Williams and Oakey Engineering Co Ltd - Accounts to registrar (filleted) - small 18.1

REGISTERED NUMBER: 01305201 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2018

FOR

WILLIAMS AND OAKEY ENGINEERING

COMPANY LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Directors' Responsibilities Statement

9

Independent Chartered Certified Accountants' Review Report

10

DIRECTORS:

R G Williams

R W Oakey

S Oakey

SECRETARY:

F Taylor

REGISTERED OFFICE:

124 High Street

Midsomer Norton

Radstock

Bath

BA3 2DA

REGISTERED NUMBER:

01305201 (England and Wales)

ACCOUNTANTS:

PG Owen Limited

Chartered Accountants

124 High Street

Midsomer Norton

Bath

BA3 2DA

FIXED ASSETS

Tangible assets

4

1,402,160

1,067,456

CURRENT ASSETS

Stocks

142,558

105,071

Debtors

5

1,242,149

959,268

Cash at bank and in hand

660,423

451,124

2,045,130

1,515,463

CREDITORS

Amounts falling due within one year

6

778,937

427,354

NET CURRENT ASSETS

1,266,193

1,088,109

TOTAL ASSETS LESS CURRENT LIABILITIES

2,668,353

2,155,565

CREDITORS

Amounts falling due after more than one year

7

(284,533

)

-

PROVISIONS FOR LIABILITIES

9

(62,220

)

(50,138

)

NET ASSETS

2,321,600

2,105,427

CAPITAL AND RESERVES

Called up share capital

10

100,000

100,000

Revaluation reserve

11

287,943

293,780

Retained earnings

1,933,657

1,711,647

SHAREHOLDERS' FUNDS

2,321,600

2,105,427

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2018 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.

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 20 July 2018 and were signed on its behalf by:

R G Williams - Director

R W Oakey - Director

1.	STATUTORY INFORMATION

Williams and Oakey Engineering Company 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 as modified by the revaluation of certain assets.

Turnover

Turnover represents net invoiced sales of precision engineering services provided, excluding value added tax,

together with revenue earned but not billed at the balance sheet date in accordance with the principles outlined in

Application Note G of Financial Reporting Standard 5 in accounting for revenue and contract work in progress.

Contract revenue is recognised at the sales value of work at the stage of completion at the balance sheet date, but

not billed at that date, and is accounted for as accrued income within other debtors.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Freehold property

-

2% on cost

Plant and machinery

-

20%,17.5%,12.5%,10% on reducing balance

Fixtures and fittings

-

10% and 15% on reducing balance

Motor vehicles

-

25% on reducing balance

An amount equal to the excess of the annual depreciation charge on revalued assets over the notional

depreciation charge on the historical cost of those assets is transferred annually from the revaluation reserve to

the profit and loss reserve.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held

under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases

are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element

of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 68 (2017 - 66 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

Plant and

and

Motor

property

machinery

fittings

vehicles

Totals

£

£

£

£

£

COST OR VALUATION

At 1 April 2017

750,000

3,519,053

49,381

76,253

4,394,687

Additions

-

563,376

-

-

563,376

At 31 March 2018

750,000

4,082,429

49,381

76,253

4,958,063

DEPRECIATION

At 1 April 2017

88,316

3,141,812

42,252

54,851

3,327,231

Charge for year

15,150

206,901

1,270

5,351

228,672

At 31 March 2018

103,466

3,348,713

43,522

60,202

3,555,903

NET BOOK VALUE

At 31 March 2018

646,534

733,716

5,859

16,051

1,402,160

At 31 March 2017

661,684

377,241

7,129

21,402

1,067,456

Cost or valuation at 31 March 2018 is represented by:

Fixtures

Freehold

Plant and

and

Motor

property

machinery

fittings

vehicles

Totals

£

£

£

£

£

Valuation in 2010

600,000

-

-

-

600,000

Valuation in 2016

141,100

-

-

-

141,100

Cost

8,900

4,082,429

49,381

76,253

4,216,963

750,000

4,082,429

49,381

76,253

4,958,063

If freehold property had not been revalued it would have been included at the following historical cost:

2018

2017

£

£

Cost

466,709

466,709

Aggregate depreciation

107,971

98,658

Freehold property was valued on an open market basis on 31 March 2016 by Alder King, property consultants .

