Wiles Contractors Limited Filleted accounts for Companies House (small and micro)

WILES CONTRACTORS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 05204315

Wiles Contractors Limited

Filleted Unaudited Financial Statements

31 October 2017

Wiles Contractors Limited

Financial Statements

Year ended 31 October 2017

Contents	Page

Chartered accountant's report to the board of directors on the preparation of the unaudited statutory financial statements	1

Statement of financial position	2

Notes to the financial statements	4

Wiles Contractors Limited

Chartered Accountant's Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Wiles Contractors Limited

Year ended 31 October 2017

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Wiles Contractors Limited for the year ended 31 October 2017, which comprise the statement of financial position and the related notes 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 www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the Board of Directors of Wiles Contractors Limited, as a body. Our work has been undertaken solely to prepare for your approval the financial statements of Wiles Contractors Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Wiles Contractors Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Wiles Contractors Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Wiles Contractors Limited. You consider that Wiles Contractors 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 financial statements of Wiles Contractors 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 financial statements.

MOORE GREEN Chartered accountant

22 Friars Street Sudbury Suffolk CO10 2AA

31 July 2018

Wiles Contractors Limited

Statement of Financial Position

31 October 2017

	2017		2016
Note	£	£	£

Fixed assets

Tangible assets	5		–	85,902

Current assets

Stocks		475,991	501,134
Debtors	6	81,420	150,148
Cash at bank and in hand		85,711	68,444
		---------	---------
		643,122	719,726

Creditors: amounts falling due within one year	7	497,301		670,135
		---------		---------
Net current assets			145,821	49,591
			---------	---------
Total assets less current liabilities			145,821	135,493
			---------	---------
Net assets			145,821	135,493
			---------	---------

Capital and reserves

Called up share capital	121	121
Profit and loss account	145,700	135,372
	---------	---------
Shareholders funds	145,821	135,493
	---------	---------

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 income statement has not been delivered.

For the year ending 31 October 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 financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Wiles Contractors Limited

Statement of Financial Position (continued)

31 October 2017

These financial statements were approved by the board of directors and authorised for issue on 31 July 2018 , and are signed on behalf of the board by:

Mr J T Ciaravolo

Director

Company registration number: 05204315

Wiles Contractors Limited

Notes to the Financial Statements

Year ended 31 October 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 Chilton Grove Works, Waldingfield Road, Sudbury, Suffolk, CO10 0PR.

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

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.

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 equipment	-	25% reducing balance
Spray shop	-	25% reducing balance
motor vehicle	-	25% reducing balance
Office Equipment	-	25% reducing balance

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.

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 18 (2016: 20 ).

5. Tangible assets

	Plant and machinery	Fixtures and fittings	Motor vehicles	Equipment	Total
	£	£	£	£	£
Cost
At 1 November 2016	161,538	7,435	238,540	17,663	425,176
Additions	12,825	–	5,999	1,433	20,257
Disposals	( 174,363)	( 7,435)	( 244,539)	( 19,096)	( 445,433)
	---------	-------	---------	--------	---------
At 31 October 2017	–	–	–	–	–
	---------	-------	---------	--------	---------
Depreciation
At 1 November 2016	127,565	7,199	190,366	14,144	339,274
Disposals	( 127,565)	( 7,199)	( 190,366)	( 14,144)	( 339,274)
	---------	-------	---------	--------	---------
At 31 October 2017	–	–	–	–	–
	---------	-------	---------	--------	---------
Carrying amount
At 31 October 2017	–	–	–	–	–
	---------	-------	---------	--------	---------
At 31 October 2016	33,973	236	48,174	3,519	85,902
	---------	-------	---------	--------	---------

6. Debtors

	2017	2016
	£	£
Trade debtors	80,182	148,535
Other debtors	1,238	1,613
	--------	---------
	81,420	150,148
	--------	---------

7. Creditors: amounts falling due within one year

	2017	2016
	£	£
Trade creditors	100,664	119,426
Corporation tax	14,784	1,922
Social security and other taxes	58,520	47,454
Other creditors	323,333	501,333
	---------	---------
	497,301	670,135
	---------	---------

8. Directors' advances, credits and guarantees

Included within other creditors is £306,333 (2016: £499,833) owed to Mr J. Ciaravolo in respect of his directors current account .

9. Related party transactions

Included in Work In Progress is a balance relating to the preparation of site and construction works undertaken of £ 326,131 (2016: £297,072) that is to be charged to Wiles Commercial and Plant Repairs Limited , a company in which both Mr J. Ciaravolo and Mr M. Ciaravolo are directors and shareholders. The contracting undertaken is being recorded at a commercial rate and will be charged onto the customer when suitable criteria are met. During the year the company sold assets to Wiles Commercial and Plant Repairs Limited for £ 155,490 . There was no amount outstanding at the reporting date. During the year the company hired the equipment from Wiles Commercial and Plant Repairs Limited totalling £ 23,500 (2016: £-). At the reporting date there was a balance payable to Wiles Commercial and Plant Repairs Limited of £ 3,000 (2016: £-).

10. Controlling party

The controlling party is Mr J.T. Ciaravolo by virtue of his ownership of 83% of the the voting share capital. The remaining share capital is owned by immediate family members.