Registration number:
Wildax Conversions Limited
for the Year Ended 28 February 2017
Accountants & Taxation Advisors
Chichester House
2 Chichester Street
Rochdale
Lancashire
OL16 2AX
Wildax Conversions Limited
Contents
Company Information |
|
Director's Report |
|
Profit and Loss Account |
|
Statement of Comprehensive Income |
|
Balance Sheet |
|
Statement of Changes in Equity |
|
Notes to the Financial Statements |
Wildax Conversions Limited
Company Information
Director |
Mr Duncan Paul Wildman |
Registered office |
|
Accountants |
|
Page 1 |
Wildax Conversions Limited
Director's Report for the Year Ended 28 February 2017
The director presents his report and the financial statements for the year ended 28 February 2017.
Director of the company
The director who held office during the year was as follows:
Principal activity
The principal activity of the company is that of conversion and sale of motorhomes
Small companies provision statement
This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
Approved by the Board on
.........................................
Mr Duncan Paul Wildman
Director
Page 2 |
Wildax Conversions Limited
Profit and Loss Account for the Year Ended 28 February 2017
Note |
Total |
Total |
|
Turnover |
|
|
|
Cost of sales |
( |
( |
|
Gross profit |
|
|
|
Administrative expenses |
( |
( |
|
Other operating income |
- |
|
|
Operating profit |
|
|
|
Other interest receivable and similar income |
- |
|
|
Interest payable and similar expenses |
( |
- |
|
(690) |
191 |
||
Profit before tax |
|
|
|
Taxation |
( |
( |
|
Profit for the financial year |
|
|
The above results were derived from continuing operations.
The company has no recognised gains or losses for the year other than the results above.
Page 3 |
Wildax Conversions Limited
Statement of Comprehensive Income for the Year Ended 28 February 2017
Note |
2017 |
2016 |
|
Profit for the year |
|
|
|
Total comprehensive income for the year |
|
|
Page 4 |
Wildax Conversions Limited
(Registration number: 05695324)
Balance Sheet as at 28 February 2017
Note |
2017 |
2016 |
|
Fixed assets |
|||
Tangible assets |
|
|
|
Current assets |
|||
Stocks |
|
|
|
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current liabilities |
( |
( |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
|
|
|
Profit and loss account |
|
|
|
Total equity |
|
|
For the financial year ending 28 February 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
• |
|
• |
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
Approved and authorised by the
.........................................
Mr Duncan Paul Wildman
Director
Page 5 |
Wildax Conversions Limited
Statement of Changes in Equity for the Year Ended 28 February 2017
Share capital |
Profit and loss account |
Total |
|
At 1 March 2016 |
|
|
|
Profit for the year |
- |
|
|
Total comprehensive income |
- |
|
|
Dividends |
- |
( |
( |
At 28 February 2017 |
|
|
|
Share capital |
Profit and loss account |
Total |
|
At 1 March 2015 |
|
|
|
Profit for the year |
- |
|
|
Total comprehensive income |
- |
|
|
Dividends |
- |
( |
( |
At 29 February 2016 |
|
|
|
Page 6 |
Wildax Conversions Limited
Notes to the Financial Statements for the Year Ended 28 February 2017
General information |
The company is a private company limited by share capital incorporated in UK.
The address of its registered office is:
The principal place of business is:
Wildax Motorhomes
Eastgate
Elland
West Yorkshire
HX5 9DQ
These financial statements were authorised for issue by the
Accounting policies |
Prior year Adjustment
An Unknown and unreconciled bank account was found during the year which when recognised resulted in a write off of a balance sheet carry value
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Tax
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
Page 7 |
Wildax Conversions Limited
Notes to the Financial Statements for the Year Ended 28 February 2017
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Fixture and fittings |
15% reducing balance |
Motor vehicles |
25% reducing balance |
Office equipment |
25% straight line |
Plant and machinery |
15% straight line |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Page 8 |
Wildax Conversions Limited
Notes to the Financial Statements for the Year Ended 28 February 2017
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Profit before tax |
Arrived at after charging/(crediting)
2017 |
2016 |
|
Depreciation expense |
|
|
Page 9 |
Wildax Conversions Limited
Notes to the Financial Statements for the Year Ended 28 February 2017
Tangible assets |
Land and buildings |
Furniture, fittings and equipment |
Motor vehicles |
Other property, plant and equipment |
||
Cost or valuation |
|||||
At 1 March 2016 |
|
|
|
|
|
Additions |
|
|
|
|
|
Disposals |
- |
- |
( |
- |
|
At 28 February 2017 |
|
|
|
|
|
Depreciation |
|||||
At 1 March 2016 |
- |
|
|
|
|
Charge for the year |
- |
|
|
|
|
Eliminated on disposal |
- |
- |
( |
- |
|
At 28 February 2017 |
- |
|
|
|
|
Carrying amount |
|||||
At 28 February 2017 |
|
|
|
|
|
At 29 February 2016 |
|
|
|
|
Total |
|||||
Cost or valuation |
|||||
At 1 March 2016 |
|
||||
Additions |
|
||||
Disposals |
( |
||||
At 28 February 2017 |
|
||||
Depreciation |
|||||
At 1 March 2016 |
|
||||
Charge for the year |
|
||||
Eliminated on disposal |
( |
||||
At 28 February 2017 |
|
||||
Carrying amount |
|||||
At 28 February 2017 |
|
||||
At 29 February 2016 |
|
Page 10 |
Wildax Conversions Limited
Notes to the Financial Statements for the Year Ended 28 February 2017
Included within the net book value of land and buildings above is £204,670 (2016 - £180,177) in respect of freehold land and buildings.
