| REGISTERED NUMBER: |
| Unaudited Financial Statements |
| for the Year Ended 30 June 2018 |
| for |
| F G Whitley and Sons Co. Limited |
| REGISTERED NUMBER: |
| Unaudited Financial Statements |
| for the Year Ended 30 June 2018 |
| for |
| F G Whitley and Sons Co. Limited |
| F G Whitley and Sons Co. Limited (Registered number: 00690213) |
| Contents of the Financial Statements |
| for the year ended 30 June 2018 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| Chartered Accountants' Report | 7 |
| F G Whitley and Sons Co. Limited |
| Company Information |
| for the year ended 30 June 2018 |
| DIRECTOR: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| Broncoed House |
| Broncoed Business Park |
| Wrexham Road |
| Mold |
| Flintshire |
| CH7 1HP |
| BANKERS: |
| Flint Business Centre |
| North East Wales Group of Branches |
| PO Box 1330 |
| Flintshire |
| CH6 5WJ |
| SOLICITORS: |
| 1 St Paul's Square |
| Liverpool |
| L3 9SJ |
| F G Whitley and Sons Co. Limited (Registered number: 00690213) |
| Balance Sheet |
| 30 June 2018 |
| 2018 | 2017 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| Investments | 5 |
| CURRENT ASSETS |
| Stocks | 6 |
| Debtors | 7 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 8 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
| PENSION LIABILITY | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Capital redemption reserve |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| The director acknowledges his 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. |
| In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
| The financial statements were approved by the director on |
| F G Whitley and Sons Co. Limited (Registered number: 00690213) |
| Notes to the Financial Statements |
| for the year ended 30 June 2018 |
| 1. | STATUTORY INFORMATION |
| F G Whitley and Sons Co. Limited is a |
| 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 is recognised at the fair value of the consideration received or receivable for sale of goods and services in the ordinary nature |
| of business. Turnover is shown net of Value Added Tax, of goods and services provided to customers and, in the case of long term |
| contracts, credit is taken appropriate to the stage of completion when the outcome of the contract can be ascertained with reasonable |
| certainty. |
| In respect of long-term contracts and contracts for on-going services, turnover represents the value of work done in the year, including |
| estimates of amounts not invoiced. Turnover in respect of long-term contracts and contracts for on-going services is recognised by |
| reference of the stage of completion. |
| Tangible fixed assets |
| Tangible fixed assets are stated at cost less accumulated depreciation. Cost includes the original purchase price of the asset and the costs |
| attributable to bringing the asset to its working condition for its intended use. |
| Depreciation |
| Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset |
| on a systematic basis over its expected useful life as follows: |
| Freehold property 2% on cost |
| Motor vehicles 30% reducing balance |
| Plant and machinery 20% reducing balance |
| Assets under construction are not depreciated until they are brought in to use. |
| Assets acquired during the year are depreciated proportionally from their date of acquisition. |
| Investments in subsidiaries |
| Investments in subsidiary undertakings are recognised at cost. |
| Work in progress |
| Work in progress is valued on the basis of direct costs plus attributable overheads on normal level activity. Provision is made for any |
| foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress. |
| 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. |
| F G Whitley and Sons Co. Limited (Registered number: 00690213) |
| Notes to the Financial Statements - continued |
| for the year ended 30 June 2018 |
| 2. | ACCOUNTING POLICIES - continued |
| 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. |
| Hire purchase and leasing commitments |
| Assets held under hire purchase agreements are capitalised and disclosed under tangible fixed assets at their fair value. The capital |
| element of the future payments is treated as a liability and the interest is charged to the profit and loss account on a straight line basis. |
| Share capital |
| Ordinary shares are classed as equity. |
| Short term debtors and creditors |
| Short term debtors and creditors with no stated interest rate are recorded at transaction price. Any losses arising from impairment are |
| recognised in the profit and loss account. |
| Distributions to equity holders |
| Dividends are recognised as a liability in the financial statements in the period in which the dividends are approved by the company's |
| shareholders. These amounts are recognised in the statement of changes in equity. |
| Cash and cash equivalents |
| Cash and cash equivalents includes cash in hand and cash held with banks. |
| Short term and long term contracts |
| Short term contracts |
| Work in progress in respect of short term contracts is stated at cost less foreseeable losses and progress payments received and |
| receivable. |
| Long term contracts |
| Work in progress in respect of long term contracts is stated at cost, net of amounts transferred to cost of sales in repect of work reported |
| as turnover, less foreseeable losses and progress payments not recorded as turnover Payments in excess of recorded turnover and long |
| term contract balances are included in creditors as payments received on account on long term contracts. |
