Registered number: 05765244
WEATHERFIELD LIMITED
UNAUDITED
ABBREVIATED ACCOUNTS
FOR THE PERIOD ENDED 31 DECEMBER 2015
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WEATHERFIELD LIMITED
The following reproduces the text of the Chartered accountants' report in respect of the company's annual financial statements, from which the abbreviated accounts (set out on pages 2 to 7) have been prepared.
CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF WEATHERFIELD LIMITED
FOR THE PERIOD ENDED 31 DECEMBER 2015
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Weatherfield Limited for the period ended 31 December 2015 which comprise the Profit and loss account, the Balance sheet and the related notes from the company's accounting records and from information and explanations you have given to us.
As a 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 icaew.com/regulations.
This report is made solely to the director of Weatherfield Limited in accordance with the terms of our engagement letter dated
7 August 2012. Our work has been undertaken solely
to prepare for your approval the financial statements of Weatherfield Limited and state those matters that we have agreed to state to the director of Weatherfield Limited in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Weatherfield Limited and its director for our work or for this report.
It is your duty to ensure that Weatherfield Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the company's assets, liabilities, financial position and profit. You consider that Weatherfield Limited is exempt from the statutory audit requirement for the period.
We
have not been instructed to carry out an audit or review of the financial statements of Weatherfield 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.
MA Partners LLP
Chartered Accountants
7 The Close
Norwich
Norfolk
NR1 4DJ
13 July 2016
Page 1
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WEATHERFIELD LIMITED
REGISTERED NUMBER:
05765244
ABBREVIATED BALANCE SHEET
AS AT
31 DECEMBER 2015
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CREDITORS:
amounts falling due within one year
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TOTAL ASSETS LESS CURRENT LIABILITIES
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CREDITORS:
amounts falling due after more than one year
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PROVISIONS FOR LIABILITIES
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The director considers that the company is entitled to exemption from the requirement to have an audit under the provisions of section 477 of the Companies Act 2006 ("the Act")
and members have not required the company to obtain an audit for the period in question in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and for preparing financial statements which give a true and fair view of the state of affairs of the company as at 31 December 2015 and of its profit for the period in accordance with the requirements of sections 394 and 395 of the Act and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.
Page 2
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WEATHERFIELD LIMITED
ABBREVIATED BALANCE SHEET
(continued)
AS AT
31 DECEMBER 2015
The abbreviated accounts, which have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006, were approved and authorised for issue by the board and were signed on its behalf on
12 July 2016
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The notes on pages 4 to 7 form part of these financial statements.
Page 3
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WEATHERFIELD LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE PERIOD ENDED 31 DECEMBER 2015
1.
ACCOUNTING POLICIES
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Basis of preparation of financial statements
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The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015)
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The financial statements do not include a Cash flow statement because the company, as a small reporting entity, is exempt from the requirement to prepare such a statement under the Financial Reporting Standard for Smaller Entities (effective January 2015).
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Turnover comprises revenue recognised by the company in respect of marquees hired in the period, exclusive of Value Added Tax.
Revenue is recognised on an accruals basis in accordance with the period covered by the hire.
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Intangible fixed assets and amortisation
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Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the identifiable assets and liabilities. It is amortised to the Profit and loss account over its estimated economic life of 5 and 20 years.
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Tangible fixed assets and depreciation
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Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of fixed assets, over their expected useful lives, on the following bases:
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Furniture, fittings & equipment
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Leasing and hire purchase
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Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the Profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
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Stocks represent work in progress on property developments and are valued at the lower of cost and estimated net realisable value of the work undertaken.
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Page 4
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WEATHERFIELD LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE PERIOD ENDED 31 DECEMBER 2015
1.
ACCOUNTING POLICIES (continued)
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Full provision is made for deferred tax assets and liabilities arising from all timing differences between the recognition of gains and losses in the financial statements and recognition in the tax computation.
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A net deferred tax asset is recognised only if it can be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.
Deferred tax assets and liabilities are calculated at the tax rates expected to be effective at the time the timing differences are expected to reverse.
Deferred tax assets and liabilities are not discounted.
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The company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the company to the fund in respect of the period.
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2.
INTANGIBLE FIXED ASSETS
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At 1 May 2015 and 31 December 2015
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Page 5
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WEATHERFIELD LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE PERIOD ENDED 31 DECEMBER 2015
3.
TANGIBLE FIXED ASSETS
4.
CREDITORS:
Amounts falling due within one year
Included within creditors falling due within one year are secured creditors totalling
£16,111
(
2015 - £16,649
).
5.
CREDITORS:
Amounts falling due after more than one year
Creditors include amounts not wholly repayable within 5 years as follows:
Included within creditors: amounts falling due after more than one year are secured creditors totalling
£76,682
(
2015 - £87,224
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Page 6
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WEATHERFIELD LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE PERIOD ENDED 31 DECEMBER 2015
6.
SHARE CAPITAL
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Allotted, called up and fully paid
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255
'A' ordinary
shares of £
1
each
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255
'B' ordinary
shares of £
1
each
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490
'C' ordinary
shares of £
1
each
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Page 7
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