Company Registration No. 07748138 (England and Wales)
ROB WALLER LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2021
PAGES FOR FILING WITH REGISTRAR
ROB WALLER LIMITED
BALANCE SHEET
AS AT
31 AUGUST 2021
31 August 2021
- 1 -
2021
2020
Notes
£
£
£
£
Fixed assets
Tangible assets
3
37,938
44,822
Current assets
Stocks
9,443
11,041
Debtors
4
86,938
63,511
Cash at bank and in hand
145,623
141,509
242,004
216,061
Creditors: amounts falling due within one year
5
(86,470)
(86,799)
Net current assets
155,534
129,262
Total assets less current liabilities
193,472
174,084
Creditors: amounts falling due after more than one year
6
(15,000)
(18,667)
Provisions for liabilities
Deferred tax liability
6,021
6,829
(6,021)
(6,829)
Net assets
172,451
148,588
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
172,351
148,488
Total equity
172,451
148,588
ROB WALLER LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 AUGUST 2021
31 August 2021
- 2 -
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 August 2021 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 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.
The financial statements were approved and signed by the director and authorised for issue on 9 December 2021
Mr R E M Waller
Director
Company Registration No. 07748138
ROB WALLER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2021
- 3 -
1
Accounting policies
Company information
Rob Waller Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
13-15 High Street, Witney, Oxfordshire, OX28 6HW.
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
s
ervices provided in the normal course of business
and
is shown net of VA
T.
Revenue from
jobs
for the provision of
vehicle repair
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 staff
labour
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:
Leasehold improvements
straight line over 3 years
Tools and equipment
25% reducing balance
Office equipment
25% reducing balance
Motor vehicles
25% 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
.
1.4
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
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)
.
1.5
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
.
ROB WALLER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2021
1
Accounting policies
(Continued)
- 4 -
1.6
Cash and cash equivalents
Cash at bank and in hand
are basic financial assets
and
include cash in hand
and
deposits held at call with banks
.
1.7
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 initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including
creditors and bank loans
,
a
re
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method
.
1.8
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.
ROB WALLER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2021
1
Accounting policies
(Continued)
- 5 -
1.9
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.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or
fixed assets.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.12
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met
. Where a
grant does not specify performance conditions
it
is recognised in income when the proceeds are received or receivable
. A grant received before the recognition criteria are satisfied is recognised as a liability.
ROB WALLER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2021
- 6 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Total
9
9
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 September 2020
4,417
135,057
139,474
Additions
6,630
6,630
Disposals
(1,650)
(1,650)
At 31 August 2021
4,417
140,037
144,454
Depreciation and impairment
At 1 September 2020
3,105
91,547
94,652
Depreciation charged in the year
1,312
11,997
13,309
Eliminated in respect of disposals
(1,445)
(1,445)
At 31 August 2021
4,417
102,099
106,516
Carrying amount
At 31 August 2021
37,938
37,938
At 31 August 2020
1,312
43,510
44,822
4
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
27,015
19,431
Other debtors
59,923
44,080
86,938
63,511
ROB WALLER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2021
- 7 -
5
Creditors: amounts falling due within one year
2021
2020
£
£
Bank loans
4,000
1,333
Trade creditors
32,495
35,465
Taxation and social security
32,483
36,742
Other creditors
17,492
13,259
86,470
86,799
As at the year end, £4,000 (2020 - £1,333) included within bank loans is the Coronavirus Bounce Back Loan (CBBL), which is secured by the UK Government.
6
Creditors: amounts falling due after more than one year
2021
2020
£
£
Bank loans and overdrafts
15,000
18,667
As at the year end, £15,000 (2020- £18,667) included within bank loans is the Coronavirus Bounce Back Loan (CBBL), which is secured by the UK Government.
7
Government grants
The company has taken advantage of Government grants that were made available by the UK Government in response to the global Covid-19 pandemic. During the year, a total of £5,849 (2020 - £33,292) has been received in Government grants through the Coronavirus Job Retention Scheme (CJRS), and the Small Business Grant Fund (SBGF). These amounts are recognised within other operating income.
The UK Government has undertaken to pay the first year's interest of the Bounce Bank Loan on inception referred to as a Business Interruption Payment (BIP). The BIP of £375 (2020 - £nil) is recognised as a government grant within other operating income with an equal and corresponding charge included within bank interest.
8
Operating lease commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2021
2020
£
£
12,267
13,183