W. Mages (Rewinds) Limited Company Accounts

W MAGES (REWINDS) LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 02144706

W. Mages (Rewinds) Limited

Filleted Unaudited Financial Statements

30 November 2017

W. Mages (Rewinds) Limited

Financial Statements

Year ended 30 November 2017

Contents	Pages

Statement of financial position	1 to 2

Notes to the financial statements	3 to 8

W. Mages (Rewinds) Limited

Statement of Financial Position

30 November 2017

	2017		2016
Note	£	£	£	£

Fixed assets

Tangible assets	5		1,014,877		929,259

Current assets

Stocks		152,600	147,850
Debtors	6	594,224	430,851
Cash at bank and in hand		57,812	46,915
		---------	---------
		804,636	625,616

Creditors: amounts falling due within one year	7	( 841,950)		( 673,626)
		---------		---------
Net current liabilities			( 37,314)		( 48,010)
			------------		---------
Total assets less current liabilities			977,563		881,249

Creditors: amounts falling due after more than one year	8		( 350,709)		( 409,465)

Provisions

Taxation including deferred tax	( 79,598)	( 55,546)
	---------	---------
Net assets	547,256	416,238
	---------	---------

Capital and reserves

Called up share capital	5,000	5,000
Revaluation reserve	530,538	525,705
Profit and loss account	11,718	( 114,467)
	---------	---------
Shareholder funds	547,256	416,238
	---------	---------

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 30 November 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 member has 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 .

W. Mages (Rewinds) Limited

Statement of Financial Position (continued)

30 November 2017

These financial statements were approved by the board of directors and authorised for issue on 16 August 2018 , and are signed on behalf of the board by:

Mr M.A. Mages
Director

Company registration number: 02144706

W. Mages (Rewinds) Limited

Notes to the Financial Statements

Year ended 30 November 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 Cheddar Industrial Business Park, Wedmore Road, Cheddar, Somerset, BS27 3EH.

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.

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1 December 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 10.

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.

Taxation

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.

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:

Freehold buildings	-	2% straight line
Plant and machinery etc.	-	25% reducing balance
Motor vehicles	-	20% reducing balance

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.

Stocks

Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance of obselete and slow moving stock. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

Factoring with recourse

The gross amount of the factored debts are shown within assets, and a corresponding liability in respect of the proceeds received from the factor is shown within liabilities. The interest element of the factor's charges and other factoring costs are recognised as they accrue and included in the profit and loss account within the appropriate caption.

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.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model. Grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.

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.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 23 (2016: 21 ).

5. Tangible assets

	Land and buildings	Plant and machinery etc.	Motor vehicles	Total
	£	£	£	£
Cost or deemed cost
At 1 December 2016	910,724	419,401	133,366	1,463,491
Additions	25,617	43,896	98,785	168,298
Disposals	–	–	( 6,655)	( 6,655)
	---------	---------	---------	------------
At 30 November 2017	936,341	463,297	225,496	1,625,134
	---------	---------	---------	------------
Depreciation
At 1 December 2016	169,021	291,170	74,041	534,232
Charge for the year	16,726	35,653	28,338	80,717
Disposals	–	–	( 4,692)	( 4,692)
	---------	---------	---------	------------
At 30 November 2017	185,747	326,823	97,687	610,257
	---------	---------	---------	------------
Carrying amount
At 30 November 2017	750,594	136,474	127,809	1,014,877
	---------	---------	---------	------------
At 30 November 2016	741,703	128,231	59,325	929,259
	---------	---------	---------	------------

Tangible assets held at valuation

Under the transitional provisions of FRS 102 the gross carrying value of the freehold property at 1st December 2015 of £901,761, which included previous valuations, has been reclassified as deemed cost at that date. Accumulated depreciation of £152,807 at that date has remained unchanged. The historic cost of the freehold property at 30 November 2017 was £420,778 (2016: £395,162) and the accumulated depreciation at 30 November 2017 was £111,403 (2016: 103,017). The net historical cost value at 30 November 2017 was £309,375 (2016: £292,145).

6. Debtors

	2017	2016
	£	£
Trade debtors	594,224	430,851
	---------	---------

7. Creditors: amounts falling due within one year

	2017	2016
	£	£
Bank loans and overdrafts	297,002	205,667
Trade creditors	141,002	82,699
Taxation and social security	78,341	67,795
Other creditors	325,605	317,465
	---------	---------
	841,950	673,626
	---------	---------

The company has granted a fixed and floating charge on its assets to secure the bank indebtedness.

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

	2017	2016
	£	£
Bank loans and overdrafts	323,743	363,618
Other creditors	26,966	45,847
	---------	---------
	350,709	409,465
	---------	---------

The company has granted a fixed and floating charge on its assets to secure the bank indebtedness.

Included within creditors: amounts falling due after more than one year is an amount of £165,026 (2016: £214,418) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.

9. Related party transactions

At 30 November 2017 the company owed the director £253,873 (2016: £253,873). The amount is interest free and repayable on demand.

10. Transition to FRS 102

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

Reconciliation of equity

	1 December 2015			30 November 2016
	As previously stated	Effect of transition	FRS 102 (as restated)	As previously stated	Effect of transition	FRS 102 (as restated)
	£	£	£	£	£	£
Fixed assets	851,538	–	851,538	929,259	–	929,259
Current assets	525,677	–	525,677	625,616	–	625,616
Creditors: amounts falling due within one year	( 612,586)	–	( 612,586)	( 673,626)	–	( 673,626)
	---------	----	---------	---------	----	---------
Net current liabilities	( 86,909)	–	( 86,909)	( 48,010)	–	( 48,010)
	---------	----	---------	---------	----	---------
Total assets less current liabilities	764,629	–	764,629	881,249	–	881,249

Creditors: amounts falling due after more than one year	( 429,110)	–	( 429,110)	( 409,465)	–	( 409,465)
Provisions	–	( 42,000)	( 42,000)	( 16,546)	( 39,000)	( 55,546)
	---------	--------	---------	---------	--------	---------
Net assets	335,519	( 42,000)	293,519	455,238	( 39,000)	416,238
	---------	--------	---------	---------	--------	---------

	---------	--------	---------	---------	--------	---------
Capital and reserves	335,519	( 42,000)	293,519	455,238	( 39,000)	416,238
	---------	--------	---------	---------	--------	---------

Explanation of transition The company has chosen to apply the transitional exemption in paragraph 35.10(d) of FRS 102 'Revaluation as deemed cost'. The company has therefore used a previous GAAP revaluation of its property as its deemed cost. This has had no effect on the net book value of the property at 1 December 2015. A revaluation reserve continues to be presented in the statement of financial position as required by the Companies Act 2006 alternative accounting rules. FRS 102 requires deferred tax to be provided for on the revaluation surplus regardless that the asset is stated at deemed cost. Deferred tax of £42,000 has been provided at 1 December 2015. Deferred tax of £39,000 has been provided at 30 November 2016. In accordance with FRS 102 the deferred tax movement is taken to other comprehensive income.