Company Registration No. 07178395 (England and Wales)
SEVERN VALE WINDOWS DOORS AND CONSERVATORIES LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2017
PAGES FOR FILING WITH REGISTRAR
SEVERN VALE WINDOWS DOORS AND CONSERVATORIES LTD
COMPANY INFORMATION
Directors
Mrs P A Holliday
Mr A D Holliday
Company number
07178395
Registered office
Hampton
Old Worcester Road
Hartlebury
Kidderminster
Worcestershire
DY11 7XS
Accountants
Ormerod Rutter Limited
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
Bankers
Lloyds Bank Plc
4 The Cross
Worcester
Worcestershire
WR1 3PY
SEVERN VALE WINDOWS DOORS AND CONSERVATORIES LTD
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 8
SEVERN VALE WINDOWS DOORS AND CONSERVATORIES LTD
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF SEVERN VALE WINDOWS DOORS AND CONSERVATORIES LTD FOR THE YEAR ENDED 31 MARCH 2017
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Severn Vale Windows Doors and Conservatories Ltd for the year ended 31 March 2017 which comprise, the Balance Sheet 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 http://www.icaew.com/en/members/regulations-standards-and-guidance
.
This report is made solely to the Board of Directors of Severn Vale Windows Doors and Conservatories Ltd, as a body, in accordance with
our
terms
of
engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Severn Vale Windows Doors and Conservatories Ltd
and state those matters that we have agreed to state to the Board of Directors of Severn Vale Windows Doors and Conservatories Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Severn Vale Windows Doors and Conservatories Ltd and its Board of Directors as a body, for
our work or for this report.
It is your duty to ensure that Severn Vale Windows Doors and Conservatories Ltd 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 Severn Vale Windows Doors and Conservatories Ltd. You consider that Severn Vale Windows Doors and Conservatories Ltd 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 Severn Vale Windows Doors and Conservatories Ltd. 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.
Ormerod Rutter Limited
18 December 2017
Chartered Accountants
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
SEVERN VALE WINDOWS DOORS AND CONSERVATORIES LTD
BALANCE SHEET
AS AT
31 MARCH 2017
31 March 2017
- 2 -
2017
2016
Notes
£
£
£
£
Fixed assets
Tangible assets
3
19,515
2,390
Current assets
Stocks
32,193
30,613
Debtors
4
20,701
25,226
52,894
55,839
Creditors: amounts falling due within one year
5
(51,143)
(57,892)
Net current assets/(liabilities)
1,751
(2,053)
Total assets less current liabilities
21,266
337
Creditors: amounts falling due after more than one year
6
(17,085)
-
Provisions for liabilities
(3,708)
-
Net assets
473
337
Capital and reserves
Called up share capital
9
4
4
Profit and loss reserves
469
333
Total equity
473
337
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 March 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
T
he directors acknowledge their responsibilities for complying with the requirements of the Act 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.
SEVERN VALE WINDOWS DOORS AND CONSERVATORIES LTD
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2017
31 March 2017
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 18 December 2017 and are signed on its behalf by:
Mrs P A Holliday
Director
Company Registration No. 07178395
SEVERN VALE WINDOWS DOORS AND CONSERVATORIES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2017
- 4 -
1
Accounting policies
Company information
Severn Vale Windows Doors and Conservatories Ltd is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Hampton, Old Worcester Road, Hartlebury, Kidderminster, Worcestershire, DY11 7XS.
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 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.
These financial statements for the year ended 31 March 2017
are the
first
financial statements of Severn Vale Windows Doors and Conservatories Ltd prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 April 2015. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and 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, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer
(usually on dispatch of the goods)
, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.
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% on reducing balance
Computer equipment
33% on cost
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
.
SEVERN VALE WINDOWS DOORS AND CONSERVATORIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
1
Accounting policies
(Continued)
- 5 -
1.4
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.5
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 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.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. 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. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.6
Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.7
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 the profit and loss account so as to produce a constant periodic rate of interest on the remaining balance of the liability.
SEVERN VALE WINDOWS DOORS AND CONSERVATORIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
1
Accounting policies
(Continued)
- 6 -
Rentals payable under operating leases,
including
any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 3 (2016 - 3).
3
Tangible fixed assets
Plant and machinery
Computer equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 April 2016
2,928
3,619
8,331
14,878
Additions
-
-
21,930
21,930
At 31 March 2017
2,928
3,619
30,261
36,808
Depreciation and impairment
At 1 April 2016
2,293
3,234
6,961
12,488
Depreciation charged in the year
158
192
4,455
4,805
At 31 March 2017
2,451
3,426
11,416
17,293
Carrying amount
At 31 March 2017
477
193
18,845
19,515
At 31 March 2016
635
385
1,370
2,390
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.
2017
2016
£
£
Motor vehicles
17,818
-
4
Debtors
2017
2016
Amounts falling due within one year:
£
£
Trade debtors
20,701
25,226
SEVERN VALE WINDOWS DOORS AND CONSERVATORIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
- 7 -
5
Creditors: amounts falling due within one year
2017
2016
£
£
Bank loans and overdrafts
264
9,201
Trade creditors
2,353
2,131
Corporation tax
1,543
12,128
Other taxation and social security
3,746
4,464
Other creditors
43,237
29,968
51,143
57,892
6
Creditors: amounts falling due after more than one year
2017
2016
£
£
Other creditors
17,085
-
7
Secured debts
The following secured debts are included within creditors:
2017
2016
£
£
Hire purchase contracts
20,163
-
Bank overdrafts
264
9,201
20,427
9,201
Hire purchase contracts are secured against the assets to which they relate.
8
Provisions for liabilities
2017
2016
£
£
Deferred tax liabilities
3,708
-
3,708
-
SEVERN VALE WINDOWS DOORS AND CONSERVATORIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
- 8 -
9
Called up share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
2 Ordinary A of £1 each
2
2
1 Ordinary B of £1 each
1
1
1 Ordinary C of £1 each
1
1
4
4
10
Ultimate controlling party
The ultimate controlling party is Mr A D and Mrs P A Holliday.