back to WILLCOCKS ENGINEERING (AVON) LIMITED detail Willcocks Engineering (Avon) Ltd - Period Ending 2017-03-31
Willcocks Engineering (Avon) Ltd 01255864 false 2016-04-01 2017-03-31 2017-03-31 The principal activity of the company is that of precision engineers Digita Accounts Production Advanced 6.20.8420.1 Software true 01255864 2016-04-01 2017-03-31 01255864 2017-03-31 01255864 core:RetainedEarningsAccumulatedLosses 2017-03-31 01255864 core:ShareCapital 2017-03-31 01255864 core:CurrentFinancialInstruments 2017-03-31 01255864 core:CurrentFinancialInstruments core:WithinOneYear 2017-03-31 01255864 core:Non-currentFinancialInstruments 2017-03-31 01255864 core:Non-currentFinancialInstruments core:AfterOneYear 2017-03-31 01255864 core:PatentsTrademarksLicencesConcessionsSimilar 2017-03-31 01255864 core:FurnitureFittingsToolsEquipment 2017-03-31 01255864 core:LandBuildings 2017-03-31 01255864 core:OtherPropertyPlantEquipment 2017-03-31 01255864 bus:SmallEntities 2016-04-01 2017-03-31 01255864 bus:AuditExemptWithAccountantsReport 2016-04-01 2017-03-31 01255864 bus:FullAccounts 2016-04-01 2017-03-31 01255864 bus:RegisteredOffice 2016-04-01 2017-03-31 01255864 bus:CompanySecretaryDirector1 2016-04-01 2017-03-31 01255864 bus:Director1 2016-04-01 2017-03-31 01255864 bus:PrivateLimitedCompanyLtd 2016-04-01 2017-03-31 01255864 bus:Agent1 2016-04-01 2017-03-31 01255864 core:PatentsTrademarksLicencesConcessionsSimilar 2016-04-01 2017-03-31 01255864 core:CommercialMotorVehicles 2016-04-01 2017-03-31 01255864 core:ComputerEquipment 2016-04-01 2017-03-31 01255864 core:FurnitureFittings 2016-04-01 2017-03-31 01255864 core:FurnitureFittingsToolsEquipment 2016-04-01 2017-03-31 01255864 core:LandBuildings 2016-04-01 2017-03-31 01255864 core:OtherPropertyPlantEquipment 2016-04-01 2017-03-31 01255864 core:PlantMachinery 2016-04-01 2017-03-31 01255864 countries:AllCountries 2016-04-01 2017-03-31 01255864 2016-03-31 01255864 core:PatentsTrademarksLicencesConcessionsSimilar 2016-03-31 01255864 core:FurnitureFittingsToolsEquipment 2016-03-31 01255864 core:LandBuildings 2016-03-31 01255864 core:OtherPropertyPlantEquipment 2016-03-31 01255864 2015-04-01 2016-03-31 01255864 2016-03-31 01255864 core:RetainedEarningsAccumulatedLosses 2016-03-31 01255864 core:ShareCapital 2016-03-31 01255864 core:CurrentFinancialInstruments 2016-03-31 01255864 core:CurrentFinancialInstruments core:WithinOneYear 2016-03-31 01255864 core:Non-currentFinancialInstruments 2016-03-31 01255864 core:Non-currentFinancialInstruments core:AfterOneYear 2016-03-31 01255864 core:FurnitureFittingsToolsEquipment 2016-03-31 01255864 core:LandBuildings 2016-03-31 01255864 core:OtherPropertyPlantEquipment 2016-03-31 iso4217:GBP xbrli:pure

Registration number: 01255864

Willcocks Engineering (Avon) Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2017

Newsham Hanson Ltd
Chartered Certified Accountants
Edinburgh House
1-5 Bellevue Road
Clevedon
North Somerset
BS21 7NP

 

Willcocks Engineering (Avon) Ltd

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Notes to the Financial Statements

5 to 11

 

