H E Woolley Limited 30/09/2018 iXBRL

H E Woolley Limited 30/09/2018 iXBRL

H E WOOLLEY LIMITED - Company Information

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Company registration number: 04043385
H E Woolley Limited
Unaudited filleted financial statements
30 September 2018
H E Woolley Limited
Contents
Directors and other information
Statement of financial position
Notes to the financial statements
H E Woolley Limited
Directors and other information
Director Sir H Wilmot
Secretary S Wilmot
Company number 04043385
Registered office 1A Startforth Road
Riverside Park Industrial Estate
Middlesbrough
TS2 1PT
Accountants Frank Brown & Walford
314 Linthorpe Road
Middlesbrough
TS1 3QX
H E Woolley Limited
Statement of financial position
30 September 2018
2018 2017
Note £ £ £ £
Fixed assets
Intangible assets 5 148,053 165,225
Tangible assets 6 790,530 747,357
_______ _______
938,583 912,582
Current assets
Stocks 73,393 61,283
Debtors 7 413,742 316,067
Cash at bank and in hand 196,528 262,293
_______ _______
683,663 639,643
Creditors: amounts falling due
within one year 8 ( 395,326) ( 402,443)
_______ _______
Net current assets 288,337 237,200
_______ _______
Total assets less current liabilities 1,226,920 1,149,782
Creditors: amounts falling due
after more than one year 9 ( 170,518) ( 197,518)
Provisions for liabilities ( 75,019) ( 76,666)
_______ _______
Net assets 981,383 875,598
_______ _______
Capital and reserves
Called up share capital 10,000 10,000
Revaluation reserve 71,509 73,348
Profit and loss account 899,874 792,250
_______ _______
Shareholders funds 981,383 875,598
_______ _______
For the year ending 30 September 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges 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 income statement has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 29 May 2019 , and are signed on behalf of the board by:
Sir H Wilmot
Director
Company registration number: 04043385
H E Woolley Limited
Notes to the financial statements
Year ended 30 September 2018
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is 1A Startforth Road, Riverside Park Industrial Estate, Middlesbrough, TS2 1PT.
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 measured at fair value through profit or loss.The financial statements are prepared in sterling, which is the functional currency of the entity.
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.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.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and 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:
Freehold buildings - 2% straight line
Plant and machinery - 10-25% straight line
Fittings fixtures and equipment - 10-33% straight line
Motor vehicles - 25% straight line
Gas cylinders - 4% 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. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
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.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
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.Debt instruments are subsequently measured at amortised cost.Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 31 (2017: 34 ).
5. Intangible assets
Goodwill Total
£ £
Cost
At 1 October 2017 and 30 September 2018 343,445 343,445
_______ _______
Amortisation
At 1 October 2017 178,220 178,220
Charge for the year 17,172 17,172
_______ _______
At 30 September 2018 195,392 195,392
_______ _______
Carrying amount
At 30 September 2018 148,053 148,053
_______ _______
At 30 September 2017 165,225 165,225
_______ _______
6. Tangible assets
Freehold land and building Plant and machinery Fixtures, fittings and equipment Motor vehicles Gas cylinders Total
£ £ £ £ £ £
Cost or valuation
At 1 October 2017 310,000 98,260 71,049 279,488 344,713 1,103,510
Additions 74,257 8,997 16,466 18,746 12,710 131,176
Disposals - - - ( 13,075) ( 7,336) ( 20,411)
_______ _______ _______ _______ _______ _______
At 30 September 2018 384,257 107,257 87,515 285,159 350,087 1,214,275
_______ _______ _______ _______ _______ _______
Depreciation
At 1 October 2017 7,249 59,743 39,565 198,116 51,480 356,153
Charge for the year 11,169 10,944 8,515 36,251 13,788 80,667
Disposals - - - ( 13,075) - ( 13,075)
_______ _______ _______ _______ _______ _______
At 30 September 2018 18,418 70,687 48,080 221,292 65,268 423,745
_______ _______ _______ _______ _______ _______
Carrying amount
At 30 September 2018 365,839 36,570 39,435 63,867 284,819 790,530
_______ _______ _______ _______ _______ _______
At 30 September 2017 302,751 38,517 31,484 81,372 293,233 747,357
_______ _______ _______ _______ _______ _______
Tangible assets held at valuation
Freehold land and buildings were revalued in 2016
7. Debtors
2018 2017
£ £
Trade debtors 401,655 305,068
Other debtors 12,087 10,999
_______ _______
413,742 316,067
_______ _______
8. Creditors: amounts falling due within one year
2018 2017
£ £
Bank loans and overdrafts 22,264 21,819
Trade creditors 92,470 98,859
Corporation tax 39,777 31,815
Social security and other taxes 103,232 103,225
Other creditors 137,583 146,725
_______ _______
395,326 402,443
_______ _______
The bank loan is secured by a fixed and floating charge over the assets and undertaking of the business.
9. Creditors: amounts falling due after more than one year
2018 2017
£ £
Bank loans and overdrafts 59,784 82,240
Other creditors 110,734 115,278
_______ _______
170,518 197,518
_______ _______
The bank loan is secured by a fixed and floating charge over the assets and undertaking of the business.
10. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value
2018 2017
£ £
Directors - Dividends Payments 42,000 93,000
_______ _______
11. Controlling party
The company is controlled by the director by virtue of his interest in the share capital of the company.