Company Registration No. 03196132 (England and Wales)
THE WEST LONDON GUN COMPANY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2017
PAGES FOR FILING WITH REGISTRAR
THE WEST LONDON GUN COMPANY LIMITED
COMPANY INFORMATION
Directors
Mr R P Richmond-Watson
Mr C W Richmond-Watson
Secretary
Mr C W Richmond-Watson
Company number
03196132
Registered office
Sharvel Lane
West End Road
Northolt
Middlesex
UB5 6RA
Accountants
Ellacotts LLP
Countrywide House
23 West Bar
Banbury
Oxfordshire
England
OX16 9SA
THE WEST LONDON GUN COMPANY LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF THE WEST LONDON GUN COMPANY 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 The West London Gun Company Limited for the year ended 31 January 2017 which comprise, the 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 at http://www.icaew.com/en/members/regulations-standards-and-guidance
.
This report is made solely to the Board of Directors of The West London Gun Company Limited, as a body, in accordance with the terms of our engagement letter
.
Our work has been undertaken solely to prepare for your approval the financial statements of The West London Gun Company Limited and state those matters that we have agreed to state to the Board of Directors of The West London Gun Company Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at icaew.com. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than The West London Gun Company Limited and its Board of Directors as a body, for our work or for this report.
It is your duty to ensure that The West London Gun Company 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 loss of The West London Gun Company Limited. You consider that The West London Gun Company 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 The West London Gun Company 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:
30 October 2017
THE WEST LONDON GUN COMPANY LIMITED
BALANCE SHEET
AS AT
31 JANUARY 2017
31 January 2017
- 2 -
2017
2016
Notes
£
£
£
£
Current assets
Stocks
341,144
296,852
Debtors
4
94,797
107,270
Cash at bank and in hand
44,668
16,007
480,609
420,129
Creditors: amounts falling due within one year
5
(133,436)
(110,340)
Net current assets
347,173
309,789
Creditors: amounts falling due after more than one year
6
(464,183)
(359,481)
Net liabilities
(117,010)
(49,692)
Capital and reserves
Called up share capital
7
100
100
Profit and loss reserves
(117,110)
(49,792)
Total equity
(117,010)
(49,692)
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.
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.
The financial statements were approved by the board of directors and authorised for issue on 30 October 2017 and are signed on its behalf by:
Mr R P Richmond-Watson
Director
Company Registration No. 03196132
THE WEST LONDON GUN COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2017
- 3 -
1
Accounting policies
Company information
The West London Gun Company Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
given on the company information page.
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 £.
These financial statements for the year ended 31 January 2017
are the
first
financial statements of The West London Gun Company 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. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.
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
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
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.
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:
Fixtures, fittings & equipment
20% straight line
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
.
THE WEST LONDON GUN COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2017
1
Accounting policies
(Continued)
- 4 -
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential.
1.6
Cash at bank and in hand
Cash at bank and in hand
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.
1.7
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. 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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 5 (2016 - 5).
3
Tangible fixed assets
Fixtures, fittings & equipment
£
Cost
At 1 February 2016 and 31 January 2017
39,813
Depreciation and impairment
At 1 February 2016 and 31 January 2017
39,813
Carrying amount
At 31 January 2017
-
At 31 January 2016
-
THE WEST LONDON GUN COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2017
- 5 -
4
Debtors
2017
2016
Amounts falling due within one year:
£
£
Trade debtors
91,082
103,084
Prepayments and accrued income
3,715
4,186
94,797
107,270
5
Creditors: amounts falling due within one year
2017
2016
£
£
Trade creditors
11,415
7,773
Other taxation and social security
12,582
9,471
Other creditors
2,939
2,939
Accruals and deferred income
106,500
90,157
133,436
110,340
6
Creditors: amounts falling due after more than one year
2017
2016
£
£
Amounts due to group undertakings
464,183
359,481
7
Called up share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary of £1 each
100
100
100
100
8
Ultimate controlling party
The company is owned 100% by West London Shooting Grounds Limited, which is the ultimate controlling party.