Company Registration No. 02289519 (England and Wales)
W H GOOD AUTOMATION LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2020
PAGES FOR FILING WITH REGISTRAR
W H GOOD AUTOMATION LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
W H GOOD AUTOMATION LTD
BALANCE SHEET
AS AT
30 APRIL 2020
30 April 2020
- 1 -
2020
2019
Notes
£
£
£
£
Fixed assets
Tangible assets
3
43,480
32,424
Current assets
Stocks
283,255
352,944
Debtors
4
876,279
846,008
Cash at bank and in hand
525,476
821,140
1,685,010
2,020,092
Creditors: amounts falling due within one year
5
(699,711)
(1,027,717)
Net current assets
985,299
992,375
Total assets less current liabilities
1,028,779
1,024,799
Provisions for liabilities
(4,250)
(4,495)
Net assets
1,024,529
1,020,304
Capital and reserves
Called up share capital
6
1,000
1,000
Profit and loss reserves
1,023,529
1,019,304
Total equity
1,024,529
1,020,304
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
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 18 January 2021 and are signed on its behalf by:
B T Foster
Director
Company Registration No. 02289519
W H GOOD AUTOMATION LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2020
- 2 -
1
Accounting policies
Company information
W H Good Automation Ltd is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Unit 7, Carrs Industrial Estate, Haslingden, Rossendale, BB4 5JT.
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.
The financial statements of the company are consolidated in the financial statements of CorpAcq Limited. These consolidated financial statements are available from its registered office, CorpAcq House, 1 Goose Green, Altrincham, Cheshire, WA14 1DW.
1.2
Going concern
The directors are not aware of any material uncertainties affecting the company and consider that the company will have sufficient resources to continue trading for the foreseeable future. As a result the directors have continued to adopt the going concern basis in preparing the financial statements.
true
Whilst the directors
have adopted the going concern basis set out above, the impact of the worldwide Coronavirus pandemic, Covid-19, on all businesses represents an uncertainty and the true impact of this pandemic will only become apparent over time.
The directors have given due consideration to the impact of the pandemic on the company and consider that it will have adequate resources to manage that impact.
1.3
Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts.
Turnover is recognised, on all material contracts, based on the percentage of contractual obligations performed in relation to the contract as a whole. Profit is recognised based on the percentage completion of a contract as a proportion of the total expected contract profit.
1.4
Tangible fixed assets
Tangible fixed assets
are measured at cost, net of depreciation.
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:
Land and buildings Leasehold
Amortised over the length of the lease
Computer equipment
20% straight line
Fixtures & fittings
15% reducing balance
Motor vehicles
25% reducing balance
W H GOOD AUTOMATION LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2020
1
Accounting policies
(Continued)
- 3 -
The gain or loss arising on the disposal of an asset is
calculated
as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.5
Stocks
Stocks
are stated at the lower of cost and
estimated selling price less costs to complete and sell.
1.6
Cash at bank and in hand
Cash and cash equivalents
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.
1.7
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.
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.
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.
1.8
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.
1.9
Taxation
The tax expense represents the sum of the tax currently payable
or receivable
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.
W H GOOD AUTOMATION LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2020
1
Accounting policies
(Continued)
- 4 -
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.
1.10
Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.12
Leases
Rentals payable under operating leases, are charged to income on a straight line basis over the term of the relevant
.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2020
2019
Number
Number
Total
30
28
W H GOOD AUTOMATION LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2020
- 5 -
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 May 2019
60,272
258,558
318,830
Additions
-
19,770
19,770
Disposals
-
(88,193)
(88,193)
At 30 April 2020
60,272
190,135
250,407
Depreciation and impairment
At 1 May 2019
60,272
226,134
286,406
Depreciation charged in the year
-
8,714
8,714
Eliminated in respect of disposals
-
(88,193)
(88,193)
At 30 April 2020
60,272
146,655
206,927
Carrying amount
At 30 April 2020
-
43,480
43,480
At 30 April 2019
-
32,424
32,424
4
Debtors
2020
2019
Amounts falling due within one year:
£
£
Trade debtors
560,420
804,068
Corporation tax recoverable
-
7,971
Amounts owed by group undertakings
283,475
-
Other debtors
32,384
33,969
876,279
846,008
5
Creditors: amounts falling due within one year
2020
2019
£
£
Trade creditors
237,938
361,216
Amounts owed to group undertakings
62,500
1,000
Corporation tax
9,582
-
Other taxation and social security
205,582
229,506
Other creditors
184,109
435,995
699,711
1,027,717
W H GOOD AUTOMATION LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2020
- 6 -
6
Called up share capital
2020
2019
£
£
Ordinary share capital
Issued and fully paid
1,000 Ordinary shares of £1 each
1,000
1,000
W H GOOD AUTOMATION LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2020
- 7 -
7
Audit report information
As the income statement has been omitted from the filing copy of the financial statements
,
the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006
:
The auditor's report was unqualified.
The senior statutory auditor was James King.
The auditor was Pierce C A Limited.
8
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2020
2019
£
£
Total future commitments
166,389
208,448
Included in the above note is an amount of
£145,500 (2019 -
£162,000
)
that relates to the lease for the company's trading premises. This lease was signed on 24 May 2019 for a minimum of nine years. The annual rental payments are £18,000.