Company Registration No. 04724491 (England and Wales)
EWART ADAMS AND SON LIMITED
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2016
EWART ADAMS AND SON LIMITED
CONTENTS
Page
Accountants' report
1
Abbreviated balance sheet
2
Notes to the abbreviated accounts
3 - 4
EWART ADAMS AND SON LIMITED
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF EWART ADAMS AND SON LIMITED FOR THE YEAR ENDED 30 APRIL 2016
- 1 -
The following reproduces the text of the Accountants' Report prepared in respect of the company's annual unaudited financial statements, from which the unaudited abbreviated financial statements set out on pages 2 to 4 have been prepared.
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Ewart Adams and Son Limited for the year ended 30 April 2016 set out on pages 3 to 11 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 Ewart Adams and Son Limited, as a body, in accordance with the terms of our engagement letter dated 21 November 2011. Our work has been undertaken solely to prepare for your approval the financial statements of Ewart Adams and Son Limited and state those matters that we have agreed to state to the Board of Directors of Ewart Adams and Son Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Ewart Adams and Son Limited and its Board of Directors as a body, for our work or for this report.
It is your duty to ensure that Ewart Adams and Son 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 loss of Ewart Adams and Son Limited. You consider that Ewart Adams and Son 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 Ewart Adams and Son 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.
Pearson May
20 January 2017
Chartered Accountants
5 Wicker Hill
Trowbridge
Wiltshire
BA14 8JS
EWART ADAMS AND SON LIMITED
ABBREVIATED BALANCE SHEET
AS AT
30 APRIL 2016
30 April 2016
- 2 -
2016
2015
Notes
£
£
£
£
Fixed assets
Tangible assets
2
11,862
28,067
Current assets
Stocks
-
19,600
Debtors
62,444
34,693
Cash at bank and in hand
614
11,537
63,058
65,830
Creditors: amounts falling due within one year
(113,413)
(107,249)
Net current liabilities
(50,355)
(41,419)
Total assets less current liabilities
(38,493)
(13,352)
Provisions for liabilities
(2,056)
(5,297)
(40,549)
(18,649)
Capital and reserves
Called up share capital
3
510
510
Profit and loss account
(41,059)
(19,159)
Shareholders' funds
(40,549)
(18,649)
For the financial year ended 30 April 2016 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 19 January 2017
S E Adams
P J Askew
Director
Director
Company Registration No. 04724491
EWART ADAMS AND SON LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 30 APRIL 2016
- 3 -
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).
At the balance sheet date, the company's liabilities exceeded its assets. The company has received assurance from the directors that they will continue to give financial support to the company for at least twelve months from the date of signing these accounts.
On this basis, the directors consider it appropriate to prepare the accounts on a going concern basis. However, should the financial support mentioned above not be forthcoming, the going concern basis used in preparing the company's accounts may be invalid and adjustments would have to be made to reduce the value of assets to their realisable amount and to provide for any further liabilities which might arise. The accounts do not include any adjustment to the company's assets or liabilities that might be necessary should this basis not continue to be appropriate.
The company has taken advantage of the exemption in Financial Reporting Standard No 1 from the requirement to produce a cash flow statement on the grounds that it is a small company.
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 instalments over its estimated useful economic life.
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:
Plant and machinery
25% reducing balance
Fixtures, fittings & equipment
20% reducing balance and 3 years straight line
Motor vehicles
25% reducing balance
1.6
Leasing
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
1.7
Stock
Work in progress is valued at the lower of cost and net realisable value.
1.8
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.
EWART ADAMS AND SON LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2016
- 4 -
2
Fixed assets
Intangible assets
Tangible assets
Total
£
£
£
Cost
At 1 May 2015
300,000
186,692
486,692
Disposals
-
(110,987)
(110,987)
At 30 April 2016
300,000
75,705
375,705
Depreciation
At 1 May 2015
300,000
158,625
458,625
On disposals
-
(98,734)
(98,734)
Charge for the year
-
3,952
3,952
At 30 April 2016
300,000
63,843
363,843
Net book value
At 30 April 2016
-
11,862
11,862
At 30 April 2015
-
28,067
28,067
3
Share capital
2016
2015
£
£
Allotted, called up and fully paid
500 ordinary 'A' shares of £1 each
500
500
10 ordinary 'B' shares of £1 each
10
10
510
510
The voting rights are such that each 'A' ordinary share is entitled to two votes and each 'B' ordinary share is entitled to one vote. In all other respects the shares rank pari passu.