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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 DECEMBER 2018 |
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FOR |
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A.B. WALLACE ENGRAVING LIMITED |
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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 DECEMBER 2018 |
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FOR |
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A.B. WALLACE ENGRAVING LIMITED |
A.B. WALLACE ENGRAVING LIMITED (REGISTERED NUMBER: 01896149) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
for the Year Ended 31 December 2018 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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A.B. WALLACE ENGRAVING LIMITED |
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COMPANY INFORMATION |
for the Year Ended 31 December 2018 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
Unit 8 Oak Spinney Park |
Ratby Lane |
Leicester Forest East |
Leicester |
LE3 3AW |
A.B. WALLACE ENGRAVING LIMITED (REGISTERED NUMBER: 01896149) |
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BALANCE SHEET |
31 December 2018 |
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2018 | 2017 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Stocks |
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Debtors | 5 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 6 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT LIABILITIES |
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PROVISIONS FOR LIABILITIES |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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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
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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. |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors on
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A.B. WALLACE ENGRAVING LIMITED (REGISTERED NUMBER: 01896149) |
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NOTES TO THE FINANCIAL STATEMENTS |
for the Year Ended 31 December 2018 |
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1. | STATUTORY INFORMATION |
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A.B. Wallace Engraving Limited is a
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registered number and registered office address can be found on the Company Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable and represents the amount receivable for |
goods supplied, net of returns, discounts, valued added tax and other sales taxes. |
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Tangible fixed assets |
Tangible fixed assets are stated at historical cost less accumulated depreciation and any accumulated impairment losses. |
Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary |
for it to be capable of operating in the manner intended by management. |
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Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using |
either a straight line or reducing balance method, as indicated below. |
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Depreciation is provided on the following basis: |
Plant and machinery | 15% per annum on net book amount |
Fixtures and fittings | 15% per annum on net book amount |
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The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, |
or if there is an indication of a significant change since the last reporting date. |
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Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in |
profit or loss. |
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Stocks |
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is based on the cost |
of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads. |
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At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its |
selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss. |
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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. |
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Debtors |
Basic financial assets, including trade and other debtors, are initially recognised at transaction price, unless the |
arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future |
receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective |
interest method, less any impairment. |
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Creditors |
Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, 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 payments discounted at a market rate of interest. Such |
instruments are subsequently carried at amortised cost using the effective interest method, less any impairment. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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A.B. WALLACE ENGRAVING LIMITED (REGISTERED NUMBER: 01896149) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 December 2018 |
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4. | TANGIBLE FIXED ASSETS |
Fixtures |
Plant and | and |
machinery | fittings | Totals |
£ | £ | £ |
COST |
At 1 January 2018 |
and 31 December 2018 |
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DEPRECIATION |
At 1 January 2018 |
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Charge for year |
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At 31 December 2018 |
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NET BOOK VALUE |
At 31 December 2018 |
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At 31 December 2017 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Trade debtors |
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Prepayments |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Trade creditors |
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Social security and other taxes |
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VAT | 4,803 | 4,733 |
Directors' current accounts | 14,752 | 14,094 |
Accruals and deferred income |
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7. | RELATED PARTY DISCLOSURES |
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Loans from the directors totalling £14,752 (2017 - £14,094) are included within other creditors. These loans are interest |
free and repayable on demand. |
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During the year the company paid rent on a property owned by A B Wallace. The total amount paid was £4,104 (2017 - |
£4,104). |
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8. | ULTIMATE CONTROLLING PARTY |
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The controlling party is Mr AB & Mrs K Wallace. |