Willcocks Engineering (Avon) Ltd

Company Information

Directors

Mr G Woollard

Mrs J Woollard

Company secretary

Mrs J Woollard

Registered office

Unit 1
Pizey Avenue
Clevedon
North Somerset
BS21 7TS

Accountants

Newsham Hanson Ltd
Chartered Certified Accountants
Edinburgh House
1-5 Bellevue Road
Clevedon
North Somerset
BS21 7NP

 

Chartered Certified Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Willcocks Engineering (Avon) Ltd
for the Year Ended 31 March 2017

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Willcocks Engineering (Avon) Ltd for the year ended 31 March 2017 as set out on pages 3 to 11 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at
http://www.accaglobal.com/gb/en/discover/public-value/rulebook.html.

This report is made solely to the Board of Directors of Willcocks Engineering (Avon) Ltd, 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 Willcocks Engineering (Avon) Ltd and state those matters that we have agreed to state to the Board of Directors of Willcocks Engineering (Avon) Ltd, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/gb/en/technical-activities/technical-resources-search/2009/
october/factsheet-163-audit-exempt-companies.html. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Willcocks Engineering (Avon) Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Willcocks Engineering (Avon) Ltd 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 Willcocks Engineering (Avon) Ltd. You consider that Willcocks Engineering (Avon) Ltd 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 Willcocks Engineering (Avon) Ltd. 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.

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

Newsham Hanson Ltd
Chartered Certified Accountants
Edinburgh House
1-5 Bellevue Road
Clevedon
North Somerset
BS21 7NP

28 November 2017

 

Willcocks Engineering (Avon) Ltd

(Registration number: 01255864)
Balance Sheet as at 31 March 2017

Note

2017
£

2016
£

Fixed assets

 

Tangible assets

5

44,933

26,676

Current assets

 

Stocks

6

10,875

11,769

Debtors

7

122,147

152,000

Cash at bank and in hand

 

71,011

132,166

 

204,033

295,935

Creditors: Amounts falling due within one year

8

(124,197)

(199,064)

Net current assets

 

79,836

96,871

Total assets less current liabilities

 

124,769

123,547

Creditors: Amounts falling due after more than one year

8

(18,960)

(5,400)

Net assets

 

105,809

118,147

Capital and reserves

 

Called up share capital

5,000

5,000

Profit and loss account

100,809

113,147

Total equity

 

105,809

118,147

For the financial year ending 31 March 2017 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.

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.

 

Willcocks Engineering (Avon) Ltd

(Registration number: 01255864)
Balance Sheet as at 31 March 2017

Approved and authorised by the Board on 28 November 2017 and signed on its behalf by:
 

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

Mr G Woollard

Director

 

Willcocks Engineering (Avon) Ltd

Notes to the Financial Statements for the Year Ended 31 March 2017

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:
Unit 1
Pizey Avenue
Clevedon
North Somerset
BS21 7TS

These financial statements were authorised for issue by the Board on 28 November 2017.

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.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant & Equipment

25% reducing balance basis

Fixtures & Fittings

15% reducing balance basis

Motor Vehicles

25% reducing balance basis

Computer Equipment

25% reducing balance basis

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

U.K. Patents

25% straight line basis

 

Willcocks Engineering (Avon) Ltd

Notes to the Financial Statements for the Year Ended 31 March 2017

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.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed 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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Willcocks Engineering (Avon) Ltd

Notes to the Financial Statements for the Year Ended 31 March 2017

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 10 (2016 - 13).

 

Willcocks Engineering (Avon) Ltd

Notes to the Financial Statements for the Year Ended 31 March 2017

4

Intangible assets

Trademarks, patents and licenses
 £

Total
£

Cost or valuation

At 1 April 2016

257

257

At 31 March 2017

257

257

Amortisation

At 1 April 2016

257

257

At 31 March 2017

257

257

Carrying amount

At 31 March 2017

-

-

The aggregate amount of research and development expenditure recognised as an expense during the period is £Nil (2016 - £Nil).
 

