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COMPANY REGISTRATION NUMBER: 0725802
W G Wright (Auto Electrical) Limited
Filleted Unaudited Financial Statements
For the Year Ended
31 March 2018
W G Wright (Auto Electrical) Limited
Financial Statements
Year Ended 31 March 2018
Contents
Page
Officers and Professional Advisers
1
Statement of Financial Position
2
Notes to the Financial Statements
4
The Following Pages Do Not Form Part of the Financial Statements
Chartered Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements
7
W G Wright (Auto Electrical) Limited
Officers and Professional Advisers
The Board of Directors
Mr M Simpson
Mrs K F Keston
Company Secretary
Mrs K F Keston
Registered Office
550 Valley Road
Basford
Nottingham
NG5 1JJ
Accountants
Swandec
Chartered Accountants
550 Valley Road
Basford
Nottingham
NG5 1JJ
Bankers
Lloyds
1 -3 Church Street
Mansfield
Notts
NG18 1AF
W G Wright (Auto Electrical) Limited
Statement of Financial Position
31 March 2018
2018
2017
Note
£
£
£
Current Assets
Debtors
4
11,714
1,167,496
Cash at bank and in hand
1,317,805
216,689
-------------
-------------
1,329,519
1,384,185
Creditors: amounts falling due within one year
5
26,302
63,182
-------------
-------------
Net Current Assets
1,303,217
1,321,003
-------------
-------------
Total Assets Less Current Liabilities
1,303,217
1,321,003
Creditors: amounts falling due after more than one year
6
475,000
475,000
-------------
-------------
Net Assets
828,217
846,003
-------------
-------------
Capital and Reserves
Called up share capital
7
13,500
13,500
Share premium account
13
13
Profit and loss account
814,704
832,490
----------
----------
Members Funds
828,217
846,003
----------
----------
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 income statement has not been delivered.
For the 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 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 .
W G Wright (Auto Electrical) Limited
Statement of Financial Position (continued)
31 March 2018
These financial statements were approved by the board of directors and authorised for issue on 24 October 2018 , and are signed on behalf of the board by:
Mr M Simpson
Director
Company registration number: 0725802
W G Wright (Auto Electrical) Limited
Notes to the Financial Statements
Year Ended 31 March 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 550 Valley Road, Basford, Nottingham, NG5 1JJ.
2. Accounting Policies
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.
Revenue Recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
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. Employee Numbers
The average number of persons employed by the company during the year amounted to 2 (2017: 2 ).
4. Debtors
2018
2017
£
£
Trade debtors
7,267
1,162,267
Other debtors
4,447
5,229
---------
-------------
11,714
1,167,496
---------
-------------
5. Creditors: amounts falling due within one year
2018
2017
£
£
Corporation tax
7,789
Other creditors
26,302
55,393
---------
---------
26,302
63,182
---------
---------
6. Creditors: amounts falling due after more than one year
2018
2017
£
£
Other creditors
475,000
475,000
----------
----------
7. Called Up Share Capital
Issued, called up and fully paid
2018
2017
No.
£
No.
£
Ordinary shares of £ 1 each
13,500
13,500
13,500
13,500
---------
---------
---------
---------
8. Directors' Advances, Credits and Guarantees
At the statement of financial position date the company owed the director £475,000 (2017: £475,000). This amount is unsecured, interest free and repayable on demand.
W G Wright (Auto Electrical) Limited
Management Information
Year Ended 31 March 2018
The Following Pages Do Not Form Part of the Financial Statements.
W G Wright (Auto Electrical) Limited
Chartered Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of W G Wright (Auto Electrical) Limited
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 financial statements of W G Wright (Auto Electrical) Limited for the year ended 31 March 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 W G Wright (Auto Electrical) Limited, as a body, in accordance with the terms of our engagement letter dated 4 September 2018. Our work has been undertaken solely to prepare for your approval the financial statements of W G Wright (Auto Electrical) 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 W G Wright (Auto Electrical) Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that W G Wright (Auto Electrical) 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 loss of W G Wright (Auto Electrical) Limited. You consider that W G Wright (Auto Electrical) 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 W G Wright (Auto Electrical) 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.
Swandec Chartered Accountants
550 Valley Road Basford Nottingham NG5 1JJ
24 October 2018