REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2018 |
FOR |
J W ADAMS AND SONS LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2018 |
FOR |
J W ADAMS AND SONS LIMITED |
J W ADAMS AND SONS LIMITED (REGISTERED NUMBER: 05270794) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 APRIL 2018 |
Page |
Company Information | 1 |
Chartered Accountants' Report | 2 |
Statement of Financial Position | 3 |
Notes to the Financial Statements | 5 |
J W ADAMS AND SONS LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 30 APRIL 2018 |
DIRECTOR: |
SECRETARY: |
REGISTERED OFFICE: |
BUSINESS ADDRESS: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
Drake House |
80 Guildford Street |
Chertsey |
Surrey |
KT16 9AD |
CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTOR |
ON THE UNAUDITED FINANCIAL STATEMENTS OF |
J W ADAMS AND SONS LIMITED |
The following reproduces the text of the report prepared for the director in respect of the company's annual |
unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file |
a Statement of Financial Position. Readers are cautioned that the Income Statement and certain other primary |
statements and the Report of the Director are not required to be filed with the Registrar of Companies. |
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the |
financial statements of J W Adams and Sons Limited for the year ended 30 April 2018 which comprise the Statement of |
Income and Retained Earnings, Statement of Financial Position and the related notes from the company's accounting |
records and from information and explanations you have given us. |
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
This report is made solely to the director of J W Adams and Sons Limited in accordance with the terms of our engagement letter dated 24 October 2018. Our work has been undertaken solely to prepare for your approval the financial statements of J W Adams and Sons Limited and state those matters that we have agreed to state to the director of J W Adams and Sons Limited in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than J W Adams and Sons Limited and its director for our work or for this report. |
It is your duty to ensure that J W Adams and Sons Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of J W Adams and Sons Limited. You consider that J W Adams and Sons Limited is exempt from the statutory audit requirement for the year. |
We have not been instructed to carry out an audit or a review of the financial statements of J W Adams and Sons Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
Chartered Accountants |
Drake House |
80 Guildford Street |
Chertsey |
Surrey |
KT16 9AD |
J W ADAMS AND SONS LIMITED (REGISTERED NUMBER: 05270794) |
STATEMENT OF FINANCIAL POSITION |
30 APRIL 2018 |
2018 | 2017 |
as restated |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT (LIABILITIES)/ASSETS | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Capital redemption reserve |
Retained earnings | 198,661 |
SHAREHOLDERS' FUNDS |
The director acknowledges his responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
J W ADAMS AND SONS LIMITED (REGISTERED NUMBER: 05270794) |
STATEMENT OF FINANCIAL POSITION - continued |
30 APRIL 2018 |
In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
The financial statements were approved by the director on |
J W ADAMS AND SONS LIMITED (REGISTERED NUMBER: 05270794) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 APRIL 2018 |
1. | STATUTORY INFORMATION |
J W Adams and Sons Limited is a |
company's registered number and registered office address can be found on the Company Information page. |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Information on the impact of first time adoption of FRS 102 (1A) is given in the notes to the accounts. |
The transition date to FRS 102 (1A) is 1 May 2016. |
Turnover and revenue recognition |
Turnover represents sales and services provided, net of value added tax. |
Revenue is recognised as earned when, and to the extent that, the company obtains the right to consideration in |
exchange for its performance under those contracts.It is measured at the fair value of the right to consideration, |
which represents amounts chargeable to clients, including recoverable expenses and disbursements, but |
excluding Value Added Tax. |
For incomplete contracts, an assessment is made of the extent to which revenue has been earned. This assessment |
takes into account the nature of the assignment, its stage of completion and the relevant contract terms. |
Unbilled revenue is included in debtors, under "other debtors", prebilled revenue is included in creditors under |
"other creditors". |
J W ADAMS AND SONS LIMITED (REGISTERED NUMBER: 05270794) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2018 |
2. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Tangible assets under the cost model are stated at historical cost less accumulated depreciation and any |
accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the |
asset to the location and condition necessary for it to be capable of operating in the manner intended by |
management. |
Depreciation is charged so as to allocate the cost of the assets less their residual value over their estimated useful |
lives on a reducing balance basis. |
Depreciation is provided on the following basis: |
Plant and machinery - 20% and 25 % |
The assets' residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if |
appropriate, or if there is an indication of a significant change since the last reporting date. |
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are |
recognised in the Statement of Income and Retained Earnings. |
