G. K. Worden & Son Limited Small abridged accounts

G. K. Worden & Son Limited Small abridged accounts

GK WORDEN & SON LIMITED - Company Information

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Statement of Consent to Prepare Abridged Financial Statements
All of the members of G. K. Worden & Son Limited have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 31 December 2016 in accordance with Section 444(2A) of the Companies Act 2006.
COMPANY REGISTRATION NUMBER: 06004633
G. K. Worden & Son Limited
Unaudited Abridged Financial Statements
31 December 2016
G. K. Worden & Son Limited
Abridged Financial Statements
Year ended 31 December 2016
Contents
Page
Strategic report
1
Directors' report
2
Abridged statement of income and retained earnings
3
Abridged statement of financial position
4
Notes to the abridged financial statements
6
G. K. Worden & Son Limited
Strategic Report
Year ended 31 December 2016
The principal activity of the company in the year was that of new build property developments. There was a 6.9% fall in turnover in the year, but this was partly offset by an increase in the gross profit percentage to 12%. Overheads increased by £17,259 resulting in a reduction in profit of £37,606. The principal risks and uncertainties to the company are the state of the economy and of the housing market. Whilst there is a certain amount of economic uncertainty, the desire to continue to grow the housing stock will ensure a continuing demand for the company's services
This report was approved by the board of directors on 12 September 2017 and signed on behalf of the board by:
Mr. G Worden
Director
Registered office:
52 Fore Street
Callington
Cornwall
PL17 7AJ
G. K. Worden & Son Limited
Directors' Report
Year ended 31 December 2016
The directors present their report and the unaudited abridged financial statements of the company for the year ended 31 December 2016 .
Directors
The directors who served the company during the year were as follows:
Mr. G Worden
Mrs S Worden
Mr. T Worden
Dividends
Dividends of £77500 were paid
This report was approved by the board of directors on 12 September 2017 and signed on behalf of the board by:
Mr. G Worden
Director
Registered office:
52 Fore Street
Callington
Cornwall
PL17 7AJ
G. K. Worden & Son Limited
Abridged Statement of Income and Retained Earnings
Year ended 31 December 2016
2016
2015
Note
£
£
Gross profit
558,297
578,644
Administrative expenses
459,831
441,830
---------
---------
Operating profit
98,466
136,814
---------
---------
Profit before taxation
5
98,466
136,814
Tax on profit
20,164
27,747
--------
---------
Profit for the financial year and total comprehensive income
78,302
109,067
--------
---------
Retained earnings at the start of the year
460,302
391,235
---------
---------
Retained earnings at the end of the year
461,104
460,302
---------
---------
All the activities of the company are from continuing operations.
G. K. Worden & Son Limited
Abridged Statement of Financial Position
31 December 2016
2016
2015
Note
£
£
Fixed assets
Tangible assets
6
80,209
89,037
Current assets
Debtors
330,767
381,891
Cash at bank and in hand
232,679
157,769
---------
---------
563,446
539,660
Creditors: amounts falling due within one year
173,048
158,032
---------
---------
Net current assets
390,398
381,628
---------
---------
Total assets less current liabilities
470,607
470,665
Provisions
9,404
10,264
---------
---------
Net assets
461,203
460,401
---------
---------
Capital and reserves
Called up share capital
99
99
Profit and loss account
461,104
460,302
---------
---------
Members funds
461,203
460,401
---------
---------
These abridged financial statements have been prepared 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'.
For the year ending 31 December 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .
G. K. Worden & Son Limited
Abridged Statement of Financial Position (continued)
31 December 2016
These abridged financial statements were approved by the board of directors and authorised for issue on 12 September 2017 , and are signed on behalf of the board by:
Mr. G Worden
Director
Company registration number: 06004633
G. K. Worden & Son Limited
Notes to the Abridged Financial Statements
Year ended 31 December 2016
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 52 Fore Street, Callington, Cornwall, PL17 7AJ.
2. Statement of compliance
These abridged financial statements have been prepared in compliance with the provisions of FRS 102 Section 1A, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The abridged financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The abridged financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
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.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. 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.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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:
Impairment of fixed assets
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. For the purposes of impairment testing, 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 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.
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 abridged 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 as a finance cost 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. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
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. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. 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 9 (2015: 9 ).
5. Profit before taxation
Profit before taxation is stated after charging:
2016
2015
£
£
Depreciation of tangible assets
19,458
21,665
--------
--------
6. Tangible assets
£
Cost
At 1 January 2016
89,037
Additions
10,630
--------
At 31 December 2016
99,667
--------
Depreciation
Charge for the year
19,458
--------
At 31 December 2016
19,458
--------
Carrying amount
At 31 December 2016
80,209
--------
At 31 December 2015
89,037
--------