Company Registration No. NI005498 (Northern Ireland)
A. H. WARD & BOYD LIMITED
UNAUDITED FILLETED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2018
A. H. WARD & BOYD LIMITED
CONTENTS
Page
Company information
1
Balance sheet
2 - 4
Notes to the financial statements
5 - 10
A. H. WARD & BOYD LIMITED
COMPANY INFORMATION
- 1 -
Directors
Mr Colin Boyd
Mr Paul Bennington
(Resigned 30 June 2018)
Mrs Elizabeth Boyd
(Appointed 30 June 2018)
Secretary
Mrs Elizabeth Boyd
Company number
NI005498
Registered office
30 Crescent Business Park
Ballinderry Road
Lisburn
Co. Antrim
BT28 2GN
Accountants
Johnston Kennedy DFK
10 Pilots View
Heron Road
Belfast
BT3 9LE
Business address
30 Crescent Business Park
Ballinderry Road
Lisburn
Co. Antrim
BT28 2GN
Bankers
Bank of Ireland
22-24 Market Square
Lisburn
Co Antrim
BT28 1AG
Solicitors
Donaldson McConnell & Co Solicitors
Castle Chambers
1 Castle Street
Lisburn
BT27 4SR
A. H. WARD & BOYD LIMITED
BALANCE SHEET
AS AT 28 FEBRUARY 2018
28 February 2018
- 2 -
2018
2017
Notes
£
£
£
£
Fixed assets
Tangible assets
4
41,871
52,933
Investments
5
36,750
36,750
78,621
89,683
Current assets
Stocks
6
1,250
1,225
Debtors
7
23,558
12,844
Cash at bank and in hand
35,475
17,979
60,283
32,048
Creditors: amounts falling due within one year
8
(50,173)
(39,100)
Net current assets/(liabilities)
10,110
(7,052)
Total assets less current liabilities
88,731
82,631
Creditors: amounts falling due after more than one year
9
-
(9,897)
Net assets
88,731
72,734
Capital and reserves
Called up share capital
11
1,000
1,000
Profit and loss reserves
87,731
71,734
Total equity
88,731
72,734
The notes on pages 5 to 10 form part of these financial statements
Compiled without audit or independent verification
A. H. WARD & BOYD LIMITED
BALANCE SHEET (CONTINUED)
AS AT 28 FEBRUARY 2018
28 February 2018
- 3 -
Directors' statement in respect of the financial statements
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 28 February 2018 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 year in question in accordance with section 476 of the Companies Act 2006.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and the Financial Reporting Standard FRS102 1A - Small Entities.
The financial statements were approved by the board of directors and authorised for issue on 29 November 2018 and are signed on its behalf by:
Mr Colin Boyd
..............................
Mr Colin Boyd
Director
Company Registration No. NI005498
A. H. WARD & BOYD LIMITED
BALANCE SHEET (CONTINUED)
AS AT 28 FEBRUARY 2018
28 February 2018
- 4 -
The notes on pages 5 to 10 form part of these financial statements
Compiled without audit or independent verification
A. H. WARD & BOYD LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2018
- 5 -
1
Accounting policies
Company information
A. H. Ward & Boyd Limited is a
private
company
limited by shares
incorporated in Northern Ireland.
The registered office is
30 Crescent Business Park, Ballinderry Road, Lisburn, Co. Antrim, BT28 2GN.
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 £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is stated net of trade discounts, VAT and similar taxes and derives from the provision of goods and services falling due within the company's ordinary activities.
1.3
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 & office equipment
20% reducing balance
Motor vehicles
25% reducing balance
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
.
1.4
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to sell.
1.5
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.
A. H. WARD & BOYD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2018
1
Accounting policies
(Continued)
- 6 -
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities. Trade creditors are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.8
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.
A. H. WARD & BOYD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2018
1
Accounting policies
(Continued)
- 7 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.11
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair
value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to the profit and loss account so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases,
including
any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
1.12
Capital Instruments
Shares are included in shareholders funds. Other instruments are classified as liabilities if not included in shareholders funds and if they contain an obligation to transfer economic benefits. The finance cost recognised in the profit and loss account in respect of the capital instruments other than equity shares is allocated to periods over the term of the instrument at a constant rate on the carrying amount.
A. H. WARD & BOYD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2018
1
Accounting policies
(Continued)
- 8 -
1.13
Dividends
Dividends to the company's ordinary shareholders are recognised as a liability of the company when approved by the company's directors.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 6 (2017 - 5).
3
Dividends
2018
2017
£
£
Interim paid 6 April 2017
57,000
44,000
4
Tangible fixed assets
Fixtures & office equipment
Motor vehicles
Total
£
£
£
Cost
At 1 March 2017
90,746
56,679
147,425
Additions
2,125
-
2,125
At 28 February 2018
92,871
56,679
149,550
Depreciation and impairment
At 1 March 2017
80,322
14,170
94,492
Depreciation charged in the year
2,560
10,627
13,187
At 28 February 2018
82,882
24,797
107,679
Carrying amount
At 28 February 2018
9,989
31,882
41,871
At 28 February 2017
10,424
42,509
52,933
5
Fixed asset investments
2018
2017
£
£
Investments
36,750
36,750
Fixed asset investments are stated at cost.
A. H. WARD & BOYD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2018
- 9 -
6
Stocks
2018
2017
£
£
Stocks
1,250
1,225
7
Debtors
2018
2017
Amounts falling due within one year:
£
£
Trade debtors
19,309
10,427
Prepayments and accrued income
4,249
2,417
23,558
12,844
8
Creditors: amounts falling due within one year
2018
2017
Notes
£
£
Obligations under finance leases
10
11,034
12,362
Trade creditors
6,282
180
Corporation tax
17,951
15,395
Other taxation and social security
7,383
3,571
Other creditors
265
238
Directors current account
158
254
Accruals and deferred income
7,100
7,100
50,173
39,100
9
Creditors: amounts falling due after more than one year
2018
2017
Notes
£
£
Obligations under finance leases
10
-
9,897
10
Finance lease obligations
2018
2017
Future minimum lease payments due under finance leases:
£
£
Within one year
11,771
12,362
In two to five years
-
11,575
11,771
23,937
Less: future finance charges
(737)
(1,678)
11,034
22,259
A. H. WARD & BOYD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2018
10
Finance lease obligations
(Continued)
- 10 -
11
Called up share capital
2018
2017
£
£
Ordinary share capital
Issued and fully paid
1,000 Ordinary shares of £1 each
1,000
1,000
1,000
1,000
12
Control
The directors control the company.
13
Directors' transactions
At the year end there were amounts owing to directors of £158 (2017: £254).
2018-02-28
2017-03-01
false
CCH Software
CCH Accounts Production 2018.220
No description of principal activity
29 November 2018
Mr Colin Boyd
Mr Paul Bennington
Mrs Elizabeth Boyd
Mrs Elizabeth Boyd
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