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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2017 |
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FOR |
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B D WOODGATE LIMITED |
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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2017 |
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FOR |
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B D WOODGATE LIMITED |
B D WOODGATE LIMITED (REGISTERED NUMBER: 05562454) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
for the year ended 31 October 2017 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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Chartered Accountants' Report | 10 |
B D WOODGATE LIMITED |
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COMPANY INFORMATION |
for the year ended 31 October 2017 |
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DIRECTOR: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Linden House |
Linden Close |
Tunbridge Wells |
Kent |
TN4 8HH |
B D WOODGATE LIMITED (REGISTERED NUMBER: 05562454) |
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BALANCE SHEET |
31 October 2017 |
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31.10.17 | 31.10.16 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
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Tangible assets | 5 |
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CURRENT ASSETS |
Stocks |
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Debtors | 6 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 7 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
8 |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings |
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The director acknowledges his responsibilities for: |
(a) |
ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies
Act 2006 and |
(b) |
preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of
each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
B D WOODGATE LIMITED (REGISTERED NUMBER: 05562454) |
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BALANCE SHEET - continued |
31 October 2017 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the director on
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B D WOODGATE LIMITED (REGISTERED NUMBER: 05562454) |
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NOTES TO THE FINANCIAL STATEMENTS |
for the year ended 31 October 2017 |
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1. | STATUTORY INFORMATION |
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B D Woodgate Limited is a
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company's registered number and registered office address can be found on the Company Information page. |
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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First year adoption of Financial Reporting Standard 102 ( FRS 102) Section 1A |
These financial statements for the year ended 31 October 2017 are the first that are prepared in accordance with |
FRS 102 Section 1A. The previous financial statements were prepared in accordance with UK GAAP, the date of |
transition to FRS 102 Section 1A is 1 November 2015. |
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The policies adopted under the entity's previous accounting framework are not materially different to FRS 102 |
and there have been no transitional adjustment to the balance sheet or the profit and loss. |
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Turnover |
Turnover represents net sales of goods, excluding value added tax, except in respect of service contracts where |
turnover is recognised when the company obtains the right to consideration. |
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Goodwill |
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Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost |
less any accumulated amortisation and any accumulated impairment losses. |
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Tangible fixed assets |
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Office building | - |
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Plant and machinery | - |
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Office equipment | - |
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Motor vehicles | - |
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Computer equipment | - |
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Stocks |
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance |
for obsolete and slow moving items. |
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Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in |
bringing stocks to their present location and condition. |
B D WOODGATE LIMITED (REGISTERED NUMBER: 05562454) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 October 2017 |
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2. | ACCOUNTING POLICIES - continued |
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Financial instruments |
The company enters into basic financial instruments that give rise to financial assets and financial liabilities |
including trade and other debtors, trade and other creditors, bank account balances, bank loans and other loans |
and borrowings and investments in certain non puttable and non convertible equity instruments. |
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Debt instruments which are not payable or receivable within one year are initially accounted for at the transaction |
price and are subsequently accounted for at amortised cost using the effective interest method. Debt instruments |
payable and receivable within one year are measured at their undiscounted cash amounts. Where the debt |
instruments are treated as a financing transaction, then the financial asset or liability is measured at the present |
value of future cash flows based on a market rate of interest. Debt instruments which are treated as financial |
assets and accounted for at amortised cost are also assessed for impairment. |
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Equity instruments are initially accounted for at transaction price. They are subsequently accounted for at cost |
unless they can be accounted for at fair value based on a readily available market price or fair value. Equity |
instruments which are treated as financial assets and accounted for at cost are also assessed for impairment. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to |
the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or |
substantively enacted by the balance sheet date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance |
sheet date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from |
those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that |
have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the |
timing difference. |
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Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they |
will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
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Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held |
under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases |
are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
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The interest element of these obligations is charged to profit or loss over the relevant period. The capital element |
of the future payments is treated as a liability. |
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Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the |
lease. |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension |
scheme are charged to profit or loss in the period to which they relate. |
B D WOODGATE LIMITED (REGISTERED NUMBER: 05562454) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 October 2017 |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | INTANGIBLE FIXED ASSETS |
Goodwill |
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COST |
At 1 November 2016 |
and 31 October 2017 |
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AMORTISATION |
At 1 November 2016 |
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Charge for year |
