Company Registration No. 04749629 (England and Wales)
CONWY FENCING LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2018
PAGES FOR FILING WITH REGISTRAR
CONWY FENCING LIMITED
COMPANY INFORMATION
Director
Mr P.M. Owen
Secretary
Mrs A. Owen
Company number
04749629
Registered office
Unit 26-27
Morfa Conwy Business Centre
Conwy
Conwy
LL32 8HH
Accountants
Gareth Hughes & Company Limited
The Round House
Glan-y-Mor Road
Llandudno Junction
Conwy
LL31 9SN
Business address
Unit 26-27
Morfa Conwy Business Centre
Conwy
Conwy
LL32 8HH
Bankers
Barclays Bank Plc
Raymond Court
Princes Drive
Colwyn Bay
LL29 8HY
CONWY FENCING LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
CONWY FENCING LIMITED
BALANCE SHEET
AS AT
30 JUNE 2018
30 June 2018
- 1 -
2018
2017
Notes
£
£
£
£
Fixed assets
Tangible assets
5
-
63
Current assets
Stocks
68,079
68,053
Debtors
4
15,308
10,539
Cash at bank and in hand
98,264
82,392
181,651
160,984
Creditors: amounts falling due within one year
6
(161,045)
(147,258)
Net current assets
20,606
13,726
Total assets less current liabilities
20,606
13,789
Provisions for liabilities
-
(12)
Net assets
20,606
13,777
Capital and reserves
Called up share capital
8
100
100
Profit and loss reserves
20,506
13,677
Total equity
20,606
13,777
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 30 June 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.
CONWY FENCING LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 JUNE 2018
30 June 2018
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 9 November 2018
Mr P.M. Owen
Director
Company Registration No. 04749629
CONWY FENCING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2018
- 3 -
1
Accounting policies
Company information
Conwy Fencing Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Unit 26-27, Morfa Conwy Business Centre, Conwy, Conwy, LL32 8HH.
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, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts.
1.3
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:
Plant and machinery
25% Straight line
Fixtures, fittings & equipment
25% Straight line
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
.
1.4
Stocks
Stock is valued at the lower of cost and net realisable value.
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
CONWY FENCING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2018
1
Accounting policies
(Continued)
- 4 -
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 4 (2017 - 4).
3
Taxation
2018
2017
£
£
Current tax
UK corporation tax on profits for the current period
3,962
2,927
Deferred tax
Origination and reversal of timing differences
(12)
(58)
Total tax charge
3,950
2,869
4
Debtors
2018
2017
Amounts falling due within one year:
£
£
Trade debtors
12,555
7,786
Other debtors
2,753
2,753
15,308
10,539
CONWY FENCING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2018
- 5 -
5
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 July 2017 and 30 June 2018
12,903
Depreciation and impairment
At 1 July 2017
12,840
Depreciation charged in the year
63
At 30 June 2018
12,903
Carrying amount
At 30 June 2018
-
At 30 June 2017
63
6
Creditors: amounts falling due within one year
2018
2017
£
£
Bank loans and overdrafts
-
5,515
Trade creditors
27,677
21,083
Corporation tax
3,960
2,927
Other taxation and social security
5,624
4,962
Other creditors
123,784
112,771
161,045
147,258
7
Provisions for liabilities
2018
2017
£
£
Deferred tax liabilities
-
12
8
Called up share capital
2018
2017
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary shares of £1 each
100
100
100
100
CONWY FENCING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2018
- 6 -
9
Directors' transactions
Dividends totalling £5,100 (2017 - £5,100) were paid in the year in respect of shares held by the company's directors.