W.B.Gatward & Son Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 00449862 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 MARCH 2018

FOR

W.B.GATWARD & SON LIMITED

Page

Company Information

1

Chartered Certified Accountants' Report

2

Balance Sheet

3

Notes to the Financial Statements

5

DIRECTORS:

Mrs A B Playle

Mrs L M Pheazey

J W Hunter

SECRETARY:

Mrs L M Pheazey

REGISTERED OFFICE:

Abbey House

51 High Street

Saffron Walden

Essex

CB10 1AF

REGISTERED NUMBER:

00449862 (England and Wales)

ACCOUNTANTS:

Benten & Co

Chartered Certified Accountants

Abbey House

51 High Street

Saffron Walden

Essex

CB10 1AF

The following reproduces the text of the report prepared for the directors in respect of the company's

annual unaudited financial statements. In accordance with the Companies Act 2006, the company is

only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain

other primary statements and the Report of the Directors are not required to be filed with the

Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your

approval the financial statements of W.B.Gatward & Son Limited for the year ended 31 March 2018 which

comprise the Income Statement, Balance Sheet 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 Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook.

This report is made solely to the Board of Directors of W.B.Gatward & Son Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of W.B.Gatward & Son Limited and state those matters that we have agreed to state to the Board of Directors of W.B.Gatward & Son Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that W.B.Gatward & Son 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 W.B.Gatward & Son Limited. You consider that W.B.Gatward & Son 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 W.B.Gatward & Son 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.

Benten & Co

Chartered Certified Accountants

Abbey House

51 High Street

Saffron Walden

Essex

CB10 1AF

17 December 2018

FIXED ASSETS

Tangible assets

4

12,039

18,225

Investments

5

1

1

12,040

18,226

CURRENT ASSETS

Stocks

6

615,000

576,000

Debtors

7

18,080

45,131

Cash in hand

140

140

633,220

621,271

CREDITORS

Amounts falling due within one year

8

263,051

245,961

NET CURRENT ASSETS

370,169

375,310

TOTAL ASSETS LESS CURRENT LIABILITIES

382,209

393,536

CREDITORS

Amounts falling due after more than one year

9

-

(13,375

)

PROVISIONS FOR LIABILITIES

11

-

(453

)

NET ASSETS

382,209

379,708

CAPITAL AND RESERVES

Called up share capital

12

273,000

273,000

Retained earnings

13

109,209

106,708

SHAREHOLDERS' FUNDS

382,209

379,708

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 directors acknowledge their 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 Board of Directors on 13 December 2018 and were signed on its behalf by:

Mrs A B Playle - Director

Mrs L M Pheazey - Director

1.	STATUTORY INFORMATION

W.B.Gatward & Son 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.

Turnover

Turnover comprises the value of goods and services supplied by the company, net of Value Added

Tax.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Improvements to property

-

5% on cost

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

25% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for

obsolete and slow moving items.

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

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet.

Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held

under finance leases are depreciated over their estimated useful lives or the lease term, whichever is

the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The

capital element of the future payments is treated as a liability.

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

of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the

company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2017 - 13 ) .

4.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

and

Motor

property

fittings

vehicles

Totals

£

£

£

£

COST

At 1 April 2017

3,626

138,312

26,640

168,578

Additions

-

3,289

-

3,289

Disposals

-

(15,897

)

-

(15,897

)

At 31 March 2018

3,626

125,704

26,640

155,970

DEPRECIATION

At 1 April 2017

3,626

133,407

13,320

150,353

Charge for year

-

1,793

6,660

8,453

Eliminated on disposal

-

(14,875

)

-

(14,875

)

At 31 March 2018

3,626

120,325

19,980

143,931

NET BOOK VALUE

At 31 March 2018

-

5,379

6,660

12,039

At 31 March 2017

-

4,905

13,320

18,225

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Motor

vehicles

£

COST

At 1 April 2017

and 31 March 2018

26,640

DEPRECIATION

At 1 April 2017

13,320

Charge for year

6,660

At 31 March 2018

19,980

NET BOOK VALUE

At 31 March 2018

6,660

At 31 March 2017

13,320

5.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

At 1 April 2017

and 31 March 2018

1

NET BOOK VALUE

At 31 March 2018

1

At 31 March 2017

1

6.

STOCKS

2018

2017

£

£

Stocks

615,000

576,000

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

10,000

10,000

Other debtors

2,322

1,904

Prepayments

5,758

33,227

18,080

45,131

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Bank loans and overdrafts

135,021

134,543

Hire purchase contracts (see note 10)

13,375

3,267

Trade creditors

71,960

70,997

Corporation tax

1,883

193

Social security and other taxes

8,992

8,906

VAT

14,243

22,901

Other creditors

5,162

16

Directors' current accounts

8,104

1,138

Accrued expenses

4,311

4,000

263,051

245,961

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2018

2017

£

£

Hire purchase contracts (see note 10)

-

13,375

10.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

2018

2017

£

£

Gross obligations repayable:

Within one year

13,780

4,077

Between one and five years

-

13,780

13,780

17,857

Finance charges repayable:

Within one year

405

810

Between one and five years

-

405

405

1,215

Net obligations repayable:

Within one year

13,375

3,267

Between one and five years

-

13,375

13,375

16,642

Non-cancellable

operating leases

2018

2017

£

£

Within one year

6,271

-

Between one and five years

12,542

3,137

In more than five years

-

38,621

18,813

41,758

11.	PROVISIONS FOR LIABILITIES

2018

2017

£

£

Deferred tax

-

453

Deferred

tax

£

Balance at 1 April 2017

453

Credit to Income Statement during year

(453

)

Balance at 31 March 2018

-

12.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2018

2017

value:

£

£

270,000

Ordinary

£1

270,000

270,000

3,000

3.5% Cumulative Preference

£1

3,000

3,000

273,000

273,000

13.

RESERVES

Retained

earnings

£

At 1 April 2017

106,708

Profit for the year

2,501

At 31 March 2018

109,209

14.	CONTINGENT LIABILITIES

At 31 March 2018 there were no known contingent liabilities for which provision has not been made

in the financial statements. The company has guaranteed up to a maximum of £10,000 plus accrued

interest and commission in respect of the borrowing facilities of Houlden Jewellers Limited, a

co-operative of which the company is a member.

15.	RELATED PARTY DISCLOSURES

16.	ULTIMATE CONTROLLING PARTY