Company Registration No. 03226694 (England and Wales)
WINDOW BUTCHERS LIMITED
DOUGLAS BUTCHERS
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2018
PAGES FOR FILING WITH REGISTRAR
WINDOW BUTCHERS LIMITED
DOUGLAS BUTCHERS
BALANCE SHEET
AS AT
30 JUNE 2018
30 June 2018
- 1 -
2018
2017
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
3
18,439
9,520
Investment properties
4
660,000
536,767
678,439
546,287
Current assets
Stocks
7,450
7,450
Debtors
32,203
4,054
Cash at bank and in hand
536,650
500,572
576,303
512,076
Creditors: amounts falling due within one year
(78,876)
(29,652)
Net current assets
497,427
482,424
Total assets less current liabilities
1,175,866
1,028,711
Provisions for liabilities
(26,918)
-
Net assets
1,148,948
1,028,711
Capital and reserves
Called up share capital
5
1,000
1,000
Profit and loss reserves
1,147,948
1,027,711
Total equity
1,148,948
1,028,711

In accordance with section 444 of the Companies Act 2006 all of the members of the company have consented to the preparation of abridged financial statements pursuant to paragraph 1A of Schedule 1 to the Small Companies and Groups (Accounts and Directors’ Report) Regulations (S.I. 2008/409)(b).

The director of the company has elected not to include a copy of the profit and loss account within the financial statements. true

For the financial year ended 30 June 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

T he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 .

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

WINDOW BUTCHERS LIMITED
DOUGLAS BUTCHERS
BALANCE SHEET (CONTINUED)
AS AT
30 JUNE 2018
30 June 2018
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 4 December 2018
Mr G G Window
Director
Company Registration No. 03226694
WINDOW BUTCHERS LIMITED
DOUGLAS BUTCHERS
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2018
- 3 -
1
Accounting policies
Company information

Window Butchers Limited is a private company limited by shares incorporated in England and Wales. The registered office is 4 The Close, Akeley, Buckingham, Buckinghamshire, UK, MK18 5HD.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling , which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business , and is shown net of VAT and other sales related taxes . The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods) , the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recover ed .

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Equipment fixtures and fittings
25%
Motor vehicles
25%

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss .

WINDOW BUTCHERS LIMITED
DOUGLAS BUTCHERS
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2018
1
Accounting policies
(Continued)
- 4 -
1.4
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure . Subsequently it is measured at fair value a t the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss.

 

Where fair value cannot be achieved without undue cost or effort, investment property is accounted for as tangible fixed assets.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.7
Cash at bank and in hand

Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

WINDOW BUTCHERS LIMITED
DOUGLAS BUTCHERS
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2018
1
Accounting policies
(Continued)
- 5 -
1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset , with the net amounts presented in the financial statements , when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

WINDOW BUTCHERS LIMITED
DOUGLAS BUTCHERS
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2018
1
Accounting policies
(Continued)
- 6 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.13
Leases

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was 6 (2017 - 6).

WINDOW BUTCHERS LIMITED
DOUGLAS BUTCHERS
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2018
- 7 -
3
Tangible fixed assets
Equipment fixtures and fittings
Motor vehicles
Total
£
£
£
Cost
At 1 July 2017
51,551
13,825
65,376
Additions
-
16,131
16,131
Disposals
-
(13,825)
(13,825)
At 30 June 2018
51,551
16,131
67,682
Depreciation and impairment
At 1 July 2017
47,937
7,919
55,856
Depreciation charged in the year
904
1,902
2,806
Eliminated in respect of disposals
-
(9,419)
(9,419)
At 30 June 2018
48,841
402
49,243
Carrying amount
At 30 June 2018
2,710
15,729
18,439
At 30 June 2017
3,614
5,906
9,520
4
Investment property
2018
£
Fair value
At 1 July 2017
536,767
Revaluations
123,233
At 30 June 2018
660,000

Investment property comprises 2 freehold residential properties. The fair value of the investment property has been arrived at on the basis of a valuation carried out by the directors of the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

If investment properties were stated on an historical cost basis rather than a fair value basis, the amounts would have been included as follows:
2018
2017
£
£
Cost
536,767
536,767
Accumulated depreciation
-
-
Carrying amount
536,767
536,767
WINDOW BUTCHERS LIMITED
DOUGLAS BUTCHERS
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2018
- 8 -
5
Called up share capital
2018
2017
£
£
Ordinary share capital
Issued and fully paid
1,000 Ordinary of £1 each
1,000
1,000
1,000
1,000
2018-06-30 2017-07-01 false CCH Software CCH Accounts Production 2018.300 No description of principal activity 04 December 2018 Graham Window 03226694 2017-07-01 2018-06-30 03226694 2018-06-30 03226694 2017-06-30 03226694 core:FurnitureFittings 2018-06-30 03226694 core:MotorVehicles 2018-06-30 03226694 core:FurnitureFittings 2017-06-30 03226694 core:MotorVehicles 2017-06-30 03226694 core:CurrentFinancialInstruments 2018-06-30 03226694 core:CurrentFinancialInstruments 2017-06-30 03226694 core:ShareCapital 2018-06-30 03226694 core:ShareCapital 2017-06-30 03226694 core:RetainedEarningsAccumulatedLosses 2018-06-30 03226694 core:RetainedEarningsAccumulatedLosses 2017-06-30 03226694 core:ShareCapitalOrdinaryShares 2018-06-30 03226694 core:ShareCapitalOrdinaryShares 2017-06-30 03226694 bus:Director1 2017-07-01 2018-06-30 03226694 core:FurnitureFittings 2017-07-01 2018-06-30 03226694 core:MotorVehicles 2017-07-01 2018-06-30 03226694 core:FurnitureFittings 2017-06-30 03226694 core:MotorVehicles 2017-06-30 03226694 2017-06-30 03226694 bus:OrdinaryShareClass1 2018-06-30 03226694 bus:OrdinaryShareClass1 2017-07-01 2018-06-30 03226694 bus:PrivateLimitedCompanyLtd 2017-07-01 2018-06-30 03226694 bus:FRS102 2017-07-01 2018-06-30 03226694 bus:AuditExemptWithAccountantsReport 2017-07-01 2018-06-30 03226694 bus:SmallCompaniesRegimeForAccounts 2017-07-01 2018-06-30 03226694 bus:FullAccounts 2017-07-01 2018-06-30 xbrli:pure xbrli:shares iso4217:GBP