REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2018 |
FOR |
WIL EL MIL ENGINEERING LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2018 |
FOR |
WIL EL MIL ENGINEERING LIMITED |
WIL EL MIL ENGINEERING LIMITED (REGISTERED NUMBER: 05091291) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2018 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
WIL EL MIL ENGINEERING LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 30 JUNE 2018 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
Chargrove House |
Shurdington Road |
Cheltenham |
Gloucestershire |
GL51 4GA |
WIL EL MIL ENGINEERING LIMITED (REGISTERED NUMBER: 05091291) |
BALANCE SHEET |
30 JUNE 2018 |
2018 | 2017 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
SHAREHOLDERS' FUNDS |
The directors acknowledge their 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. |
WIL EL MIL ENGINEERING LIMITED (REGISTERED NUMBER: 05091291) |
BALANCE SHEET - continued |
30 JUNE 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 Board of Directors on behalf by: |
WIL EL MIL ENGINEERING LIMITED (REGISTERED NUMBER: 05091291) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2018 |
1. | STATUTORY INFORMATION |
Wil El Mil Engineering Limited is a |
Wales. The 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 |
Turnover |
Turnover represents the invoiced value of services provided during the year, stated net of Value Added |
Tax. Revenue is recognised to the extent that it is probable that the economic benefits will flow to the |
company and the revenue can be reliably measured. |
Profit attributable to contract activity is recognised if the final outcome of such contracts can be reliably |
assessed. |
Revenue from services provided on a short-term or one-off basis is recognised when the service is |
complete. |
Goodwill |
Goodwill, being the amount paid in connection with the acquisition of a business in 2004, was being |
amortised evenly over its estimated useful life of twenty years. It has now been fully amortised. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured |
at cost less any accumulated amortisation and any accumulated impairment losses. |
Tangible fixed assets |
Plant and machinery | - |
Motor vehicles | - |
Stocks |
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due |
allowance for obsolete and slow moving items. |
Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling |
costs in bringing stocks to their present location and condition. |
Financial instruments |
Financial Instruments are classified by the directors as basic or advanced following the conditions in |
FRS 102 Section 11. Basic financial instruments are recognised at amortised cost using the effective |
interest method. |
WIL EL MIL ENGINEERING LIMITED (REGISTERED NUMBER: 05091291) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2018 |
2. | ACCOUNTING POLICIES - continued |
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 balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at |
the balance sheet 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. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at |
the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of |
exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at |
the operating result. |
Hire purchase |
Assets obtained under hire purchase contracts are capitalised in the balance sheet and are |
depreciated over their estimated useful lives. |
The interest element of these obligations is charged to the profit and loss account over the relevant |
period. The capital element of the future payments is treated as a liability. |
Pension costs |
The company operates a defined contribution pension scheme. Contributions payable to the |
company's pension scheme are charged to profit or loss in the period to which they relate. |
Going concern |
There are no material uncertainties that may cast significant doubt about the company's ability to |
continue as a going concern |
Provisions for liabilities |
Provisions are set up only where it is probable that a present obligation exists as a result of an event |
prior to the balance sheet date and that a payment will be required in settlement that can be estimated |
reliably. Where material, provisions are calculated on a discounted basis. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
WIL EL MIL ENGINEERING LIMITED (REGISTERED NUMBER: 05091291) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2018 |
4. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 July 2017 |
and 30 June 2018 |
AMORTISATION |
At 1 July 2017 |
and 30 June 2018 |
NET BOOK VALUE |
At 30 June 2018 |
At 30 June 2017 |
5. | TANGIBLE FIXED ASSETS |
Plant and | Motor |
machinery | vehicles | Totals |
£ | £ | £ |
COST |
At 1 July 2017 |
Additions |
At 30 June 2018 |
DEPRECIATION |
At 1 July 2017 |
Charge for year |
At 30 June 2018 |
NET BOOK VALUE |
At 30 June 2018 |
At 30 June 2017 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Trade debtors |
Provision for doubtful debts | - | (920 | ) |
Amounts recoverable on contracts |
Other debtors |
Directors' loan accounts | 3,997 | - |
VAT |
Prepayments |
WIL EL MIL ENGINEERING LIMITED (REGISTERED NUMBER: 05091291) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2018 |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Bank loans and overdraft |
Hire purchase contracts |
Trade creditors |
Corporation Tax |
PAYE/NI |
Pension control | 545 | 244 |
Directors' loan accounts | - | 668 |
Accrued expenses |
8. | SECURED DEBTS |
The following secured debts are included within creditors: |
2018 | 2017 |
£ | £ |
Hire purchase contracts | - | 1,914 |
Hire purchase contracts are secured on the assets concerned. |
Joint and several guarantee in the sum of £80,000 from both directors. |
During the year the company had charges registered with Barclays Bank PLC, that contains fixed |
charges. |
The company has debentures with Barclays Bank PLC which is secured against all money due or to |
become due from the company, to the charges on any accounts whatsoever. |
9. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to directors subsisted during the years ended 30 June 2018 and |
30 June 2017: |
2018 | 2017 |
£ | £ |
Balance outstanding at start of year | ( |
) | ( |
) |
Amounts advanced |
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | ( |
) |
Balance outstanding at start of year | ( |
) | ( |
) |
Amounts advanced |
Amounts repaid | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | ( |
) |
WIL EL MIL ENGINEERING LIMITED (REGISTERED NUMBER: 05091291) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2018 |
9. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES - continued |
No interest is being charged on the loans to either R J White or T J Lodge and there are no set |
repayment terms. |