Company Registration No. 00389051 (England and Wales)
F A WATTS AND SONS (SHOEMAKERS) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2017
PAGES FOR FILING WITH REGISTRAR
F A WATTS AND SONS (SHOEMAKERS) LIMITED
COMPANY INFORMATION
Directors
Mr D S Watts
Mrs B N Watts
Mr M A Watts
Secretary
Mr M A Watts
Company number
00389051
Registered office
Amelia House
Crescent Road
Worthing
West Sussex
BN11 1QR
Accountants
MHA Carpenter Box
Amelia House
Crescent Road
Worthing
West Sussex
BN11 1QR
Business address
11 Parklands Crescent
North Ferriby
East Yorkshire
HU14 3EZ
F A WATTS AND SONS (SHOEMAKERS) LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2
Statement of changes in equity
3
Notes to the financial statements
4 - 7
F A WATTS AND SONS (SHOEMAKERS) LIMITED
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF F A WATTS AND SONS (SHOEMAKERS) LIMITED FOR THE YEAR ENDED 31 JANUARY 2017
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of F A Watts and Sons (Shoemakers) Limited for the year ended 31 January 2017 which comprise, the Balance Sheet, the Statement of Changes in Equity 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 http://www.icaew.com/en/members/regulations-standards-and-guidance/
This report is made solely to the Board of Directors of F A Watts and Sons (Shoemakers) Limited, as a body, in accordance with the terms of our engagement . Our work has been undertaken solely to prepare for your approval the financial statements of F A Watts and Sons (Shoemakers) Limited and state those matters that we have agreed to state to the Board of Directors of F A Watts and Sons (Shoemakers) Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than F A Watts and Sons (Shoemakers) Limited and its Board of Directors as a body, for our work or for this report.
.
Our work has been undertaken solely to prepare for your approval the financial statements of F A Watts and Sons (Shoemakers) Limited
and state those matters that we have agreed to state to the Board of Directors of F A Watts and Sons (Shoemakers) Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than F A Watts and Sons (Shoemakers) Limited and its Board of Directors as a body, for
our work or for this report.
It is your duty to ensure that F A Watts and Sons (Shoemakers) 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 F A Watts and Sons (Shoemakers) Limited. You consider that F A Watts and Sons (Shoemakers) 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 F A Watts and Sons (Shoemakers) 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.
MHA Carpenter Box
8 May 2017
Chartered Accountants
Amelia House
Crescent Road
Worthing
West Sussex
BN11 1QR
F A WATTS AND SONS (SHOEMAKERS) LIMITED
BALANCE SHEET
AS AT
31 JANUARY 2017
31 January 2017
- 2 -
2017
2016
Notes
£
£
£
£
Fixed assets
Investment properties
3
450,000
450,000
Current assets
Cash at bank and in hand
20,650
41,831
Creditors: amounts falling due within one year
4
(11,704)
(11,855)
Net current assets
8,946
29,976
Total assets less current liabilities
458,946
479,976
Capital and reserves
Called up share capital
5
1,500
1,500
Other reserves
447,189
447,189
Profit and loss reserves
10,257
31,287
Total equity
458,946
479,976
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 January 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
T he directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
he directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
T he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 .
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The financial statements were approved by the board of directors and authorised for issue on 4 May 2017 and are signed on its behalf by:
Mr M A Watts
Director
Company Registration No. 00389051
F A WATTS AND SONS (SHOEMAKERS) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2017
- 3 -
Share capital
Other reserves
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 February 2015
1,500
497,189
25,978
524,667
Period ended 31 January 2016:
Loss and total comprehensive income for the period
-
(50,000)
29,309
(20,691)
Dividends
-
-
(24,000)
(24,000)
Balance at 31 January 2016
1,500
447,189
31,287
479,976
Period ended 31 January 2017:
Profit and total comprehensive income for the period
-
-
26,970
26,970
Dividends
-
-
(48,000)
(48,000)
Balance at 31 January 2017
1,500
447,189
10,257
458,946
F A WATTS AND SONS (SHOEMAKERS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2017
- 4 -
1
Accounting policies
Company information
F A Watts and Sons (Shoemakers) Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Amelia House, Crescent Road, Worthing, West Sussex, BN11 1QR.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
These financial statements for the year ended 31 January 2017
are the
first
financial statements of F A Watts and Sons (Shoemakers) Limited prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 February 2015. An explanation of how transition to FRS 102 has affected the reported financial position and financial performance is given in note 6.
1.2
Turnover
Turnover represents the rent receivable for the period, recognised on an accruals basis.