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Other property, plant and equipment
 £

Total
£

Cost or valuation

At 1 April 2016

3,758

7,218

208,746

219,722

Additions

-

-

33,333

33,333

At 31 March 2017

3,758

7,218

242,079

253,055

Depreciation

At 1 April 2016

3,758

6,563

182,725

193,046

Charge for the year

-

237

14,839

15,076

At 31 March 2017

3,758

6,800

197,564

208,122

Carrying amount

At 31 March 2017

-

418

44,515

44,933

At 31 March 2016

-

655

26,021

26,676

Included within the net book value of land and buildings above is £Nil (2016 - £Nil) in respect of freehold land and buildings.
 

 

Willcocks Engineering (Avon) Ltd

Notes to the Financial Statements for the Year Ended 31 March 2017

Included within the net book value of tangible assets is £26,924 (2016: £9,566) in respect of assets held under finance leases and similar hire purchase contracts. Depreciation for the year on these assets was £8,975 (2016: £3,189).

6

Stocks

2017
£

2016
£

Work in progress

10,875

11,769

7

Debtors

2017
£

2016
£

Trade debtors

110,105

141,539

Other debtors

12,042

10,461

Total current trade and other debtors

122,147

152,000

8

Creditors

Note

2017
£

2016
£

Due within one year

 

Bank loans and overdrafts

9

18,040

5,400

Trade creditors

 

64,766

104,546

Amounts owed to related parties

20,003

20,000

Taxation and social security

 

19,438

50,649

Other creditors

 

1,950

18,469

 

124,197

199,064

Due after one year

 

Loans and borrowings

9

18,960

5,400

9

Loans and borrowings

2017
£

2016
£

Non-current loans and borrowings

Finance lease liabilities

18,960

5,400

2017
£

2016
£

Current loans and borrowings

Finance lease liabilities

18,040

5,400

 

Willcocks Engineering (Avon) Ltd

Notes to the Financial Statements for the Year Ended 31 March 2017

10

Transition to FRS 102

The policies adopted under the entity's previous accounting framework are not materially different to FRS 102 and have not impacted on equity or profit or loss.

Balance Sheet at 1 April 2015
 

Note

As originally reported
£

Reclassification
£

Remeasurement
£

As restated
£

Fixed assets

 

Tangible assets

 

35,568

-

-

35,568

Current assets

 

Stocks

 

19,616

-

-

19,616

Debtors

 

174,727

-

-

174,727

Cash at bank and in hand

 

42,689

-

-

42,689

 

237,032

-

-

237,032

Creditors: Amounts falling due within one year

 

(154,444)

-

-

(154,444)

Net current assets

 

82,588

-

-

82,588

Total assets less current liabilities

 

118,156

-

-

118,156

Creditors: Amounts falling due after more than one year

 

(10,800)

-

-

(10,800)

Net assets

 

107,356

-

-

107,356

Capital and reserves

 

Called up share capital

 

5,000

-

-

5,000

Profit and loss account

 

102,356

-

-

102,356

Total equity

 

107,356

-

-

107,356

 

Willcocks Engineering (Avon) Ltd

Notes to the Financial Statements for the Year Ended 31 March 2017

Balance Sheet at 31 March 2016
 

Note

As originally reported
£

Reclassification
£

Remeasurement
£

As restated
£

Fixed assets

 

Tangible assets

 

26,676

-

-

26,676

Current assets

 

Stocks

 

11,769

-

-

11,769

Debtors

 

152,001

-

-

152,001

Cash at bank and in hand

 

132,166

-

-

132,166

 

295,936

-

-

295,936

Creditors: Amounts falling due within one year

 

(199,072)

-

-

(199,072)

Net current assets

 

96,864

-

-

96,864

Total assets less current liabilities

 

123,540

-

-

123,540

Creditors: Amounts falling due after more than one year

 

(5,400)

-

-

(5,400)

Net assets

 

118,140

-

-

118,140

Capital and reserves

 

Called up share capital

 

5,000

-

-

5,000

Profit and loss account

 

113,140

-

-

113,140

Total equity

 

118,140

-

-

118,140