F. R. Warren & Co. Limited - Period Ending 2017-08-31

F. R. Warren & Co. Limited - Period Ending 2017-08-31


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Registration number: 00583387

F. R. Warren & Co. Limited

Unaudited Financial Statements

for the Year Ended 31 August 2017

 

F. R. Warren & Co. Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Notes to the Financial Statements

5 to 13

 

F. R. Warren & Co. Limited

Company Information

Directors

Mr R A Burden

Mrs M J Burden

Registered office

Unit 10
Ashley Hill Trading Estate
Ashley Parade
Bristol
BS2 9XS

Accountants

Four Fifty Partnership
Chartered Accountants
34 Boulevard
Weston-super-Mare
Somerset
BS23 1NF

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
F. R. Warren & Co. Limited
for the Year Ended 31 August 2017

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of F. R. Warren & Co. Limited for the year ended 31 August 2017 as set out on pages 3 to 13 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
http://www.icaew.com/en/members/regulations-standards-and-guidance/.

This report is made solely to the Board of Directors of F. R. Warren & Co. Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of F. R. Warren & Co. Limited and state those matters that we have agreed to state to the Board of Directors of F. R. Warren & Co. Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than F. R. Warren & Co. Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that F. R. Warren & 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 F. R. Warren & Co. Limited. You consider that F. R. Warren & 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 F. R. Warren & 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.

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

Four Fifty Partnership
Chartered Accountants
34 Boulevard
Weston-super-Mare
Somerset
BS23 1NF

14 May 2018

 

F. R. Warren & Co. Limited

(Registration number: 00583387)
Balance Sheet as at 31 August 2017

Note

2017
£

2016
£

Fixed assets

 

Tangible assets

4

63,768

73,857

Current assets

 

Stocks

5

20,848

20,000

Debtors

6

75,103

54,239

Cash at bank and in hand

 

100,666

87,018

 

196,617

161,257

Creditors: Amounts falling due within one year

7

(100,652)

(69,968)

Net current assets

 

95,965

91,289

Total assets less current liabilities

 

159,733

165,146

Creditors: Amounts falling due after more than one year

7

(32,159)

(41,631)

Provisions for liabilities

(12,361)

(14,373)

Net assets

 

115,213

109,142

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

115,113

109,042

Total equity

 

115,213

109,142

For the financial year ending 31 August 2017 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

F. R. Warren & Co. Limited

(Registration number: 00583387)
Balance Sheet as at 31 August 2017

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 14 May 2018 and signed on its behalf by:
 

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

Mr R A Burden

Director

 

F. R. Warren & Co. Limited

Notes to the Financial Statements for the Year Ended 31 August 2017

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Unit 10
Ashley Hill Trading Estate
Ashley Parade
Bristol
BS2 9XS
England

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The presentation currency of the financial statements is Pound Sterling (£).

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

F. R. Warren & Co. Limited

Notes to the Financial Statements for the Year Ended 31 August 2017

2

Accounting policies (continued)

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

F. R. Warren & Co. Limited

Notes to the Financial Statements for the Year Ended 31 August 2017

2

Accounting policies (continued)

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

10% on reducing balance

Motor vehicles

20% on reducing balance

Computer equipment

33% on cost

Fixtures and fittings

25% on reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

F. R. Warren & Co. Limited

Notes to the Financial Statements for the Year Ended 31 August 2017

2

Accounting policies (continued)

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

 

F. R. Warren & Co. Limited

Notes to the Financial Statements for the Year Ended 31 August 2017

2

Accounting policies (continued)

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Defined benefit pension obligation

Typically defined benefit plans define an amount of pension benefit that an employee will receive on retirement, usually dependent on one or more factors such as age, years of service and compensation.

The liability recognised in the Balance Sheet in respect of defined benefit pension plans is the present value of the defined benefit obligation at the reporting date minus the fair value of plan assets. The defined benefit obligation is measured using the projected unit credit method. The present value of the defined benefit obligation is determined by discounting the estimated future payments by reference to market yields at the reporting date on high-quality corporate bonds that are denominated in the currency in which the benefits will be paid, and that have terms to maturity approximating to the terms of the related pension liability.

Actuarial gains and losses are charged or credited to other comprehensive income in the period in which they arise.

 

F. R. Warren & Co. Limited

Notes to the Financial Statements for the Year Ended 31 August 2017

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 7 (2016 - 7).

 

F. R. Warren & Co. Limited

Notes to the Financial Statements for the Year Ended 31 August 2017

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other property, plant and equipment
 £

Total
£

Cost or valuation

At 1 September 2016

4,765

45,768

124,814

175,347

Additions

402

-

-

402

At 31 August 2017

5,167

45,768

124,814

175,749

Depreciation

At 1 September 2016

3,153

23,159

75,177

101,489

Charge for the year

1,006

4,522

4,964

10,492

At 31 August 2017

4,159

27,681

80,141

111,981

Carrying amount

At 31 August 2017

1,008

18,087

44,673

63,768

At 31 August 2016

1,612

22,609

49,636

73,857

5

Stocks

2017
£

2016
£

Other inventories

20,848

20,000

6

Debtors

2017
£

2016
£

Trade debtors

61,946

38,003

Prepayments

13,157

13,410

Other debtors

-

2,826

75,103

54,239

 

F. R. Warren & Co. Limited

Notes to the Financial Statements for the Year Ended 31 August 2017

7

Creditors

Creditors: amounts falling due within one year

Note

2017
£

2016
£

Due within one year

 

Bank loans and overdrafts

9

8,572

7,797

Trade creditors

 

56,835

22,189

Taxation and social security

 

12,599

9,121

Accruals and deferred income

 

6,458

6,019

Other creditors

 

16,188

24,842

 

100,652

69,968

Creditors: amounts falling due after more than one year

Note

2017
£

2016
£

Due after one year

 

Loans and borrowings

9

28,559

37,131

Deferred income

 

3,600

4,500

 

32,159

41,631

8

Share capital

Allotted, called up and fully paid shares

 

2017

2016

 

No.

£

No.

£

Ordinary Shares of £1 each

100

100

100

100

         
 

F. R. Warren & Co. Limited

Notes to the Financial Statements for the Year Ended 31 August 2017

9

Loans and borrowings

2017
£

2016
£

Non-current loans and borrowings

Finance lease liabilities

28,559

37,131

2017
£

2016
£

Current loans and borrowings

Finance lease liabilities

8,572

7,797

10

Related party transactions

Transactions with directors

2017

At 1 September 2016
£

Advances to directors
£

Repayments by director
£

At 31 August 2017
£

Mr R A Burden

Directors current account

11,400

31

(4,062)

7,369

         
       

 

2016

At 1 September 2015
£

Advances to directors
£

Repayments by director
£

At 31 August 2016
£

Mr R A Burden

Directors current account

316

11,484

(400)

11,400

         
       

 

11

Transition to FRS 102

The transition to FRS 102 from the previous financial reporting framework, FRSSE 2015, has not affected the company's financial position or performance. No transitional adjustments have been made.