William Nelson Limited - Accounts to registrar (filleted) - small 18.1

William Nelson Limited - Accounts to registrar (filleted) - small 18.1


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REGISTERED NUMBER: 03849146(England and Wales)















Unaudited Financial Statements

for the Year Ended 30th September 2017

for

WILLIAM NELSON LIMITED

WILLIAM NELSON LIMITED (REGISTERED NUMBER: 03849146)

Contents of the Financial Statements
for the year ended 30th September 2017










Page

Company Information 1

Chartered Accountants' Report 2

Balance Sheet 3

Notes to the Financial Statements 5


WILLIAM NELSON LIMITED

Company Information
for the year ended 30th September 2017







DIRECTORS: Mr M Fry
Mr B Hunt
Mr S M Pullan





SECRETARY: Mr M Fry





REGISTERED OFFICE: The Old Exchange
234 Southchurch Road
Southend on Sea
Essex
SS1 2EG





REGISTERED NUMBER: 03849146(England and Wales)





ACCOUNTANTS: Barrons
Chartered Accountants
Monometer House
Rectory Grove
Leigh on Sea
Essex
SS9 2HN

Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
William Nelson Limited


The following reproduces the text of the report prepared for the directors in respect of the company's annual
unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file
a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the
Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the
financial statements of William Nelson Limited for the year ended 30th September 2017 which comprise the Profit and
Loss Account, Balance Sheet, Statement of Changes in Equity and the related notes 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 within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

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

It is your duty to ensure that William Nelson Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of William Nelson Limited. You consider that William Nelson 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 financial statements of William Nelson 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 financial statements.






Barrons
Chartered Accountants
Monometer House
Rectory Grove
Leigh on Sea
Essex
SS9 2HN


25th June 2018

WILLIAM NELSON LIMITED (REGISTERED NUMBER: 03849146)

Balance Sheet
30th September 2017

2017 2016
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,180 2,032

CURRENT ASSETS
Stocks 5 2,211,669 3,321,117
Debtors 6 24,581 30,908
Investments 7 - 336,753
Cash at bank 339,406 18,315
2,575,656 3,707,093
CREDITORS
Amounts falling due within one year 8 71,166 933,140
NET CURRENT ASSETS 2,504,490 2,773,953
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,505,670

2,775,985

CREDITORS
Amounts falling due after more than one
year

9

(1,496,156

)

(2,020,156

)

PROVISIONS FOR LIABILITIES (225 ) (372 )
NET ASSETS 1,009,289 755,457

CAPITAL AND RESERVES
Called up share capital 3 3
Retained earnings 1,009,286 755,454
SHAREHOLDERS' FUNDS 1,009,289 755,457

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30th September 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 30th September 2017 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies
Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of
each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections
394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial
statements, so far as applicable to the company.

WILLIAM NELSON LIMITED (REGISTERED NUMBER: 03849146)

Balance Sheet - continued
30th September 2017


The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors on 25th June 2018and were signed on its behalf by:





Mr S M Pullan- Director


WILLIAM NELSON LIMITED (REGISTERED NUMBER: 03849146)

Notes to the Financial Statements
for the year ended 30th September 2017


1. STATUTORY INFORMATION

William Nelson Limited is a private company, limited by shares, registered in England and Wales. The
company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
The turnover is measured as the fair value of the consideration received or receivable, excluding discounts,
rebates, value added tax and other sales taxes. The following criteria must also be met before the revenue is
recognised:

Sale of goods
Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
- the Company has transferred the significant risks and rewards of ownership to the buyer;
- the Company retains neither continuing managerial involvement to the degree usually associated with
ownership nor effective control over the goods sold;
- the amount of revenue can be measured reliably;
- it is probable that the Company will receive the consideration due under the transaction; and
- the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in
accordance with the stage of completion of the contract when all of the following conditions are satisfied:
- the amount of revenue can be measured reliably;
- it is probable that the Company will receive the consideration due under the contract;
- the stage of completion of the contract at the end of the reporting period can be measured reliably; and
- the costs incurred and the costs to complete the contract can be measured reliably.

