WORLD OF BUILDING LTD |
Notes to the Accounts |
for the year ended 31 January 2017 |
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1 |
Accounting policies |
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Basis of preparation |
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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). |
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Turnover |
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Turnover is measured at the fair value of the consideration received or receivable net of discounts. Turnover includes revenue earned from the rendering of services. 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. |
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Tangible fixed assets |
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Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
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Plant and machinery |
over 5 years |
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Stocks |
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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. |
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Taxation |
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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. |
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2 |
Tangible fixed assets |
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Plant and machinery etc |
£ |
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Cost |
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At 1 February 2016 |
3,630 |
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Additions |
3,200 |
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At 31 January 2017 |
6,830 |
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Depreciation |
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At 1 February 2016 |
726 |
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Charge for the year |
1,220 |
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At 31 January 2017 |
1,946 |
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Net book value |
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At 31 January 2017 |
4,884 |
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At 31 January 2016 |
2,904 |
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3 |
Debtors |
2017 |
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2016 |
£ |
£ |
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Trade debtors |
973 |
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- |
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4 |
Creditors: amounts falling due within one year |
2017 |
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2016 |
£ |
£ |
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Taxation and social security costs |
1,999 |
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457 |
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Other creditors |
570 |
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390 |
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2,569 |
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847 |
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5 |
Controlling party |
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The company was under the ultimate control of its director by virtue of his ownership of the company’s entire issued share capital. |
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6 |
Other information |
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WORLD OF BUILDING LTD is a private company limited by shares and incorporated in England. Its registered office is: |
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155A West Green Road |
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London |
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N15 5EA |