false
false
false
false
false
false
false
false
false
true
false
false
false
false
false
false
false
No description of principal activity
2016-08-01
Sage Accounts Production Advanced 2017 Update 2 - FRS
xbrli:pure
xbrli:shares
iso4217:GBP
05061395
2016-08-01
2017-07-31
05061395
2017-07-31
05061395
2016-07-31
05061395
2015-08-01
2016-07-31
05061395
2016-07-31
05061395
core:PlantMachinery
2016-08-01
2017-07-31
05061395
core:MotorVehicles
2016-08-01
2017-07-31
05061395
bus:RegisteredOffice
2016-08-01
2017-07-31
05061395
bus:OrdinaryShareClass1
2016-08-01
2017-07-31
05061395
bus:OrdinaryShareClass2
2016-08-01
2017-07-31
05061395
bus:LeadAgentIfApplicable
2016-08-01
2017-07-31
05061395
bus:Director1
2016-08-01
2017-07-31
05061395
bus:CompanySecretary1
2016-08-01
2017-07-31
05061395
core:PlantMachinery
2016-07-31
05061395
core:MotorVehicles
2016-07-31
05061395
core:PlantMachinery
2017-07-31
05061395
core:MotorVehicles
2017-07-31
05061395
core:WithinOneYear
2017-07-31
05061395
core:WithinOneYear
2016-07-31
05061395
core:ShareCapital
2017-07-31
05061395
core:ShareCapital
2016-07-31
05061395
core:RetainedEarningsAccumulatedLosses
2017-07-31
05061395
core:RetainedEarningsAccumulatedLosses
2016-07-31
05061395
core:PlantMachinery
2016-07-31
05061395
core:MotorVehicles
2016-07-31
05061395
bus:FRS102
2016-08-01
2017-07-31
05061395
bus:AuditExemptWithAccountantsReport
2016-08-01
2017-07-31
05061395
bus:FullAccounts
2016-08-01
2017-07-31
05061395
bus:SmallCompaniesRegimeForAccounts
2016-08-01
2017-07-31
05061395
bus:PrivateLimitedCompanyLtd
2016-08-01
2017-07-31
05061395
bus:OrdinaryShareClass1
2017-07-31
05061395
bus:OrdinaryShareClass1
2016-07-31
05061395
bus:OrdinaryShareClass2
2017-07-31
05061395
bus:OrdinaryShareClass2
2016-07-31
05061395
bus:AllOrdinaryShares
2017-07-31
05061395
bus:AllOrdinaryShares
2016-07-31
COMPANY REGISTRATION NUMBER:
05061395
Filleted Unaudited Financial Statements
|
|
Year ended 31 July 2017
Officers and professional advisers
|
1
|
|
|
Statement of financial position
|
2
|
|
|
Notes to the financial statements
|
4
|
|
|
The following pages do not form part of the financial statements
Chartered accountant's report to the director on the preparation of the unaudited statutory financial statements
|
9
|
|
|
Officers and Professional Advisers
|
|
Company secretary
|
Mrs F E Wagstaff
|
|
|
Registered office
|
The Elms
|
|
Green Garden Lane
|
|
Off Bathley Lane
|
|
Norwell
|
|
NG23 6JS
|
|
|
Accountants
|
Swandec
|
|
Chartered accountant
|
|
550 Valley Road
|
|
Basford
|
|
Nottingham
|
|
NG5 1JJ
|
|
|
Bankers
|
National Westminster Bank Plc
|
|
1 Market Place
|
|
Newark
|
|
Nottinghamshire
|
|
NG24 1DY
|
|
|
Statement of Financial Position
|
|
31 July 2017
Fixed assets
Tangible assets
|
4
|
|
67,342
|
59,275
|
|
|
|
|
|
Current assets
Stocks
|
971,707
|
|
535,601
|
Debtors
|
5
|
18,249
|
|
23,677
|
Cash at bank and in hand
|
554,126
|
|
783,922
|
|
------------
|
|
------------
|
|
1,544,082
|
|
1,343,200
|
|
|
|
|
|
Creditors: amounts falling due within one year
|
6
|
411,095
|
|
352,771
|
|
------------
|
|
------------
|
Net current assets
|
|
1,132,987
|
990,429
|
|
|
------------
|
------------
|
Total assets less current liabilities
|
|
1,200,329
|
1,049,704
|
|
|
|
|
|
Provisions
Taxation including deferred tax
|
|
13,468
|
11,855
|
|
|
------------
|
------------
|
Net assets
|
|
1,186,861
|
1,037,849
|
|
|
------------
|
------------
|
|
|
|
|
Capital and reserves
Called up share capital
|
7
|
|
110
|
110
|
Profit and loss account
|
|
1,186,751
|
1,037,739
|
|
|
------------
|
------------
|
Members funds
|
|
1,186,861
|
1,037,849
|
|
|
------------
|
------------
|
|
|
|
|
|
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.
