Christopher Wells & Co Limited - Period Ending 2015-07-31

Registration number: 03034420

Christopher Wells & Co Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 July 2015
 

The McCay Partnership
Chartered Accountants
Unit 24
Capital Business Centre
22 Carlton Road
South Croydon
Surrey
CR2 0BS

Christopher Wells & Co Limited
Contents

Accountants' Report 1

Abbreviated Balance Sheet 2

Notes to the Abbreviated Accounts 3 to 4

The following reproduces the text of the accountants' report in respect of the company's annual financial statements, from which the abbreviated accounts (set out on pages 2 to 4) have been prepared.

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Christopher Wells & Co Limited
for the Year Ended 31 July 2015

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Christopher Wells & Co Limited for the year ended 31 July 2015 set out on pages from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at icaew.com/membershandbook.

This report is made solely to the Board of Directors of Christopher Wells & Co Limited, as a body, in accordance with the terms of our engagement letterdated 5 March 2012. Our work has been undertaken solely to prepare for your approval the accounts of Christopher Wells & Co Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Christopher Wells & Co Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Christopher Wells & Co Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Christopher Wells & Co Limited. You consider that Christopher Wells & Co Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Christopher Wells & Co Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

The McCay Partnership
Chartered Accountants
Unit 24
Capital Business Centre
22 Carlton Road
South Croydon
Surrey
CR2 0BS

19 April 2016

Page 1

Christopher Wells & Co Limited
(Registration number: 03034420)
Abbreviated Balance Sheet at 31 July 2015

		Note			2015 £			2014 £
Fixed assets
Tangible fixed assets					2,671			3,202
Current assets
Stocks					106,428			112,799
Debtors					146,939			144,249
Cash at bank and in hand					15,515			13,431
					268,882			270,479
Creditors: Amounts falling due within one year					(178,575)			(206,019)
Net current assets					90,307			64,460
Net assets					92,978			67,662
Capital and reserves
Called up share capital		3			115			115
Profit and loss account					92,863			67,547
Shareholders' funds					92,978			67,662

For the year ending 31 July 2015 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime .

Approved by the director on 19 April 2016

.........................................
CG Wells
Director

The notes on pages 3 to 4 form an integral part of these financial statements.
Page 2

Christopher Wells & Co Limited
Notes to the Abbreviated Accounts for the Year Ended 31 July 2015
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective April 2008).

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Depreciation

Depreciation is provided on tangible fixed assets so as to write ooff the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Plant and machinery	25% reducing balance basis
Motor vehicles	25% reducing balance basis
Fixtures and fittings	25% reducing balance basis

Stock

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

Foreign currency

Transactions in foreign currencies are recorded at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the closing rates at the balance sheet date. All exchange differences are included in the profit and loss account.

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

Page 3

Christopher Wells & Co Limited
Notes to the Abbreviated Accounts for the Year Ended 31 July 2015
......... continued

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 August 2014		45,211			45,211
Additions		358			358
At 31 July 2015		45,569			45,569
Depreciation
At 1 August 2014		42,009			42,009
Charge for the year		889			889
At 31 July 2015		42,898			42,898
Net book value
At 31 July 2015		2,671			2,671
At 31 July 2014		3,202			3,202

3	Share capital

Allotted, called up and fully paid shares

	2015						2014
		No.			£			No.			£
100 Ordinary shares of £1 each		100			100			100			100
10 Ordinary B shares of £1 each		15			15			15			15
		115			115			115			115

4	Related party transactions

Director's advances and credits

	2015 Advance/ Credit £	2015 Repaid £	2014 Advance/ Credit £	2014 Repaid £
CG Wells
Dividends paid	21,000	-	33,000	-

Page 4