Willowstone Construction Limited - Accounts to registrar (filleted) - small 18.1

REGISTERED NUMBER: 06166530 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2018

FOR

WILLOWSTONE CONSTRUCTION LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

A F Cross

SECRETARY:

M Cross

REGISTERED OFFICE:

The Barn 249 Saunders Lane

Mayford

Woking

Surrey

GU22 0NU

REGISTERED NUMBER:

06166530 (England and Wales)

ACCOUNTANTS:

Ashdown Price Chartered Accountants

136 Kingsway

Woking

Surrey

GU21 6NR

FIXED ASSETS

Tangible assets

4

3,052

4,033

Investment property

5

440,000

455,000

443,052

459,033

CURRENT ASSETS

Stocks

17,037

46,246

Debtors

6

56,954

144,135

Cash at bank

75,557

-

149,548

190,381

CREDITORS

Amounts falling due within one year

7

76,628

199,248

NET CURRENT ASSETS/(LIABILITIES)

72,920

(8,867

)

TOTAL ASSETS LESS CURRENT LIABILITIES

515,972

450,166

CREDITORS

Amounts falling due after more than one year

8

339,336

276,451

NET ASSETS

176,636

173,715

CAPITAL AND RESERVES

Called up share capital

2

2

Non-distributable reserve

10

145,000

160,000

Retained earnings

31,634

13,713

SHAREHOLDERS' FUNDS

176,636

173,715

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2018 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 Income Statement has not been delivered.

The financial statements were approved by the director on 21 November 2018 and were signed by:

A F Cross - Director

1.	STATUTORY INFORMATION

Willowstone Construction 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.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Tangible fixed assets

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

Plant and machinery etc

-

33% on reducing balance

Investment property

Investment properties are shown at their fair value at the year end. The gain or loss on the fair value during the

year is recognised in the profit loss account. At the year end, the annual movement in the fair value is transferred

to a non-distributable reserve, which represents the total increase in the fair valuation above the original cost of

the investment properties.

Stocks

Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in

bringing stocks to their present location and condition.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2017 - 3 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2017

8,961

Additions

533

At 31 March 2018

9,494

DEPRECIATION

At 1 April 2017

4,928

Charge for year

1,514

At 31 March 2018

6,442

NET BOOK VALUE

At 31 March 2018

3,052

At 31 March 2017

4,033

5.	INVESTMENT PROPERTY

The director considered the fair value of the investment property at 31 March 2018 was £440,000, which

represents a £15,000 impairment on the previous year's fair value of £455,000. The recognised loss has been

included within the profit and loss during the year, and transferred from the profit and loss reserve to the

non-distributable reserve at the year year. This reserve was previously called the revaluation reserve.

Fair value at 31 March 2018 is represented by:

£

Valuation in 2018

145,000

Cost

295,000

440,000

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.18

31.3.17

£

£

Trade debtors

30,661

35,174

Other debtors

26,293

108,961

56,954

144,135

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.18

31.3.17

£

£

Bank loans and overdrafts

-

2,331

Trade creditors

32,932

100,233

Taxation and social security

38,261

85,120

Other creditors

5,435

11,564

76,628

199,248

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.18

31.3.17

£

£

Bank loans

258,586

200,041

Other creditors

80,750

76,410

339,336

276,451

9.	SECURED DEBTS

The following secured debts are included within creditors:

31.3.18

31.3.17

£

£

Bank loans

258,586

200,041

A bank loan is secured by a fixed charge on the company's freehold property and a floating charge over other

assets.

10.

RESERVES

Non-distributable

reserve

£

At 1 April 2017

160,000

Fair value movement in year

(15,000

)

At 31 March 2018

145,000