Registered number
02692017
Walters Transport (Swansea) Limited
Unaudited Filleted Accounts
28 February 2018
Walters Transport (Swansea) Limited
Registered number: 02692017
Balance Sheet
as at 28 February 2018
Notes 2018 2017
£ £
Fixed assets
Tangible assets 3 74,050 86,847
Current assets
Debtors 4 122,996 129,284
Cash at bank and in hand 54,740 115,949
177,736 245,233
Creditors: amounts falling due within one year 5 (104,189) (121,949)
Net current assets 73,547 123,284
Total assets less current liabilities 147,597 210,131
Creditors: amounts falling due after more than one year 6 (7,506) (5,177)
Provisions for liabilities (14,070) (17,370)
Net assets 126,021 187,584
Capital and reserves
Called up share capital 100 100
Profit and loss account 125,921 187,484
Shareholders' funds 126,021 187,584
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.
W H Walters
Director
Approved by the board on 8 November 2018
Walters Transport (Swansea) 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 over 5 years
Fixtures, fittings, tools and equipment over 4 years
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.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
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 9 9
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 March 2017 21,188 395,775 416,963
Additions - 12,000 12,000
Disposals - - -
At 28 February 2018 21,188 407,775 428,963
Depreciation
At 1 March 2017 20,742 309,374 330,116
Charge for the year 188 24,609 24,797
On disposals - - -
At 28 February 2018 20,930 333,983 354,913
Net book value
At 28 February 2018 258 73,792 74,050
At 28 February 2017 446 86,401 86,847
4 Debtors 2018 2017
£ £
Trade debtors 118,443 120,127
Other debtors 4,553 9,157
122,996 129,284
5 Creditors: amounts falling due within one year 2018 2017
£ £
Obligations under finance lease and hire purchase contracts 9,221 14,073
Trade creditors 40,151 44,421
Corporation tax 11,306 18,376
Other taxes and social security costs 22,024 22,967
Other creditors 21,487 22,112
104,189 121,949
6 Creditors: amounts falling due after one year 2018 2017
£ £
Obligations under finance lease and hire purchase contracts 7,506 5,177
7 Loans to/(from) directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
Mr W H Walters
Interest free loan repayable on demand 2,310 1,954 (5,250) (986)
Mrs R D Walters
Interest free loan repayable on demand 2,309 1,954 (5,250) (987)
4,619 3,908 (10,500) (1,973)
8 Related party transactions
Dividends totalling £100,000 (2017 - £30,000) were paid to the directors during the year.

The directors received no remuneration during the year.
9 Controlling party
The company is under the ultimate control of the directors by virtue of their shareholdings.
10 Other information
Walters Transport (Swansea) Limited is a private company limited by shares and incorporated in Wales. Its registered office is:
5 Bryn Road
Pontlliw
Swansea
SA4 9ED
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