| No profit is recognised until the contract has advanced to a stage where the profit can be assessed with reasonable certainty. Once profit |
| has been calculated it is assumed to accrue evenly over the contract. Provision is made in full for any foreseeable losses. |
| Leased assets and obligations |
| Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase |
| contracts are depreciated over their estimated useful lives, those held under finance lease are estimated over their useful lives, whichever |
| is shorter. |
| 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. |
| Rentals paid under operating leases are charged to the profit and loss account as incurred. |
| F G Whitley and Sons Co. Limited (Registered number: 00690213) |
| Notes to the Financial Statements - continued |
| for the year ended 30 June 2018 |
| 2. | ACCOUNTING POLICIES - continued |
| Pension schemes |
| For defined benefit schemes the amount charged to the profit and loss account in respect of pension costs and other post retirement |
| benefits is the estimated regular cost of providing the benefits accrued in the year adjusted to reflect variations from that cost. |
| Actuarial gains and losses arising from new valuations and from updating valuations to the balance sheet date are recognised in the |
| Statement of Total Recognised Gains and Losses. |
| Defined benefit schemes are funded with the assets held separately from the group in separate trustee administered funds. Full actuarial |
| valuations, by a professionally qualified actuary, are obtained at least every three years, and updated to reflect current conditions at each |
| balance sheet date. The pension scheme assets are measured at fair value. The pension scheme liabilities are measured using the |
| projected unit method and discounted at the current rate of return on a high quality corporate bond of equivalent term and currency. A |
| pension scheme asset is recognised on the balance sheet only to the extent that the surplus may be recovered by reduced future |
| contributions or to the extent that the trustees have agreed a refund from the scheme at the balance sheet date. A pension scheme |
| liability is recognised to the extent that the group has a legal or constructive obligation to settle the liability. |
| The company operates a self-administered money purchase scheme for the director and a funded defined benefit scheme for its |
| employees. The staff pension scheme was closed to future accruals from 30 March 2007. |
| Pension costs include contributions payable by the company to the scheme based on amounts assessed by the actuary. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | TANGIBLE FIXED ASSETS |
| Freehold | Plant and | Motor |
| property | machinery | vehicles | Totals |
| £ | £ | £ | £ |
| COST |
| At 1 July 2017 |
| Additions |
| Disposals | ( |
) | ( |
) | ( |
) |
| At 30 June 2018 |
| DEPRECIATION |
| At 1 July 2017 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) | ( |
) |
| At 30 June 2018 |
| NET BOOK VALUE |
| At 30 June 2018 |
| At 30 June 2017 |
| F G Whitley and Sons Co. Limited (Registered number: 00690213) |
| Notes to the Financial Statements - continued |
| for the year ended 30 June 2018 |
| 5. | FIXED ASSET INVESTMENTS |
| Shares in |
| group |
| undertakings |
| £ |
| COST |
| At 1 July 2017 |
| and 30 June 2018 |
| NET BOOK VALUE |
| At 30 June 2018 |
| At 30 June 2017 |
| 6. | STOCKS |
| 2018 | 2017 |
| £ | £ |
| Stocks |
| Work-in-progress |
| 7. | DEBTORS |
| 2018 | 2017 |
| £ | £ |
| Amounts falling due within one year: |
| Trade debtors |
| Other debtors |
| Amounts falling due after more than one year: |
| Amounts owed by group undertakings |
| Aggregate amounts |
| Amounts due from connected undertakings are unsecured, interest free and have no fixed date of repayment and are repayable on |
| demand. |
| 8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2018 | 2017 |
| £ | £ |
| Trade creditors |
| Taxation and social security |
| Other creditors |
| 9. | RELATED PARTY DISCLOSURES |
| The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting |
| Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within |
| the group. |
| Chartered Accountants' Report to the Director |
| on the Unaudited Financial Statements of |
| F G Whitley and Sons Co. Limited |
| The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial |
| statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that |
| the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar |
| of Companies. |
| In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of F G |
| Whitley and Sons Co. Limited for the year ended 30 June 2018 which comprise the Income Statement, Balance Sheet, Statement of Changes in |
| Equity 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 within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
| This report is made solely to the director of F G Whitley and Sons Co. Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of F G Whitley and Sons Co. Limited and state those matters that we have agreed to state to the director of F G Whitley and Sons Co. Limited in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than F G Whitley and Sons Co. Limited and its director for our work or for this report. |
| It is your duty to ensure that F G Whitley and Sons Co. 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 F G Whitley and Sons Co. Limited. You consider that F G Whitley and Sons Co. 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 F G Whitley and Sons Co. 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. |
| Chartered Accountants |
| Broncoed House |
| Broncoed Business Park |
| Wrexham Road |
| Mold |
| Flintshire |
| CH7 1HP |