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Company registration number:
06221153
Pewsey Vale Cabinet Makers Ltd
Unaudited filleted financial statements
31 March 2018
Pewsey Vale Cabinet Makers Ltd
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Pewsey Vale Cabinet Makers Ltd
Directors and other information
|
|
|
|
Directors
|
Martin Blake
|
|
|
|
|
|
|
|
Secretary
|
Martin Blake
|
|
|
|
|
|
|
|
Company number
|
06221153
|
|
|
|
|
|
|
|
Registered office
|
Salisbury Road Business Park
|
|
|
Pewsey
|
|
|
Wilts
|
|
|
SN9 7BU
|
|
|
|
|
|
|
|
Accountants
|
Charlton Baker Limited
|
|
|
7-7c Snuff Street
|
|
|
Devizes
|
|
|
Wiltshire
|
|
|
SN10 1DU
|
|
|
|
Pewsey Vale Cabinet Makers Ltd
Chartered accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of Pewsey Vale Cabinet Makers Ltd
Year ended 31 March 2018
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Pewsey Vale Cabinet Makers Ltd for the year ended 31 March 2018 which comprise the statement of financial position and 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, we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/ regulations-standards-and-guidance/.
Our work has been undertaken in accordance with the ICAEW Technical Release 07/16 AAF.
Charlton Baker Limited
Chartered Accountants and Business Advisors
7-7c Snuff Street
Devizes
Wiltshire
SN10 1DU
19 December 2018
Pewsey Vale Cabinet Makers Ltd
Statement of financial position
31 March 2018
|
|
|
2018
|
|
|
|
2017
|
|
|
|
|
Note
|
£
|
|
£
|
|
£
|
|
£
|
|
|
|
|
|
|
|
|
|
|
Fixed assets
|
|
|
|
|
|
|
|
|
|
Intangible assets
|
|
5
|
-
|
|
|
|
-
|
|
|
Tangible assets
|
|
6
|
13,567
|
|
|
|
11,153
|
|
|
|
|
|
_______
|
|
|
|
_______
|
|
|
|
|
|
|
|
13,567
|
|
|
|
11,153
|
|
|
|
|
|
|
|
|
|
|
Current assets
|
|
|
|
|
|
|
|
|
|
Stocks
|
|
|
124,049
|
|
|
|
221,856
|
|
|
Debtors
|
|
7
|
27,634
|
|
|
|
8,816
|
|
|
Cash at bank and in hand
|
|
|
45
|
|
|
|
(
333)
|
|
|
|
|
|
_______
|
|
|
|
_______
|
|
|
|
|
|
151,728
|
|
|
|
230,339
|
|
|
Creditors: amounts falling due
|
|
|
|
|
|
|
|
|
|
within one year
|
|
8
|
(
242,682)
|
|
|
|
(
265,055)
|
|
|
|
|
|
_______
|
|
|
|
_______
|
|
|
Net current liabilities
|
|
|
|
|
(
90,954)
|
|
|
|
(
34,716)
|
|
|
|
|
|
_______
|
|
|
|
_______
|
Total assets less current liabilities
|
|
|
|
|
(
77,387)
|
|
|
|
(
23,563)
|
|
|
|
|
|
|
|
|
|
|
Creditors: amounts falling due
|
|
|
|
|
|
|
|
|
|
after more than one year
|
|
9
|
|
|
-
|
|
|
|
(
104,788)
|
|
|
|
|
|
_______
|
|
|
|
_______
|
Net liabilities
|
|
|
|
|
(
77,387)
|
|
|
|
(
128,351)
|
|
|
|
|
|
_______
|
|
|
|
_______
|
|
|
|
|
|
|
|
|
|
|
Capital and reserves
|
|
|
|
|
|
|
|
|
|
Called up share capital
|
|
|
|
|
97
|
|
|
|
97
|
Profit and loss account
|
|
|
|
|
(
77,484)
|
|
|
|
(
128,448)
|
|
|
|
|
|
_______
|
|
|
|
_______
|
Shareholders deficit
|
|
|
|
|
(
77,387)
|
|
|
|
(
128,351)
|
|
|
|
|
|
_______
|
|
|
|
_______
|
|
|
|
|
|
|
|
|
|
|
For the year ending 31 March 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the
board of directors
and authorised for issue on
19 December 2018
, and are signed on behalf of the board by:
Martin Blake
Director
Company registration number:
06221153
Pewsey Vale Cabinet Makers Ltd
Notes to the financial statements
Year ended 31 March 2018
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Salisbury Road Business Park, Pewsey, Wilts, SN9 7BU.
2.
Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
|
|
|
|
Goodwill |
- |
10 % |
straight line
|
|
|
|
|
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
|
|
|
|
|
Plant and machinery
|
-
|
20 %
|
reducing balance
|
|
Fittings fixtures and equipment
|
-
|
20 %
|
reducing balance
|
|
Motor vehicles
|
-
|
25 %
|
reducing balance
|
|
|
|
|
|
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
11
(2017:
14
).
