EPD (Whittlesey) Limited Filleted accounts for Companies House (small and micro)

EPD (WHITTLESEY) LIMITED - Company Information

false false false false false false false false false true false false false false false false false No description of principal activity 2016-07-01 Sage Accounts Production Advanced 2018 - FRS 128,950 128,950 xbrli:pure xbrli:shares iso4217:GBP 06973056 2016-07-01 2017-06-30 06973056 2017-06-30 06973056 2015-07-01 2016-06-30 06973056 2016-06-30 06973056 core:MotorVehicles 2016-07-01 2017-06-30 06973056 bus:OrdinaryShareClass1 2016-07-01 2017-06-30 06973056 bus:LeadAgentIfApplicable 2016-07-01 2017-06-30 06973056 bus:Director1 2016-07-01 2017-06-30 06973056 core:WithinOneYear 2017-06-30 06973056 core:WithinOneYear 2016-06-30 06973056 core:RestatedAmount core:WithinOneYear 2016-06-30 06973056 core:AfterOneYear 2017-06-30 06973056 core:AfterOneYear 2016-06-30 06973056 core:AfterOneYear core:RestatedAmount 2016-06-30 06973056 core:RestatedAmount 2016-06-30 06973056 core:UKTax 2016-07-01 2017-06-30 06973056 core:UKTax 2015-07-01 2016-06-30 06973056 core:ShareCapital 2017-06-30 06973056 core:ShareCapital 2016-06-30 06973056 core:RetainedEarningsAccumulatedLosses 2017-06-30 06973056 core:RestatedAmount core:RetainedEarningsAccumulatedLosses 2016-06-30 06973056 bus:SmallEntities 2016-07-01 2017-06-30 06973056 bus:AuditExemptWithAccountantsReport 2016-07-01 2017-06-30 06973056 bus:FullAccounts 2016-07-01 2017-06-30 06973056 bus:SmallCompaniesRegimeForAccounts 2016-07-01 2017-06-30 06973056 bus:PrivateLimitedCompanyLtd 2016-07-01 2017-06-30 06973056 bus:OrdinaryShareClass1 2017-06-30 06973056 bus:OrdinaryShareClass1 2016-06-30

COMPANY REGISTRATION NUMBER: 06973056

EPD (Whittlesey) Limited

Filleted Unaudited Financial Statements

for the year ended

30 June 2017

EPD (Whittlesey) Limited

Financial Statements

for the year ended 30th June 2017

Contents	Pages

Chartered accountants report to the director on the preparation of the unaudited statutory financial statements	1

Statement of financial position	2 to 3

Notes to the financial statements	4 to 8

EPD (Whittlesey) Limited

Chartered Accountants Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of EPD (Whittlesey) Limited

for the year ended 30th June 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 EPD (Whittlesey) Limited for the year ended 30th June 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 director of EPD (Whittlesey) Limited in accordance with the terms of our engagement letter dated 18th December 2017. Our work has been undertaken solely to prepare for your approval the financial statements of EPD (Whittlesey) Limited and state those matters that we have agreed to state to you 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 EPD (Whittlesey) Limited and its director for our work or for this report.

It is your duty to ensure that EPD (Whittlesey) 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 loss of EPD (Whittlesey) Limited. You consider that EPD (Whittlesey) 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 EPD (Whittlesey) 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 THOMPSON Chartered Accountants

Bank House Broad Street Spalding PE11 1TB

Dated: 8 August 2018

EPD (Whittlesey) Limited

Statement of Financial Position

as at 30 June 2017

	2017		2016
			(restated)
Note	£	£	£	£

Current assets

Stocks		1,406,718	1,237,922
Debtors	7	–	58,459
Cash at bank and in hand		6,497	32,323
		------------	------------
		1,413,215	1,328,704

Creditors: amounts falling due within one year	8	971,068		827,307
		------------		------------
Net current assets			442,147		501,397
			-----------		-----------
Total assets less current liabilities			442,147		501,397

Creditors: amounts falling due after more than one year	9	638,281	661,948
		-----------	-----------
Net liabilities		( 196,134)	( 160,551)
		-----------	-----------

Capital and reserves

Called up share capital	11	100	100
Profit and loss account		( 196,234)	( 160,651)
		-----------	-----------
Shareholders deficit		( 196,134)	( 160,551)
		-----------	-----------

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 30th June 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 his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

EPD (Whittlesey) Limited

Statement of Financial Position (continued)

as at 30 June 2017

These financial statements were approved by the board of directors and authorised for issue on 8 August 2018 , and are signed on behalf of the board by:

S. Boon
Director

Company registration number: 06973056

EPD (Whittlesey) Limited

Notes to the Financial Statements

for the year ended 30th June 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 Newark Road, Peterborough, PE1 5YD.

