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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.

The notes on pages 3 to 6 form an integral part of these financial statements.

Page 1

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

The notes on pages 3 to 6 form an integral part of these financial statements.

Page 2

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.

Page 3

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.

Page 4

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

Page 5

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