WHEELHOUSE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD 1 JANUARY 2017 TO 31 AUGUST 2017
PAGES FOR FILING WITH REGISTRAR
Company Registration No. 01198754 (England and Wales)
WHEELHOUSE LIMITED
COMPANY INFORMATION
Directors
Mr D Wheelhouse
Ms P Hadjikyriacos
Company number
01198754
Registered office
166 College Road
Harrow
Middlesex
HA1 1RA
Accountants
Charterhouse (Accountants) Limited
166 College Road
Harrow
Middlesex
HA1 1RA
WHEELHOUSE LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
WHEELHOUSE LIMITED
BALANCE SHEET
AS AT 31 AUGUST 2017
31 August 2017
- 1 -
31 August
31 December
2017
2016
Notes
£
£
£
£
Fixed assets
Investments
3
100
100
Current assets
Debtors
4
3,403,177
3,105,067
Creditors: amounts falling due within one year
5
(420,070)
(120,600)
Net current assets
2,983,107
2,984,467
Total assets less current liabilities
2,983,207
2,984,567
Provisions for liabilities
6
(2,771,594)
(2,718,666)
Net assets
211,613
265,901
Capital and reserves
Called up share capital
8
3
3
Profit and loss reserves
211,610
265,898
Total equity
211,613
265,901
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 period ended 31 August 2017 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 period in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 24 January 2019 and are signed on its behalf by:
Mr D Wheelhouse
Director
Company Registration No. 01198754
WHEELHOUSE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 AUGUST 2017
- 2 -
1
Accounting policies
Company information
Wheelhouse Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
166 College Road, Harrow, Middlesex, HA1 1RA.
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
Reporting period
The company's
reporting period change
d
and the annual financial statements presented
are
for a
period shorter than one year
.
The
reason
for shortening the
period
is to have all the companies in the group with the same accounting period
and
the
comparative amounts presented in the financial statements (including
the related notes) are not entirely comparable.
1.3
Fixed asset investments
Interests in subsidiaries entities are measured at cost and subsequently measured at cost less any accumulated impairment losses.
The investments are assessed for impairment at each reporting date
and
any
impairment
losses or reversals of impairment losses are recognised immediately in profit or loss.
1.4
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 are initially measured at transaction price including transaction costs
. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors that are classified as debt, are
recognised at transaction price unless the arrangement constitutes a
financing transaction.
Financial liabilities classified as payable within one year are not amortised
.
1.5
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
WHEELHOUSE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 AUGUST 2017
1
Accounting policies
(Continued)
- 3 -
1.6
Provisions
Provisions are recognised when the
company
has a legal or constructive present obligation as a result of a past event, it is probable that the
company
will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation.
Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision i
s
measured at present value
,
the unwinding of the discount is recognised as a finance cost in profit or loss in the period
in which
it arises.
1.7
The company has taken advantage of the exemption under section
399
of the
Companies Act 2006 not to prepare consolidated accounts
, on the basis that the group of which this is the parent qualifies as a small group
. The financial statements present information about the company as an individual entity and not about its group
.
1.8
The company provided pension benefits (defined contribution) in respect of
Mr.
D Wheelhouse. Amounts payable are charged to the profit and loss account in the period the contract is entered into between the company and
Mr.
D
Wheelhouse.
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was 2 (2016 - 2).
3
Fixed asset investments
31/08/2017
31/12/2016
£
£
Investments
100
100
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 January 2017 & 31 August 2017
100
Carrying amount
At 31 August 2017
100
At 31 December 2016
100
WHEELHOUSE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 AUGUST 2017
- 4 -
4
Debtors
31/08/2017
31/12/2016
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
3,399,521
3,095,067
Other debtors
3,656
10,000
3,403,177
3,105,067
5
Creditors: amounts falling due within one year
31/08/2017
31/12/2016
£
£
Amounts owed to group undertakings
299,470
-
Other creditors
120,600
120,600
420,070
120,600
Included in other creditors is a loan for the pension fund totalling £120,000 (2016: £120,000) which is secured.
6
Provisions for liabilities
31/08/2017
31/12/2016
£
£
Pension obligations
2,771,594
2,718,666
Movements on provisions:
Pension obligations
£
At 1 January 2017
2,718,666
Additional provisions in the year
52,928
At 31 August 2017
2,771,594
The company has
entered in
to
agreements and is contractually obliged to
expend
fixed
sums in the future to provide retirement benefits to senior employees under the terms of their pension agreements.
WHEELHOUSE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 AUGUST 2017
- 5 -
7
Retirement benefit schemes
31/08/2017
31/12/2016
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
53,788
103,399
The company provided pension benefits in respect of senior employees. Amounts payable are
charged to the profit and loss account in the year the contracts are entered into between the company and
the employees. The number of directors to whom pension benefits are accruing under these pension
agreements is 2 (2017: 2 ).
The contributions and potential liabilities of the company in respect of the pension agreements are fixed at
least until the date of retirement of the employees which is over 30 years from the year end date.
Although under section 28 of FRS 102 this pension arrangement is regarded as being a defined benefit
scheme, the directors are of the opinion that it does not bear any of the hallmarks of what is usually
considered to be a defined benefit scheme and therefore no further disclosures are considered necessary
in order to understand the nature and measurement of the liability.
The directors are also of the opinion that the liability as disclosed in the financial statements represents the
full and final amount which could be expected, at this stage, to be paid in the future to settle the pension
agreement liabilities .
8
Called up share capital
31/08/2017
31/12/2016
£
£
Ordinary share capital
Issued and fully paid
3 Ordinary shares of £1 each
3
3
3
3
9
Parent company
The ultimate parent company is Wheelhouse Warehousing Limited, a company registered in England and Wales.