Registered number
00490088
P.W.Anderson & Woodman Bros Limited
Filleted Accounts
30 June 2018
P.W.Anderson & Woodman Bros Limited
Registered number: 00490088
Balance Sheet
as at 30 June 2018
Notes 2018 2017
£ £
Fixed assets
Tangible assets 3 103,068 175,845
Current assets
Stocks 159,349 150,397
Debtors 4 119,424 182,657
Cash at bank and in hand 569,823 377,540
848,596 710,594
Creditors: amounts falling due within one year 5 (366,489) (361,338)
Net current assets 482,107 349,256
Total assets less current liabilities 585,175 525,101
Creditors: amounts falling due after more than one year 6 (15,461) (30,841)
Provisions for liabilities (17,992) (33,494)
Net assets 551,722 460,766
Capital and reserves
Called up share capital 3,002 3,002
Profit and loss account 548,720 457,764
Shareholders' funds 551,722 460,766
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 R White
Director
Approved by the board on 30 September 2018
P.W.Anderson & Woodman Bros Limited
Notes to the Accounts
for the year ended 30 June 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:
Leasehold land and buildings over the lease term
Plant and machinery 25% straight line
Fixtures, fittings, tools and equipment 10% 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.
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 12 12
3 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 July 2017 14,687 297,074 311,761
Additions - 37,435 37,435
Disposals - (139,695) (139,695)
At 30 June 2018 14,687 194,814 209,501
Depreciation
At 1 July 2017 6,315 129,601 135,916
Charge for the year - 31,634 31,634
On disposals - (61,117) (61,117)
At 30 June 2018 6,315 100,118 106,433
Net book value
At 30 June 2018 8,372 94,696 103,068
At 30 June 2017 8,372 167,473 175,845
4 Debtors 2018 2017
£ £
Trade debtors 113,774 163,579
Other debtors 5,650 19,078
119,424 182,657
5 Creditors: amounts falling due within one year 2018 2017
£ £
Obligations under finance lease and hire purchase contracts 16,132 28,713
Trade creditors 238,323 251,854
Corporation tax 50,926 32,428
Other taxes and social security costs 30,959 12,177
Other creditors 30,149 36,166
366,489 361,338
6 Creditors: amounts falling due after one year 2018 2017
£ £
Obligations under finance lease and hire purchase contracts 15,461 30,841
7 Controlling party
The company is controlled by the Directors, Mr R G White and Mr A White, and by Mrs P White.
8 Other information
P.W.Anderson & Woodman Bros Limited is a private company limited by shares and incorporated in England. Its registered office is:
Barnacre Mill,
The Denes
Hemelh Hempstead
HP3 8AP
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