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

£

COST OR VALUATION

Additions

388,000

At 31 March 2018

388,000

DEPRECIATION

Charge for year

77,600

At 31 March 2018

77,600

NET BOOK VALUE

At 31 March 2018

310,400

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

930,844

694,045

Other debtors

307,154

203,091

Prepayments

4,151

62,132

1,242,149

959,268

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Hire purchase contracts

77,600

-

Trade creditors

361,042

181,322

Tax

43,719

13,661

Social security and other taxes

56,040

38,574

VAT

154,583

120,473

Other creditors

14,774

8,479

Directors' current accounts

26,208

26,744

Accruals and deferred income

44,971

38,101

778,937

427,354

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2018

2017

£

£

Hire purchase contracts

284,533

-

8.	SECURED DEBTS

The following secured debts are included within creditors:

2018

2017

£

£

Hire purchase contracts

362,133

-

The obligations under hire purchase agreements are secured on the assets to which they relate.

9.	PROVISIONS FOR LIABILITIES

2018

2017

£

£

Deferred tax

62,220

50,138

Deferred

tax

£

Balance at 1 April 2017

50,138

Provided during year

12,082

Balance at 31 March 2018

62,220

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2018

2017

value:

£

£

100

Ordinary A

£1

100

100

99,900

Ordinary B

£1

99,900

99,900

100,000

100,000

11.

RESERVES

Revaluation

reserve

£

At 1 April 2017

293,780

Transfer to profit and loss

(5,837

)

At 31 March 2018

287,943

12.	CAPITAL COMMITMENTS

2018

2017

£

£

Contracted but not provided for in the

financial statements

-

92,167

13.	RELATED PARTY DISCLOSURES

Creditors in the notes to the accounts includes £26,208 (2017 £26,744) owed to the directors.

14.	ULTIMATE CONTROLLING PARTY

Williams & Oakey Engineering Company Limited is under the control of Mr R G Williams, Mr R W Oakey and

Mr S Oakey, who together own all of the ordinary A voting shares.

The following reproduces the text of the report prepared for the directors and members 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.

We confirm that as directors we have met our duty in accordance with the Companies Act 2006 to:

-	ensure that the company has kept proper accounting records;

-	prepare financial statements which give a true and fair view of the state of affairs of the company as at 31 March 2018 and of its profit for that period in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	follow the applicable accounting policies, subject to any material departures disclosed and explained in the notes to the financial statements.

ON BEHALF OF THE BOARD:

R G Williams - Director

R W Oakey - Director

20 July 2018

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.

We have reviewed the financial statements of Williams and Oakey Engineering Company Limited for the year ended 31 March 2018, which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and the related notes 1 to 15. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

This report is made solely to the company's directors, as a body, in accordance with our terms of engagement. Our review has been undertaken so that we might state to the directors those matters that we have agreed with them in our engagement letter and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's directors as a body for our work, for this report or the conclusions we have formed.

Directors' responsibility for the financial statements

As explained more fully in the Directors' Responsibilities Statement set out on page fourteen, the directors are

responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view.

Accountants' responsibility

Our responsibility is to express a conclusion based on our review of the financial statements. We conducted our review

in accordance with International Standard on Review Engagements (ISRE) 2400 (Revised), 'Engagements to review

historical financial statements' and ICAEW Technical Release TECH 09/13AAF 'Assurance review engagements on

historical financial statements'. ISRE 2400 also requires us to comply with the ICAEW Code of Ethics.

Scope of the assurance review

A review of financial statements in accordance with ISRE 2400 (Revised) is a limited assurance engagement. We have

performed additional procedures to those required under a compilation engagement. These primarily consist of making

enquiries of management and others within the entity, as appropriate, applying analytical procedures and evaluating the

evidence obtained. The procedures performed in a review are substantially less than those performed in an audit

conducted in accordance with International Standards on Auditing (UK and Ireland). Accordingly, we do not express

an audit opinion on these financial statements.

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the financial statements have not been prepared:

-	so as to give a true and fair view of the state of the company's affairs as at 31 March 2018 and of its profit for the year then ended;

-	in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	in accordance with the requirements of the Companies Act 2006.

PG Owen Limited

Chartered Accountants

124 High Street

Midsomer Norton

Bath

BA3 2DA

20 July 2018