John Wood & Associates Limited - Period Ending 2018-03-31
John Wood & Associates Limited - Period Ending 2018-03-31
Registration number:
John Wood & Associates Limited
for the Year Ended 31 March 2018
Heron House
39 - 41 Higher Bents Lane
Bredbury
Stockport
Cheshire
SK6 1EE
John Wood & Associates Limited
Contents
Company Information |
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Directors' Report |
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Accountants' Report |
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Profit and Loss Account |
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Statement of Comprehensive Income |
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Balance Sheet |
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Statement of Changes in Equity |
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Notes to the Financial Statements |
John Wood & Associates Limited
Company Information
Directors |
Mr Julian Battersby Wood Mrs Marguerite Ruth Wood Mr John A Wood |
Company secretary |
Mr Julian Battersby Wood |
Registered office |
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Accountants |
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Page 1 |
John Wood & Associates Limited
Directors' Report for the Year Ended 31 March 2018
The directors present their report and the financial statements for the year ended 31 March 2018.
Directors of the company
The directors who held office during the year were as follows:
Principal activity
The principal activity of the company is that of commission agents
Small companies provision statement
This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
Approved by the Board on
.........................................
Mr John A Wood
Director
Page 2 |
Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
John Wood & Associates Limited
for the Year Ended 31 March 2018
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of John Wood & Associates Limited for the year ended 31 March 2018 as set out on pages 4 to 13 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 at
http://www.icaew.com/en/members/regulations-standards-and-guidance/.
This report is made solely to the Board of Directors of John Wood & Associates Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of John Wood & Associates Limited and state those matters that we have agreed to state to the Board of Directors of John Wood & Associates Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than John Wood & Associates Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that John Wood & Associates Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of John Wood & Associates Limited. You consider that John Wood & Associates 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 accounts of John Wood & Associates 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 accounts.
......................................
39 - 41 Higher Bents Lane
Bredbury
Stockport
Cheshire
SK6 1EE
Page 3 |
John Wood & Associates Limited
Profit and Loss Account for the Year Ended 31 March 2018
Note |
Total |
Total |
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Turnover |
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Cost of sales |
( |
( |
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Gross profit |
|
|
|
Administrative expenses |
( |
( |
|
Operating profit |
|
|
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Interest payable and similar expenses |
( |
( |
|
(2,712) |
(1,760) |
||
Profit before tax |
|
|
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Taxation |
( |
( |
|
Profit for the financial year |
|
|
The above results were derived from continuing operations.
The company has no recognised gains or losses for the year other than the results above.
Page 4 |
John Wood & Associates Limited
Statement of Comprehensive Income for the Year Ended 31 March 2018
Note |
2018 |
2017 |
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Profit for the year |
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Total comprehensive income for the year |
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Page 5 |
John Wood & Associates Limited
(Registration number: 6870653)
Balance Sheet as at 31 March 2018
Note |
2018 |
2017 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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For the financial year ending 31 March 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
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• |
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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
Approved and authorised by the
.........................................
Mr Julian Battersby Wood
Company secretary and director
Page 6 |
John Wood & Associates Limited
Statement of Changes in Equity for the Year Ended 31 March 2018
Share capital |
Profit and loss account |
Total |
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At 1 April 2017 |
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|
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Profit for the year |
- |
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Total comprehensive income |
- |
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Dividends |
- |
( |
( |
At 31 March 2018 |
|
|
|
Share capital |
Profit and loss account |
Total |
|
At 1 April 2016 |
|
|
|
Profit for the year |
- |
|
|
Total comprehensive income |
- |
|
|
Dividends |
- |
( |
( |
At 31 March 2017 |
|
|
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Page 7 |
John Wood & Associates Limited
Notes to the Financial Statements for the Year Ended 31 March 2018
General information |
The company is a private company limited by share capital incorporated in England.
The address of its registered office is:
England
These financial statements were authorised for issue by the
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 were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
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.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Tax
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Page 8 |
John Wood & Associates Limited
Notes to the Financial Statements for the Year Ended 31 March 2018
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Fixtures and fittings |
15% reducing balance |
Office equipment |
15% reducing balance |
Motor vehicles |
25% reducing balance |
Goodwill
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Goodwill |
10% straight line |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Page 9 |
John Wood & Associates Limited
Notes to the Financial Statements for the Year Ended 31 March 2018
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Profit before tax |
Arrived at after charging/(crediting)
2018 |
2017 |
|
Depreciation expense |
|
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Page 10 |
John Wood & Associates Limited
Notes to the Financial Statements for the Year Ended 31 March 2018
Intangible assets |
Goodwill |
Total |
|
Cost or valuation |
||
At 1 April 2017 |
|
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At 31 March 2018 |
|
|
Amortisation |
||
At 1 April 2017 |
|
|
At 31 March 2018 |
|
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Carrying amount |
||
At 31 March 2018 |
- |
- |
The aggregate amount of research and development expenditure recognised as an expense during the period is £Nil (2017 - £Nil).
