I J Walker Limited - Filleted accounts

I J Walker Limited - Filleted accounts


Registered number
04463089
I J Walker Limited
Filleted Accounts
30 June 2018
I J Walker Limited
Registered number: 04463089
Balance Sheet
as at 30 June 2018
Notes 2018 2017
£ £
Fixed assets
Tangible assets 2 2,373 3,837
Current assets
Debtors 3 42,136 31,567
Cash at bank and in hand 39,199 29,492
81,335 61,059
Creditors: amounts falling due within one year 4 (57,830) (44,615)
Net current assets 23,505 16,444
Net assets 25,878 20,281
Capital and reserves
Called up share capital 100 100
Profit and loss account 25,778 20,181
Shareholders' funds 25,878 20,281
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Ian Walker
Director
Approved by the board on 26 March 2019
I J Walker Limited
Notes to the Accounts
for the year ended 30 June 2018
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery over 4 years
Motor vehicle over 4 years
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 July 2017 17,464 24,705 42,169
At 30 June 2018 17,464 24,705 42,169
Depreciation
At 1 July 2017 13,628 24,704 38,332
Charge for the year 1,464 - 1,464
At 30 June 2018 15,092 24,704 39,796
Net book value
At 30 June 2018 2,372 1 2,373
At 30 June 2017 3,836 1 3,837
3 Debtors 2018 2017
£ £
Trade debtors 42,136 31,567
4 Creditors: amounts falling due within one year 2018 2017
£ £
Trade creditors 15,566 14,988
Corporation tax 22,273 12,992
Other taxes and social security costs 17,187 13,909
Director's loan account 44 99
Accruals 2,520 2,520
Pension liability 240 107
57,830 44,615
5 Share Capital Nominal 2018 2018 2017
value number £ £
Allotted, called up and fully paid:
Ordinary shares £1 each 100 100 100
100 100
6 Controlling party
The company is controlled by Ian Walker, the sole director, who owns 50% of the issued shares.
7 Other information
I J Walker Limited is a private company limited by shares and incorporated in England. Its registered office is:
11 Southfields
Welwyn Garden City
Hertfordshire
AL7 4ST
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