Registration number:
Warisa Distribution Services Limited
trading as
for the Year Ended 30 April 2017
270 Knutsford Road
Warrington
Cheshire
WA4 1AZ
Warisa Distribution Services Limited
trading as Warisa Distribution Services limited
Contents
Company Information |
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Directors' Report |
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Accountants' Report |
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Abridged Profit and Loss Account |
|
Statement of Comprehensive Income |
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Abridged Balance Sheet |
|
Statement of Changes in Equity |
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Notes to the Abridged Financial Statements |
Warisa Distribution Services Limited
trading as Warisa Distribution Services limited
Company Information
Directors |
Mr John Granville Whalley Myers Mr Waren Myers |
Company secretary |
Mrs Joyce Myers Mrs Joyce Myers |
Registered office |
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Accountants |
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Page 1 |
Warisa Distribution Services Limited
trading as Warisa Distribution Services limited
Directors' Report for the Year Ended 30 April 2017
The directors present their report and the abridged financial statements for the year ended 30 April 2017.
Directors of the company
The directors who held office during the year were as follows:
Principal activity
The principal activity of the company is Haulier
Small companies provision statement
This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
Approved by the
.........................................
Mr John Granville Whalley Myers
Director
Page 2 |
Chartered Management Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Warisa Distribution Services Limited
trading as Warisa Distribution Services limited
for the Year Ended 30 April 2017
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Warisa Distribution Services Limited for the year ended 30 April 2017 as set out on pages 4 to 15 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Management Accountants(CIMA), I am subject to its ethical and other professional requirements.
This report is made solely to the Board of Directors of Warisa Distribution Services Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Warisa Distribution Services Limited and state those matters that we have agreed to state to the Board of Directors of Warisa Distribution Services Limited, as a body, in this report in accordance with CIMA. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Warisa Distribution Services Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Warisa Distribution Services Limited 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 Warisa Distribution Services Limited. You consider that Warisa Distribution Services 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 accounts of Warisa Distribution Services 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 accounts.
......................................
Warrington
Cheshire
WA4 1AZ
Page 3 |
Warisa Distribution Services Limited
trading as Warisa Distribution Services limited
Abridged Profit and Loss Account for the Year Ended 30 April 2017
Note |
2017 |
2016 |
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Gross profit |
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|
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Distribution costs |
( |
( |
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Administrative expenses |
( |
( |
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Profit before tax |
|
|
|
Profit for the financial year |
|
|
The above results were derived from continuing operations.
The company has no recognised gains or losses for the year other than the results above.
Page 4 |
Warisa Distribution Services Limited
trading as Warisa Distribution Services limited
Statement of Comprehensive Income for the Year Ended 30 April 2017
2017 |
2016 |
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Profit for the year |
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Total comprehensive income for the year |
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Page 5 |
Warisa Distribution Services Limited
trading as Warisa Distribution Services limited
(Registration number: 2767118)
Abridged Balance Sheet as at 30 April 2017
Note |
2017 |
2016 |
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Fixed assets |
|||
Tangible assets |
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Current assets |
|||
Debtors |
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|
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Investments |
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- |
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Cash at bank and in hand |
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|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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|
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Total assets less current liabilities |
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|
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Accruals and deferred income |
( |
( |
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Net assets |
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|
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Capital and reserves |
|||
Called up share capital |
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|
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Profit and loss account |
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|
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Total equity |
|
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For the financial year ending 30 April 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
|
• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
All of the company’s members have consented to the preparation of an Abridged Profit and Loss Account and an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.
Page 6 |
Warisa Distribution Services Limited
trading as Warisa Distribution Services limited
(Registration number: 2767118)
Abridged Balance Sheet as at 30 April 2017
Approved and authorised by the
.........................................
Mr John Granville Whalley Myers
Director
Page 7 |
Warisa Distribution Services Limited
trading as Warisa Distribution Services limited
Statement of Changes in Equity for the Year Ended 30 April 2017
Share capital |
Profit and loss account |
Total |
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At 1 May 2016 |
|
|
|
Profit for the year |
- |
|
|
Total comprehensive income |
- |
|
|
At 30 April 2017 |
|
|
|
Share capital |
Profit and loss account |
Total |
|
At 1 May 2015 |
|
|
|
Profit for the year |
- |
|
|
Total comprehensive income |
- |
|
|
At 30 April 2016 |
|
|
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Page 8 |
Warisa Distribution Services Limited
trading as Warisa Distribution Services limited
Notes to the Abridged Financial Statements for the Year Ended 30 April 2017
General information |
The company is a private company limited by share capital, incorporated in England & Wales.