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.

Going concern

At the balance sheet date, total liabilities exceed total assets by £196,134. This deficit is due to £789,479 being included in creditors due within one year which is due to connected companies. However these creditors have indicated that they will not demand repayment of these liabilities in preference to other creditors.

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1st July 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 12.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects both current and future periods. Estimation of useful life The useful economic life used to depreciate tangible fixed assets relates to the expected future performance of the assets acquired and management's estimate of the period over which economic benefit will be derived from the asset. Estimation of residual value The residual value of an asset is the estimated fair value of that asset at the end of its useful economic life and therefore is also dependent upon the estimation of that life span. Historically, changes to the useful economic life and residual values have not had a material impact on the depreciation amount charged to the profit and loss.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.

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:

	Motor Vehicles	-	25% straight line

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.

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.

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.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes 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, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond 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.

4. Staff costs

The average number of persons employed by the company during the year amounted to 1 (2016: 30 ).

5. Tax on loss

Major components of tax (income)/expense

	2017	2016
		(restated)
	£	£

Current tax:

UK current tax expense	–	50,000
Adjustments in respect of prior periods	( 3,473)	( 160)
	-----------	-----------
Total current tax	( 3,473)	49,840
	-----------	-----------

Deferred tax:

Origination and reversal of timing differences	–	( 26,000)
	-----------	-----------
Tax on loss	( 3,473)	23,840
	-----------	-----------

6. Tangible assets

	Motor vehicles	Total
	£	£

Cost
At 1st July 2016 (as restated)	–	–
Additions	128,950	128,950
Disposals	( 128,950)	( 128,950)
	-----------	-----------
At 30th June 2017	–	–
	-----------	-----------
Depreciation
At 1st July 2016 and 30th June 2017	–	–
	-----------	-----------
Carrying amount
At 30th June 2017	–	–
	-----------	-----------
At 30th June 2016	–	–
	-----------	-----------

7. Debtors

	2017	2016
		(restated)
	£	£

Trade debtors	–	58,459
	-----------	-----------

8. Creditors: amounts falling due within one year

	2017	2016
		(restated)
	£	£

Bank loans and overdrafts	35,321	54,600
Trade creditors	–	253,451
Amounts owed to related parties	789,479	315,038
Accruals and deferred income	3,500	19,000
Corporation tax	47,400	94,840
Social security and other taxes	–	19,631
Obligations under finance leases and hire purchase contracts	95,368	56,371
Director loan accounts	–	14,376
	-----------	-----------
	971,068	827,307
	-----------	-----------

The bank loan included above and below is secured by both fixed and floating charges over the company's property and the undertakings of the company.

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

	2017	2016
		(restated)
	£	£

Bank loans and overdrafts	559,030	575,072
Obligations under finance leases and hire purchase contracts	79,251	86,876
	-----------	-----------
	638,281	661,948
	-----------	-----------

Included within creditors: amounts falling due after more than one year is an amount of £417,744 (2016: £453,066) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.

10. Prior period errors

The impact of material misstatements relating to the prior period were that a trade creditor of £88,300 was not provided for, profit on the sale of fixed assets was miscalculated by £46,319 and sale proceeds of stock was misjudged by £245,981 due to not considering slow moving and obsolete stock.

11. Called up share capital

Issued, called up and fully paid

2017		2016
		(restated)
No.	£	No.	£

Ordinary shares of £ 1 each	100	100	100	100
	-----------	-----------	-----------	-----------

12. Transition to FRS 102

These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1st July 2015.

No transitional adjustments were required in equity or profit or loss for the year.