,855 |
| Investment property was valued on an open market basis on 30 June 2017 by the directors . |
| 7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE YEARS |
| 2017 | 2016 |
| £ | £ |
| Repayable by instalments |
| Mortgage due after 5 years | 60,883 | 65,691 |
| 8. | RESERVES |
| Retained | Other |
| earnings | reserves | Totals |
| £ | £ | £ |
| At 1 July 2016 | 992,506 |
| Profit for the year |
| Dividends | ( |
) | ( |
) |
| At 30 June 2017 | 1,328,322 |
| Chartered Accountants' Report to the Board of Directors |
| on the Unaudited Financial Statements of |
| Derwent Fencing Limited |
| The following reproduces the text of the report prepared for the directors in respect of the company's |
| annual unaudited financial statements. In accordance with the Companies Act 2006, the company is |
| only required to file a Statement of Financial Position. Readers are cautioned that the Income |
| Statement and certain other primary statements and the Report of the Directors are not required to be |
| filed with the Registrar of Companies. |
| In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval |
| the financial statements of Derwent Fencing Limited for the year ended 30 June 2017 which comprise the |
| Income Statement, 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 Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
| This report is made solely to the Board of Directors of Derwent Fencing Limited, as a body, in accordance with the terms of our engagement letter dated 15 February 2018. Our work has been undertaken solely to prepare for your approval the financial statements of Derwent Fencing Limited and state those matters that we have agreed to state to the Board of Directors of Derwent Fencing Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Derwent Fencing Limited and its Board of Directors, as a body, for our work or for this report. |
| It is your duty to ensure that Derwent Fencing Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Derwent Fencing Limited. You consider that Derwent Fencing Limited is exempt from the statutory audit requirement for the year. |
| We have not been instructed to carry out an audit or a review of the financial statements of Derwent Fencing Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
| Chartered Accountants |
| The Lion Buildings |
| 8 Market Place |
| Uttoxeter |
| Staffordshire |
| ST14 8HP |