Dexter & Waddle Limited - Filleted accounts

Dexter & Waddle Limited - Filleted accounts


Registered number
06988677
Dexter & Waddle Limited
Unaudited Filleted Accounts
31 December 2016
Dexter & Waddle Limited
Registered number: 06988677
Balance Sheet
as at 31 December 2016
Notes 2016 2015
£ £
Current assets
Stocks 85,360 18,257
Debtors 2 190,693 190,459
Cash at bank and in hand 19,837 86,841
295,890 295,557
Creditors: amounts falling due within one year 3 (80,624) (75,418)
Net current assets 215,266 220,139
Net assets 215,266 220,139
Capital and reserves
Called up share capital 100 100
Profit and loss account 215,166 220,039
Shareholders' funds 215,266 220,139
The directors are 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 directors acknowledge their 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.
I Bapu
Director
Approved by the board on 28 September 2017
Dexter & Waddle Limited
Notes to the Accounts
for the year ended 31 December 2016
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.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
2 Debtors 2016 2015
£ £
Trade debtors 189,129 126,284
Amounts owed by group undertakings and undertakings in which the company has a participating interest - 62,611
Other debtors 1,564 1,564
190,693 190,459
3 Creditors: amounts falling due within one year 2016 2015
£ £
Trade creditors 56,578 36,335
Corporation tax 8,785 17,705
Other taxes and social security costs (1,014) 20,378
Other creditors 16,275 1,000
80,624 75,418
4 Controlling party
The company is ultimately controlled by Mr I Bapu.
5 Other information
Dexter & Waddle Limited is a private company limited by shares and incorporated in England. Its registered office is:
Parkside House
167 Chorley New Road
Bolton BL1 4RA
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