Willton Homes Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03234551 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2018

FOR

WILLTON HOMES LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

10

DIRECTORS:

W J H Seaby

I D Britton

SECRETARY:

Mrs S J Britton

REGISTERED OFFICE:

3 Durrant Road

Bournemouth

Dorset

BH2 6NE

REGISTERED NUMBER:

03234551 (England and Wales)

ACCOUNTANTS:

Carter & Coley

3 Durrant Road

Bournemouth

Dorset

BH2 6NE

FIXED ASSETS

Tangible assets

4

223,045

220,287

Investments

5

200

150

223,245

220,437

CURRENT ASSETS

Stocks

6

2,697,199

1,968,126

Debtors

7

766,268

185,689

Cash at bank and in hand

6,947

46,552

3,470,414

2,200,367

CREDITORS

Amounts falling due within one year

8

2,053,197

1,561,551

NET CURRENT ASSETS

1,417,217

638,816

TOTAL ASSETS LESS CURRENT LIABILITIES

1,640,462

859,253

CREDITORS

Amounts falling due after more than one year

9

(22,801

)

(29,112

)

PROVISIONS FOR LIABILITIES

11

(9,612

)

(74

)

NET ASSETS

1,608,049

830,067

CAPITAL AND RESERVES

Called up share capital

12

4

4

Retained earnings

1,608,045

830,063

SHAREHOLDERS' FUNDS

1,608,049

830,067

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 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 10 January 2019 and were signed on its behalf by:

W J H Seaby - Director

I D Britton - Director

1.	STATUTORY INFORMATION

Willton Homes 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

The turnover shown in the profit and loss account represents properties sold during the year and

building and contracting work carried out, exclusive of Value Added Tax.

In respect of long-term contracts and contracts for on-going services, turnover represents the value of

work done in the year, including estimates of amounts not invoiced. Turnover in respect of long-term

contracts and contracts for on-going services is recognised by reference to the stage of completion

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.

Freehold property

-

2% on cost

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Investments in associates

Investments in associate undertakings are recognised at cost.

Stocks

Work in progress is valued on the basis of direct costs plus attributable overheads based on normal

level of activity. Provision is made for any foreseeable losses where appropriate. No element of profit

is included in the valuation of work in progress.

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 18 (2017 - 16 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

Plant and

and

property

machinery

fittings

£

£

£

COST

At 1 September 2017

146,709

148,617

35,876

Additions

-

-

509

At 31 August 2018

146,709

148,617

36,385

DEPRECIATION

At 1 September 2017

934

120,856

28,005

Charge for year

934

-

2,095

Eliminated on disposal

-

-

-

At 31 August 2018

1,868

120,856

30,100

NET BOOK VALUE

At 31 August 2018

144,841

27,761

6,285

At 31 August 2017

145,775

27,761

7,871

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 September 2017

98,748

5,067

435,017

Additions

17,290

6,259

24,058

Disposals

(17,550

)

-

(17,550

)

At 31 August 2018

98,488

11,326

441,525

DEPRECIATION

At 1 September 2017

63,668

1,267

214,730

Charge for year

10,204

2,515

15,748

Eliminated on disposal

(11,998

)

-

(11,998

)

At 31 August 2018

61,874

3,782

218,480

NET BOOK VALUE

At 31 August 2018

36,614

7,544

223,045

At 31 August 2017

35,080

3,800

220,287

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

Plant and

Motor

machinery

vehicles

Totals

£

£

£

COST

At 1 September 2017

60,520

75,098

135,618

Additions

-

17,290

17,290

Disposals

-

(17,550

)

(17,550

)

Transfer to ownership

(14,000

)

(4,343

)

(18,343

)

At 31 August 2018

46,520

70,495

117,015

DEPRECIATION

At 1 September 2017

38,162

44,004

82,166

Charge for year

-

9,888

9,888

Eliminated on disposal

-

(11,998

)

(11,998

)

Transfer to ownership

(9,569

)

(1,055

)

(10,624

)

At 31 August 2018

28,593

40,839

69,432

NET BOOK VALUE

At 31 August 2018

17,927

29,656

47,583

At 31 August 2017

22,358

31,094

53,452

5.	FIXED ASSET INVESTMENTS

Interest

in

associate

£

COST

At 1 September 2017

150

Additions

50

At 31 August 2018

200

NET BOOK VALUE

At 31 August 2018

200

At 31 August 2017

150

6.

STOCKS

2018

2017

£

£

Work-in-progress

2,697,199

1,968,126

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Amounts owed by associates

438,227

89,313

Other debtors

264,437

200

Corporation tax

-

48,023

VAT

48,018

36,378

Prepayments and accrued income

15,586

11,775

766,268

185,689

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Bank loans and overdrafts (see note 10)

1,053,855

847,472

Hire purchase contracts

14,723

24,854

Trade creditors

153,229

123,944

Retentions

66,068

53,612

Deposits held

-

10,001

Amounts owed to associates

61

50

Corporation tax

106,133

-

Social security and other taxes

17,904

11,649

Other creditors

618,729

474,823

Willton Homes Wessex LLP

1,230

1,230

Directors' current accounts

8,427

7,387

Accruals and deferred income

12,838

6,529

2,053,197

1,561,551

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2018

2017

£

£

Hire purchase contracts

22,801

29,112

10.

LOANS

An analysis of the maturity of loans is given below:

2018

2017

£

£

Amounts falling due within one year or on demand:

Bank overdrafts

13,078

-

Bank loans

1,040,777

847,472

1,053,855

847,472

11.	PROVISIONS FOR LIABILITIES

2018

2017

£

£

Deferred tax

9,612

74

Deferred

tax

£

Balance at 1 September 2017

74

Provided during year

9,538

Balance at 31 August 2018

9,612

12.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2018

2017

value:

£

£

4

Ordinary

£1

4

4

13.	RELATED PARTY DISCLOSURES

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 Willton Homes Limited for the year ended 31 August 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 Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Willton Homes 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 Willton Homes Limited and state those matters that we have agreed to state to the Board of Directors of Willton Homes Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Willton Homes Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Willton Homes 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 Willton Homes Limited. You consider that Willton Homes 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 Willton Homes 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.

Carter & Coley

3 Durrant Road

Bournemouth

Dorset

BH2 6NE

10 January 2019