Company Registration No. 04718893 (England and Wales)
W C ROBERTS & SON LIMITED
ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MAY 2016
W C ROBERTS & SON LIMITED
CONTENTS
Page
Abbreviated balance sheet
1
Notes to the abbreviated accounts
2 - 4
W C ROBERTS & SON LIMITED
ABBREVIATED BALANCE SHEET
- 1 -
2016
2015
Notes
£
£
£
£
Fixed assets
Intangible assets
2
52,500
60,000
Tangible assets
2
10,271
13,683
62,771
73,683
Current assets
Stocks
45,794
53,386
Debtors
61,553
86,747
107,347
140,133
Creditors: amounts falling due within one year
3
(196,261)
(187,038)
Net current liabilities
(88,914)
(46,905)
Total assets less current liabilities
(26,143)
26,778
Capital and reserves
Called up share capital
4
200
200
Profit and loss account
(26,343)
26,578
Shareholders' funds
(26,143)
26,778
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 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 20 February 2017
N Roberts
Director
Company Registration No. 04718893
W C ROBERTS & SON LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MAY 2016
- 2 -
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).
The company meets its day to day working capital requirements through an overdraft facility which is repayable on demand.
The nature of the company's business is such that there can be considerable unpredictable variation in the timing of cash inflows. The director ha
s
prepared projected
management
information for the period ending 9 months from the date of their approval of these financial statements. On the basis of this
management
information, the director consider
s
that the company will continue to operate within the facility currently agreed.
H
owever, the margin of facilities over requirements is not large and, inherently there can be no certainty in relation to these matters. On this basis, the director consider
s
it appropriate to prepare the financial statements on the going concern basis. The financial statements do not include any adjustments that would result from a withdrawal of the overdraft facility by the company's bankers.
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
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows: Goodwill - 5% Straight Line
Goodwill - 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:
Fixtures, fittings & equipment
25% Reducing Balance
Motor vehicles
25% Reducing Balance
1.6
Stocks are valued at the lower of cost and net realisable value, after making due allowance for
obsolete and slow moving items.
1.7
Work in progress is valued on the basis of direct costs plus attributable overheads based on
normal level of activity. Provision is made for any foreseeable losses where appropriate. No
element of profit is included in the valuation of work in progress.
1.8
The company operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the company. The annual contributions payable are charged to the profit and loss account.
scheme are held separately from those of the company. The annual contributions payable are
charged to the profit and loss account.
W C ROBERTS & SON LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2016
1
Accounting policies
(Continued)
- 3 -
2
Fixed assets
Intangible assets
Tangible assets
Total
£
£
£
Cost
At 1 June 2015 & at 31 May 2016
150,000
25,623
175,623
Depreciation
At 1 June 2015
90,000
11,940
101,940
Charge for the year
7,500
3,412
10,912
At 31 May 2016
97,500
15,352
112,852
Net book value
At 31 May 2016
52,500
10,271
62,771
At 31 May 2015
60,000
13,683
73,683
3
Creditors: amounts falling due within one year
The aggregate amount of creditors for which security has been given amounted to £0 (2015 - £15,766).
The bank overdraft is secured by a director's guarantee.
4
Share capital
2016
2015
£
£
Allotted, called up and fully paid
50 A ordinary shares of £1 each
50
50
50 B ordinary shares of £1 each
50
50
50 C ordinary shares of £1 each
50
50
50 D ordinary shares of £1 each
50
50
200
200
W C ROBERTS & SON LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2016
- 4 -
5
Transactions with directors
The following directors had loans during the year
, on which interest was paid at the HMRC official rate
. The movement on these loans are as follows:
Amount outstanding
Maximum
2016
2015
in year
£
£
£
N Roberts
18,693
50,114
59,514