Tangible assets under the revaluation model 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 that 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 a 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 is recognised in profit or loss. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow |
moving items. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to |
the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or |
substantively enacted by the statement of financial position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the |
statement of financial position date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from |
those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that |
have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the |
timing difference. |
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. |
J W ADAMS AND SONS LIMITED (REGISTERED NUMBER: 05270794) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2018 |
2. | ACCOUNTING POLICIES - continued |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the |
lease. |
Long term work in progress |
For long term contract work in progress, turnover reflects costs incurred to date on the contract plus the director's |
best estimate of profits attributable to the work performed to date. For this purpose the director's estimates of |
attributable profits will included a proportion of total profits anticipated to be made on the contract, to the extent |
that their realisation is reasonably foreseeable, and after making provision for all future costs including possible |
warranty claims. |
Long-term contracts are assessed on a contract-by-contact basis and reflected in the profit and loss account by |
recording turnover and related costs as contract activity progresses. Long term contract balances included in |
stocks comprise costs incurred on long term contracts, net of amounts transferred to cost of sales, after deducting |
foreseeable losses and related payments on account. Costs included all direct material and labour costs incurred |
in bringing a contract to its state of completion at the balance sheet date, including an appropriate proportion of |
indirect expenses, Where payment on account exceed turnover to date, the excess is classified as a deduction |
from any balance on that contract in stocks, with any residual balance in excess of cost being classified within |
creditors an 'long-term contracts payments on account'. |
Financial instruments |
The company mainly enters into basic financial instrument transactions that result in the recognition of financial |
assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans |
to or from related parties. |
Debt instruments (other than those wholly repayable or receivable on demand or within one year), including |
loans and other accounts receivable and payable, are initially measured at present value of the future cash flows |
and subsequently at amortised cost using the effective interest method. |
Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are |
measured initially and subsequently, at the undiscounted amount of the cash or other consideration expected to |
be received. However if the arrangements of a short-term instrument constitute a financing transaction, like the |
payment of a trade debt deferred beyond normal normal business terms or financed at a rate of interest that is not |
a market rate or in the case of an out-right short-term loan not at market rate, the financial asset or liability is |
measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar |
debt instrument and subsequently at amortised cost. |
Financial assets that are measured at cost and amortised cost are assessed at the at the end of each reporting |
period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is |
recognised in the Statement of Income and Retained Earnings. |
Holiday pay accrual |
A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the Statement of |
Financial position date and carried forward to future periods. This is measured at at the undiscounted salary cost |
of the future holiday entitlement do accrued at the Statement of Financial Position date. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
J W ADAMS AND SONS LIMITED (REGISTERED NUMBER: 05270794) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2018 |
4. | TANGIBLE FIXED ASSETS |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
COST OR VALUATION |
At 1 May 2017 |
Additions |
Disposals | ( |
) | ( |
) |
Revaluations | ( |
) | ( |
) |
At 30 April 2018 |
DEPRECIATION |
At 1 May 2017 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 30 April 2018 |
NET BOOK VALUE |
At 30 April 2018 |
At 30 April 2017 |
Cost or valuation at 30 April 2018 is represented by: |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
Valuation in 2018 | 250,000 | - | 250,000 |
Cost | - | 178,716 | 178,716 |
250,000 | 178,716 | 428,716 |
If the freehold land and building had not been revalued they would have been included at the following historical |
cost: |
2018 | 2017 |
as restated |
£ | £ |
Cost | 257,852 | - |
Aggregate depreciation | 3,157 | - |
Value of land in freehold land and buildings | 100,000 | - |
Freehold land and buildings were valued on an open market basis on 30 April 2018 by the director . |
J W ADAMS AND SONS LIMITED (REGISTERED NUMBER: 05270794) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2018 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
as restated |
£ | £ |
Trade debtors |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
as restated |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors | ( |
) |
7. | CONTINGENT LIABILITIES |
No contingent liabilities exist. |
8. | CAPITAL COMMITMENTS |
2018 | 2017 |
as restated |
£ | £ |
Contracted but not provided for in the |
financial statements |
9. | ULTIMATE CONTROLLING PARTY |