Falla and Wheeldon Limited - Period Ending 2018-03-31

Falla and Wheeldon Limited - Period Ending 2018-03-31


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Registration number: 04971457

Falla and Wheeldon Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2018

 

Falla and Wheeldon Limited

Contents

Balance Sheet

1 to 2

Notes to the Financial Statements

3 to 6

 

Falla and Wheeldon Limited

(Registration number: 04971457)
Balance Sheet as at 31 March 2018

Note

2018
£

2017
£

Fixed assets

 

Tangible assets

5

2,815

3,613

Current assets

 

Debtors

6

955,120

751,257

Cash at bank and in hand

 

80,179

258,836

 

1,035,299

1,010,093

Creditors: Amounts falling due within one year

7

(60,463)

(32,518)

Net current assets

 

974,836

977,575

Total assets less current liabilities

 

977,651

981,188

Provisions for liabilities

(535)

(614)

Net assets

 

977,116

980,574

Capital and reserves

 

Called up share capital

200

200

Profit and loss account

976,916

980,374

Total equity

 

977,116

980,574

For the financial year ending 31 March 2018 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.

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 Directors' Report and the Profit and Loss Account has been taken.

 

Falla and Wheeldon Limited

(Registration number: 04971457)
Balance Sheet as at 31 March 2018

Approved and authorised by the Board on 7 August 2018 and signed on its behalf by:
 

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

T P O Falla
Company secretary and director

 

Falla and Wheeldon Limited

Notes to the Financial Statements for the Year Ended 31 March 2018

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:
Freshford House
Redcliffe Way
Bristol
BS1 6NL

These financial statements were authorised for issue by the Board on 7 August 2018.

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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the royalties earned in the ordinary course of the company’s activities. Turnover is shown net of sales/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.

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.

 

Falla and Wheeldon Limited

Notes to the Financial Statements for the Year Ended 31 March 2018

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.

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

Fixtures, fittings and equipment

25% reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

Straight line over 10 years

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.

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.

 

Falla and Wheeldon Limited

Notes to the Financial Statements for the Year Ended 31 March 2018

3

Staff numbers

The average number of persons employed by the company (including directors) during the year was 3 (2017 - 2).

4

Intangible assets

Goodwill
 £

Total
£

Cost

At 1 April 2017 and at 31 March 2018

142,000

142,000

Amortisation

At 1 April 2017 and at 31 March 2018

142,000

142,000

Carrying amount

At 31 March 2017 and 31 March 2018

-

-

5

Tangible assets

Fixtures, fittings and equipment
£

Total
£

Cost

At 1 April 2017

23,778

23,778

Additions

142

142

At 31 March 2018

23,920

23,920

Depreciation

At 1 April 2017

20,165

20,165

Charge for the year

940

940

At 31 March 2018

21,105

21,105

Carrying amount

At 31 March 2018

2,815

2,815

At 31 March 2017

3,613

3,613

6

Debtors

2018
£

2017
£

Other debtors

868,789

665,022

Prepayments and accrued income

86,331

86,235

 

955,120

751,257

 

Falla and Wheeldon Limited

Notes to the Financial Statements for the Year Ended 31 March 2018

7

Creditors

Creditors: amounts falling due within one year

2018
£

2017
£

Due within one year

Directors' loan accounts

27,451

220

Taxation and social security

29,062

25,743

Other creditors

-

5

Accruals and deferred income

3,950

6,550

60,463

32,518

8

Dividends

Interim dividends paid

   

2018
£

 

2017
£

Interim dividend of £632.50 per each ordinary A share

 

63,250

 

63,250

Interim dividend of £632.50 per each ordinary B share

 

63,250

 

63,250

   

126,500

 

126,500

9

Related party transactions

Loans to related parties

2018

Other related parties
£

At start of period

663,500

Advanced

175,000

Interest transactions

15,201

At end of period

853,701

2017

Other related parties
£

At start of period

63,500

Advanced

600,000

At end of period

663,500

Terms of loans to related parties

During the year, the company advanced amounts to companies controlled by family members of one of the directors. Interest at a rate of 4% is accrued on these loans. These amounts are included within other debtors.