Company Registration No. 04718893 (England and Wales)
W C ROBERTS & SON LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2018
PAGES FOR FILING WITH REGISTRAR
W C ROBERTS & SON LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
W C ROBERTS & SON LIMITED
BALANCE SHEET
- 1 -
2018
2017
Notes
£
£
£
£
Fixed assets
Goodwill
3
37,500
45,000
Tangible assets
4
21,826
13,810
59,326
58,810
Current assets
Stocks
40,773
42,638
Debtors
5
79,457
57,748
Cash at bank and in hand
-
30,492
120,230
130,878
Creditors: amounts falling due within one year
6
(142,586)
(192,274)
Net current liabilities
(22,356)
(61,396)
Total assets less current liabilities
36,970
(2,586)
Creditors: amounts falling due after more than one year
7
(2,892)
-
Provisions for liabilities
(4,147)
(2,624)
Net assets/(liabilities)
29,931
(5,210)
Capital and reserves
Called up share capital
8
200
200
Profit and loss reserves
29,731
(5,410)
Total equity
29,931
(5,210)
W C ROBERTS & SON LIMITED
BALANCE SHEET (CONTINUED)
- 2 -
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 May 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 24 February 2019
Mr N Roberts
Director
Company Registration No. 04718893
W C ROBERTS & SON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2018
- 3 -
1
Accounting policies
Company information
W C Roberts & Son Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
264 Banbury Road, Oxford, OX2 7DY.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.3
Intangible fixed assets - 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
1.4
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures, fittings & equipment
25% Reducing Balance
Motor vehicles
25% Reducing Balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
1.6
Cash and cash equivalents
Cash at bank and in hand
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
W C ROBERTS & SON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2018
1
Accounting policies
(Continued)
- 4 -
1.7
Taxation
The tax expense represents the sum of the tax currently payable
only
.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.8
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.10
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair
value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to the profit and loss account so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases,
including
any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 6 (2017 - 5).
W C ROBERTS & SON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2018
- 5 -
3
Intangible fixed assets
Goodwill
£
Cost
At 1 June 2017 and 31 May 2018
150,000
Amortisation and impairment
At 1 June 2017
105,000
Amortisation charged for the year
7,500
At 31 May 2018
112,500
Carrying amount
At 31 May 2018
37,500
At 31 May 2017
45,000
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 June 2017
23,223
Additions
16,928
Disposals
(4,500)
At 31 May 2018
35,651
Depreciation and impairment
At 1 June 2017
9,414
Depreciation charged in the year
7,411
Eliminated in respect of disposals
(3,000)
At 31 May 2018
13,825
Carrying amount
At 31 May 2018
21,826
At 31 May 2017
13,810
W C ROBERTS & SON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2018
- 6 -
5
Debtors
2018
2017
Amounts falling due within one year:
£
£
Trade debtors
31,452
4,410
Other debtors
48,005
53,338
79,457
57,748
6
Creditors: amounts falling due within one year
2018
2017
£
£
Bank loans and overdrafts
888
-
Trade creditors
103,949
150,905
Corporation tax
10,741
8,118
Other taxation and social security
7,890
23,600
Other creditors
19,118
9,651
142,586
192,274
7
Creditors: amounts falling due after more than one year
2018
2017
£
£
Other creditors
2,892
-
8
Called up share capital
2018
2017
£
£
Ordinary share capital
Issued and fully paid
50 A ordinary share of £1 each
50
50
50 B ordinary share of £1 each
50
50
50 C ordinary share of £1 each
50
50
50 D ordinary share of £1 each
50
50
200
200
W C ROBERTS & SON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2018
- 7 -
9
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases in respect of motor vehicle leases, as follows:
2018
2017
£
£
727
6,996
10
Directors' transactions
Dividends totalling £7,500 (2017 - £5,000) were paid in the year in respect of shares held by the company's directors.
Description
% Rate
Opening balance
Amounts advanced
Interest charged
Amounts repaid
Closing balance
£
£
£
£
£
Current account
2.50
43,435
28,813
886
(44,798)
28,336
43,435
28,813
886
(44,798)
28,336