Registered number
07530417
W. Postlethwaite & Son Limited
Abbreviated Accounts
For the Year Ended
28 February 2018
W. Postlethwaite & Son Limited
Registered number: 07530417
Balance Sheet
as at 28 February 2018
Notes 2018 2017
£ £
Fixed assets
Tangible assets 3 24,687 19,591
Current assets
Stocks 29,556 24,903
Debtors 4 57,524 49,510
Cash at bank and in hand 15,490 13,268
102,570 87,681
Creditors: amounts falling due within one year 5 (70,413) (83,465)
Net current assets 32,157 4,216
Total assets less current liabilities 56,844 23,807
Provisions for liabilities (4,690) (3,887)
Net assets 52,154 19,920
Capital and reserves
Called up share capital 100 100
Profit and loss account 52,054 19,820
Shareholders' funds 52,154 19,920
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
A Postlethwaite
Director
Approved by the board on 17 October 2018
W. Postlethwaite & Son Limited
Notes to the Accounts
for the year ended 28 February 2018
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 10% reducing balance
Equipment, fixtures and fittings 33.30% straight line
Motor vehicles 25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2018 2017
Number Number
Average number of persons employed by the company 5 5
3 Tangible fixed assets
Equipment, fixtures and fittings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 March 2017 979 20,150 16,000 37,129
Additions - 10,500 - 10,500
At 28 February 2018 979 30,650 16,000 47,629
Depreciation
At 1 March 2017 824 9,339 7,375 17,538
Charge for the year 155 3,093 2,156 5,404
At 28 February 2018 979 12,432 9,531 22,942
Net book value
At 28 February 2018 - 18,218 6,469 24,687
At 28 February 2017 155 10,811 8,625 19,591
4 Debtors 2018 2017
£ £
Trade debtors 56,692 46,609
Other debtors 832 2,901
57,524 49,510
5 Creditors: amounts falling due within one year 2018 2017
£ £
Bank loans and overdrafts - 266
Trade creditors 24,557 37,162
Corporation tax 19,563 12,913
Other taxes and social security costs 23,966 31,762
Other creditors 2,327 1,362
70,413 83,465
6 Controlling party
There is no overall controlling party.
7 Other information
W. Postlethwaite & Son Limited is a private company limited by shares and incorporated in England. Its registered office is:
Low Cubble
Bellman Ground
Bowness-on-Windermere
Cumbria
LA23 3LX
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