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REGISTERED NUMBER:
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WILLSON'S GLASS, FRAMING & TIMBER LTD |
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 MARCH 2017 |
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REGISTERED NUMBER:
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WILLSON'S GLASS, FRAMING & TIMBER LTD |
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 MARCH 2017 |
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WILLSON'S GLASS, FRAMING & TIMBER LTD (REGISTERED NUMBER: 08882244) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2017 |
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Company Information | 1 |
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Statement of Financial Position | 2 | to | 3 |
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Notes to the Financial Statements | 4 | to | 7 |
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WILLSON'S GLASS, FRAMING & TIMBER LTD |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2017 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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5 Resolution Close |
Endeavour Park |
Boston |
Lincolnshire |
PE21 7TT |
WILLSON'S GLASS, FRAMING & TIMBER LTD (REGISTERED NUMBER: 08882244) |
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STATEMENT OF FINANCIAL POSITION |
31 MARCH 2017 |
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2017 | 2016 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
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Property, plant and equipment | 5 |
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CURRENT ASSETS |
Inventories |
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Debtors | 6 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 7 |
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NET CURRENT (LIABILITIES)/ASSETS | ( |
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TOTAL ASSETS LESS CURRENT LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
8 |
( |
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( |
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PROVISIONS FOR LIABILITIES | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 10 |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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The directors acknowledge their responsibilities for: |
(a) |
ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies
Act 2006 and |
(b) |
preparing financial statements which give a true and fair view of the state of affairs of the company as at the
end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
WILLSON'S GLASS, FRAMING & TIMBER LTD (REGISTERED NUMBER: 08882244) |
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STATEMENT OF FINANCIAL POSITION - continued |
31 MARCH 2017 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors on
by: |
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WILLSON'S GLASS, FRAMING & TIMBER LTD (REGISTERED NUMBER: 08882244) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2017 |
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1. | STATUTORY INFORMATION |
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Willson's Glass, Framing & Timber Ltd is a
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Wales. The company's registered number and registered office address can be found on the Company |
Information page. |
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The presentation currency of the financial statements is the Pound Sterling (£). |
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The company's place of business is The Hollies, Main Street, Trusthorpe, Mablethorpe, Lincolnshire, LN12 2QE. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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The financial statements for the year ended 31 March 2017 are the first financial statements of Willson's Glass, |
Framing & Timber Ltd prepared in accordance with FRS 102. There are no transition adjustments. |
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Turnover |
Turnover represents net invoiced sales of goods, excluding value added tax, and is recognised on an invoice |
basis. |
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Goodwill |
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Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost |
less any accumulated amortisation and any accumulated impairment losses. |
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Property, plant and equipment |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful |
life.. |
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Plant and machinery | - 15% on cost |
Motor vehicles | - 25% on cost |
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Inventories |
Inventories are included at the lower of cost and estimated selling price less costs to sell. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to |
the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or |
substantively enacted by the statement of financial position date. |
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WILLSON'S GLASS, FRAMING & TIMBER LTD (REGISTERED NUMBER: 08882244) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2017 |
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2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the |
statement of financial position date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods different |
from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and |
laws that have been enacted or substantively enacted by the year end and that are expected to apply to the |
reversal of the timing difference. |
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Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that |
they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
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Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts are capitalised in the statement of financial position and are |
depreciated over their estimated useful lives. |
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The interest element of these obligations is charged to the profit and loss account over the relevant period. |
The capital element of the future repayments is treated as a liability. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | INTANGIBLE FIXED ASSETS |
Goodwill |
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COST |
At 1 April 2016 |
and 31 March 2017 |
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AMORTISATION |
At 1 April 2016 |
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Charge for year |
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At 31 March 2017 |
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NET BOOK VALUE |
At 31 March 2017 |
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At 31 March 2016 |
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WILLSON'S GLASS, FRAMING & TIMBER LTD (REGISTERED NUMBER: 08882244) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2017 |
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5. | PROPERTY, PLANT AND EQUIPMENT |
Plant and | Motor |
machinery | vehicles | Totals |
£ | £ | £ |
COST |
At 1 April 2016 |
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Additions |
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At 31 March 2017 |
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DEPRECIATION |
At 1 April 2016 |
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Charge for year |
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At 31 March 2017 |
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NET BOOK VALUE |
At 31 March 2017 |
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At 31 March 2016 |
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The net book value of property, plant and equipment includes £ 4,534 (2016 - £ 6,409 ) in respect of assets |
held under hire purchase contracts. |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Trade debtors |
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Other debtors |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Hire purchase contracts |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2017 | 2016 |
£ | £ |
Hire purchase contracts |
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WILLSON'S GLASS, FRAMING & TIMBER LTD (REGISTERED NUMBER: 08882244) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2017 |
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9. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2017 | 2016 |
£ | £ |
Hire purchase contracts | 4,998 | 6,707 |
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Hire purchase liabilities are secured on the assets to which they relate. |
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10. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2017 | 2016 |
value: | £ | £ |
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Ordinary | £1 | 100 | 100 |