Other operating income
Rent receivable is measured as the fair value of the consideration received or receivable, excluding discounts,
rebates, value added tax and other sales taxes. Rental income consists of ground rent from the investment
properties held which are accounted for on an accruals basis.

WILLIAM NELSON LIMITED (REGISTERED NUMBER: 03849146)

Notes to the Financial Statements - continued
for the year ended 30th September 2017


2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Tangible fixed assets are stated at historical cost less accumulated depreciation and any accumulated impairment
losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and
condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less residual value over their estimated useful lives,
using either a straight line or reducing balance method, as indicated below.

Depreciation is provided on the following basis:

Plant and machinery etc -20% Straight Line

The asset's residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if
appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are
recognised in profit or loss.

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is based on
the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and
attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If Stock is impaired, the carrying amount is
reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in
profit and loss.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account,
except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or
substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance
sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from
those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that
have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the
timing difference.

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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the
balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at
the date of transaction. Exchange differences are taken into account in arriving at the operating result.

WILLIAM NELSON LIMITED (REGISTERED NUMBER: 03849146)

Notes to the Financial Statements - continued
for the year ended 30th September 2017


2. ACCOUNTING POLICIES - continued

Financial instruments
The Company only enters into basic financial instruments transactions that result in the recognition of financial
assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to
related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for
objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised
in profit and loss.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an
enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise
the asset and settle the liability simultaneously.

Debtors
Basic financial assets, including trade and other debtors, are initially recognised at transaction price, unless the
arrangement constitutes a financing transaction, where the transaction is measured at the present value of the
future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost
using the effective interest method, less any impairment.

Creditors
Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related
parties, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction,
where the debt instrument is measured at the present value of the future payments discounted at a market rate of
interest. Such instruments are subsequently carried at amortised cost using effective interest method, less any
impairment.

Cash and cash equivalents
Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and
other short-term highly liquid investments that mature in no more than three months from the date of acquisition
and that are readily convertible to known amount of cash with insignificant risk of change in value.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3(2016 - 3) .

WILLIAM NELSON LIMITED (REGISTERED NUMBER: 03849146)

Notes to the Financial Statements - continued
for the year ended 30th September 2017


4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1st October 2016
and 30th September 2017 11,107
DEPRECIATION
At 1st October 2016 9,075
Charge for year 852
At 30th September 2017 9,927
NET BOOK VALUE
At 30th September 2017 1,180
At 30th September 2016 2,032

5. STOCKS
2017 2016
£    £   
Stocks 2,211,669 3,321,117

Stock includes finance costs of £338,496 (2016: £524,417).

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2017 2016
£    £   
Other debtors 24,581 30,908

7. CURRENT ASSET INVESTMENTS
2017 2016
£    £   
Other - 336,753

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2017 2016
£    £   
Bank loans and overdrafts - 558,947
Trade creditors 18,109 307,832
Taxation and social security 30,143 42,658
Other creditors 22,914 23,703
71,166 933,140

WILLIAM NELSON LIMITED (REGISTERED NUMBER: 03849146)

Notes to the Financial Statements - continued
for the year ended 30th September 2017


9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2017 2016
£    £   
Other creditors 1,496,156 2,020,156

10. SECURED DEBTS

The following secured debts are included within creditors:

2017 2016
£    £   
Bank loans - 558,947

The bank loans are secured over land held in stock.

11. RELATED PARTY DISCLOSURES

As at the balance sheet date there were directors' current account balances totalling £538,178 (2016: £447,178).
All of these balances are due after one year and are included within 'other loans'.

12. TRANSITION TO FRS 102

This is the first year the Company has presented its results under FRS 102. The last financial statements under
UK GAAP were for the year ended 30 September 2016. The date of transition to FRS 102 was 1 October 2015.
There are no transitional adjustments arising from the first time adoption of FRS 102.