Company Registration No. 03252417 (England and Wales)
STYLES AND WHITLOCK LIMITED
DIRECTOR'S REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2015
STYLES AND WHITLOCK LIMITED
COMPANY INFORMATION
Director
M.W. Pote
Secretary
Mrs A. Pote
Company number
03252417
Registered office
Eden House
Reynolds Road
Beaconsfield
Buckinghamshire
HP9 2FL
Accountants
Littlestone Golding
17 Cavendish Square
London
W1G 0PH
STYLES AND WHITLOCK LIMITED
CONTENTS
Page
Director's report
1
Accountants' report
2
Profit and loss account
3
Balance sheet
4
Notes to the financial statements
5 - 7
STYLES AND WHITLOCK LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 MAY 2015
- 1 -
The director presents his report and financial statements for the year ended 31 May 2015.
Director
The following director has held office since 1 June 2014:
M.W. Pote
This report has been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006.
On behalf of the board
M.W. Pote
Director
18 February 2016
STYLES AND WHITLOCK LIMITED
CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF STYLES AND WHITLOCK LIMITED FOR THE YEAR ENDED 31 MAY 2015
- 2 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Styles and Whitlock Limited for the year ended 31 May 2015 set out on pages 3 to 7 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 Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at icaew.com/regulations.
This report is made solely to the Board of Directors of Styles and Whitlock Limited, as a body, in accordance with the terms of our engagement
.
Our work has been undertaken solely to prepare for your approval the financial statements of Styles and Whitlock Limited and state those matters that we have agreed to state to the Board of Directors of Styles and Whitlock Limited, as a body, in this report in accordance with the requirements of the Institute of Chartered Accountants in England and Wales as detailed at http://www2.accaglobal.com/pubs/members/publications/technical_factsheets/downloads/163.doc. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Styles and Whitlock Limited and its Board of Directors as a body, for our work or for this report.
It is your duty to ensure that Styles and Whitlock Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Styles and Whitlock Limited. You consider that Styles and Whitlock 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 financial statements of Styles and Whitlock 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 financial statements.
Littlestone Golding
18 February 2016
Chartered Accountants
17 Cavendish Square
London
W1G 0PH
STYLES AND WHITLOCK LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MAY 2015
- 3 -
2015
2014
Notes
£
£
Turnover
64,031
34,501
Cost of sales
(31,369)
(5,709)
Gross profit
32,662
28,792
Administrative expenses
(10,907)
(19,677)
Other operating income
4,013
3,784
Operating profit
2
25,768
12,899
Interest payable and similar charges
(48)
(348)
Profit on ordinary activities before taxation
25,720
12,551
Tax on profit on ordinary activities
3
(803)
(757)
Profit for the year
8
24,917
11,794
STYLES AND WHITLOCK LIMITED
BALANCE SHEET
- 4 -
2015
2014
Notes
£
£
£
£
Fixed assets
Tangible assets
4
83,819
84,949
Current assets
Debtors
5
5,310
20,487
Cash at bank and in hand
4,817
316
10,127
20,803
Creditors: amounts falling due within one year
6
(54,523)
(91,246)
Net current liabilities
(44,396)
(70,443)
Total assets less current liabilities
39,423
14,506
Capital and reserves
Called up share capital
7
1,000
1,000
Profit and loss account
8
38,423
13,506
Shareholders' funds
39,423
14,506
For the financial year ended 31 May 2015 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
-
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and the Financial Reporting Standard for Smaller Entities (effective April 2008).
Approved by the Board for issue on 18 February 2016
M.W. Pote
Director
Company Registration No. 03252417
STYLES AND WHITLOCK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2015
- 5 -
1
Accounting policies
1.1
Accounting convention
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).
Going concern
The company's business activities are set out in the director's report on page 1, and the financial position is presented in these accounts.
The company is expected to generate positive operating cash flows for the foreseeable future from its activities and the director believes the company is well placed to manage its business risks sucessfully; thus he continues to adopt the going concern basis of accounting when preparing the annual financial statements.
1.2
Compliance with accounting standards
The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).
1.3
Turnover
Turnover represents the total amount receivable by the company in respect of fees to clients, excluding VAT.
1.4
Tangible fixed assets and depreciation
Tangible fixed assets, other than Leasehold property included as an investment property, are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Land and buildings Leasehold
Nil (see below)
Fixtures, fittings & equipment
15% per annum reducing balance basis
Motor vehicles
25% per annum reducing balance basis
Investment property is included in the balance sheet at an open market value. Depreciation is provided only on those investment properties which are leasehold and where the unexpired lease term is less than 20 years.
Although this accounting policy is in accordance with the Financial Reporting Standard for smaller Entities (effective April 2008), it is a departure from the general requirement of the Companies Act 2006 for all tangible assets to be depreciated. In the opinion of the director compliance with the standard is necessary for the financial statements to give a true and fair view. Depreciation or amortisation is only one of the many factors reflected in the annual valuation and the amount of this which might otherwise have been charged cannot be separately identified or quantified.
1.5
Deferred taxation
Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.
STYLES AND WHITLOCK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2015
- 6 -
2
Operating profit
2015
2014
£
£
Operating profit is stated after charging:
Depreciation of tangible assets
1,130
1,409
3
Taxation
2015
2014
£
£
Domestic current year tax
U.K. corporation tax
803
757
Total current tax
803
757
The company has estimated losses of £ 46,442 (2014 - £ 70,969) available for carry forward against future trading profits.
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 June 2014 & at 31 May 2015
78,786
29,186
107,972
Depreciation
At 1 June 2014
-
23,023
23,023
Charge for the year
-
1,130
1,130
At 31 May 2015
-
24,153
24,153
Net book value
At 31 May 2015
78,786
5,033
83,819
At 31 May 2014
78,786
6,163
84,949
The leasehold property is held for investment purposes. Market value was considered to be equal to cost at 31 May 2015.
5
Debtors
2015
2014
£
£
Trade debtors
5,162
20,162
Other debtors
148
325
5,310
20,487
STYLES AND WHITLOCK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2015
- 7 -
6
Creditors: amounts falling due within one year
2015
2014
£
£
Taxation and social security
803
4,028
Other creditors
53,720
87,218
54,523
91,246
7
Share capital
2015
2014
£
£
Allotted, called up and fully paid
1,000 Ordinary shares of £1 each
1,000
1,000
8
Statement of movements on profit and loss account
Profit
and loss
account
£
Balance at 1 June 2014
13,506
Profit for the year
24,917
Balance at 31 May 2015
38,423
9
Control
The ultimate controlling party is M W Pote, the sole shareholder of the company.
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