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Registration number: 00841509

A & H Wylie Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2017

Ballard Dale Syree Watson LLP
Chartered Accountants
Oakmoore Court
11c Kingswood Road
Hampton Lovett
Droitwich
Worcestershire
WR9 0QH

 

A & H Wylie Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 9

 

A & H Wylie Limited

Company Information

Directors

Mr H Wylie

Mr A Wylie

Company secretary

Mrs K Wylie

Registered office

Crutch Farm
Crutch Lane
Elmbridge
Droitwich Spa
Worcs
WR9 0BG

Accountants

Ballard Dale Syree Watson LLP
Chartered Accountants
Oakmoore Court
11c Kingswood Road
Hampton Lovett
Droitwich
Worcestershire
WR9 0QH

 

A & H Wylie Limited

(Registration number: 00841509)
Balance Sheet as at 31 March 2017

Note

2017
£

2016
£

Tangible assets

4

248,855

222,889

Current assets

 

Stocks

5

139,021

168,185

Debtors

6

24,094

23,859

Cash at bank and in hand

 

339,691

265,727

 

502,806

457,771

Creditors: Amounts falling due within one year

7

(182,799)

(148,944)

Net current assets

 

320,007

308,827

Total assets less current liabilities

 

568,862

531,716

Creditors: Amounts falling due after more than one year

7

(50,000)

(50,000)

Provisions for liabilities

(31,569)

(26,860)

Net assets

 

487,293

454,856

Capital and reserves

 

Called up share capital

5,000

5,000

Profit and loss account

482,293

449,856

Total equity

 

487,293

454,856

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.

Approved and authorised by the Board on 4 August 2017 and signed on its behalf by:
 

 

A & H Wylie Limited

(Registration number: 00841509)
Balance Sheet as at 31 March 2017

.........................................
Mr H Wylie
Director

.........................................
Mr A Wylie
Director

 
 

A & H Wylie Limited

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 United Kingdom.

The address of its registered office is:
Crutch Farm
Crutch Lane
Elmbridge
Droitwich Spa
Worcs
WR9 0BG

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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/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.

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.

 

A & H Wylie Limited

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

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

Farm improvements

4% on cost

Implements

25% on reducing balance

Motor vehicles

25% on reducing balance

Computer equipment

25% on reducing balance

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.

 

A & H Wylie Limited

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

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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2016 - 3).

 

A & H Wylie Limited

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

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Other property, plant and equipment
 £

Total
£

Cost or valuation

At 1 April 2016

145,937

10,115

636,963

793,015

Additions

-

-

94,555

94,555

Disposals

-

-

(72,000)

(72,000)

At 31 March 2017

145,937

10,115

659,518

815,570

Depreciation

At 1 April 2016

56,451

8,940

504,735

570,126

Charge for the year

5,837

294

54,775

60,906

Eliminated on disposal

-

-

(64,317)

(64,317)

At 31 March 2017

62,288

9,234

495,193

566,715

Carrying amount

At 31 March 2017

83,649

881

164,325

248,855

At 31 March 2016

89,486

1,175

132,228

222,889

5

Stocks

2017
£

2016
£

Other inventories

139,021

168,185

6

Debtors

2017
£

2016
£

Trade debtors

17,585

20,430

Other debtors

6,509

3,429

Total current trade and other debtors

24,094

23,859

 

A & H Wylie Limited

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

7

Creditors

Creditors: amounts falling due within one year

Note

2017
£

2016
£

Due within one year

 

Trade creditors

 

24,404

14,236

Amounts owed to related parties

145,526

127,666

Taxation and social security

 

2,746

1,616

Other creditors

 

10,123

5,426

 

182,799

148,944

Due after one year

 

Loans and borrowings

8

50,000

50,000

Creditors: amounts falling due after more than one year

Note

2017
£

2016
£

Due after one year

 

Loans and borrowings

8

50,000

50,000

8

Loans and borrowings

2017
£

2016
£

Non-current loans and borrowings

Other borrowings

50,000

50,000

 

A & H Wylie Limited

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

9

Transition to FRS 102

The directors have undertaken a comprehensive review of the company’s accounting policies in order to identify all potential transitional adjustments that may be necessary. As a result of this review, the directors have not identified any material adjustments arising from the transition and therefore no transitional adjustments have been made in these financial statements.

Therefore there is no change to either the balance sheet or profit and loss account as previously presented for the period ended 31 March 2016.