Wycombe Rye Limited - Period Ending 2017-12-31

Wycombe Rye Limited

Annual Report and Unaudited Financial Statements
Year Ended 31 December 2017

Registration number: 09918700

Wycombe Rye Limited

Contents

Company Information	1
Balance Sheet	2 to 3
Notes to the Financial Statements	4 to 6

Wycombe Rye Limited

Company Information

Directors

Mrs S J Miller Mr A P Smith

Registered office

Southcombe Barn Chapel Street Seaton Devon EX12 4AN

Accountants

Francis Clark LLP Ground Floor Blackbrook Gate 1 Blackbrook Business Park Taunton Somerset TA1 2PX

Page 1

Wycombe Rye Limited

Balance Sheet

31 December 2017

	Note	2017 £	2016 £
Current assets
Stocks		1,287,892	907,892
Debtors	3	339	612
Cash at bank and in hand		1,532	1,020
		1,289,763	909,524
Creditors: Amounts falling due within one year	4	(1,299,301)	(913,470)
Net liabilities		(9,538)	(3,946)
Capital and reserves
Called up share capital		100	100
Profit and loss account		(9,638)	(4,046)
Total equity		(9,538)	(3,946)

The notes on pages 4 to 6 form an integral part of these financial statements.

Page 2

Wycombe Rye Limited

Balance Sheet

31 December 2017

For the financial year ending 31 December 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 21 May 2018 and signed on its behalf by:
 

......................................... Mr A P Smith Director

Company Registration Number: 09918700

The notes on pages 4 to 6 form an integral part of these financial statements.

Page 3

Wycombe Rye Limited

Notes to the Financial Statements

Year Ended 31 December 2017

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Southcombe Barn
Chapel Street
Seaton
Devon
EX12 4AN

These financial statements were authorised for issue by the Board on 21 May 2018.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', including Section 1A, and the Companies Act 2006.

There are no material departures from FRS 102.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Change in basis of accounting

The company's financial statements have been prepared in accordance with FRS102 - the Financial Reporting Standard applicable in the UK and Republic of Ireland. The company has transferred from previously extant UK GAAP to FRS102 as at 16 December 2015. There is no material impact on the reported financial position and financial performance.

Going concern

Notwithstanding the net liabilities of £9,538 (2016 - £3,946) the financial statements have been prepared on a going concern basis. The directors will continue to support the company over the next 12 months to ensure that the liabilities of the company can be met as and when they fall due.

Stocks

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

Page 4

Wycombe Rye Limited

Notes to the Financial Statements

Year Ended 31 December 2017

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.


 

3

Debtors

	31 December 2017  £	31 December 2016  £
Other debtors	105	273
Prepayments	234	339
	339	612

Page 5

Wycombe Rye Limited

Notes to the Financial Statements

Year Ended 31 December 2017

4

Creditors

Creditors: amounts falling due within one year

	31 December 2017  £	31 December 2016  £
Due within one year
Social security and other taxes	1,000	500
Other creditors	1,297,301	911,970
Accrued expenses	1,000	1,000
	1,299,301	913,470

5	Share capital

Allotted, called up and fully paid shares

	2017		2016
	No.	£	No.	£
100 ordinary shares of £1 each	100	100	100	100

Page 6