J Wakefield & Sons (Builders) Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 00510155 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2017

FOR

J.WAKEFIELD AND SONS (BUILDERS)

LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

P J Wakefield

SECRETARY:

P J Wakefield

REGISTERED OFFICE:

Rae House

Dane Street

Bishop's Stortford

Herts

CM23 3BT

BUSINESS ADDRESS:

Glenwood

Pedlars End

Moreton

Ongar

Essex

CM5 OLW

REGISTERED NUMBER:

00510155 (England and Wales)

ACCOUNTANTS:

Barrow LLP

Rae House

Dane Street

Bishops Stortford

Herts

CM23 3BT

FIXED ASSETS

Tangible assets

5

8,306

9,393

Investment property

6

1,602,000

1,595,000

1,610,306

1,604,393

CURRENT ASSETS

Debtors

7

10,013

14,237

Cash at bank

71,928

48,295

81,941

62,532

CREDITORS

Amounts falling due within one year

8

(10,777

)

(6,457

)

NET CURRENT ASSETS

71,164

56,075

TOTAL ASSETS LESS CURRENT LIABILITIES

1,681,470

1,660,468

PROVISIONS FOR LIABILITIES

(206,933

)

(220,493

)

NET ASSETS

1,474,537

1,439,975

CAPITAL AND RESERVES

Called up share capital

9

1,700

1,700

Share premium

10

23,610

23,610

Revaluation reserve

10

1,273,496

1,252,936

Retained earnings

10

175,731

161,729

SHAREHOLDERS' FUNDS

1,474,537

1,439,975

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2017 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the director on 23 July 2018 and were signed by:

P J Wakefield - Director

1.	STATUTORY INFORMATION

J.Wakefield and Sons (Builders) Limited is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover

Turnover represents a combination of sales and work done within the construction industry and rental income received in

relation to the company's investment property.

The accounting policy in relation to the recognition of turnover in terms of the sales and work done within the construction

industry is that it is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

The accounting policy in relation to the recognition of turnover in terms of the rental income is that it is recognised evenly

over the term of each lease to which it relates.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Office premises

-

5% on cost

Plant & machinery

-

33% on cost

Computer equipment

-

33% on cost

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is

recognised in profit or loss.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the

instruments.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes, in effect, a

financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of

interest for a similar debt instrument.

Debt instruments are subsequently measured at amortised cost.

Other financial instruments are initially recognised at fair value, unless payment for an asset is deferred upon normal

business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present

value of the future payments discounted at a market rate of interest for a similar debt instrument. Financial assets that are

measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If

there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a

carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not

previously been recognised.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account , except to the

extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively

enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet

date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in

which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been

enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be

recovered against the reversal of deferred tax liabilities or other future taxable profits.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2016 - 1 ) .

5.	TANGIBLE FIXED ASSETS

Office

Plant &

Computer

premises

machinery

equipment

Totals

£

£

£

£

COST

At 1 January 2017

and 31 December 2017

34,320

1,500

1,174

36,994

DEPRECIATION

At 1 January 2017

26,115

312

1,174

27,601

Charge for year

587

500

-

1,087

At 31 December 2017

26,702

812

1,174

28,688

NET BOOK VALUE

At 31 December 2017

7,618

688

-

8,306

At 31 December 2016

8,205

1,188

-

9,393

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 January 2017

1,595,000

Revaluations

7,000

At 31 December 2017

1,602,000

NET BOOK VALUE

At 31 December 2017

1,602,000

At 31 December 2016

1,595,000

Fair value at 31 December 2017 is represented by:

£

Valuation in 2016

1,473,429

Valuation in 2017

7,000

Cost

121,571

1,602,000

If Investment property had not been revalued it would have been included at the following historical cost:

31.12.17

31.12.16

£

£

Cost

121,571

121,571

Investment property was valued on an open market basis basis on 31 December 2017 by Your Move Estate Agents .

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.17

31.12.16

£

£

Other debtors

10,013

14,237

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.17

31.12.16

£

£

Taxation and social security

7,411

3,904

Other creditors

3,366

2,553

10,777

6,457

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.17

31.12.16

value:

£

£

1,700

Ordinary

£1

1,700

1,700

10.

RESERVES

Retained

Share

Revaluation

earnings

premium

reserve

Totals

£

£

£

£

At 1 January 2017

161,729

23,610

1,252,936

1,438,275

Profit for the year

50,576

50,576

Dividends

(16,014

)

(16,014

)

Transfer of fair value gains

(7,000

)

-

7,000

-

Transfer of deferred tax

(13,560

)

-

13,560

-

At 31 December 2017

175,731

23,610

1,273,496

1,472,837

11.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2017 and

31 December 2016:

31.12.17

31.12.16

£

£

P J Wakefield

Balance outstanding at start of year

5,082

6,687

Amounts advanced

4,429

5,082

Amounts repaid

(5,082

)

(6,687

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

4,429

5,082