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Unaudited Financial Statements |
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for the Year Ended 31 August 2017 |
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for |
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Witt Limited |
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REGISTERED NUMBER:
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Unaudited Financial Statements |
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for the Year Ended 31 August 2017 |
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for |
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Witt Limited |
Witt Limited (Registered number: 06348505) |
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Contents of the Financial Statements |
for the Year Ended 31 August 2017 |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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Witt Limited |
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Company Information |
for the Year Ended 31 August 2017 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
Burn View |
Bude |
Cornwall |
EX23 8BX |
Witt Limited (Registered number: 06348505) |
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Balance Sheet |
31 August 2017 |
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2017 | 2016 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
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Tangible assets | 5 |
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Investments | 6 |
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CURRENT ASSETS |
Debtors | 7 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 8 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
9 |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Share premium |
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Retained earnings | ( |
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SHAREHOLDERS' FUNDS |
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The directors acknowledge their 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. |
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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 Board of Directors on
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Witt Limited (Registered number: 06348505) |
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Notes to the Financial Statements |
for the Year Ended 31 August 2017 |
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1. | STATUTORY INFORMATION |
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Witt Limited is a
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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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Preparation of consolidated financial statements |
The financial statements contain information about Witt Limited as an individual company and do not contain |
consolidated financial information as the parent of a group. The company has taken the option under Section |
398 of the Companies Act 2006 not to prepare consolidated financial statements. |
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Income |
Income is measured at the fair value of the consideration received or receivable. The policies adopted for the |
recognition of income are as follows: |
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Grants received |
Grants received from any sources are written off to the profit and loss account in the year of receipt, except to |
the extent that they are a contribution towards a fixed asset, in which case they are carried forward as deferred |
income. At the year end the total deferred income to be matched against the future intangible fixed asset |
amortisation is £162,058 (2016: £162,058). |
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Grants received are recognised in full when received to either income or deferred income as noted and are |
subject to the grant paying bodies confirmation rules. |
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Goodwill |
Goodwill arising on business combinations is capitalised, classified as an asset on the balance sheet and |
amortised on a straight line basis over its useful life. The period chosen for writing off goodwill is 5 years. |
Provision is made for any impairment. |
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Tangible fixed assets |
Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and |
accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of |
operating as intended. |
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Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated |
residual value, of each asset on a systematic basis over its expected useful life as follows: |
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Plant and machinery - 25% on reducing balance |
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Investments in subsidiaries |
Investments are recognised at cost which is normally the transaction price excluding transaction costs. |
Subsequently, they are measured at cost less impairment. |
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Research and development |
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development |
expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be |
demonstrated. Provision is made for any impairment. |
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Any expenditure carried forward will be amortised in line with the expected sales from the related project over the |
period of expected benefit. Amortisation shall commence once the asset has been fully developed and is ready |
for commercial production. |
Witt Limited (Registered number: 06348505) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 August 2017 |
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2. | ACCOUNTING POLICIES - continued |
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Financial instruments |
All financial instruments are recognised initially at transaction price excluding transaction costs and subsequently |
at amortised cost. These include fixed asset investments, cash at bank, other loans, trade and other debtors and |
trade and other creditors. |
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Debtors and creditors receivable / payable within one year |
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at |
transaction price. Any losses arising from impairment are recognised in the profit and loss account in other |
administrative expenses. |
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Loans and borrowings |
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, |
they are measured at amortised cost using the effective interest rate method, less impairment. |
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Employee benefits |
When employees have rendered service to the company, short-term employee benefits to which the employees |
are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service. |
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The company operates a defined contribution plan for the benefit of its employees. Contributions are expensed |
as they become payable. |
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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 |
Other |
intangible |
Goodwill | assets | Totals |
£ | £ | £ |
COST |
At 1 September 2016 |
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Additions |
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At 31 August 2017 |
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AMORTISATION |
At 1 September 2016 |
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Charge for year |
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At 31 August 2017 |
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NET BOOK VALUE |
At 31 August 2017 |
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At 31 August 2016 |
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Witt Limited (Registered number: 06348505) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 August 2017 |
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5. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
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COST |
At 1 September 2016 |
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Additions |
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At 31 August 2017 |
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DEPRECIATION |
At 1 September 2016 |
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Charge for year |
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At 31 August 2017 |
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NET BOOK VALUE |
At 31 August 2017 |
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At 31 August 2016 |
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6. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
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COST |
At 1 September 2016 |
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Disposals | ( |
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At 31 August 2017 |
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NET BOOK VALUE |
At 31 August 2017 |
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At 31 August 2016 |
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7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Trade debtors |
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Other debtors |
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8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Trade creditors |
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Amounts owed to group undertakings |
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Taxation and social security |
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Other creditors |
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Witt Limited (Registered number: 06348505) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 August 2017 |
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9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2017 | 2016 |
£ | £ |
Other creditors |
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10. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2017 | 2016 |
£ | £ |
Other loans |
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11. | RELATED PARTY DISCLOSURES |
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Mr and Mrs Wickett |
Directors |
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Mr and Mrs Wickett have provided personal guarantees against company borrowings of £200,000 (2016: |
£200,000). |
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12. | FIRST TIME ADOPTION OF FRS 102 |
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The company has prepared its first financial statements that comply with FRS 102 for the year ended 31st |
August 2017. The date of transition to FRS 102 is 1st September 2015. |
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No schedule of reconciliation of funds at the date of transition to FRS 102, 1st September 2015, is required as |
there are no changes to the figures. |