REGISTERED NUMBER: |
Henry Willis & Sons Limited |
Financial Statements for the Year Ended 30th June 2021 |
REGISTERED NUMBER: |
Henry Willis & Sons Limited |
Financial Statements for the Year Ended 30th June 2021 |
Henry Willis & Sons Limited (Registered number: 00070718) |
Contents of the Financial Statements |
for the Year Ended 30th June 2021 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Henry Willis & Sons Limited |
Company Information |
for the Year Ended 30th June 2021 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
The Engine House |
77 Station Road |
Petersfield |
Hampshire |
GU32 3FQ |
Henry Willis & Sons Limited (Registered number: 00070718) |
Balance Sheet |
30th June 2021 |
2021 | 2020 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks |
Debtors | 5 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 6 | ( |
) | ( |
) |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
Henry Willis & Sons Limited (Registered number: 00070718) |
Balance Sheet - continued |
30th June 2021 |
2021 | 2020 |
Notes | £ | £ |
CAPITAL AND RESERVES |
Called up share capital |
Share premium |
Fair value reserve | 9 |
Retained earnings | ( |
) | ( |
) |
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. |
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 and authorised for issue on |
Henry Willis & Sons Limited (Registered number: 00070718) |
Notes to the Financial Statements |
for the Year Ended 30th June 2021 |
1. | STATUTORY INFORMATION |
Henry Willis & Sons Limited is a |
2. | ACCOUNTING POLICIES |
Going concern |
The financial statements are prepared on the going concern basis which the directors consider appropriate in view of the continuing support of the company's bankers, directors and shareholders. |
It is the opinion of the directors that the effects of Covid-19 will not significantly impact on the company's ability to continue in business. |
Turnover |
Turnover represents invoiced goods and services, net of value added tax, together with the percentage of associated revenue on work not invoiced but in progress at the year end. |
Tangible fixed assets |
Land and buildings | - |
Plant and machinery etc | - |
Stock and work in progress |
Raw materials, consumables and finished goods are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Work in progress is valued to recognise the revenue associated with a transaction as a percentage of the work completed at the year end on a straight line basis. |
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 have been enacted or substantively enacted by the balance sheet date. |
Henry Willis & Sons Limited (Registered number: 00070718) |
Notes to the Financial Statements - continued |
for the Year Ended 30th June 2021 |
2. | ACCOUNTING POLICIES - continued |
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 |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
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. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
Henry Willis & Sons Limited (Registered number: 00070718) |
Notes to the Financial Statements - continued |
for the Year Ended 30th June 2021 |
4. | TANGIBLE FIXED ASSETS |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
COST |
At 1st July 2020 |
Additions |
Disposals | ( |
) | ( |
) |
At 30th June 2021 |
DEPRECIATION |
At 1st July 2020 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 30th June 2021 |
NET BOOK VALUE |
At 30th June 2021 |
At 30th June 2020 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Trade debtors |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Taxation and social security |
Other creditors |
Henry Willis & Sons Limited (Registered number: 00070718) |
Notes to the Financial Statements - continued |
for the Year Ended 30th June 2021 |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2021 | 2020 |
£ | £ |
Bank loans |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans | 199,962 | 219,757 |
8. | SECURED DEBTS |
The following secured debts are included within creditors: |
2021 | 2020 |
£ | £ |
Bank loan | 318,137 | 340,389 |
The bank loan is secured on the freehold property. |
The company is repaying a loan granted under the Bounce Back Loan Scheme. In the event of default by the company, repayment of the loan and interest is guaranteed by the UK government. |
9. | RESERVES |
Fair |
value |
reserve |
£ |
At 1st July 2020 |
Transfer to profit and loss | (5,132 | ) |
Deferred tax movement | 1,222 |
At 30th June 2021 |
Henry Willis & Sons Limited (Registered number: 00070718) |
Notes to the Financial Statements - continued |
for the Year Ended 30th June 2021 |
10. | POST BALANCE SHEET EVENTS |
Since March 2020, the outbreak of Covid-19 has caused material disruptions to businesses around the world, leading to an economic slowdown. Global equity markets have experienced significant volatility and weakness. At the date these financial statements were authorised for issue, there had been some impact of the outbreak on the business. |
With careful management of funds the Directors are confident that the company has cash reserves to be sufficient for the foreseeable future to withstand any potential cash flow or operational difficulties caused by Covid-19. |