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Registration number: 08983610

Wilsons Development & Construction Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2018

G W Kelly & Company
Chartered Accountants
3 Stadium Court
Plantation Road
Bromborough
Merseyside
CH62 3QG

 

Wilsons Development & Construction Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 10

 

Wilsons Development & Construction Ltd

Company Information

Director

Mr Steven Crotty

Registered office

3 Stadium Court
Plantation Road
Bromborough
Wirral
CH62 3QG

Accountants

G W Kelly & Company
Chartered Accountants
3 Stadium Court
Plantation Road
Bromborough
Merseyside
CH62 3QG

 

Wilsons Development & Construction Ltd

(Registration number: 08983610)
Balance Sheet as at 31 March 2018

Note

2018
£

2017
£

Fixed assets

 

Tangible assets

4

119,115

113,541

Current assets

 

Debtors

5

63,613

79,304

Cash at bank and in hand

 

206,309

189,011

 

269,922

268,315

Creditors: Amounts falling due within one year

6

(95,407)

(85,863)

Net current assets

 

174,515

182,452

Total assets less current liabilities

 

293,630

295,993

Creditors: Amounts falling due after more than one year

6

(69,669)

(69,804)

Net assets

 

223,961

226,189

Capital and reserves

 

Called up share capital

50

100

Capital redemption reserve

50

-

Profit and loss account

223,861

226,089

Total equity

 

223,961

226,189

For the financial year ending 31 March 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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.

 

Wilsons Development & Construction Ltd

(Registration number: 08983610)
Balance Sheet as at 31 March 2018

Approved and authorised by the director on 22 June 2018
 

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

Mr Steven Crotty

Director

 

Wilsons Development & Construction Ltd

Notes to the Financial Statements for the Year Ended 31 March 2018

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
3 Stadium Court
Plantation Road
Bromborough
Wirral
CH62 3QG

The principal place of business is:
Jameson House
35-39 Old Bidston Road
Birkenhead
Merseyside
CH41 - 8EL

These financial statements were authorised for issue by the director on 22 June 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.

 

Wilsons Development & Construction Ltd

Notes to the Financial Statements for the Year Ended 31 March 2018

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.

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

Plant and machinery

25% reducing balance

Motor Vehicles

25% 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.

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.

 

Wilsons Development & Construction Ltd

Notes to the Financial Statements for the Year Ended 31 March 2018

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2017 - 2).

 

Wilsons Development & Construction Ltd

Notes to the Financial Statements for the Year Ended 31 March 2018

4

Tangible assets

Land and buildings
£

Motor vehicles
 £

Other property, plant and equipment
 £

Total
£

Cost or valuation

At 1 April 2017

88,000

33,000

2,320

123,320

Additions

-

38,495

1,450

39,945

Disposals

-

(32,000)

-

(32,000)

At 31 March 2018

88,000

39,495

3,770

131,265

Depreciation

At 1 April 2017

-

8,438

1,341

9,779

Charge for the year

-

9,764

607

10,371

Eliminated on disposal

-

(8,000)

-

(8,000)

At 31 March 2018

-

10,202

1,948

12,150

Carrying amount

At 31 March 2018

88,000

29,293

1,822

119,115

At 31 March 2017

88,000

24,562

979

113,541

Included within the net book value of land and buildings above is £88,000 (2017 - £88,000) in respect of freehold land and buildings.
 

5

Debtors

2018
£

2017
£

Trade debtors

19,745

7,498

Other debtors

43,868

71,806

63,613

79,304

 

Wilsons Development & Construction Ltd

Notes to the Financial Statements for the Year Ended 31 March 2018

6

Creditors

Creditors: amounts falling due within one year

Note

2018
£

2017
£

Due within one year

 

Bank loans and overdrafts

8

12,305

11,948

Trade creditors

 

24,998

18,733

Taxation and social security

 

34,703

32,900

Accruals and deferred income

 

-

2,400

Other creditors

 

23,401

19,882

 

95,407

85,863

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £12,305 (2017 - £11,948)

2018
£

2017
£

Current loans and borrowings

Bank borrowings

6,383

6,383

Finance lease liabilities

5,922

5,565

12,305

11,948

Creditors: amounts falling due after more than one year

Note

2018
£

2017
£

Due after one year

 

Loans and borrowings

8

69,669

69,804

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £69,669 (2017 - £69,804)

Creditors include bank loans repayable by instalments of £34,254 (2017 - £37,452) due after more than five years.

2018
£

2017
£

Non-current loans and borrowings

Bank borrowings

59,784

62,983

Finance lease liabilities

9,885

6,821

69,669

69,804

Bank borrowings

 

Wilsons Development & Construction Ltd

Notes to the Financial Statements for the Year Ended 31 March 2018

7

Share capital

Allotted, called up and fully paid shares

 

2018

2017

 

No.

£

No.

£

Ordinary shares of £1 each

50

50

100

100

         

8

Loans and borrowings

2018
£

2017
£

Non-current loans and borrowings

Bank borrowings

59,784

62,983

Finance lease liabilities

9,885

6,821

69,669

69,804

2018
£

2017
£

Current loans and borrowings

Bank borrowings

6,383

6,383

Finance lease liabilities

5,922

5,565

12,305

11,948

9

Dividends

   

2018

 

2017

   

£

 

£

Interim dividend of £524.44 (2017 - £50.00) per ordinary share

 

26,222

 

5,000

10

Related party transactions

Directors' remuneration

The directors' remuneration for the year was as follows:

 

Wilsons Development & Construction Ltd

Notes to the Financial Statements for the Year Ended 31 March 2018

2018
£

2017
£

Remuneration

11,620

35,000