Company Registration No. 02935534 (England and Wales)
WILLCLEAN INDUSTRIAL SERVICES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2017
PAGES FOR FILING WITH REGISTRAR
WILLCLEAN INDUSTRIAL SERVICES LIMITED
COMPANY INFORMATION
Directors
Mr N D Willson
Mr J P Monger
Secretary
Mr N D Willson
Company number
02935534
Registered office
26 Bayton Road
Bayton Road Industrial Estate
Exhall
Coventry
Warwickshire
United Kingdom
CV7 9EJ
Accountants
Ellacotts LLP
Countrywide House
23 West Bar
Banbury
Oxfordshire
England
OX16 9SA
WILLCLEAN INDUSTRIAL SERVICES LIMITED
CONTENTS
Page
Accountants' report
1
Statement of financial position
2 - 3
Notes to the financial statements
4 - 7
WILLCLEAN INDUSTRIAL SERVICES LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF WILLCLEAN INDUSTRIAL SERVICES LIMITED FOR THE YEAR ENDED 30 SEPTEMBER 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 Willclean Industrial Services Limited for the year ended 30 September 2017 which comprise, the Statement Of Financial Position 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 Willclean Industrial Services Limited, as a body, in accordance with the terms of our engagement letter dated. Our work has been undertaken solely to prepare for your approval the financial statements of Willclean Industrial Services Limited
and state those matters that we have agreed to state to the Board of Directors of Willclean Industrial Services 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 Willclean Industrial Services Limited and its Board of Directors as a body, for
our work or for this report.
It is your duty to ensure that Willclean Industrial Services 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 Willclean Industrial Services Limited. You consider that Willclean Industrial Services 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 Willclean Industrial Services 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.
Ellacotts LLP
Chartered Accountants
Countrywide House
23 West Bar
Banbury
Oxfordshire
England
OX16 9SA
Date:
28 February 2018
WILLCLEAN INDUSTRIAL SERVICES LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
30 SEPTEMBER 2017
30 September 2017
- 2 -
2017
2016
Notes
£
£
£
£
Fixed assets
Property, plant and equipment
4
26,434
32,609
Current assets
Trade and other receivables
5
96,519
93,389
Cash and cash equivalents
39
487
96,558
93,876
Current liabilities
6
(109,135)
(99,251)
Net current liabilities
(12,577)
(5,375)
Total assets less current liabilities
13,857
27,234
Non-current liabilities
7
(2,660)
(6,942)
Net assets
11,197
20,292
Equity
Called up share capital
8
1,000
1,000
Retained earnings
10,197
19,292
Total equity
11,197
20,292
The directors of the company have elected not to include a copy of the income statement within the financial statements.
true
For the financial year ended 30 September 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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.
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.
WILLCLEAN INDUSTRIAL SERVICES LIMITED
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT
30 SEPTEMBER 2017
30 September 2017
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 17 February 2018 and are signed on its behalf by:
Mr J P Monger
Director
Company Registration No. 02935534
WILLCLEAN INDUSTRIAL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2017
- 4 -
1
Accounting policies
Company information
Willclean Industrial Services Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
26 Bayton Road, Bayton Road Industrial Estate, Exhall, Coventry, Warwickshire, United Kingdom, CV7 9EJ.
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.
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.
1.2
Going concern
A
t the time of approving the financial statements
,
t
he directors have a reasonable expectation that the
company
has adequate resources to continue in operational existence for the foreseeable future. Thus
t
he directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Property, plant and equipment
Property, plant and equipment
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Equipment
15% on reducing balance
Plant and machinery
15% on reducing balance
Fixtures and fittings
15% on reducing balance
Motor vehicles
25% on reducing balance
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
.
1.4
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.
1.5
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 income statement 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.
WILLCLEAN INDUSTRIAL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2017
1
Accounting policies
(Continued)
- 5 -
1.6
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 non-current assets.
1.7
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.8
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 statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to the income statement 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 income 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 asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2017
2016
Number
Number
35
30
Their aggregate remuneration comprised:
2017
2016
£
£
Wages and salaries
353,666
348,593
Social security costs
21,135
20,812
Pension costs
8,996
8,799
383,797
378,204
WILLCLEAN INDUSTRIAL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2017
- 6 -
3
Directors' remuneration
2017
2016
£
£
Remuneration for qualifying services
34,994
55,132
Company pension contributions to defined contribution schemes
7,200
7,200
42,194
62,332
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2016 - 2).
4
Property, plant and equipment
Equipment
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 October 2016 and 30 September 2017
16,052
73,716
4,712
26,255
120,735
Depreciation and impairment
At 1 October 2016
13,618
56,634
4,460
13,414
88,126
Depreciation charged in the year
365
2,562
38
3,210
6,175
At 30 September 2017
13,983
59,196
4,498
16,624
94,301
Carrying amount
At 30 September 2017
2,069
14,520
214
9,631
26,434
At 30 September 2016
2,434
17,082
252
12,841
32,609
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.
2017
2016
£
£
Motor vehicles
9,490
12,653
Depreciation charge for the year in respect of leased assets
3,163
4,218
WILLCLEAN INDUSTRIAL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2017
- 7 -
5
Trade and other receivables
2017
2016
Amounts falling due within one year:
£
£
Trade receivables
78,562
87,294
Other receivables
13,955
1,973
Prepayments and accrued income
4,002
4,122
96,519
93,389
6
Current liabilities
2017
2016
£
£
Bank loans and overdrafts
3,316
-
Pension contributions payable
438
23
Obligations under finance leases
4,281
4,644
Trade payables
7,810
2,941
Corporation tax
7,628
11,743
Other taxation and social security
47,510
44,945
Other payables
36,192
31,395
Accruals and deferred income
1,960
3,560
109,135
99,251
7
Non-current liabilities
2017
2016
£
£
Obligations under finance leases
2,660
6,942
8
Share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
1,000 Ordinary shares of £1 each
1,000
1,000
1,000
1,000