J P Walters & Co Ltd - Period Ending 2016-03-31

Registration number: 07201769

J P Walters & Co Ltd

Unaudited Abbreviated Accounts
 
for the Year Ended 31 March 2016

J P Walters & Co Ltd

Contents

Abbreviated Balance Sheet	1
Notes to the Abbreviated Accounts	2 to 3

J P Walters & Co Ltd

(Registration number: 07201769)
Abbreviated Balance Sheet as at 31 March 2016

	Note	2016  £	2015  £
Fixed assets
Tangible assets	2	6,229	7,119
Current assets
Stocks		10,945	9,840
Debtors		44,093	66,267
Cash at bank and in hand		32,123	38,289
		87,161	114,396
Prepayments and accrued income		4,437	4,400
Creditors: Amounts falling due within one year		(58,140)	(78,615)
Net current assets		33,458	40,181
Total assets less current liabilities		39,687	47,300
Accruals and deferred income		(450)	(4,190)
Net assets		39,237	43,110
Capital and reserves
Called up share capital	3	1	1
Profit and loss account		39,236	43,109
Shareholders funds		39,237	43,110

For the year ending 31 March 2016 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 directors acknowledge their 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 28 December 2016

.........................................
Mr J P Walters
Director

The notes on pages 2 to 3 form an integral part of these financial statements.
Page 1

J P Walters & Co Ltd

Notes to the Abbreviated Accounts

1

Accounting policies

Turnover

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

Revenue recognition

Revenue is recognised to the extent that the company obtains the right to consideration in exchange for its performance. Revenue is measured at the fair value of the consideration received, excluding discounts, rebates, VAT and other sales tax or duty.

Depreciation

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

Asset class	Depreciation method and rate
Computer equipment	33% reducing balance
Furniture and fittings	25% reducing balance

Work in progress

Work in progress 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. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

2

Fixed assets

	Tangible assets £	Total £
Cost
At 1 April 2015	11,913	11,913
Additions	1,049	1,049
At 31 March 2016	12,962	12,962
Depreciation
At 1 April 2015	4,794	4,794
Charge for the year	1,939	1,939
At 31 March 2016	6,733	6,733
Net book value
At 31 March 2016	6,229	6,229
At 31 March 2015	7,119	7,119

Page 2

J P Walters & Co Ltd

Notes to the Abbreviated Accounts

3

Share capital

Allotted, called up and fully paid shares

	2016		2015
	No.	£	No.	£
Ordinary shares of £1 each	1	1	1	1

4

Control

The director is the controlling party by virtue of his controlling shareholding in the company.

Page 3