5.
Intangible assets
|
|
Goodwill
|
Total
|
|
|
|
|
|
|
£
|
£
|
|
|
|
|
|
Cost
|
|
|
|
|
|
|
|
At 1 April 2017 and 31 March 2018
|
100
|
100
|
|
|
|
|
|
|
_______
|
_______
|
|
|
|
|
|
Amortisation
|
|
|
|
|
|
|
|
At 1 April 2017 and 31 March 2018
|
100
|
100
|
|
|
|
|
|
|
_______
|
_______
|
|
|
|
|
|
Carrying amount
|
|
|
|
|
|
|
|
At 31 March 2018
|
-
|
-
|
|
|
|
|
|
|
_______
|
_______
|
|
|
|
|
|
At 31 March 2017
|
-
|
-
|
|
|
|
|
|
|
_______
|
_______
|
|
|
|
|
|
|
|
|
|
|
|
|
6.
Tangible assets
|
|
Plant and machinery
|
Fixtures, fittings and equipment
|
Motor vehicles
|
Total
|
|
|
|
|
|
£
|
£
|
£
|
£
|
|
|
|
|
Cost
|
|
|
|
|
|
|
|
|
At 1 April 2017
|
11,657
|
15,155
|
9,990
|
36,802
|
|
|
|
|
Additions
|
4,750
|
284
|
-
|
5,034
|
|
|
|
|
|
_______
|
_______
|
_______
|
_______
|
|
|
|
|
At 31 March 2018
|
16,407
|
15,439
|
9,990
|
41,836
|
|
|
|
|
|
_______
|
_______
|
_______
|
_______
|
|
|
|
|
Depreciation
|
|
|
|
|
|
|
|
|
At 1 April 2017
|
9,837
|
10,036
|
5,776
|
25,649
|
|
|
|
|
Charge for the year
|
531
|
1,035
|
1,054
|
2,620
|
|
|
|
|
|
_______
|
_______
|
_______
|
_______
|
|
|
|
|
At 31 March 2018
|
10,368
|
11,071
|
6,830
|
28,269
|
|
|
|
|
|
_______
|
_______
|
_______
|
_______
|
|
|
|
|
Carrying amount
|
|
|
|
|
|
|
|
|
At 31 March 2018
|
6,039
|
4,368
|
3,160
|
13,567
|
|
|
|
|
|
_______
|
_______
|
_______
|
_______
|
|
|
|
|
At 31 March 2017
|
1,820
|
5,119
|
4,214
|
11,153
|
|
|
|
|
|
_______
|
_______
|
_______
|
_______
|
|
|
|
|
|
|
|
|
|
|
|
|
7.
Debtors
|
|
|
2018
|
2017
|
|
|
|
£
|
£
|
|
Trade debtors
|
|
18,506
|
5,028
|
|
Other debtors
|
|
9,128
|
3,788
|
|
|
|
_______
|
_______
|
|
|
|
27,634
|
8,816
|
|
|
|
_______
|
_______
|
|
|
|
|
|
8.
Creditors: amounts falling due within one year
|
|
|
2018
|
2017
|
|
|
|
£
|
£
|
|
Bank loans and overdrafts
|
|
2,124
|
2,545
|
|
Trade creditors
|
|
30,376
|
31,470
|
|
Social security and other taxes
|
|
37,595
|
24,043
|
|
Other creditors
|
|
172,587
|
206,997
|
|
|
|
_______
|
_______
|
|
|
|
242,682
|
265,055
|
|
|
|
_______
|
_______
|
|
|
|
|
|
9.
Creditors: amounts falling due after more than one year
|
|
|
2018
|
2017
|
|
|
|
£
|
£
|
|
Other creditors
|
|
-
|
104,788
|
|
|
|
_______
|
_______
|
|
|
|
|
|
10.
Directors advances, credits and guarantees
|
During the year the directors entered into the following advances and credits with the company:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2018
|
|
|
|
|
|
|
|
|
|
Balance brought forward
|
Advances /(credits) to the directors
|
Amounts repaid
|
Balance o/standing
|
|
|
|
|
£
|
£
|
£
|
£
|
|
|
|
Martin Blake
|
(
103,102)
|
600
|
-
|
(
102,502)
|
|
|
|
|
_______
|
_______
|
_______
|
_______
|
|
|
|
|
|
|
|
|
|
|
2017
|
|
|
|
|
|
|
|
|
|
Balance brought forward
|
Advances /(credits) to the directors
|
Amounts repaid
|
Balance o/standing
|
|
|
|
|
£
|
£
|
£
|
£
|
|
|
|
Martin Blake
|
(
94,104)
|
21,333
|
(
30,331)
|
(
103,102)
|
|
|
|
|
_______
|
_______
|
_______
|
_______
|
|
|
|
|
|
|
|
|
|
|
11.
Going Concern
The financial statements have been prepared on the going concern basis as the Directors continue to provide financial support to allow the company to meet its liabilities as they fall due and this will continue for the foreseeable future until the company is profit making.