Wray Mechanical and Acoustics Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 01666139 (England and Wales)

WRAY MECHANICAL AND ACOUSTICS LIMITED

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2018

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

M S Wray

J R Wray

SECRETARY:

J R Wray

REGISTERED OFFICE:

The Exchange

Bank Street

Bury

Lancashire

BL9 0DN

REGISTERED NUMBER:

01666139 (England and Wales)

ACCOUNTANTS:

DTE Business Advisers Limited

Chartered Accountants

The Exchange

5 Bank Street

Bury

BL9 0DN

BANKERS:

National Westminster Bank plc

Norfolk Square

Glossop

Derbyshire

SK13 8BR

SOLICITORS:

A G Taylor & Co.

27 High Street West

Glossop

Derbyshire

SK13 8AZ

FIXED ASSETS

Property, plant and equipment

4

124,808

74,727

CURRENT ASSETS

Inventories

8,683

8,550

Debtors

5

727,638

661,278

Cash at bank and in hand

216,161

243,774

952,482

913,602

CREDITORS

Amounts falling due within one year

6

(455,681

)

(448,627

)

NET CURRENT ASSETS

496,801

464,975

TOTAL ASSETS LESS CURRENT LIABILITIES

621,609

539,702

PROVISIONS FOR LIABILITIES

(23,714

)

(14,198

)

NET ASSETS

597,895

525,504

CAPITAL AND RESERVES

Called up share capital

50

50

Revaluation reserve

1,463

1,463

Capital redemption reserve

50

50

Retained earnings

596,332

523,941

SHAREHOLDERS' FUNDS

597,895

525,504

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2018 in accordance with Section 476 of the Companies Act 2006.

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.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 15 May 2019 and were signed on its behalf by:

J R Wray - Director

1.	STATUTORY INFORMATION

Wray Mechanical and Acoustics Limited is a private company, limited by shares, registered in England and

Wales. The company's registered number is 01666139 and its registered office address is The Exchange, Bank

Street, Bury, Lancashire, BL9 0DN.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The company has taken advantage of the transitional relief to use a previous UK GAAP revaluation as deemed

cost on an item of property, plant and equipment.

The directors have considered the business risks and believe that the company is well placed to manage these

risks successfully, thus the going concern basis of accounting has been adopted in preparing these financial

statements.

Critical accounting estimates and judgements

In the application of the company's accounting policies, the directors are required to make estimates and

judgements. The estimates are based on historical experience and other relevant factors. Actual results may differ

from these estimates.

The estimates are continually evaluated. Revisions to accounting estimates are recognised in the period in which

the estimate is revised.

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying

amount of assets and liabilities are outlined below.

Estimating the useful economic life of an asset and the anticipated residual value are considered key judgement

in calculating an appropriate depreciation charge.

Revenue

Revenue represents the aggregate of the fair value of the sale of goods and services provided, excluding value

added tax.

Revenue is recognised when a right to consideration has been obtained through performance under each contract.

Consideration accrues as contract activity progresses by reference to the value of work performed. Revenue is

not recognised where the right to receive payment is contingent on events outside the control of the company.

Unbilled revenue is included in debtors as 'Amounts recoverable on contracts'.

Property, plant and equipment

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Land and buildings

-

20% on reducing balance and 5% on cost

Plant and machinery etc

-

25% on reducing balance and 20% on reducing balance

As noted above the company has taken advantage of the transitional relief in respect of plant and machinery to

use a previous UK GAAP revaluation as deemed cost.

The residual values, estimated useful lives and depreciation method of property, plant and equipment are

reviewed, and adjusted as appropriate, at each statement of financial position date. The effects of any revision

are recognised in the income statement when the change arises.

Inventories

Inventories are valued at the lower of cost and net realisable value, after making due allowance for obsolete and

slow moving items.

Cost includes any expenditure incurred in bringing the inventories to their present location and condition.

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial

assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third

parties and loans to related parties.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for

objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised

in the income statement.

Basic financial liabilities are initially measured at transaction price and subsequently measured at amortised cost,

being the transaction price less any amounts settled.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the

statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that

have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the

timing difference.

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.

Foreign currencies

Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at

the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate

of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the

operating result.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the statement of financial

position. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held

under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to the income statement over the relevant period. The capital

element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to the income statement as incurred.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 27 (2017 - 22 ) .

4.	PROPERTY, PLANT AND EQUIPMENT

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 September 2017

8,635

588,279

596,914

Additions

-

65,911

65,911

Disposals

-

(24,792

)

(24,792

)

At 31 August 2018

8,635

629,398

638,033

DEPRECIATION

At 1 September 2017

8,635

513,552

522,187

Charge for year

-

13,717

13,717

Eliminated on disposal

-

(22,679

)

(22,679

)

At 31 August 2018

8,635

504,590

513,225

NET BOOK VALUE

At 31 August 2018

-

124,808

124,808

At 31 August 2017

-

74,727

74,727

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

601,780

582,698

Amounts recoverable on contracts

116,090

62,065

Other debtors

9,768

16,515

727,638

661,278

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade creditors

271,157

232,290

Taxation and social security

73,767

130,669

Other creditors

110,757

85,668

455,681

448,627

7.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2018

2017

£

£

Within one year

104,195

104,195

Between one and five years

208,390

312,585

312,585

416,780

8.	EVENTS AFTER THE END OF THE REPORTING PERIOD

Subsequent to the year end date interim dividends totalling £116,000 have been voted and paid.