31/03/2018
2018-03-31
false
false
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No description of principal activities is disclosed
2017-04-01
Sage Accounts Production 18.30 - FRS
xbrli:pure
xbrli:shares
iso4217:GBP
09957738
2017-04-01
2018-03-31
09957738
2018-03-31
09957738
2017-03-31
09957738
2016-04-01
2017-03-31
09957738
2017-03-31
09957738
bus:Director1
2017-04-01
2018-03-31
09957738
core:WithinOneYear
2018-03-31
09957738
core:WithinOneYear
2017-03-31
09957738
core:MotorVehicles
2017-03-31
09957738
core:MotorVehicles
2018-03-31
09957738
core:AfterOneYear
2018-03-31
09957738
core:AfterOneYear
2017-03-31
09957738
core:ShareCapital
2018-03-31
09957738
core:ShareCapital
2017-03-31
09957738
core:RetainedEarningsAccumulatedLosses
2018-03-31
09957738
core:RetainedEarningsAccumulatedLosses
2017-03-31
09957738
core:MotorVehicles
2017-04-01
2018-03-31
09957738
core:MotorVehicles
2017-03-31
09957738
bus:Director1
2018-03-31
09957738
bus:SmallEntities
2017-04-01
2018-03-31
09957738
bus:AuditExemptWithAccountantsReport
2017-04-01
2018-03-31
09957738
bus:FullAccounts
2017-04-01
2018-03-31
09957738
bus:SmallCompaniesRegimeForAccounts
2017-04-01
2018-03-31
09957738
bus:PrivateLimitedCompanyLtd
2017-04-01
2018-03-31
09957738
core:PlantMachinery
2017-04-01
2018-03-31
Company registration number:
09957738
West of England Stabling Limited
Unaudited filleted financial statements
31 March 2018
WEST OF ENGLAND STABLING LIMITED
Contents
Statement of financial position
Notes to the financial statements
WEST OF ENGLAND STABLING LIMITED
STATEMENT OF FINANCIAL POSITION
31 MARCH 2018
|
|
|
2018
|
|
|
|
2017
|
|
|
|
|
Note
|
£
|
|
£
|
|
£
|
|
£
|
|
|
|
|
|
|
|
|
|
|
Fixed assets
|
|
|
|
|
|
|
|
|
|
Tangible assets
|
|
|
39,258
|
|
|
|
47,344
|
|
|
|
|
|
_______
|
|
|
|
_______
|
|
|
|
|
|
|
|
39,258
|
|
|
|
47,344
|
|
|
|
|
|
|
|
|
|
|
Current assets
|
|
|
|
|
|
|
|
|
|
Stocks
|
|
|
40,545
|
|
|
|
199,450
|
|
|
Debtors
|
|
6
|
28,515
|
|
|
|
4,176
|
|
|
Cash at bank and in hand
|
|
|
3,185
|
|
|
|
27,381
|
|
|
|
|
|
_______
|
|
|
|
_______
|
|
|
|
|
|
72,245
|
|
|
|
231,007
|
|
|
Creditors: amounts falling due
|
|
|
|
|
|
|
|
|
|
within one year
|
|
7
|
(
250,392)
|
|
|
|
(
243,145)
|
|
|
|
|
|
_______
|
|
|
|
_______
|
|
|
Net current liabilities
|
|
|
|
|
(
178,147)
|
|
|
|
(
12,138)
|
|
|
|
|
|
_______
|
|
|
|
_______
|
Total assets less current liabilities
|
|
|
|
|
(
138,889)
|
|
|
|
35,206
|
|
|
|
|
|
|
|
|
|
|
Creditors: amounts falling due
|
|
|
|
|
|
|
|
|
|
after more than one year
|
|
8
|
|
|
(
21,904)
|
|
|
|
(
38,610)
|
|
|
|
|
|
_______
|
|
|
|
_______
|
Net liabilities
|
|
|
|
|
(
160,793)
|
|
|
|
(
3,404)
|
|
|
|
|
|
_______
|
|
|
|
_______
|
|
|
|
|
|
|
|
|
|
|
Capital and reserves
|
|
|
|
|
|
|
|
|
|
Called up share capital
|
|
|
|
|
1,000
|
|
|
|
1,000
|
Profit and loss account
|
|
9
|
|
|
(
161,793)
|
|
|
|
(
4,404)
|
|
|
|
|
|
_______
|
|
|
|
_______
|
Shareholders deficit
|
|
|
|
|
(
160,793)
|
|
|
|
(
3,404)
|
|
|
|
|
|
_______
|
|
|
|
_______
|
|
|
|
|
|
|
|
|
|
|
For the year ending 31 March 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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 statement of comprehensive income has not been delivered.
