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COMPANY REGISTRATION NUMBER: 06659564
M.L. Worsdall & Son Limited
Filleted Unaudited Financial Statements
31 July 2018
M.L. Worsdall & Son Limited
Financial Statements
for the year ended 31st July 2018
Contents
Pages
Chartered accountants report to the board of directors on the preparation of the unaudited statutory financial statements
1
Statement of financial position
2 to 3
Notes to the financial statements
4 to 7
M.L. Worsdall & Son Limited
Chartered Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of M.L. Worsdall & Son Limited
for the year ended 31st July 2018
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of M.L. Worsdall & Son Limited for the year ended 31st July 2018, which comprise the 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 at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the Board of Directors of M.L. Worsdall & Son Limited, as a body, in accordance with the terms of our engagement letter dated 22nd September 2012. Our work has been undertaken solely to prepare for your approval the financial statements of M.L. Worsdall & Son Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than M.L. Worsdall & Son Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that M.L. Worsdall & Son 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 M.L. Worsdall & Son Limited. You consider that M.L. Worsdall & Son 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 M.L. Worsdall & Son 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.
MOORE THOMPSON Chartered Accountants
Unit 7, Swan Court Forder Way Cygnet Park Hampton Peterborough PE7 8GX
Dated: 12 November 2018
M.L. Worsdall & Son Limited
Statement of Financial Position
as at 31 July 2018
2018
2017
Note
£
£
£
£
Fixed assets
Tangible assets
5
691,938
682,114
Current assets
Debtors
6
376,040
327,119
Cash at bank and in hand
250,363
257,529
----------
----------
626,403
584,648
Creditors: amounts falling due within one year
7
( 482,802)
( 572,993)
----------
----------
Net current assets
143,601
11,655
----------
----------
Total assets less current liabilities
835,539
693,769
Creditors: amounts falling due after more than one year
8
( 108,292)
( 135,342)
Provisions
Taxation including deferred tax
( 111,962)
( 107,404)
----------
----------
Net assets
615,285
451,023
----------
----------
Capital and reserves
Called up share capital
300
300
Profit and loss account
614,985
450,723
----------
----------
Shareholders funds
615,285
451,023
----------
----------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 31st July 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
M.L. Worsdall & Son Limited
Statement of Financial Position (continued)
as at 31 July 2018
These financial statements were approved by the board of directors and authorised for issue on 5 November 2018 , and are signed on behalf of the board by:
„„„„„„„„„„„„„
Mr M D Worsdall Director
Company registration number: 06659564
M.L. Worsdall & Son Limited
Notes to the Financial Statements
for the year ended 31st July 2018
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 7 Swan Court, Cygnet Park, Hampton, Peterborough, PE7 8GX.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
3.1 Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
3.2 Revenue recognition
Turnover comprises the invoice value of goods and services supplied by the company during the year, net of Value Added Tax and trade discounts.
3.3 Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
3.4 Tangible assets
Tangible fixed assets are stated at cost less depreciation.
3.5 Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Land and Buildings
-
40% reducing balance
Plant & Machinery
-
20% reducing balance
Motor vehicles
-
25% reducing balance
Equipment
-
30% reducing balance
3.6 Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
3.7 Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
3.8 Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 21 (2017: 19 ).
5. Tangible assets
Land and buildings
Plant and machinery
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1st August 2017
826
27,678
1,251,538
4,420
1,284,462
Additions
758
324,250
866
325,874
Disposals
( 210,235)
( 210,235)
----------
----------
------------
----------
------------
At 31st July 2018
826
28,436
1,365,553
5,286
1,400,101
----------
----------
------------
----------
------------
Depreciation
At 1st August 2017
507
8,718
589,691
3,432
602,348
Charge for the year
32
1,972
224,208
556
226,768
Disposals
( 120,953)
( 120,953)
----------
----------
------------
----------
------------
At 31st July 2018
539
10,690
692,946
3,988
708,163
----------
----------
------------
----------
------------
Carrying amount
At 31st July 2018
287
17,746
672,607
1,298
691,938
----------
----------
------------
----------
------------
At 31st July 2017
319
18,960
661,847
988
682,114
----------
----------
------------
----------
------------
6. Debtors
2018
2017
£
£
Trade debtors
375,375
321,633
Other debtors
665
5,486
----------
----------
376,040
327,119
----------
----------
7. Creditors: amounts falling due within one year
2018
2017
£
£
Trade creditors
52,384
62,938
Corporation tax
35,650
26,233
Social security and other taxes
70,526
80,693
Other creditors
324,242
403,129
----------
----------
482,802
572,993
----------
----------
8. Creditors: amounts falling due after more than one year
2018
2017
£
£
Other creditors
108,292
135,342
----------
----------
9. Directors' advances, credits and guarantees
There were no transactions with the Directors in the current or previous year that needs to be disclosed.