Stocks |
2017 |
2016 |
|
Other inventories |
|
|
Debtors |
2017 |
2016 |
|
Trade debtors |
|
|
Other debtors |
|
|
Total current trade and other debtors |
|
|
Creditors |
Note |
2017 |
2016 |
|
Due within one year |
|||
Trade creditors |
|
|
|
Taxation and social security |
|
|
|
Other creditors |
|
|
|
|
|
Included in other creditors is the directors current account balance of £56,114. This balance is interest free and repayable on demand.
Dividends |
Interim dividends paid
2017 |
2016 |
|
Interim dividend of £
|
|
|
Page 11 |
Wildax Conversions Limited
Detailed Profit and Loss Account for the Year Ended 28 February 2017
2017 |
2016 |
|
Turnover (analysed below) |
5,750,856 |
4,539,965 |
Changes in stocks of finished goods and work in progress (analysed below) |
159,392 |
15,778 |
Other operating income (analysed below) |
- |
6,941 |
Raw materials and consumables used (analysed below) |
(4,630,736) |
(3,691,020) |
Employee benefits expense (analysed below) |
(732,796) |
(563,803) |
Depreciation and amortisation expense (analysed below) |
(15,557) |
(5,317) |
Other expenses (analysed below) |
(310,511) |
(144,563) |
Other gains/(losses) (analysed below) |
939 |
(113) |
Operating profit |
221,587 |
157,868 |
Other interest receivable and similar income (analysed below) |
- |
191 |
Interest payable and similar expenses (analysed below) |
(690) |
- |
(690) |
191 |
|
Profit before tax |
220,897 |
158,059 |
Page 12 |
Wildax Conversions Limited
Detailed Profit and Loss Account for the Year Ended 28 February 2017
2017 |
2016 |
Turnover |
||
Sale of goods, UK |
5,750,856 |
4,539,965 |
Changes in stocks of finished goods and work in progress |
||
Opening finished goods |
200,110 |
184,332 |
Closing finished goods |
(359,502) |
(200,110) |
(159,392) |
(15,778) |
Raw materials and consumables used |
||
Purchases |
4,630,736 |
3,691,020 |
Employee benefits expense |
||
Wages and salaries (excluding directors) |
711,560 |
552,759 |
Directors remuneration |
8,059 |
7,485 |
Staff pensions (Defined contribution) |
9,016 |
- |
Directors pensions (Defined contribution) |
- |
3,100 |
Staff bonuses |
- |
1,460 |
Staff training |
4,161 |
(1,700) |
Staff welfare |
- |
699 |
732,796 |
563,803 |
Depreciation and amortisation expense |
||
Depreciation of plant and machinery (owned) |
9,333 |
484 |
Depreciation of fixtures and fittings (owned) |
2,608 |
3,023 |
Depreciation of motor vehicles (owned) |
2,906 |
1,667 |
Depreciation of office equipment (owned) |
710 |
143 |
15,557 |
5,317 |
Other expenses |
||
Rent |
20,000 |
20,000 |
Rates |
13,103 |
14,023 |
Light, heat and power |
1,442 |
4,322 |
Insurance |
18,949 |
17,368 |
Repairs and renewals |
939 |
- |
Vehicle repair and maintenance |
24,900 |
- |
Telephone and fax |
3,233 |
3,510 |
Computer software and maintenance costs |
1,213 |
- |
Printing, postage and stationery |
2,550 |
636 |
Trade subscriptions |
- |
509 |
Charitable donations |
725 |
160 |
Sundry expenses |
2,157 |
- |
Cleaning |
5,846 |
180 |
Motor expenses |
4,165 |
12,633 |
Page 13 |
Wildax Conversions Limited
Detailed Profit and Loss Account for the Year Ended 28 February 2017
Travel and subsistence |
19,962 |
10,061 |
Advertising |
66,667 |
53,639 |
Staff entertaining (allowable for tax) |
- |
1,016 |
Accountancy fees |
3,300 |
3,600 |
Consultancy fees |
14,169 |
- |
Legal and professional fees |
10,050 |
2,906 |
Adjustment for prior period |
97,026 |
- |
Bank charges |
115 |
- |
310,511 |
144,563 |
Other gains/(losses) |
||
(Profit)/loss on disposal of tangible fixed assets |
(939) |
113 |
Interest payable and similar expenses |
||
Bank interest payable |
690 |
- |
Page 14 |