J WHELAN DECORATING AND REFURBISHMENT LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2018
PAGES FOR FILING WITH REGISTRAR
Company Registration No. 07037821 (England and Wales)
J WHELAN DECORATING AND REFURBISHMENT LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
J WHELAN DECORATING AND REFURBISHMENT LIMITED
BALANCE SHEET
AS AT
31 OCTOBER 2018
31 October 2018
- 1 -
2018
2017
Notes
£
£
£
£
Fixed assets
Intangible assets
3
1,594
3,332
Tangible assets
4
9,903
13,205
11,497
16,537
Current assets
Debtors
5
52,879
25,584
Cash at bank and in hand
73,608
86,775
126,487
112,359
Creditors: amounts falling due within one year
6
(29,896)
(26,309)
Net current assets
96,591
86,050
Total assets less current liabilities
108,088
102,587
Creditors: amounts falling due after more than one year
7
-
(9,923)
Provisions for liabilities
9
(1,882)
(2,509)
Net assets
106,206
90,155
Capital and reserves
Called up share capital
10
1
1
Profit and loss reserves
106,205
90,154
Total equity
106,206
90,155
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 31 October 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 member has 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.
J WHELAN DECORATING AND REFURBISHMENT LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 OCTOBER 2018
31 October 2018
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 25 May 2019
Mr J Whelan
Director
Company Registration No. 07037821
J WHELAN DECORATING AND REFURBISHMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2018
- 3 -
1
Accounting policies
Company information
J Whelan Decorating and Refurbishment Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Robinswood, 1 Woodside Way, Tylers Green, Penn, High Wycombe, Buckinghamshire, HP10 8DZ.
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. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts
.
1.3
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated
amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is ten years.
1.4
Tangible fixed assets
Tangible fixed assets
are measured at cost
,
net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Plant and machinery
25% on reducing balance
Motor vehicles
25% on reducing balance
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
.
1.5
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
J WHELAN DECORATING AND REFURBISHMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2018
1
Accounting policies
(Continued)
- 4 -
1.6
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.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs
.
Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors, that are classified as debt, are
recognised at transaction price unless the arrangement constitutes a
financing transaction
. Financial liabilities classified as payable within one year are not amortised.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
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
.
Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled
.
Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity.
1.9
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair
value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
J WHELAN DECORATING AND REFURBISHMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2018
- 5 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 1 (2017 - 1).
3
Intangible fixed assets
Goodwill
£
Cost
At 1 November 2017 and 31 October 2018
17,374
Amortisation and impairment
At 1 November 2017
14,043
Amortisation charged for the year
1,737
At 31 October 2018
15,780
Carrying amount
At 31 October 2018
1,594
At 31 October 2017
3,332
4
Tangible fixed assets
Plant and machinery
Motor vehicles
Total
£
£
£
Cost
At 1 November 2017 and 31 October 2018
3,769
28,141
31,910
Depreciation and impairment
At 1 November 2017
1,942
16,763
18,705
Depreciation charged in the year
457
2,845
3,302
At 31 October 2018
2,399
19,608
22,007
Carrying amount
At 31 October 2018
1,370
8,533
9,903
At 31 October 2017
1,827
11,378
13,205
5
Debtors
2018
2017
Amounts falling due within one year:
£
£
Trade debtors
300
6,239
Other debtors
52,579
19,345
52,879
25,584
J WHELAN DECORATING AND REFURBISHMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2018
- 6 -
6
Creditors: amounts falling due within one year
2018
2017
£
£
Corporation tax
9,491
12,065
Other taxation and social security
3,828
3,165
Other creditors
16,577
11,079
29,896
26,309
7
Creditors: amounts falling due after more than one year
2018
2017
£
£
Other creditors
-
9,923
8
Provisions for liabilities
2018
2017
£
£
Deferred tax liabilities
9
1,882
2,509
9
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2018
2017
Balances:
£
£
Accelerated capital allowances
1,882
2,509
2018
Movements in the year:
£
Liability at 1 November 2017
2,509
Credit to profit or loss
(627)
Liability at 31 October 2018
1,882
J WHELAN DECORATING AND REFURBISHMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2018
- 7 -
10
Called up share capital
2018
2017
£
£
Ordinary share capital
Issued and fully paid
1 Ordinary share of £1 each
1
1
11
Directors' transactions
The maximum amount outstanding during the year was £54,640 (2017: £27,332). Interest of £1307 (2017: £585) was charged at the official H M Revenue and Customs rate for beneficial loans. This amount was repaid back within 9 months from the balance sheet date.
Description
% Rate
Opening balance
Amounts advanced
Interest charged
Amounts repaid
Closing balance
£
£
£
£
£
2.50
19,345
63,445
1,307
(31,517)
52,580
19,345
63,445
1,307
(31,517)
52,580