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Winstanleys (Castleton) Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2017

Filleted Version



 

Thompson Jones Business Solutions Limited
Chartered Accountants & Business Advisors
2 Heap Bridge
Bury
Lancashire
BL9 7HR

Winstanleys (Castleton) Limited

Contents

Company Information	1
Balance Sheet	2
Notes to the Financial Statements	3 to 8

Winstanleys (Castleton) Limited

Company Information

Directors

D Winstanley J D Winstanley

Company secretary

J D Winstanley

Registered office

Sturgeon Works Railway Approach Castleton Rochdale Lancashire OL11 3EE

Bankers

National Westminster Bank PLC Rochdale Town Hall Square Rochdale Lancashire OL16 1LL

Accountants

Thompson Jones Business Solutions Limited Chartered Accountants & Business Advisors 2 Heap Bridge Bury Lancashire BL9 7HR

Page 1

Winstanleys (Castleton) Limited

(Registration number: 00738831)
Balance Sheet as at 31 December 2017

	Note	2017 £	2016 £
Fixed assets
Tangible assets	4	48,921	44,245
Current assets
Debtors	5	1,505	(1,223)
Creditors: Amounts falling due within one year	6	(39,976)	(38,415)
Net current liabilities		(38,471)	(39,638)
Total assets less current liabilities		10,450	4,607
Creditors: Amounts falling due after more than one year	6	(8,702)	(8,934)
Provisions for liabilities		(690)	(690)
Net assets/(liabilities)		1,058	(5,017)
Capital and reserves
Called up share capital		100	100
Profit and loss account		958	(5,117)
Total equity		1,058	(5,017)

For the financial year ending 31 December 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 19 September 2018 and signed on its behalf by:
 

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

J D Winstanley
Company secretary and director

The notes on pages 3 to 8 form an integral part of these financial statements.

Page 2

Winstanleys (Castleton) Limited

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

1	General information

The company is a private company limited by share capital, incorporated in UK.

The address of its registered office is:
Sturgeon Works
Railway Approach
Castleton
Rochdale
Lancashire
OL11 3EE

These financial statements were authorised for issue by the Board on 19 September 2018.

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 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.

Page 3

Winstanleys (Castleton) Limited

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

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
Fixtures & fittings	7.5% reducing balance
Motor vehicles	25% reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

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.

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.

Page 4

Winstanleys (Castleton) Limited

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

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 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.

Page 5

Winstanleys (Castleton) Limited

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

3	Intangible assets

	Goodwill  £	Total £
Cost or valuation
At 1 January 2017	1,233	1,233
At 31 December 2017	1,233	1,233
Amortisation
At 1 January 2017	1,233	1,233
At 31 December 2017	1,233	1,233
Carrying amount
At 31 December 2017	-	-

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

4	Tangible assets

	Land and buildings £	Furniture, fittings and equipment  £	Motor vehicles  £	Total £
Cost or valuation
At 1 January 2017	12,867	22,981	65,508	101,356
Additions	-	-	16,000	16,000
At 31 December 2017	12,867	22,981	81,508	117,356
Depreciation
At 1 January 2017	-	19,925	37,186	57,111
Charge for the year	-	244	11,080	11,324
At 31 December 2017	-	20,169	48,266	68,435
Carrying amount
At 31 December 2017	12,867	2,812	33,242	48,921
At 31 December 2016	12,867	3,056	28,322	44,245

Included within the net book value of land and buildings above is £12,867 (2016 - £12,867) in respect of freehold land and buildings.
 

Page 6

Winstanleys (Castleton) Limited

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

5

Debtors

	2017 £	2016 £
Trade debtors	1,505	(1,223)
	1,505	(1,223)

Page 7

Winstanleys (Castleton) Limited

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

6

Creditors

Creditors: amounts falling due within one year

	Note	2017 £	2016 £
Due within one year
Bank loans and overdrafts	7	16,556	10,229
Taxation and social security		217	264
Accruals and deferred income		1,860	1,860
Other creditors		21,343	26,062
		39,976	38,415

Creditors: amounts falling due after more than one year

	Note	2017 £	2016 £
Due after one year
Loans and borrowings	7	8,702	8,934