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REGISTERED NUMBER:
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Unaudited Financial Statements |
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for the Year Ended 31 July 2017 |
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for |
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Andrew F. Watson (Hereford) Limited |
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REGISTERED NUMBER:
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Unaudited Financial Statements |
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for the Year Ended 31 July 2017 |
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for |
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Andrew F. Watson (Hereford) Limited |
Andrew F. Watson (Hereford) Limited (Registered number: 02706400) |
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Contents of the Financial Statements |
for the Year Ended 31 July 2017 |
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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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Chartered Certified Accountants' Report | 7 |
Andrew F. Watson (Hereford) Limited |
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Company Information |
for the Year Ended 31 July 2017 |
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DIRECTOR: |
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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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Chartered Certified Accountants |
5 Bridge Street |
Hereford |
HR4 9DF |
Andrew F. Watson (Hereford) Limited (Registered number: 02706400) |
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Statement of Financial Position |
31 July 2017 |
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31.7.17 | 31.7.16 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Property, plant and equipment | 5 |
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CURRENT ASSETS |
Inventories |
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Debtors | 6 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 7 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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PROVISIONS FOR LIABILITIES |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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The director acknowledges his responsibilities for: |
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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. |
Andrew F. Watson (Hereford) Limited (Registered number: 02706400) |
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Statement of Financial Position - continued |
31 July 2017 |
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In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
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The financial statements were approved by the director on
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Andrew F. Watson (Hereford) Limited (Registered number: 02706400) |
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Notes to the Financial Statements |
for the Year Ended 31 July 2017 |
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1. | STATUTORY INFORMATION |
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Andrew F. Watson (Hereford) Limited is a
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The company's registered number and registered office address can be found on the Company Information page. |
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | STATEMENT OF COMPLIANCE |
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3. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Revenue recognition |
Revenue is measured at the fair value of the consideration received or receivable, stated net of discounts and |
Value Added Tax. |
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Revenue from the sale of goods is recognised when the risks and rewards of ownership have transferred to the |
buyer and can be measured reliably. |
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Tangible fixed assets |
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Plant and machinery | - |
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Inventories |
Inventories have been valued at the lower of cost and expected selling price less costs to complete and sell. Cost |
is determined using the first in first out method. |
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Cost includes all direct expenditure incurred by the company in bringing inventories to their present condition. |
Provision is made for damaged, obsolete and slow-moving items where appropriate. The carrying amount of |
inventories sold is recognised as an expense in the period in which the related revenue is recognised. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 is recognised at the amount of tax payable using the tax rates and laws that have been enacted or |
substantively enacted by the statement of financial position date. |
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Andrew F. Watson (Hereford) Limited (Registered number: 02706400) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 July 2017 |
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3. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the |
statement of financial position date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from |
those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that |
have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the |
timing difference. |
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Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they |
will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension |
scheme are charged to profit or loss in the period to which they relate. |
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4. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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5. | PROPERTY, PLANT AND EQUIPMENT |
Plant and |
machinery |
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COST |
At 1 August 2016 |
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Additions |
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Disposals | ( |
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At 31 July 2017 |
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DEPRECIATION |
At 1 August 2016 |
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Charge for year |
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Eliminated on disposal | ( |
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At 31 July 2017 |
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NET BOOK VALUE |
At 31 July 2017 |
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At 31 July 2016 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.7.17 | 31.7.16 |
£ | £ |
Trade debtors |
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Other debtors |
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Andrew F. Watson (Hereford) Limited (Registered number: 02706400) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 July 2017 |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.7.17 | 31.7.16 |
£ | £ |
Bank loans and overdrafts |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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8. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
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As at the start of the year a loan was outstanding from the Director, Mr A F Watson of £115,059. During the year |
further advances were made totalling £31,265 and repayments of £55,689 were made to the Company. The |
maximum outstanding balance during the year was £119,778 and the balance due to the Company as at the year |
end date was £90,635. |
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There are no specific terms of repayment and no interest has been paid or is payable in connection with this |
balance. |
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9. | FIRST YEAR ADOPTION |
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This is the first year in which the financial statements have been prepared under FRS 102. It was found that no |
adjustments were required upon transition. |
Chartered Certified Accountants' Report to the Director |
on the Unaudited Financial Statements of |
Andrew F. Watson (Hereford) Limited |
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The following reproduces the text of the report prepared for the director in respect of the company's annual |
unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file |
a Statement of Financial Position. Readers are cautioned that the Income Statement and certain other primary |
statements and the Report of the Director are not required to be filed with the Registrar of Companies. |
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In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the |
accounts of Andrew F Watson (Hereford) Ltd for the year ended 31 July 2017 as set out on pages 3 to 7 from the |
company's accounting records and from information and explanations you have given us. |
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As a member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other |
professional requirements which are detailed at http://accaglobal.com/rulebook. |
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This report is made solely to the Director of Andrew F Watson (Hereford) Ltd in accordance with the terms of our |
engagement letter. Our work has been undertaken solely to prepare for approval by the Director the accounts of Andrew |
F Watson (Hereford) Ltd and state those matters that we have agreed to state to the Director of Andrew F Watson |
(Hereford) Ltd, in this report in accordance with the requirements of the Association of Chartered Certified Accountants |
as detailed at http://accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume |
responsibility to anyone other than Andrew F Watson (Hereford) Ltd and its Director for our work or for this report. |
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It is your duty to ensure that Andrew F Watson (Hereford) Ltd has kept adequate accounting records and to prepare |
statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Andrew F |
Watson (Hereford) Ltd. You consider that Andrew F Watson (Hereford) Ltd is exempt from the statutory audit |
requirement for the year. |
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We have not been instructed to carry out an audit or a review of the accounts of Andrew F Watson (Hereford) Ltd. 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 accounts. |
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Chartered Certified Accountants |
5 Bridge Street |
Hereford |
HR4 9DF |
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