West's Home Improvements Ltd Company accounts

West's Home Improvements Ltd Company accounts

WEST'S HOME IMPROVEMENTS LTD - Company Information

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COMPANY REGISTRATION NUMBER: 10850169
West's Home Improvements Ltd
Unaudited Financial Statements
31 July 2018
West's Home Improvements Ltd
Financial Statements
Year Ended 31 July 2018
Contents
Page
Directors' Report
1
Statement of Comprehensive Income
3
Statement of Financial Position
4
Statement of Changes in Equity
5
Notes to the Financial Statements
6
The following pages do not form part of the financial statements
Independent Chartered Accountants Review Report
10
West's Home Improvements Ltd
Directors' Report
Year Ended 31 July 2018
The directors present their report and the unaudited financial statements of the company for the year ended 31 July 2018 .
Directors
The directors who served the company during the year were as follows:
Mr P West
Mrs K West
Directors' responsibilities statement
The directors are responsible for preparing the directors' report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period.
In preparing these financial statements, the directors are required to:
- select suitable accounting policies and then apply them consistently;
- make judgments and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 3 October 2018 and signed on behalf of the board by:
Mr P West
Director
Registered office:
21 Hill Lane
Manchester
M9 6PE
West's Home Improvements Ltd
Statement of Comprehensive Income
Year Ended 31 July 2018
2018
Note
£
Turnover
57,489
Cost of sales
15,425
--------
Gross Profit
42,064
Administrative expenses
24,787
--------
Operating Profit
17,277
--------
Profit Before Taxation
5
17,277
Tax on profit
3,078
--------
Profit for the Financial Year and Total Comprehensive Income
14,199
--------
All the activities of the company are from continuing operations.
The company has no other recognised items of income and expenses other than the results for the year as set out above.
West's Home Improvements Ltd
Statement of Financial Position
31 July 2018
2018
Note
£
Fixed Assets
Tangible assets
6
2,288
Current Assets
Debtors
7
59
Cash at bank and in hand
7,618
-------
7,677
Creditors: Amounts Falling due Within One Year
8
5,666
-------
Net Current Assets
2,011
-------
Total Assets Less Current Liabilities
4,299
-------
Net Assets
4,299
-------
Capital and Reserves
Called up share capital
100
Profit and loss account
4,199
-------
Shareholders Funds
4,299
-------
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
For the year ending 31 July 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 3 October 2018 , and are signed on behalf of the board by:
Mr P West
Director
Company registration number: 10850169
West's Home Improvements Ltd
Statement of Changes in Equity
Year Ended 31 July 2018
Called up share capital
Profit and loss account
Total
£
£
£
At 1 August 2017
–
–
–
Profit for the year
14,199
14,199
----
--------
--------
Total Comprehensive Income for the Year
–
14,199
14,199
Issue of shares
100
–
100
Dividends paid and payable
–
( 10,000)
( 10,000)
----
--------
--------
Total Investments by and Distributions to Owners
100
( 10,000)
( 9,900)
----
--------
--------
At 31 July 2018
100
4,199
4,299
----
--------
--------
West's Home Improvements Ltd
Notes to the Financial Statements
Year Ended 31 July 2018
1. General Information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 21 Hill Lane, Manchester, M9 6PE.
2. Statement of Compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting Policies
Basis of Preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue Recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income Tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Tangible Assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
25% straight line
Impairment of Fixed Assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Financial Instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Employee Numbers
The average number of persons employed by the company during the year amounted to 1 .
5. Profit Before Taxation
Profit before taxation is stated after charging:
2018
£
Depreciation of tangible assets
762
----
6. Tangible Assets
Plant and machinery
Motor vehicles
Total
£
£
£
Cost
At 1 August 2017
–
–
–
Additions
3,050
1,200
4,250
Disposals
–
( 1,200)
( 1,200)
-------
-------
-------
At 31 July 2018
3,050
–
3,050
-------
-------
-------
Depreciation
At 1 August 2017
–
–
–
Charge for the year
762
–
762
-------
-------
-------
At 31 July 2018
762
–
762
-------
-------
-------
Carrying amount
At 31 July 2018
2,288
–
2,288
-------
-------
-------
7. Debtors
2018
£
Other debtors
59
----
8. Creditors: Amounts Falling due Within One Year
2018
£
Corporation tax
3,078
Other creditors
2,588
-------
5,666
-------
9. Related Party Transactions
During the year a dividend of £10,000 was paid to the director.
West's Home Improvements Ltd
Management Information
Year Ended 31 July 2018
The following pages do not form part of the financial statements.
West's Home Improvements Ltd
Independent Chartered Accountants Review Report to the Directors of West's Home Improvements Ltd
Year Ended 31 July 2018
We have reviewed the financial statements of West's Home Improvements Ltd for the year ended 31 July 2018 which comprise the statement of comprehensive income, statement of financial position, statement of changes in equity and the related notes 1 to 9. The financial reporting framework that has been applied in their preparation is applicable law and the United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
This report is made solely to the company's directors, as a body, in accordance with the terms of our engagement letter dated 3 October 2018. Our review has been undertaken so that we may state to the company's directors, as a body, those matters 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 any 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, 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. ISRE 2400 also requires us to comply with the ICAEW Code of Ethics.
Scope of 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 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 July 2018 , and of its profit for the year then ended;
- in accordance with the United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice); and
- in accordance with the Companies Act 2006.
STEVE ASTBURY & PARTNERS LTD Chartered accountant
9 Manchester Road Heywood Lancs OL10 2DZ
3 October 2018