Company Registration No. 04260491 (England and Wales)
W E COUPLINGS LTD
ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 OCTOBER 2015
W E COUPLINGS LTD
CONTENTS
Page
Accountants' report
1
Abbreviated balance sheet
2 - 3
Notes to the abbreviated accounts
4 - 5
W E COUPLINGS LTD
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF W E COUPLINGS LTD FOR THE YEAR ENDED 31 OCTOBER 2015
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of W E Couplings Ltd for the year ended 31 October 2015 set out on pages 2 to 5 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 W E Couplings Ltd, as a body, in accordance with the terms of our engagement letter dated 17 March 2015. Our work has been undertaken solely to prepare for your approval the financial statements of W E Couplings Ltd and state those matters that we have agreed to state to the Board of Directors of W E Couplings Ltd, as a body, in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than W E Couplings Ltd and its Board of Directors as a body, for our work or for this report.
It is your duty to ensure that W E Couplings Ltd 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 W E Couplings Ltd. You consider that W E Couplings Ltd 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 W E Couplings 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 financial statements.
Moore and Smalley LLP
Chartered Accountants
Fylde House
Skyways Commercial Campus
Amy Johnson Way
Blackpool
FY4 3RS
.........................
2016-07-18
W E COUPLINGS LTD
ABBREVIATED BALANCE SHEET
AS AT
31 OCTOBER 2015
31 October 2015
- 2 -
2015
2014
Notes
£
£
£
£
Fixed assets
Intangible assets
2
4,500
5,250
Tangible assets
2
355,769
337,875
360,269
343,125
Current assets
Stocks
375,000
420,000
Debtors
247,663
326,655
Cash at bank and in hand
64,507
11,036
687,170
757,691
Creditors: amounts falling due within one year
3
(165,251)
(328,467)
Net current assets
521,919
429,224
Total assets less current liabilities
882,188
772,349
Creditors: amounts falling due after more than one year
(47,000)
(17,757)
Provisions for liabilities
(59,045)
(61,895)
776,143
692,697
Capital and reserves
Called up share capital
4
100
100
Profit and loss account
776,043
692,597
Shareholders' funds
776,143
692,697
W E COUPLINGS LTD
ABBREVIATED BALANCE SHEET (CONTINUED)
AS AT
31 OCTOBER 2015
31 October 2015
- 3 -
For the financial year ended 31 October 2015 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
Approved by the Board for issue on .........................
2016-07-18
..............................
Mr P Hart
Director
Company Registration No. 04260491
W E COUPLINGS LTD
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 OCTOBER 2015
- 4 -
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).
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 amounts receivable for goods and services net of VAT and trade discounts.
1.4
Goodwill
Acquired goodwill is written off in equal annual installments over its estimated useful economic life (5% straight line).
(5% straight line).
1.5
Tangible fixed assets and depreciation
Tangible fixed assets 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
2% straight line
Plant and machinery
25% reducing balance
Computer equipment
25% reducing balance
Motor vehicles
25% reducing balance
1.6
Stock
Stock is valued at the lower of cost and net realisable value.
1.7
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.
1.8
Foreign currency translation
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.
1.9
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
W E COUPLINGS LTD
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2015
- 5 -
2
Fixed assets
Intangible assets
Tangible assets
Total
£
£
£
Cost
At 1 November 2014
15,000
887,801
902,801
Additions
-
132,123
132,123
At 31 October 2015
15,000
1,019,924
1,034,924
Depreciation
At 1 November 2014
9,750
549,926
559,676
Charge for the year
750
114,229
114,979
At 31 October 2015
10,500
664,155
674,655
Net book value
At 31 October 2015
4,500
355,769
360,269
At 31 October 2014
5,250
337,875
343,125
3
Creditors: amounts falling due within one year
The aggregate amount of creditors for which security has been given amounted to £12,618 (2014 - £10,796).
4
Share capital
2015
2014
£
£
Allotted, called up and fully paid
100 ordinary of £1 each
100
100