Company Registration No. 03196132 (England and Wales)
THE WEST LONDON GUN COMPANY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2020
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
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 6
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 PERIOD ENDED 30 APRIL 2020
- 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 period ended 30 April 2020 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 profit
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 period.
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
22 December 2020
Chartered Accountants
Countrywide House
23 West Bar
Banbury
Oxfordshire
England
OX16 9SA
THE WEST LONDON GUN COMPANY LIMITED
BALANCE SHEET
AS AT 30 APRIL 2020
30 April 2020
- 2 -
30 April
31 January
2020
2019
Notes
£
£
£
£
Fixed assets
Tangible assets
3
900
1,310
Current assets
Stocks
293,241
536,875
Debtors
4
27,971
91,836
Cash at bank and in hand
7,720
26,576
328,932
655,287
Creditors: amounts falling due within one year
5
(14,677)
(209,529)
Net current assets
314,255
445,758
Total assets less current liabilities
315,155
447,068
Creditors: amounts falling due after more than one year
6
(549,647)
(724,173)
Net liabilities
(234,492)
(277,105)
Capital and reserves
Called up share capital
7
100
100
Profit and loss reserves
(234,592)
(277,205)
Total equity
(234,492)
(277,105)
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 period ended 30 April 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their 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 period 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 WEST LONDON GUN COMPANY LIMITED
BALANCE SHEET (CONTINUED)
AS AT 30 APRIL 2020
30 April 2020
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 14 December 2020 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 PERIOD ENDED 30 APRIL 2020
- 4 -
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 £.
1.2
Reporting period
The date of the reporting period has been extended from 31 January 2020 to 30 April 2020 in order to align with the date of the reporting period end of the parent company West London Shooting Grounds Limited and therefore the
comparative amounts presented in the
se
financial statements (including
the related notes) are not entirely comparable.
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
.
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.
THE WEST LONDON GUN COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2020
1
Accounting policies
(Continued)
- 5 -
1.6
Cash at bank and in hand
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.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
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 period was:
2020
2019
Number
Number
Total
3
2
3
Tangible fixed assets
Fixtures, fittings & equipment
£
Cost
At 1 February 2019 and 30 April 2020
41,451
Depreciation and impairment
At 1 February 2019
40,141
Depreciation charged in the period
410
At 30 April 2020
40,551
Carrying amount
At 30 April 2020
900
At 31 January 2019
1,310
THE WEST LONDON GUN COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2020
- 6 -
4
Debtors
2020
2019
Amounts falling due within one year:
£
£
Trade debtors
24,756
90,521
Other debtors
3,215
-
Prepayments and accrued income
-
1,315
27,971
91,836
5
Creditors: amounts falling due within one year
2020
2019
£
£
Trade creditors
9,627
30,381
Taxation and social security
-
15,309
Other creditors
-
2,939
Accruals and deferred income
5,050
160,900
14,677
209,529
6
Creditors: amounts falling due after more than one year
2020
2019
£
£
Amounts owed to group undertakings
549,647
724,173
7
Called up share capital
2020
2019
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary of £1 each
100
100
8
Ultimate controlling party
The company is owned 100% by West London Shooting Grounds Limited, which is the ultimate controlling party.