For the year ending 31 July 2017 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
.
Statement of Financial Position (continued)
|
|
31 July 2017
These financial statements were approved by the
board of directors
and authorised for issue on
24 November 2017
, and are signed on behalf of the board by:
Company registration number:
05061395
Notes to the Financial Statements
|
|
Year ended 31 July 2017
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is The Elms, Green Garden Lane, Off Bathley Lane, Norwell, NG23 6JS.
2.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Transition to FRS 102
The entity transitioned from previous UK GAAP to FRS 102 as at 1 August 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 9.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
Plant & Machinery
|
-
|
10% reducing balance
|
|
Motor Vehicles
|
-
|
25% reducing balance
|
|
|
|
|
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
3.
Employee numbers
The average number of persons employed by the company during the year amounted to
3
(2016:
3
).
4.
Tangible assets
|
Plant and machinery
|
Motor vehicles
|
Total
|
|
£
|
£
|
£
|
Cost
|
|
|
|
At 1 August 2016
|
65,837
|
38,158
|
103,995
|
Additions
|
6,376
|
13,900
|
20,276
|
|
--------
|
--------
|
---------
|
At 31 July 2017
|
72,213
|
52,058
|
124,271
|
|
--------
|
--------
|
---------
|
Depreciation
|
|
|
|
At 1 August 2016
|
38,217
|
6,503
|
44,720
|
Charge for the year
|
3,281
|
8,928
|
12,209
|
|
--------
|
--------
|
---------
|
At 31 July 2017
|
41,498
|
15,431
|
56,929
|
|
--------
|
--------
|
---------
|
Carrying amount
|
|
|
|
At 31 July 2017
|
30,715
|
36,627
|
67,342
|
|
--------
|
--------
|
---------
|
At 31 July 2016
|
27,620
|
31,655
|
59,275
|
|
--------
|
--------
|
---------
|
|
|
|
|
5.
Debtors
|
2017
|
2016
|
|
£
|
£
|
Other debtors
|
18,249
|
23,677
|
|
--------
|
--------
|
|
|
|
6.
Creditors:
amounts falling due within one year
|
2017
|
2016
|
|
£
|
£
|
Bank loans and overdrafts
|
1,150
|
418
|
Trade creditors
|
16,243
|
21,790
|
Corporation tax
|
51,418
|
57,750
|
Social security and other taxes
|
3,729
|
801
|
Other creditors
|
338,555
|
272,012
|
|
---------
|
---------
|
|
411,095
|
352,771
|
|
---------
|
---------
|
|
|
|
7.
Called up share capital
Issued, called up and fully paid
|
2017
|
2016
|
|
No.
|
£
|
No.
|
£
|
Ordinary A shares of £ 1 each
|
100
|
100
|
100
|
100
|
Ordinary B shares of £ 1 each
|
10
|
10
|
10
|
10
|
|
----
|
----
|
----
|
----
|
|
110
|
110
|
110
|
110
|
|
----
|
----
|
----
|
----
|
|
|
|
|
|
8.
Director's advances, credits and guarantees
During the year, the director lent the company a net amount of £66,389 (2016: £21,288). At the statement of financial position date the amount owed to the director was £336,623 (2016: £270,234) through the directors loan account.The director's loan is interest free, unsecured and repayable on demand.
9.
Transition to FRS 102
These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 August 2015.
No transitional adjustments were required in equity or profit or loss for the year.
Year ended 31 July 2017
The following pages do not form part of the financial statements.
Chartered Accountant's Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of
P M Wagstaff Limited
|
|
Year ended 31 July 2017
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of P M Wagstaff Limited for the year ended 31 July 2017, which comprise the statement of financial position and the related notes 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 (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the director of P M Wagstaff Limited in accordance with the terms of our engagement letter dated 29 November 2016. Our work has been undertaken solely to prepare for your approval the financial statements of P M Wagstaff Limited and state those matters that we have agreed to state to you in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than P M Wagstaff Limited and its director for our work or for this report.
It is your duty to ensure that P M Wagstaff 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 profit of P M Wagstaff Limited. You consider that P M Wagstaff 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 P M Wagstaff 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.
Swandec
Chartered accountant
550 Valley Road
Basford
Nottingham
NG5 1JJ
24 November 2017