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At 31 October 2017 |
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NET BOOK VALUE |
At 31 October 2017 |
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At 31 October 2016 |
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5. | TANGIBLE FIXED ASSETS |
Office | Plant and | Office |
building | machinery | equipment |
£ | £ | £ |
COST |
At 1 November 2016 |
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Additions |
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At 31 October 2017 |
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DEPRECIATION |
At 1 November 2016 |
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Charge for year |
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At 31 October 2017 |
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NET BOOK VALUE |
At 31 October 2017 |
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At 31 October 2016 |
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B D WOODGATE LIMITED (REGISTERED NUMBER: 05562454) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 October 2017 |
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5. | TANGIBLE FIXED ASSETS - continued |
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Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 1 November 2016 |
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Additions |
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At 31 October 2017 |
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DEPRECIATION |
At 1 November 2016 |
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Charge for year |
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At 31 October 2017 |
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NET BOOK VALUE |
At 31 October 2017 |
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At 31 October 2016 |
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Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Motor |
vehicles |
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COST |
At 1 November 2016 |
and 31 October 2017 |
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DEPRECIATION |
At 1 November 2016 |
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Charge for year |
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At 31 October 2017 |
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NET BOOK VALUE |
At 31 October 2017 |
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At 31 October 2016 |
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6. | DEBTORS |
31.10.17 | 31.10.16 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
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Directors' current accounts | - | 10,552 |
Corporation tax recoverable |
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Prepayments and accrued income |
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B D WOODGATE LIMITED (REGISTERED NUMBER: 05562454) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 October 2017 |
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6. | DEBTORS - continued |
31.10.17 | 31.10.16 |
£ | £ |
Amounts falling due after more than one year: |
Corporation tax recoverable |
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Aggregate amounts |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.10.17 | 31.10.16 |
£ | £ |
Bank loans and overdrafts |
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Hire purchase contracts |
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Trade creditors |
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Corporation tax |
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Social security and other taxes |
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VAT | 43,061 | 36,197 |
Directors' current accounts | 21,201 | - |
Accruals and deferred income |
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8. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
31.10.17 | 31.10.16 |
£ | £ |
Hire purchase contracts |
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9. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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31.10.17 | 31.10.16 |
£ | £ |
Bank overdrafts |
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Fixed assets held under HP | 24,755 | 36,210 |
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The bank loan and overdraft is secured by a personal guarantee provided by the director. |
B D WOODGATE LIMITED (REGISTERED NUMBER: 05562454) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 October 2017 |
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10. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
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The following advances and credits to a director subsisted during the years ended 31 October 2017 and |
31 October 2016: |
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31.10.17 | 31.10.16 |
£ | £ |
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Balance outstanding at start of year |
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Amounts advanced |
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Amounts repaid | ( |
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Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
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Interest is charged on overdrawn loan accounts at the official rate. |
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11. | RELATED PARTY DISCLOSURES |
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During the year, total dividends of £16,265 were paid to the director . |
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12. | ULTIMATE CONTROLLING PARTY |
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The ultimate controlling party is
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13. | FIRST YEAR ADOPTION |
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This is the first year that the company has presented its results under FRS 102 section 1A. The last financial |
statements under previous UK GAAP were for the year ended 31 October 2016. The date of transition to FRS |
102 Section 1A was 1 November 2016. There were no effects of the transition from UK GAAP to FRS 102 |
section 1A on the equity or the profit. |
CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTOR |
ON THE UNAUDITED FINANCIAL STATEMENTS OF |
B D WOODGATE LIMITED |
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The following reproduces the text of the report prepared for the director in respect of the company's annual |
unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file |
a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the |
Report of the Director are not required to be filed with the Registrar of Companies. |
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In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the |
financial statements of B D Woodgate Limited for the year ended 31 October 2017 which comprise the Income |
Statement, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records |
and from information and explanations you have given us. |
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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 within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
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This report is made solely to the director of B D Woodgate Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of B D Woodgate Limited and state those matters that we have agreed to state to the director of B D Woodgate Limited in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than B D Woodgate Limited and its director for our work or for this report. |
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It is your duty to ensure that B D Woodgate 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 B D Woodgate Limited. You consider that B D Woodgate Limited is exempt from the statutory audit requirement for the year. |
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We have not been instructed to carry out an audit or a review of the financial statements of B D Woodgate 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. |
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Linden House |
Linden Close |
Tunbridge Wells |
Kent |
TN4 8HH |
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