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Registration number: 02225988

Warley Engineering & Developments Limited

Unaudited Financial Statements

for the Year Ended 31 March 2018

 

Warley Engineering & Developments Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Notes to the Financial Statements

5 to 10

 

Warley Engineering & Developments Limited

Company Information

Directors

T Mallard

Mrs V Y A Blount

A Blount

Company secretary

Mrs V Y A Blount

Registered office

34 Boulevard
Weston-super-Mare
Somerset
BS23 1NF

Accountants

Four Fifty Partnership
Chartered Accountants
34 Boulevard
Weston-super-Mare
Somerset
BS23 1NF

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Warley Engineering & Developments Limited
for the Year Ended 31 March 2018

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Warley Engineering & Developments Limited for the year ended 31 March 2018 as set out on pages 3 to 10 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 at
http://www.icaew.com/en/members/regulations-standards-and-guidance/.

This report is made solely to the Board of Directors of Warley Engineering & Developments Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Warley Engineering & Developments Limited and state those matters that we have agreed to state to the Board of Directors of Warley Engineering & Developments Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Warley Engineering & Developments Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Warley Engineering & Developments Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Warley Engineering & Developments Limited. You consider that Warley Engineering & Developments 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 accounts of Warley Engineering & Developments 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 accounts.

......................................

Four Fifty Partnership
Chartered Accountants
34 Boulevard
Weston-super-Mare
Somerset
BS23 1NF

13 November 2018

 

Warley Engineering & Developments Limited

(Registration number: 02225988)
Balance Sheet as at 31 March 2018

Note

2018
£

2017
£

Fixed assets

 

Investment property

4

800,000

600,000

Current assets

 

Debtors

5

800,036

643,481

Investments

6

816,459

935,992

Cash at bank and in hand

 

151,671

228,245

 

1,768,166

1,807,718

Creditors: Amounts falling due within one year

7

(143,423)

(131,683)

Net current assets

 

1,624,743

1,676,035

Total assets less current liabilities

 

2,424,743

2,276,035

Provisions for liabilities

(107,947)

(76,901)

Net assets

 

2,316,796

2,199,134

Capital and reserves

 

Called up share capital

8

352,000

352,000

Fair value reserve

741,560

692,139

Profit and loss account

1,223,236

1,154,995

Total equity

 

2,316,796

2,199,134

For the financial year ending 31 March 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

Warley Engineering & Developments Limited

(Registration number: 02225988)
Balance Sheet as at 31 March 2018

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 12 November 2018 and signed on its behalf by:
 

.........................................

T Mallard
Director

.........................................

Mrs V Y A Blount
Company secretary and director

 

Warley Engineering & Developments Limited

Notes to the Financial Statements for the Year Ended 31 March 2018

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
34 Boulevard
Weston-super-Mare
Somerset
BS23 1NF
United Kingdom

The principal place of business is:
12 Quarry Way
Emersons Green
Bristol
BS16 7BN
United Kingdom

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The presentation currency of the financial statements is Pound Sterling (£).

 

Warley Engineering & Developments Limited

Notes to the Financial Statements for the Year Ended 31 March 2018

2

Accounting policies (continued)

Revenue recognition

Turnover represents rental income and service charges from the investment property owned by the company. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Other operating income represents electricity income derived from solar panels affixed to the investment property owned by the company.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is calculated on the timing differences if assets were sold at their market value at the balance sheet date, after indexation.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Warley Engineering & Developments Limited

Notes to the Financial Statements for the Year Ended 31 March 2018

2

Accounting policies (continued)

Trade debtors

Trade debtors are amounts due from customers for rental income and electricity sold in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Reserves

The directors have elected to separately disclose the non-distributable element of the profit and loss reserve created by fair value adjustments as a revaluation reserve within the financial statements.

 

Warley Engineering & Developments Limited

Notes to the Financial Statements for the Year Ended 31 March 2018

3

Staff numbers

The average number of persons employed by the company (including directors) during the year was 3 (2017 - 3).

4

Investment properties

2018
£

At 1 April 2017

600,000

Fair value adjustments

200,000

At 31 March 2018

800,000

The fair value of the investment property has been determined by the directors after due consideration of similar properties for sale.

A basic valuation has been carried out on the company's investment property post year end.

5

Debtors

2018
£

2017
£

Trade debtors

4,620

2,606

Prepayments and accrued income

1,489

-

Other debtors

793,927

640,875

800,036

643,481

6

Current asset investments

2018
£

2017
£

Other investments

816,459

935,992

 

Warley Engineering & Developments Limited

Notes to the Financial Statements for the Year Ended 31 March 2018

7

Creditors

Creditors: amounts falling due within one year

2018
£

2017
£

Due within one year

Taxation and social security

4,356

4,913

Accruals and deferred income

3,000

11,000

Other creditors

136,067

115,770

143,423

131,683

8

Share capital

Allotted, called up and fully paid shares

 

2018

2017

 

No.

£

No.

£

Ordinary shares of £1 each

1,000

1,000

1,000

1,000

A Preference shares of £1 each

350,000

350,000

350,000

350,000

B Preference shares of £1 each

1,000

1,000

1,000

1,000

 

352,000

352,000

352,000

352,000

9

Related party transactions

Transactions with directors

2018

At 1 April 2017
£

Advances to director
£

Repayments
by
director
£

Discounting adjustment
£

At 31 March 2018
£

Mrs V Y A Blount

Directors loan account - No 1

214,124

-

(130)

(46,822)

167,172

Directors loan account - No 2

-

202,668

(4,167)

-

198,501

 

214,124

202,668

(4,297)

(46,822)

365,673

         
 

Warley Engineering & Developments Limited

Notes to the Financial Statements for the Year Ended 31 March 2018

9

Related party transactions (continued)

A Blount

Directors loan account

214,124

-

(130)

(46,822)

167,172

 

214,124

-

(130)

(46,822)

167,172

         

T Mallard

Directors loan account

(68,374)

19,293

(18,714)

-

(67,795)

 

(68,374)

19,293

(18,714)

-

(67,795)

         

 

2017

At 1 April 2016
£

Advances to director
£

Repayments
by
director
£

At 31 March 2017
£

Mrs V Y A Blount

Directors loan account - No 1

214,254

-

(130)

214,124

 

214,254

-

(130)

214,124

       

A Blount

Directors loan account

214,254

-

(130)

214,124

 

214,254

-

(130)

214,124

       

T Mallard

Directors loan account

(67,979)

18,700

(19,095)

(68,374)

 

(67,979)

18,700

(19,095)

(68,374)

       

 

All credit directors loan balances are interest free and repayable on demand.

All overdrawn directors loan balances are provided interest free and are repayable on demand, with the exception of the loan provided this year, which interest has been charged at the HM Revenue and Customs approved rate.

Section 455 tax has been paid on all overdrawn loan balances.