These financial statements were approved by the
board of directors
and authorised for issue on
20 December 2018
, and are signed on behalf of the board by:
Mr Jake Wiegersma
Director
Company registration number:
09957738
WEST OF ENGLAND STABLING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2018
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 5 West Street, Okehampton, Devon, EX20 1HQ.
Principal activity
The principal activity of the company is the construction and supply of stabling.
2.
Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3.
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 April 2016. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 11.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.
Turnover
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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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 are 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.
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 and machinery
|
-
|
25% Straight Line
|
|
|
|
|
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
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 stocks to their present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument
.
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 in finance costs in profit or loss in the period in which it arises.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
10
(2017:
11
).
5.
Tangible assets
|
|
Motor vehicles
|
Total
|
|
|
|
|
|
|
|
|
|
£
|
£
|
|
|
|
|
|
|
|
|
Cost
|
|
|
|
|
|
|
|
|
|
|
At 1 April 2017
|
55,730
|
55,730
|
|
|
|
|
|
|
|
|
Additions
|
5,000
|
5,000
|
|
|
|
|
|
|
|
|
|
_______
|
_______
|
|
|
|
|
|
|
|
|
At 31 March 2018
|
60,730
|
60,730
|
|
|
|
|
|
|
|
|
|
_______
|
_______
|
|
|
|
|
|
|
|
|
Depreciation
|
|
|
|
|
|
|
|
|
|
|
At 1 April 2017
|
8,386
|
8,386
|
|
|
|
|
|
|
|
|
Charge for the year
|
13,086
|
13,086
|
|
|
|
|
|
|
|
|
|
_______
|
_______
|
|
|
|
|
|
|
|
|
At 31 March 2018
|
21,472
|
21,472
|
|
|
|
|
|
|
|
|
|
_______
|
_______
|
|
|
|
|
|
|
|
|
Carrying amount
|
|
|
|
|
|
|
|
|
|
|
At 31 March 2018
|
39,258
|
39,258
|
|
|
|
|
|
|
|
|
|
_______
|
_______
|
|
|
|
|
|
|
|
|
At 31 March 2017
|
47,344
|
47,344
|
|
|
|
|
|
|
|
|
|
_______
|
_______
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6.
Debtors
|
|
|
2018
|
2017
|
|
|
|
£
|
£
|
|
Trade debtors
|
|
28,459
|
4,176
|
|
Other debtors
|
|
56
|
-
|
|
|
|
_______
|
_______
|
|
|
|
28,515
|
4,176
|
|
|
|
_______
|
_______
|
|
|
|
|
|
7.
Creditors: amounts falling due within one year
|
|
|
2018
|
2017
|
|
|
|
£
|
£
|
|
Trade creditors
|
|
93,650
|
51,505
|
|
Accruals and deferred income
|
|
2,750
|
1,000
|
|
Social security and other taxes
|
|
28,482
|
18,693
|
|
Other creditors
|
|
125,510
|
171,947
|
|
|
|
_______
|
_______
|
|
|
|
250,392
|
243,145
|
|
|
|
_______
|
_______
|
|
|
|
|
|
8.
Creditors: amounts falling due after more than one year
|
|
|
2018
|
2017
|
|
|
|
£
|
£
|
|
Other creditors
|
|
21,904
|
38,610
|
|
|
|
_______
|
_______
|
|
|
|
|
|
9.
Reserves
Profit and loss account:This reserve records retained earnings and accumulated losses
.
10.
Directors advances, credits and guarantees
|
During the year the directors entered into the following advances and credits with the company:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans to / (from) directors at 1 April 2017
|
Loans to / (from) the directors
|
Amounts repaid
|
Balance at 31 March 2018
|
|
|
|
|
£
|
£
|
£
|
£
|
|
|
|
|
-
|
(
30,288)
|
2,868
|
(
27,420)
|
|
|
|
|
_______
|
_______
|
_______
|
_______
|
|
|
|
|
|
|
|
|
|
|
11.
Transition to FRS 102
These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 April 2016.
Reconciliation of equity
No transitional adjustments were required.
Reconciliation of profit or loss for the year
No transitional adjustments were required.