Company Registration No. 03252417 (England and Wales)
STYLES AND WHITLOCK LIMITED
DIRECTOR'S REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2016
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 2016
- 1 -
The director presents his report and financial statements for the year ended 31 May 2016.
Principal activities
The principal activity of the company continued to be that of Chartered Surveying.
Director
The following director has held office since 1 June 2015:
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
17 February 2017
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 2016
- 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 2016 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 http://www.icaew.com/en/members/regulations-standards-and-guidance/.
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
17 February 2017
Chartered Accountants
17 Cavendish Square
London
W1G 0PH
STYLES AND WHITLOCK LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MAY 2016
- 3 -
2016
2015
Notes
£
£
Turnover
34,000
64,031
Cost of sales
(4,976)
(31,369)
Gross profit
29,024
32,662
Administrative expenses
(9,443)
(10,907)
Other operating income
2,204
4,013
Operating profit
2
21,785
25,768
Profit on disposal of investment property
3
14,712
-
Interest payable and similar charges
(12)
(48)
Profit on ordinary activities before taxation
36,485
25,720
Tax on profit on ordinary activities
4
(441)
(803)
Profit for the year
9
36,044
24,917
STYLES AND WHITLOCK LIMITED
BALANCE SHEET
- 4 -
2016
2015
Notes
£
£
£
£
Fixed assets
Tangible assets
5
4,125
83,819
Current assets
Debtors
6
110
5,310
Cash at bank and in hand
76,602
4,817
76,712
10,127
Creditors: amounts falling due within one year
7
(5,370)
(54,523)
Net current assets/(liabilities)
71,342
(44,396)
Total assets less current liabilities
75,467
39,423
Capital and reserves
Called up share capital
8
1,000
1,000
Profit and loss account
9
74,467
38,423
Shareholders' funds
75,467
39,423
For the financial year ended 31 May 2016 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 January 2015).
Approved by the Board for issue on 17 February 2017
M.W. Pote
Director
Company Registration No. 03252417
STYLES AND WHITLOCK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2016
- 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 January 2015).
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 20
15
), 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 2016
- 6 -
2
Operating profit
2016
2015
£
£
Operating profit is stated after charging:
Depreciation of tangible assets
908
1,130
3
Investment income
2016
2015
£
£
Profit on disposal of investment property
14,712
-
4
Taxation
2016
2015
£
£
Domestic current year tax
U.K. corporation tax
441
803
Total current tax
441
803
The company has estimated losses of £ 24,595 (2015 - £ 46,442) available for carry forward against future trading profits.
5
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 June 2015
78,786
29,186
107,972
Disposals
(78,786)
-
(78,786)
At 31 May 2016
-
29,186
29,186
Depreciation
At 1 June 2015
-
24,153
24,153
Charge for the year
-
908
908
At 31 May 2016
-
25,061
25,061
Net book value
At 31 May 2016
-
4,125
4,125
At 31 May 2015
78,786
5,033
83,819
During the year, t
he leasehold property
was disposed of at market value to Mrs A Pote, the wife of the director and shareholder of the company.
STYLES AND WHITLOCK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2016
- 7 -
6
Debtors
2016
2015
£
£
Trade debtors
-
5,162
Other debtors
110
148
110
5,310
7
Creditors: amounts falling due within one year
2016
2015
£
£
Taxation and social security
477
803
Other creditors
4,893
53,720
5,370
54,523
8
Share capital
2016
2015
£
£
Allotted, called up and fully paid
1,000 Ordinary shares of £1 each
1,000
1,000
9
Statement of movements on profit and loss account
Profit
and loss
account
£
Balance at 1 June 2015
38,423
Profit for the year
36,044
Balance at 31 May 2016
74,467
10
Control
The ultimate controlling party is M W Pote, the sole shareholder of the company.
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