The address of its registered office is:
England
The principal place of business is:
Leopold Street
Lamberhead Industrial Estate
Pemberton
Wigan
Lancashire
WN5 8DH
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Page 9 |
Warisa Distribution Services Limited
trading as Warisa Distribution Services limited
Notes to the Abridged Financial Statements for the Year Ended 30 April 2017
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Plant & Machinery |
20% straight line method. |
Fixtures & fittings |
20% straight line method |
Motor vehicles |
25% straight line method |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Page 10 |
Warisa Distribution Services Limited
trading as Warisa Distribution Services limited
Notes to the Abridged Financial Statements for the Year Ended 30 April 2017
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Profit before tax |
Arrived at after charging/(crediting)
2017 |
2016 |
|
Depreciation expense |
|
|
Page 11 |
Warisa Distribution Services Limited
trading as Warisa Distribution Services limited
Notes to the Abridged Financial Statements for the Year Ended 30 April 2017
Tangible assets |
Total |
|
Cost or valuation |
|
At 1 May 2016 |
|
Additions |
|
Disposals |
( |
At 30 April 2017 |
|
Depreciation |
|
At 1 May 2016 |
|
Charge for the year |
|
Eliminated on disposal |
( |
At 30 April 2017 |
|
Carrying amount |
|
At 30 April 2017 |
|
At 30 April 2016 |
|
Current asset investments |
2017 |
2016 |
|
Other investments |
|
- |
Share capital |
Allotted, called up and fully paid shares
2017 |
2016 |
|||
No. |
£ |
No. |
£ |
|
|
|
300 |
|
300 |
Related party transactions |
Directors' remuneration
The directors' remuneration for the year was as follows:
Page 12 |
Warisa Distribution Services Limited
trading as Warisa Distribution Services limited
Notes to the Abridged Financial Statements for the Year Ended 30 April 2017
2017 |
2016 |
|
Remuneration |
|
|
Transition to FRS 102 |
Balance Sheet at 1 May 2015
As originally reported |
Reclassification |
Remeasurement |
As restated |
|
Fixed assets |
||||
Intangible assets |
59,037 |
- |
- |
59,037 |
Current assets |
||||
Debtors |
173,368 |
- |
- |
173,368 |
Cash at bank and in hand |
134,380 |
- |
- |
134,380 |
307,748 |
- |
- |
307,748 |
|
Creditors: Amounts falling due within one year |
(316,745) |
- |
- |
(316,745) |
Net current liabilities |
(8,997) |
- |
- |
(8,997) |
Total assets less current liabilities |
50,040 |
- |
- |
50,040 |
Creditors: Amounts falling due after more than one year |
(15,278) |
- |
- |
(15,278) |
Provisions for liabilities |
(10,250) |
10,250 |
- |
- |
Net assets |
24,512 |
10,250 |
- |
34,762 |
Capital and reserves |
||||
Called up share capital |
(300) |
- |
- |
(300) |
Profit and loss account |
(24,212) |
(10,250) |
- |
(34,462) |
Total equity |
(24,512) |
(10,250) |
- |
(34,762) |
Page 13 |
Warisa Distribution Services Limited
trading as Warisa Distribution Services limited
Notes to the Abridged Financial Statements for the Year Ended 30 April 2017
Balance Sheet at 30 April 2016
As originally reported |
Reclassification |
Remeasurement |
As restated |
|
Fixed assets |
||||
Tangible assets |
50,250 |
- |
- |
50,250 |
Current assets |
||||
Debtors |
157,929 |
- |
- |
157,929 |
Cash at bank and in hand |
233,140 |
- |
- |
233,140 |
391,069 |
- |
- |
391,069 |
|
Creditors: Amounts falling due within one year |
(260,435) |
- |
- |
(260,435) |
Net current assets |
130,634 |
- |
- |
130,634 |
Total assets less current liabilities |
180,884 |
- |
- |
180,884 |
Provisions for liabilities |
(10,250) |
10,250 |
- |
- |
Net assets |
170,634 |
10,250 |
- |
180,884 |
Capital and reserves |
||||
Called up share capital |
(300) |
- |
- |
(300) |
Profit and loss account |
(170,334) |
(10,250) |
- |
(180,584) |
Total equity |
(170,634) |
(10,250) |
- |
(180,884) |
Page 14 |
Warisa Distribution Services Limited
trading as Warisa Distribution Services limited
Notes to the Abridged Financial Statements for the Year Ended 30 April 2017
Profit and Loss Account for the year ended 30 April 2016
As originally reported |
Reclassification |
Remeasurement |
As restated |
|
Turnover |
956,741 |
- |
- |
956,741 |
Cost of sales |
(17,900) |
- |
- |
(17,900) |
Gross profit |
938,841 |
- |
- |
938,841 |
Distribution costs |
(712,776) |
- |
- |
(712,776) |
Administrative expenses |
(79,943) |
- |
- |
(79,943) |
Operating profit |
146,122 |
- |
- |
146,122 |
Profit before tax |
146,122 |
- |
- |
146,122 |
Profit for the financial year |
146,122 |
- |
- |
146,122 |
Page 15 |