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REGISTERED NUMBER:
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Gwilliams of Edington Limited |
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Unaudited Financial Statements |
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for the Year Ended 31 December 2016 |
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REGISTERED NUMBER:
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Gwilliams of Edington Limited |
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Unaudited Financial Statements |
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for the Year Ended 31 December 2016 |
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Gwilliams of Edington Limited (Registered number: 00798326) |
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Contents of the Financial Statements |
for the Year Ended 31 December 2016 |
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Page |
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Company Information | 1 |
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Statement of Financial Position | 2 |
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Notes to the Financial Statements | 4 |
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Gwilliams of Edington Limited |
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Company Information |
for the Year Ended 31 December 2016 |
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DIRECTORS: |
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Mrs E Vine |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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3 Landmark House |
Wirral Park Road |
Glastonbury |
Somerset |
BA6 9FR |
Gwilliams of Edington Limited (Registered number: 00798326) |
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Statement of Financial Position |
31 December 2016 |
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2016 | 2015 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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Investments | 5 |
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CURRENT ASSETS |
Stocks | 6 |
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Debtors | 7 |
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Cash in hand |
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CREDITORS |
Amounts falling due within one year | 8 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
9 |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Share premium |
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Capital redemption reserve |
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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. |
Gwilliams of Edington Limited (Registered number: 00798326) |
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Statement of Financial Position - continued |
31 December 2016 |
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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
behalf by: |
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Gwilliams of Edington Limited (Registered number: 00798326) |
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Notes to the Financial Statements |
for the Year Ended 31 December 2016 |
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1. | STATUTORY INFORMATION |
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Gwilliams of Edington Limited is a private company, limited by shares, registered in England and |
Wales. The Company's registered number and registered office address can be found on the |
Company Information page. |
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The financial statements are presented in Sterling, which is the functional currency of the company. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
The financial statements have been prepared under the historical cost convention in accordance with |
FRS 102 Section 1A The Financial Reporting Standard applicable in the UK and Republic of Ireland |
and the Companies Act 2006. These financial statements for the year ended 31 December 2016 are |
the first financial statements that comply with FRS 102. The date of transition is 1 January 2015. The |
nature of these changes and their impact on opening equity and profit for the comparative period are |
explained in note 11. |
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Revenue recognition |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, |
rebates, value added tax and other sales taxes. |
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Revenue is measured at the fair value of the consideration received or receivable and represents the |
amount receivable for goods supplied or services rendered, net of returns, discounts and rebates |
allowed by the company and value added taxes. |
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The Company recognises revenue when the following conditions are satisfied: |
i. the Company has transferred to the buyer the significant risks and rewards of ownership of the |
goods; |
ii. the Company retains neither continuing managerial involvement to the degree associated with |
ownership nor effective control over the goods sold; |
iii. the amount of revenue can be measured reliably; |
iv. it is probable that the economic benefits associated with the transaction can be measured reliably. |
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Tangible fixed assets |
Tangible fixed assets are stated at cost less accumulated depreciation. Cost includes costs directly |
attributable to making the asset capable of operating as intended by management. |
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Tangible assets are derecognised on disposal or when no future economic benefits are expected. On |
disposal, the difference between the net disposal proceeds and the carrying amount is recognised in |
profit or loss. |
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Depreciation is provided at the following annual rates in order to write off each asset over its estimated |
useful life. |
Improvements to property | - 10% straight line |
Plant and machinery | - 25% on cost |
Fixtures and fittings | - 25% on cost |
Motor vehicles | - 25% on cost |
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Stocks |
Costs, which comprise direct production costs, are based on the method most appropriate to the type |
of inventory class, but usually on a first-in-first-out basis. Overheads are charged to profit or loss as |
incurred. Net realisable value is based on the estimated selling price less any estimated completion or |
selling costs. |
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When stocks are sold, the carrying amount of those stocks is recognised as an expense in the period |
in which the related revenue is recognised. The amount of any write-down of stocks to net realisable |
value and all losses of stocks are recognised as an expense in the period in which the write-down or |
loss occurs. The amount of any reversal of any write-down of stocks is recognised as a reduction in |
the amount of stocks recognised as an expense in the period in which the reversal occurs. |
Gwilliams of Edington Limited (Registered number: 00798326) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2016 |
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2. | ACCOUNTING POLICIES - continued |
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Taxation |
Taxation for the period comprises current and deferred tax recognised in the reporting period. Tax is |
recognised in the profit and loss account, 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 |
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Current tax is the amount of income tax payable in respect of the taxable profit for the year or prior |
years. Tax is calculated on the basis of tax rates and laws that have been enacted or substantively |
enacted by the period end. |
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Deferred tax |
Deferred Tax |
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Deferred tax arises from timing differences that are differences between taxable profit and total |
comprehensive income as stated in the financial statements. These timing differences arise from the |
inclusion of income and expenses in tax assessment in periods different from those in which are |
recognised in financial statements. |
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Deferred tax is recognised on all timing differences at the reporting date except for certain exceptions. |
Unrelieved tax losses and other deferred tax assets are only recognised when it is probable that they |
will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
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Fixed asset investment |
Fixed asset investments, shares in unlisted companies, are held at cost. |
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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. | TANGIBLE FIXED ASSETS |
Improvements | Fixtures |
to | Plant and | and | Motor |
property | machinery | fittings | vehicles | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 January 2016 |
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Additions |
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At 31 December 2016 |
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DEPRECIATION |
At 1 January 2016 |
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Charge for year |
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At 31 December 2016 |
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NET BOOK VALUE |
At 31 December 2016 |
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At 31 December 2015 |
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Gwilliams of Edington Limited (Registered number: 00798326) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2016 |
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5. | FIXED ASSET INVESTMENTS |
Other |
investments |
£ |
COST |
At 1 January 2016 |
and 31 December 2016 |
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NET BOOK VALUE |
At 31 December 2016 |
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At 31 December 2015 |
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6. | STOCKS |
2016 | 2015 |
£ | £ |
Stocks |
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7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2016 | 2015 |
£ | £ |
Trade debtors |
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Prepayments and accrued income |
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8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2016 | 2015 |
£ | £ |
Bank loans and overdrafts |
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Trade creditors |
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Tax |
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Social security and other taxes |
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VAT | 3,788 | 8,701 |
Accrued expenses |
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9. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2016 | 2015 |
£ | £ |
Other loans - 1-2 years |
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10. | LEASING AGREEMENTS |
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Minimum lease payments under non-cancellable operating leases fall due as follows: |
2016 | 2015 |
£ | £ |
Within one year |
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Gwilliams of Edington Limited (Registered number: 00798326) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2016 |
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11. | RELATED PARTY DISCLOSURE |
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During the year rent of £15,000 was paid to the Gwilliams Family Trust, in which director David |
Gwilliam has an interest. At the balance sheet date the company owed the Trust £25,000 (2015 - |
£25,000). Interest of £500 was paid in the year (2015 - £500). |
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12. | FIRST YEAR ADOPTION |
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There were no transitional adjustments necessary as a result of the first year adoption of FRS 102 |
Section 1A. |