Barber, Wilsons and Company Limited Filleted accounts for Companies House (small and micro)

BARBER,WILSONS AND COMPANY LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 00100285

Barber, Wilsons and Company Limited

Filleted Unaudited Financial Statements

31 December 2017

Barber, Wilsons and Company Limited

Financial Statements

Year Ended 31 December 2017

Contents	Pages

Officers and professional advisers	1

Statement of financial position	2 to 3

Notes to the financial statements	4 to 7

Barber, Wilsons and Company Limited

Officers and Professional Advisers

Director	Ms S J Wilson

Company secretary	Mrs S Henison

Registered office	Crawley Road
	Westbury Avenue
	Wood Green
	London
	N22 6AH

Accountants	SR Howell & Co
	Chartered Certified Accountants
	88 High Street
	Ramsey
	Huntingdon
	Cambs
	PE26 1BS

Barber, Wilsons and Company Limited

Statement of Financial Position

31 December 2017

	2017	2016
Note	£	£

Fixed assets

Tangible assets	5	46,729	51,800

Current assets

Stocks		479,619	434,255
Debtors	6	243,149	214,513
Cash at bank and in hand		168,986	132,216
		---------	---------
		891,754	780,984

Creditors: amounts falling due within one year	7	( 180,882)	( 170,411)
		---------	---------
Net current assets		710,872	610,573
		---------	---------
Total assets less current liabilities		757,601	662,373

Creditors: amounts falling due after more than one year	8	–	( 2,138)
		---------	---------
Net assets		( 757,601)	( 660,235)
		---------	---------

Capital and reserves

Called up share capital	250,000	250,000
Profit and loss account	507,601	410,235
	---------	---------
Shareholders funds	757,601	660,235
	---------	---------

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 comprehensive income has not been delivered.

For the 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.

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 her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Barber, Wilsons and Company Limited

Statement of Financial Position (continued)

31 December 2017

These financial statements were approved by the board of directors and authorised for issue on 11 June 2018 , and are signed on behalf of the board by:

„„„„„„„„„„„„„

Ms S J Wilson Director

Company registration number: 00100285

Barber, Wilsons and Company Limited

Notes to the Financial Statements

Year Ended 31 December 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 Crawley Road, Westbury Avenue, Wood Green, London, N22 6AH.

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

3.1 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.

3.2 Revenue recognition

Turnover comprises the invoice value of goods and services supplied by the company during the year, net of Value Added Tax and trade discounts.

3.3 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.

3.4 Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Lease income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income.

3.5 Tangible assets

Tangible fixed assets are stated at cost less depreciation.

3.6 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 & machinery	-	10% straight line
Fixtures & fittings	-	10% straight line

3.7 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.

3.8 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.

3.9 Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

3.10 Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 19 (2016: 22 ).

5. Tangible assets

	Plant and machinery	Fixtures and fittings	Total
	£	£	£
Cost
At 1 January 2017	435,450	79,392	514,842
Additions	–	2,154	2,154
	---------	--------	---------
At 31 December 2017	435,450	81,546	516,996
	---------	--------	---------
Depreciation
At 1 January 2017	394,030	69,012	463,042
Charge for the year	5,659	1,566	7,225
	---------	--------	---------
At 31 December 2017	399,689	70,578	470,267
	---------	--------	---------
Carrying amount
At 31 December 2017	35,761	10,968	46,729
	---------	--------	---------
At 31 December 2016	41,420	10,380	51,800
	---------	--------	---------

6. Debtors

	2017	2016
	£	£
Trade debtors	228,683	202,934
Other debtors	14,466	11,579
	---------	---------
	243,149	214,513
	---------	---------

7. Creditors: amounts falling due within one year

	2017	2016
	£	£
Trade creditors	97,251	79,447
Corporation tax	4,464	4,488
Social security and other taxes	31,269	33,317
Other creditors	47,898	53,159
	---------	---------
	180,882	170,411
	---------	---------

8. Creditors: amounts falling due after more than one year

	2017	2016
	£	£
Other creditors	–	2,138
	----	-------

9. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2017	2016
	£	£
Not later than 1 year	3,472	3,472
Later than 1 year and not later than 5 years	11,287	14,760
	--------	--------
	14,759	18,232
	--------	--------

10. Related party transactions

The controlling party is Barber, Wilsons & Company (Holdings) Limited by virtue of it's ownership of 100% of the issued voting share capital in the company. Barber, Wilsons & Company (Holdings) Limited has given a guarantee for the company's bank borrowings. During the year, the company occupied freehold property owned by Barber, Wilsons & Company (Holdings) Limited for £nil rent.