Walkers Joinery and Woodcraft Limited Small abridged accounts

WALKERS JOINERY AND WOODCRAFT LIMITED - Company Information

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Statement of Consent to Prepare Abridged Financial Statements

All of the members of Walkers Joinery and Woodcraft Limited have consented to the preparation of the abridged statement of comprehensive income and the abridged statement of financial position for the year ending 28 February 2017 in accordance with Section 444(2A) of the Companies Act 2006.

COMPANY REGISTRATION NUMBER: 9425665

Walkers Joinery and Woodcraft Limited

Unaudited Abridged Financial Statements

28 February 2017

Walkers Joinery and Woodcraft Limited

Abridged Financial Statements

Year ended 28 February 2017

Contents	Page

Director's report	1

Abridged statement of comprehensive income	2

Abridged statement of financial position	3

Statement of changes in equity	5

Notes to the abridged financial statements	6

The following pages do not form part of the abridged financial statements

Detailed abridged income statement	10

Notes to the detailed abridged income statement	11

Walkers Joinery and Woodcraft Limited

Director's Report

Year ended 28 February 2017

The director presents his report and the unaudited abridged financial statements of the company for the year ended 28 February 2017 .

Director

The director who served the company during the year was as follows:

Mr J G Hawkey

Small company provisions

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

This report was approved by the board of directors on 23 May 2018 and signed on behalf of the board by:

Mr J G Hawkey
Director

Registered office:

Unit 9

Coundon Industrial Estate

Coundon

Bishop Auckland

Co.Durham

DL14 8NR

Walkers Joinery and Woodcraft Limited

Abridged Statement of Comprehensive Income

Year ended 28 February 2017

	2017	2016
Note	£	£
Gross profit	23,596	25,992

Distribution costs	480	–
Administrative expenses	30,868	15,497
	--------	--------
Operating (loss)/profit	( 7,752)	10,495

		--------	--------
(Loss)/profit before taxation	5	( 7,752)	10,495

Tax on (loss)/profit	( 41)	2,219
	-------	--------
(Loss)/profit for the financial year and total comprehensive income	( 7,711)	8,276
	-------	--------

All the activities of the company are from continuing operations.

The company has no other recognised items of income and expenses other than the results for the year as set out above.

Walkers Joinery and Woodcraft Limited

Abridged Statement of Financial Position

28 February 2017

	2017		2016
Note	£	£	£

Fixed assets

Tangible assets	6		10,888	12,504

Current assets

Stocks	2,000	2,000
Debtors	489	–
Cash at bank and in hand	549	1,704
	-------	-------
	3,038	3,704

Creditors: amounts falling due within one year	9,983		4,513
	-------		-------
Net current liabilities		6,945	809
		--------	--------
Total assets less current liabilities		3,943	11,695

Creditors: amounts falling due after more than one year		1,199	1,199

Provisions

Taxation including deferred tax	2,178	2,219
	-------	--------
Net assets	566	8,277
	-------	--------

Capital and reserves

Called up share capital	1	1
Profit and loss account	565	8,276
	----	-------
Shareholder funds	566	8,277
	----	-------

These abridged financial statements have been prepared 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'.

For the year ending 28 February 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 member has not required the company to obtain an audit of its abridged 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 abridged financial statements .

Walkers Joinery and Woodcraft Limited

Abridged Statement of Financial Position (continued)

28 February 2017

These abridged financial statements were approved by the board of directors and authorised for issue on 23 May 2018 , and are signed on behalf of the board by:

Mr J G Hawkey
Director

Company registration number: 9425665

Walkers Joinery and Woodcraft Limited

Statement of Changes in Equity

Year ended 28 February 2017

	Called up share capital	Profit and loss account	Total
	£	£	£
At 1 March 2015	–	–	–

Profit for the year		8,276	8,276
	----	-------	-------
Total comprehensive income for the year	–	8,276	8,276

Issue of shares	1	–	1
	----	-------	-------
Total investments by and distributions to owners	1	–	1

At 28 February 2016	1	8,276	8,277

Loss for the year		( 7,711)	( 7,711)
	----	-------	-------
Total comprehensive income for the year	–	( 7,711)	( 7,711)

	----	-------	-------
At 28 February 2017	1	565	566
	----	-------	-------

Walkers Joinery and Woodcraft Limited

Notes to the Abridged Financial Statements

Year ended 28 February 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 Unit 9, Coundon Industrial Estate, Coundon, Bishop Auckland, Co.Durham, DL14 8NR.

2. Statement of compliance

These abridged 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 abridged 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 abridged financial statements are prepared in sterling, which is the functional currency of the entity.

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.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Plant and machinery	-	10% reducing balance
Motor vehicles	-	25% reducing balance

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

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.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the abridged statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 2 (2016: 2 ).

5. Profit before taxation

(Loss)/profit before taxation is stated after charging:

	2017	2016
	£	£
Depreciation of tangible assets	1,616	1,354
	-------	-------

6. Tangible assets

	£
Cost
At 29 February 2016 and 28 February 2017	13,858
	--------
Depreciation
At 29 February 2016	1,354
Charge for the year	1,616
	--------
At 28 February 2017	2,970
	--------
Carrying amount
At 28 February 2017	10,888
	--------
At 28 February 2016	12,504
	--------

7. Related party transactions

The company was under the control of Mr Hawkey throughout the current and previous year. Mr Hawkey is the managing director and only shareholder. No transactions with related parties were undertaken such as are required to be disclosed under Financial Reporting Standard for Smaller Entities

Walkers Joinery and Woodcraft Limited

Management Information

Year ended 28 February 2017

The following pages do not form part of the abridged financial statements.

Walkers Joinery and Woodcraft Limited

Detailed Abridged Income Statement

Year ended 28 February 2017

	2017	2016
	£	£
Turnover	56,008	34,282

Cost of sales

Opening stock - raw materials	2,000	–
Purchases	32,412	10,290
	--------	--------
	34,412	10,290

Closing stock - resale	2,000	2,000
	--------	-------
	32,412	8,290
	--------	-------

	--------	--------
Gross profit	23,596	25,992

Overheads

Distribution costs	480	–
Administrative expenses	30,868	15,497
	--------	--------
	31,348	15,497

	--------	--------
Operating (loss)/profit	( 7,752)	10,495

	--------	--------
(Loss)/profit before taxation	(7,752)	10,495
	--------	--------

Walkers Joinery and Woodcraft Limited

Notes to the Detailed Abridged Income Statement

Year ended 28 February 2017

	2017	2016
	£	£

Distribution costs

Transport	480	–
	----	----

Administrative expenses

Wages and salaries	535	–
Rent	3,563	4,638
Rates and water	2,859	1,764
Light and heat	2,788	2,307
Insurance	1,150	419
Repairs and maintenance (allowable)	–	2,240
Motor expenses	5,147	1,155
Telephone	84	25
Equipment repairs and renewals	11,828	157
Printing postage and stationery	7	13
Sundry expenses	563	764
Accountancy fees	720	600
Depreciation of tangible assets	1,616	1,354
Bank charges	8	61
	--------	--------
	30,868	15,497
	--------	--------