Page 11 |
John Wood & Associates Limited
Notes to the Financial Statements for the Year Ended 31 March 2018
Tangible assets |
Furniture, fittings and equipment |
Motor vehicles |
Total |
|
Cost or valuation |
|||
At 1 April 2017 |
|
|
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At 31 March 2018 |
|
|
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Depreciation |
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At 1 April 2017 |
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Charge for the year |
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At 31 March 2018 |
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Carrying amount |
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At 31 March 2018 |
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At 31 March 2017 |
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Stocks |
2018 |
2017 |
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Other inventories |
|
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Debtors |
2018 |
2017 |
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Trade debtors |
|
|
Other debtors |
|
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Total current trade and other debtors |
|
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Creditors |
Page 12 |
John Wood & Associates Limited
Notes to the Financial Statements for the Year Ended 31 March 2018
Note |
2018 |
2017 |
|
Due within one year |
|||
Bank loans and overdrafts |
|
|
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Trade creditors |
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|
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
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Taxation and social security |
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Other creditors |
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Due after one year |
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Loans and borrowings |
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Loans and borrowings |
2018 |
2017 |
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Non-current loans and borrowings |
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Finance lease liabilities |
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2018 |
2017 |
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Current loans and borrowings |
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Bank overdrafts |
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Finance lease liabilities |
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Dividends |
2018 |
2017 |
|
£ |
£ |
|
Interim dividend of £ |
100,000 |
58,000 |
Page 13 |
John Wood & Associates Limited
Detailed Profit and Loss Account for the Year Ended 31 March 2018
2018 |
2017 |
|
Turnover (analysed below) |
266,182 |
159,071 |
Cost of sales (analysed below) |
(50,402) |
(9,895) |
Gross profit |
215,780 |
149,176 |
Gross profit (%) |
81.06% |
93.78% |
Administrative expenses |
||
Employment costs (analysed below) |
(23,357) |
(27,034) |
Establishment costs (analysed below) |
(8,752) |
(12,194) |
General administrative expenses (analysed below) |
(40,591) |
(39,965) |
Finance charges (analysed below) |
(801) |
(368) |
Depreciation costs (analysed below) |
(6,234) |
(8,560) |
(79,735) |
(88,121) |
|
Operating profit |
136,045 |
61,055 |
Interest payable and similar expenses (analysed below) |
(2,712) |
(1,760) |
Profit before tax |
133,333 |
59,295 |
Page 14 |
John Wood & Associates Limited
Detailed Profit and Loss Account for the Year Ended 31 March 2018
2018 |
2017 |
Turnover |
||
Sale of goods, UK |
266,182 |
159,071 |
Cost of sales |
||
Opening work in progress |
42,035 |
- |
Purchases |
12,402 |
8,261 |
Closing work in progress |
(4,035) |
- |
Subcontract cost |
- |
1,634 |
50,402 |
9,895 |
Employment costs |
||
Wages and salaries |
(16,721) |
(20,400) |
Staff NIC (Employers) |
(2) |
- |
Directors remuneration |
(6,634) |
(6,634) |
(23,357) |
(27,034) |
Establishment costs |
||
Light, heat and power |
(1,477) |
(1,621) |
Insurance |
(6,523) |
(8,632) |
Repairs and renewals |
(752) |
(1,941) |
(8,752) |
(12,194) |
General administrative expenses |
||
Telephone and fax |
(3,804) |
(4,823) |
Computer software and maintenance costs |
(2,077) |
- |
Printing, postage and stationery |
(579) |
(816) |
Sundry expenses |
(4,876) |
(2,502) |
Motor expenses |
(11,870) |
(13,478) |
Travel and subsistence |
(15,513) |
(15,614) |
Advertising |
- |
(176) |
Accountancy fees |
(1,872) |
(1,883) |
Legal and professional fees |
- |
(673) |
(40,591) |
(39,965) |
Finance charges |
||
Bank charges |
(801) |
(368) |
Depreciation costs |
||
Depreciation of fixtures and fittings (owned) |
(482) |
- |
Depreciation of motor vehicles (owned) |
(5,605) |
(8,560) |
Depreciation of office equipment (owned) |
(147) |
- |
(6,234) |
(8,560) |
Page 15 |
John Wood & Associates Limited
Detailed Profit and Loss Account for the Year Ended 31 March 2018
Interest payable and similar expenses |
||
Bank interest payable |
1,153 |
901 |
Hire purchase interest |
1,559 |
859 |
2,712 |
1,760 |
Page 16 |