WINGUARD LIMITED Company Accounts

WINGUARD LIMITED Company Accounts

WINGUARD LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 03702379
WINGUARD LIMITED
Filleted Unaudited Financial Statements
31 January 2017
WINGUARD LIMITED
Financial Statements
Year ended 31 January 2017
Contents
Page
Statement of financial position
1
Notes to the financial statements
2
WINGUARD LIMITED
Statement of Financial Position
31 January 2017
2017
2016
Note
£
£
£
Current assets
Stocks
1,575
1,425
Debtors
4
4,385
4,729
-------
-------
5,960
6,154
Creditors: amounts falling due within one year
5
6,354
6,949
-------
-------
Net current liabilities
394
795
----
----
Total assets less current liabilities
( 394)
( 795)
----
----
Capital and reserves
Called up share capital
2
2
Profit and loss account
( 396)
( 797)
----
----
Shareholders deficit
( 394)
( 795)
----
----
These 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 January 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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 30 April 2018 , and are signed on behalf of the board by:
M Lieblich
Director
Company registration number: 03702379
WINGUARD LIMITED
Notes to the Financial Statements
Year ended 31 January 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. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The 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 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 February 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 6.
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.
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 liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.
4. Debtors
2017
2016
£
£
Trade debtors
4,283
4,688
Other debtors
102
41
-------
-------
4,385
4,729
-------
-------
5. Creditors: amounts falling due within one year
2017
2016
£
£
Bank loans and overdrafts
2,783
4,363
Trade and sundry creditors and accruals
3,571
2,586
-------
-------
6,354
6,949
-------
-------
6. Transition to FRS 102
These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 February 2015.
No transitional adjustments were required in equity or profit or loss for the year.