Company Registration No. 00908722 (England and Wales)
JOHN PERKIN (WAKEFIELD DECORATORS) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2019
PAGES FOR FILING WITH REGISTRAR
JOHN PERKIN (WAKEFIELD DECORATORS) LIMITED
COMPANY INFORMATION
Director
C M Perkin
Company number
00908722
Registered office
Sanderson House
Station Road
Horsforth
Leeds
LS18 5NT
Accountants
Buckle Barton Limited
Sanderson House
Station Road
Horsforth
Leeds
LS18 5NT
Bankers
Svenska Handelsbanken AB (publ)
Unit 10
Navigation Court
Wakefield
WF2 7BJ
JOHN PERKIN (WAKEFIELD DECORATORS) LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
Detailed profit and loss account
-
JOHN PERKIN (WAKEFIELD DECORATORS) LIMITED
BALANCE SHEET
AS AT
31 MARCH 2019
31 March 2019
- 1 -
2019
2018
Notes
£
£
£
£
Fixed assets
Tangible assets
3
260,221
438,628
Current assets
Stocks
4
2,000
7,505
Debtors
5
217,348
247,559
219,348
255,064
Creditors: amounts falling due within one year
6
(391,723)
(372,469)
Net current liabilities
(172,375)
(117,405)
Total assets less current liabilities
87,846
321,223
Creditors: amounts falling due after more than one year
7
(927)
(6,748)
Provisions for liabilities
9
(12,000)
-
Net assets
74,919
314,475
Capital and reserves
Called up share capital
100
100
Revaluation reserve
135,500
310,500
Profit and loss reserves
(60,681)
3,875
Total equity
74,919
314,475
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 March 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 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
.
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 the provisions of FRS 102 1A - small entities.
JOHN PERKIN (WAKEFIELD DECORATORS) LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2019
31 March 2019
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 27 December 2019 and are signed on its behalf by:
C M Perkin
Director
Company Registration No. 00908722
JOHN PERKIN (WAKEFIELD DECORATORS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2019
- 3 -
1
Accounting policies
Company information
John Perkin (Wakefield Decorators) Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Sanderson House, Station Road, Horsforth, Leeds, LS18 5NT.
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 £
1
.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
The accounts have been prepared on the going concern basis which assumes the continued support of the company's bankers and creditors.
true
1.3
Turnover
Turnover represents amounts receivable in relation to contract decorating services provided in the ordinary course of business, net of trade discounts, VAT and other sales related taxes.
The Company applies the provisions of FRS 102 relating to “Construction Contracts” to contracts that fall within its scope. Where the outcome of a contract can be measured reliably, contract revenue and costs are recognised by reference to the value of work done at the balance sheet date. Where the outcome of a contract cannot be reliably estimated, contract costs are recognised as an expense when incurred and revenue is only recognised to the extent of the contract costs incurred that is probable will be recovered and disclosed as Work in Progress in Stocks (see 1.5 below). In both cases, any expected contract loss is recognised immediately.
Revenue generated from short term contracts and other arrangements that do not fall within the provisions of FRS 102 relating to “Construction Contracts” is recognised on provision of the relevant goods and services to customers, when the Company becomes entitled to consideration.
1.4
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
All tangible fixed assets are recorded at cost, being purchase price less accumulated depreciation, with the exception of freehold and leasehold which is recorded at current valuation.
Depreciation is provided on all tangible fixed assets at rates calculated to write off the full cost or valuation less estimated residual value of each asset over its estimated useful life. The principal rates in use are:
Freehold buildings
See note 1.7 below.
Plant and machinery
25% p.a. on cost
Motor vehicles
25% p.a. on reducing balance.
JOHN PERKIN (WAKEFIELD DECORATORS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2019
1
Accounting policies
(Continued)
- 4 -
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.5
Stocks
The company carries no stock for resale.
Work in Progress is calculated in accordance with the provisions of FRS 102 relating to “Construction Contracts” as described in the recognition of Turnover in note 1.3.
1.6
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. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts.
Deferred taxation is provided in full in
on timing differences which result in an obligation to pay more (or less) tax at a future date at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
1.7
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair
value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases,
including
any lease incentives received, are charged to
profit or loss
on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease
s
asset are consumed.
1.8
Freehold and leasehold property
Freehold and leasehold properties are shown at their fair value. Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.
1.9
Rentals under operating leases are charged to the profit and loss account as they fall due.
JOHN PERKIN (WAKEFIELD DECORATORS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2019
- 5 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 2 (2018 - 2).
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 April 2018
425,000
95,346
520,346
Revaluation
(175,000)
-
(175,000)
At 31 March 2019
250,000
95,346
345,346
Depreciation and impairment
At 1 April 2018
-
81,718
81,718
Depreciation charged in the year
-
3,407
3,407
At 31 March 2019
-
85,125
85,125
Carrying amount
At 31 March 2019
250,000
10,221
260,221
At 31 March 2018
425,000
13,628
438,628
Included above are assets held under finance leases or finance purchase contracts of £10,221 (2018: £13,628).
The historical cost of Land and Buildings included at valuation was £114,500 (2018: £114,500). The Land and Buildings were re-valued by the director on 31 March 2019. The director does not believe that this valuation varies materially from open market value.
4
Stocks
2019
2018
£
£
Stocks
2,000
7,505
5
Debtors
2019
2018
Amounts falling due within one year:
£
£
Trade debtors
210,466
243,767
Prepayments and accrued income
6,882
3,792
217,348
247,559
JOHN PERKIN (WAKEFIELD DECORATORS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2019
- 6 -
6
Creditors: amounts falling due within one year
2019
2018
Notes
£
£
Bank loans and overdrafts
191,627
100,347
Trade creditors
45,981
55,462
Other taxation and social security
70,526
71,929
Accruals and deferred income
4,186
4,149
Obligations under finance leases
8
6,835
6,835
Other creditors
72,568
133,747
391,723
372,469
The bank loans and overdrafts of £191,627 (2018: £100,347) is secured by a debenture from Svenska Handelsbanken AB (PUBL), which consists of a fixed and floating charge over the undertaking and all property and assets present and future.
7
Creditors: amounts falling due after more than one year
2019
2018
Notes
£
£
Obligations under finance leases
8
927
6,748
8
Finance lease obligations
2019
2018
Future minimum lease payments due under finance leases:
£
£
Within one year
6,835
6,835
In two to five years
2,280
9,115
9,115
15,950
Less: future finance charges
(1,353)
(2,367)
7,762
13,583
9
Provisions for liabilities
2019
2018
£
£
Deferred tax liabilities
12,000
-