Company Registration No. 00579829 (England and Wales)
R WARD (COLEFORD) LIMITED
DIRECTORS' REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2016
R WARD (COLEFORD) LIMITED
COMPANY INFORMATION
Directors
S O'Connor
Mr M O'Connor
Secretary
Mr M O'Connor
Company number
00579829
Registered office
25 Edgely Road
Whitchurch
Shropshire
Accountants
Lentells Limited
50 Fore Street
Seaton
Devon
EX12 2AD
R WARD (COLEFORD) LIMITED
CONTENTS
Page
Directors' report
1
Accountants' report
2
Profit and loss account
3
Balance sheet
4
Notes to the financial statements
5 - 8
R WARD (COLEFORD) LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2016
- 1 -
The directors present their report and financial statements for the year ended 31 March 2016.
Directors
The following directors have held office since 1 April 2015:
S O'Connor
Mr M O'Connor
This report has been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006.
On behalf of the board
Mr M O'Connor
Director
5 November 2016
R WARD (COLEFORD) LIMITED
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF R WARD (COLEFORD) LIMITED FOR THE YEAR ENDED 31 MARCH 2016
- 2 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of R Ward (Coleford) Limited for the year ended 31 March 2016 set out on pages 3 to 8 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html.
This report is made solely to the Board of Directors of R Ward (Coleford) Limited, as a body, in accordance with the terms of our engagement letter dated 5 October 2016. Our work has been undertaken solely to prepare for your approval the financial statements of R Ward (Coleford) Limited and state those matters that we have agreed to state to the Board of Directors of R Ward (Coleford) Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than R Ward (Coleford) Limited and its Board of Directors as a body, for our work or for this report.
It is your duty to ensure that R Ward (Coleford) 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 R Ward (Coleford) Limited. You consider that R Ward (Coleford) Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of R Ward (Coleford) 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.
Lentells Limited
5 November 2016
Chartered Accountants
50 Fore Street
Seaton
Devon
EX12 2AD
R WARD (COLEFORD) LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2016
- 3 -
2016
2015
Notes
£
£
Turnover
35,812
31,752
Administrative expenses
(28,149)
(29,880)
Other operating income
-
146
Operating profit
2
7,663
2,018
Interest payable and similar charges
-
(3)
Profit on ordinary activities before taxation
7,663
2,015
Tax on profit on ordinary activities
3
(1,533)
(275)
Profit for the year
9
6,130
1,740
R WARD (COLEFORD) LIMITED
BALANCE SHEET
AS AT
31 MARCH 2016
31 March 2016
- 4 -
2016
2015
Notes
£
£
£
£
Fixed assets
Tangible assets
4 & 5
400,245
400,327
Current assets
Debtors
6
5,868
6,027
Cash at bank and in hand
52,673
47,225
58,541
53,252
Creditors: amounts falling due within one year
(3,537)
(4,444)
Net current assets
55,004
48,808
Total assets less current liabilities
455,249
449,135
Provisions for liabilities
7
(49)
(65)
455,200
449,070
Capital and reserves
Called up share capital
8
7,000
7,000
Revaluation reserve
9
363,951
363,951
Profit and loss account
9
84,249
78,119
Shareholders' funds
455,200
449,070
For the financial year ended 31 March 2016 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 in accordance with the provisions applicable to companies subject to the small companies' regime and the Financial Reporting Standard for Smaller Entities (effective January 2015).
Approved by the Board for issue on 5 November 2016
Mr M O'Connor
Director
Company Registration No. 00579829
R WARD (COLEFORD) LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2016
31 March 2016
- 5 -
1
Accounting policies
1.1
Accounting convention
The financial statements are prepared under the historical cost convention modified to include the revaluation of freehold land and buildings and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
1.2
Compliance with accounting standards
The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).
1.3
Turnover
Turnover represents rents receivable from the ordinary activities of the company.
1.4
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided at rates calculated to write off the cost or valuation less estimated residual value of each asset over its expected useful life, as follows:
Fixtures, fittings & equipment
25% on reducing balance
2
Operating profit
2016
2015
£
£
Operating profit is stated after charging:
Depreciation of tangible assets
82
109
Directors' remuneration
19,200
19,200
3
Taxation
2016
2015
£
£
Domestic current year tax
U.K. corporation tax
1,549
425
Adjustment for prior years
-
(128)
Total current tax
1,549
297
Deferred tax
Deferred tax charge/credit current year
(16)
(22)
1,533
275
R WARD (COLEFORD) LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2016
31 March 2016
- 6 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost or valuation
At 1 April 2015 & at 31 March 2016
31,086
Depreciation
At 1 April 2015
30,759
Charge for the year
82
At 31 March 2016
30,841
Net book value
At 31 March 2016
245
At 31 March 2015
327
5
Tangible fixed assets
Investment properties
£
Cost or valuation
At 1 April 2015 & at 31 March 2016
400,000
Net book value
At 31 March 2016
400,000
At 31 March 2015
400,000
The valuation was made by the directors. It represents the estimated market value of the property at the balance sheet date. Investment properties are revalued annually and the aggregate surplus or deficit is transferred to a Revaluation reserve, and no depreciation or amortisation is provided in respect of freehold investment properties. The directors consider that this accounting policy results in the Financial Statements giving a true and fair view. Depreciation or amortisation is only one of many factors reflected in the annual valuation and the amount which might otherwise have shown cannot be separately identified or quantified.
R WARD (COLEFORD) LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2016
31 March 2016
- 7 -
6
Debtors
2016
2015
£
£
Trade debtors
3,990
4,130
Other debtors
1,878
1,897
5,868
6,027
7
Provisions for liabilities
Deferred tax liability
£
Balance at 1 April 2015
65
Profit and loss account
(16)
Balance at 31 March 2016
49
The deferred tax liability is made up as follows:
2016
2015
£
£
Accelerated capital allowances
49
65
8
Share capital
2016
2015
£
£
Allotted, called up and fully paid
7,000 Ordinary A of £1 each
7,000
7,000
9
Statement of movements on reserves
Revaluation reserve
Profit
and loss
account
£
£
Balance at 1 April 2015
363,951
78,119
Profit for the year
-
6,130
Balance at 31 March 2016
363,951
84,249
R WARD (COLEFORD) LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2016
31 March 2016
- 8 -
10
Control
The company is controlled by S O'Connor by virtue of her shareholding
R WARD (COLEFORD) LIMITED
MANAGEMENT INFORMATION
FOR THE YEAR ENDED 31 MARCH 2016
R WARD (COLEFORD) LIMITED
DETAILED TRADING AND PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2016
2016
2015
£
£
£
£
Turnover
Rent receivable
35,812
31,752
Administrative expenses
(28,149)
(29,880)
7,663
1,872
Other operating income
Sundry income
-
146
Operating profit
7,663
2,018
Interest payable
Interest on overdue taxation payable
-
(3)
Profit before taxation
21.40%
7,663
6.35%
2,015
R WARD (COLEFORD) LIMITED
SCHEDULE OF ADMINISTRATIVE EXPENSES
FOR THE YEAR ENDED 31 MARCH 2016
2016
2015
£
£
Administrative expenses
Directors' remuneration
19,200
19,200
Rates and water rates
1,339
1,578
Insurance
2,618
2,493
Repairs and maintenance
3,295
72
Hire of equipment
-
4,060
Legal and prof fees
(10)
360
Accountancy
1,517
1,518
Bank charges
81
86
Bad and doubtful debts
-
380
Sundry expenses
27
24
Depreciation on equipment
82
109
28,149
29,880
2016-03-31
2015-04-01
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true
true
true
true
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