1.3
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure . Subsequently it is measured at fair value a t the reporting end date. The surplus or deficit on revaluation is recognised in the profit and loss account. Where fair value cannot be achieved without undue cost or effort, investment property is accounted for as tangible fixed assets.
. Subsequently it is measured
at fair value a
t
the reporting end date.
The surplus or deficit on revaluation is recognised in the profit and loss account.
Where fair value cannot be achieved without undue cost or effort, investment property is accounted for as tangible fixed assets.
1.4
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost
.
F A WATTS AND SONS (SHOEMAKERS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2017
1
Accounting policies
(Continued)
- 5 -
Classification of financial liabilities
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future receipts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
The reported share capital constitutes the allotted, called up and fully paid share capital of the company.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.8
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 0 (2016 - 0).
3
Investment property
2017
£
Fair value
At 1 February 2016 and 31 January 2017
450,000
Investment property comprises of a freehold commercial premises. The fair value of the investment property has been arrived at on the basis of a valuation in 2015, reduced by the director following a recent offer of purchase, which did not progress.
F A WATTS AND SONS (SHOEMAKERS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2017
- 6 -
4
Creditors: amounts falling due within one year
2017
2016
£
£
Corporation tax
6,948
7,328
Other creditors
4,756
4,527
11,704
11,855
5
Called up share capital
2017
2016
£
£
Ordinary share capital
Authorised
2,000 Ordinary Shares of £1 each
2,000
2,000
2,000 'A' Ordinary Shares of 50p each
1,000
1,000
3,000
3,000
Issued and fully paid
1,000 Ordinary Shares of £1 each
1,000
1,000
1,000 'A' Ordinary Shares of 50p each
500
500
1,500
1,500
6
Reconciliations on adoption of FRS 102
Reconciliation of equity
1 February
31 January
2015
2016
£
£
Equity as reported under previous UK GAAP and under FRS 102
524,667
479,976
Reconciliation of profit/(loss) for the financial period
2016
Notes
£
Profit as reported under previous UK GAAP
29,309
Adjustments arising from transition to FRS 102:
Fair value loss on investment property
(a)
(50,000)
Loss reported under FRS 102
(20,691)
F A WATTS AND SONS (SHOEMAKERS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2017
6
Reconciliations on adoption of FRS 102
(Continued)
- 7 -
Notes to reconciliations on adoption of FRS 102
(a) Investment property - fair value adjustment
Under the Financial Reporting Standard for Smaller Entities (effective January 2015) the reduction in the fair value of the investment property was previously recorded in the Statement of Total Recognised Gains and Losses and as a reduction in the revaluation reserve. FRS 102 (including Section 1A) requires that fair value adjustments on Investment Properties are recognised in profit or loss.
2017-01-31
2016-02-01
false
CCH Software
CCH Accounts Production 2017.100
00389051
2016-02-01
2017-01-31
00389051
bus:Director1
2016-02-01
2017-01-31
00389051
bus:Director2
2016-02-01
2017-01-31
00389051
bus:CompanySecretaryDirector1
2016-02-01
2017-01-31
00389051
bus:CompanySecretary1
2016-02-01
2017-01-31
00389051
bus:RegisteredOffice
2016-02-01
2017-01-31
00389051
2017-01-31
00389051
2016-01-31
00389051
core:CurrentFinancialInstruments
2017-01-31
00389051
core:CurrentFinancialInstruments
2016-01-31
00389051
core:ShareCapital
2017-01-31
00389051
core:ShareCapital
2016-01-31
00389051
core:OtherMiscellaneousReserve
2017-01-31
00389051
core:OtherMiscellaneousReserve
2016-01-31
00389051
core:RetainedEarningsAccumulatedLosses
2017-01-31
00389051
core:RetainedEarningsAccumulatedLosses
2016-01-31
00389051
core:ShareCapital
core:RestatedAmount
2015-01-31
00389051
core:OtherMiscellaneousReserve
core:RestatedAmount
2015-01-31
00389051
core:RetainedEarningsAccumulatedLosses
core:RestatedAmount
2015-01-31
00389051
core:RestatedAmount
2015-01-31
00389051
2015-02-01
2016-01-31
00389051
core:RetainedEarningsAccumulatedLosses
2015-02-01
2016-01-31
00389051
core:Non-currentFinancialInstruments
2017-01-31
00389051
core:Non-currentFinancialInstruments
2016-01-31
00389051
bus:PrivateLimitedCompanyLtd
2016-02-01
2017-01-31
00389051
bus:FRS102
2016-02-01
2017-01-31
00389051
bus:AuditExemptWithAccountantsReport
2016-02-01
2017-01-31
00389051
bus:FullAccounts
2016-02-01
2017-01-31
xbrli:pure
xbrli:shares
iso4217:GBP