REGISTERED NUMBER: 02858285 (England and Wales)

Ian Whitehead Contract Furnishing

Limited

Unaudited Financial Statements

For The Year Ended 31 March 2017

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

I Whitehead

L Platton

SECRETARY:

Mrs D Whitehead

REGISTERED OFFICE:

Unit 2

Bankside Works

Darnall Road

Sheffield

S9 4AE

REGISTERED NUMBER:

02858285 (England and Wales)

ACCOUNTANTS:

Roddis Taylor Robinson

Chartered Accountants

Unit 6, Acorn Business Park

Woodseats Close

Sheffield

South Yorkshire

S8 0TB

FIXED ASSETS

Tangible assets

4

746,218

467,917

CURRENT ASSETS

Stocks

5

23,850

18,100

Debtors

6

1,815,536

1,970,954

Cash at bank and in hand

44,924

50,683

1,884,310

2,039,737

CREDITORS

Amounts falling due within one year

7

1,214,367

1,150,779

NET CURRENT ASSETS

669,943

888,958

TOTAL ASSETS LESS CURRENT LIABILITIES

1,416,161

1,356,875

CREDITORS

Amounts falling due after more than one year

8

(40,244

)

(26,622

)

PROVISIONS FOR LIABILITIES

(25,017

)

(16,452

)

ACCRUALS AND DEFERRED INCOME

(88,000

)

(92,000

)

NET ASSETS

1,262,900

1,221,801

CAPITAL AND RESERVES

Called up share capital

10

25,000

25,000

Retained earnings

1,237,900

1,196,801

SHAREHOLDERS' FUNDS

1,262,900

1,221,801

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2017 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 22 December 2017 and were signed on its behalf by:

I Whitehead - Director

1.	STATUTORY INFORMATION

Ian Whitehead Contract Furnishing Limited is a private company, limited by shares , registered in England and

Wales. The company's registered number and registered office address can be found on the Company

Information page.

The financial statements are presented in sterling which is the functional currency of the company and rounded to

the nearest pound.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover represents the net sales value of goods supplied and services rendered during the year, exclusive of

value added tax. Turnover includes the value of contract work completed at the year end but not invoiced.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Alterations to tenanted property

-

4% straight line

Plant and machinery

-

10% straight line

Fixtures and fittings

-

33% straight line and 10% straight line

Motor vehicles

-

25% straight line

Stocks

Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance

for obsolete and slow moving items. Cost includes direct materials, labour and production overheads. Net

realisable value is based on estimated selling price less further costs to completion and selling costs.

Long Term Contracts

Turnover is recognised at the value of work performed. Profit is recognised appropriately for the stage of

completion of each project. Any losses foreseen are provided in full immediately.

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 that have been enacted or

substantively enacted by the balance sheet date.

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 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 leases

are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element

of the future payments is treated as a liability.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to profit or loss in the period to which they relate.

Government grants

Grants received in respect of capital expenditure are credited to the profit and loss account in equal annual

instalments over the estimated useful lives of the assets concerned.

Grants received in respect of revenue expenditure are credited to the profit and loss account in the same period

as the related expenditure.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 45 (2016 - 44 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2016

864,770

Additions

335,945

Disposals

(53,838

)

At 31 March 2017

1,146,877

DEPRECIATION

At 1 April 2016

396,853

Charge for year

57,212

Eliminated on disposal

(53,406

)

At 31 March 2017

400,659

NET BOOK VALUE

At 31 March 2017

746,218

At 31 March 2016

467,917

5.

STOCKS

2017

2016

£

£

Raw materials & consumables

23,850

18,100

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

380,358

437,049

Other debtors

129,563

58,328

Amounts recoverable on contracts

1,280,832

1,409,698

Prepayments and accrued income

24,783

65,879

1,815,536

1,970,954

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Bank loans and overdrafts

-

11,988

Hire purchase contracts

34,344

28,633

Payments on account

94,031

71,652

Trade creditors

569,152

382,103

Tax

-

21

Social security and other taxes

19,609

136,693

Other creditors

253,997

328,974

Accruals and deferred income

243,234

190,715

1,214,367

1,150,779

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2017

2016

£

£

Hire purchase contracts

40,244

26,622

9.	SECURED DEBTS

The following secured debts are included within creditors:

2017

2016

£

£

Hire purchase contracts

74,588

55,255

The above liabilities are secured on the assets financed.

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2017

2016

value:

£

£

25,000

Ordinary

£1

25,000

25,000

11.	FIRST-TIME ADOPTION OF FRS 102 1A

On the adoption of FRS 102 1A there was no effect on the balance of equity and profit and loss previously

reported on transition at 1 April 2015 and 31 March 2016.