IRIS Accounts Production v22.1.4.3 05279106 Board of Directors 1.1.21 31.12.21 31.12.21 false true false false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pure052791062020-12-31052791062021-12-31052791062021-01-012021-12-31052791062019-12-31052791062020-01-012020-12-31052791062020-12-3105279106ns16:EnglandWales2021-01-012021-12-3105279106ns15:PoundSterling2021-01-012021-12-3105279106ns11:Director12021-01-012021-12-3105279106ns11:PrivateLimitedCompanyLtd2021-01-012021-12-3105279106ns11:SmallEntities2021-01-012021-12-3105279106ns11:AuditExempt-NoAccountantsReport2021-01-012021-12-3105279106ns11:SmallCompaniesRegimeForDirectorsReport2021-01-012021-12-3105279106ns11:SmallCompaniesRegimeForAccounts2021-01-012021-12-3105279106ns11:FullAccounts2021-01-012021-12-310527910612021-01-012021-12-3105279106ns11:Director22021-01-012021-12-3105279106ns11:Director32021-01-012021-12-3105279106ns11:Director42021-01-012021-12-3105279106ns11:CompanySecretary12021-01-012021-12-3105279106ns11:RegisteredOffice2021-01-012021-12-3105279106ns6:CurrentFinancialInstruments2021-12-3105279106ns6:CurrentFinancialInstruments2020-12-3105279106ns6:Non-currentFinancialInstruments2021-12-3105279106ns6:Non-currentFinancialInstruments2020-12-3105279106ns6:ShareCapital2021-12-3105279106ns6:ShareCapital2020-12-3105279106ns6:RetainedEarningsAccumulatedLosses2021-12-3105279106ns6:RetainedEarningsAccumulatedLosses2020-12-3105279106ns6:NetGoodwill2021-01-012021-12-3105279106ns6:IntangibleAssetsOtherThanGoodwill2021-01-012021-12-3105279106ns6:OwnedOrFreeholdAssetsns6:LandBuildings2021-01-012021-12-3105279106ns6:PlantMachinery2021-01-012021-12-3105279106ns6:MotorVehicles2021-01-012021-12-3105279106ns6:NetGoodwill2020-12-3105279106ns6:NetGoodwill2021-12-3105279106ns6:NetGoodwill2020-12-3105279106ns6:LandBuildings2020-12-3105279106ns6:PlantMachinery2020-12-3105279106ns6:MotorVehicles2020-12-3105279106ns6:LandBuildings2021-01-012021-12-3105279106ns6:LandBuildings2021-12-3105279106ns6:PlantMachinery2021-12-3105279106ns6:MotorVehicles2021-12-3105279106ns6:LandBuildings2020-12-3105279106ns6:PlantMachinery2020-12-3105279106ns6:MotorVehicles2020-12-3105279106ns6:PlantMachineryns6:LeasedAssetsHeldAsLessee2020-12-3105279106ns6:MotorVehiclesns6:LeasedAssetsHeldAsLessee2020-12-3105279106ns6:LeasedAssetsHeldAsLessee2020-12-3105279106ns6:PlantMachineryns6:LeasedAssetsHeldAsLessee2021-01-012021-12-3105279106ns6:MotorVehiclesns6:LeasedAssetsHeldAsLessee2021-01-012021-12-3105279106ns6:LeasedAssetsHeldAsLessee2021-01-012021-12-3105279106ns6:PlantMachineryns6:LeasedAssetsHeldAsLessee2021-12-3105279106ns6:MotorVehiclesns6:LeasedAssetsHeldAsLessee2021-12-3105279106ns6:LeasedAssetsHeldAsLessee2021-12-3105279106ns6:PlantMachineryns6:LeasedAssetsHeldAsLessee2020-12-3105279106ns6:MotorVehiclesns6:LeasedAssetsHeldAsLessee2020-12-3105279106ns6:LeasedAssetsHeldAsLessee2020-12-3105279106ns6:WithinOneYearns6:CurrentFinancialInstruments2021-12-3105279106ns6:WithinOneYearns6:CurrentFinancialInstruments2020-12-3105279106ns6:WithinOneYearns6:CurrentFinancialInstrumentsns6:HirePurchaseContracts2021-12-3105279106ns6:WithinOneYearns6:CurrentFinancialInstrumentsns6:HirePurchaseContracts2020-12-3105279106ns6:BetweenOneFiveYearsns6:HirePurchaseContracts2021-12-3105279106ns6:BetweenOneFiveYearsns6:HirePurchaseContracts2020-12-3105279106ns6:HirePurchaseContracts2021-12-3105279106ns6:HirePurchaseContracts2020-12-3105279106ns6:WithinOneYear2021-12-3105279106ns6:WithinOneYear2020-12-3105279106ns6:BetweenOneFiveYears2021-12-3105279106ns6:BetweenOneFiveYears2020-12-3105279106ns6:AllPeriods2021-12-3105279106ns6:AllPeriods2020-12-31
REGISTERED NUMBER: 05279106 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

FOR

M S WAYMAN & SONS LIMITED

M S WAYMAN & SONS LIMITED (REGISTERED NUMBER: 05279106)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


M S WAYMAN & SONS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2021







DIRECTORS: J M S Wayman
A J Wayman
M T Wayman
Mrs J Allen





SECRETARY: Mrs N Wayman





REGISTERED OFFICE: 27-29 Old Market
Wisbech
Cambridgeshire
PE13 1NE





REGISTERED NUMBER: 05279106 (England and Wales)





ACCOUNTANTS: Wheelers
Chartered Accountants & Tax Consultants
27-29 Old Market
Wisbech
Cambridgeshire
PE13 1NE

M S WAYMAN & SONS LIMITED (REGISTERED NUMBER: 05279106)

STATEMENT OF FINANCIAL POSITION
31 DECEMBER 2021

31.12.21 31.12.20
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 1,368,216 1,439,505
1,368,216 1,439,505

CURRENT ASSETS
Stocks 29,638 12,699
Debtors 6 309,668 392,615
Cash at bank and in hand 591,080 403,707
930,386 809,021
CREDITORS
Amounts falling due within one year 7 720,523 567,571
NET CURRENT ASSETS 209,863 241,450
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,578,079

1,680,955

CREDITORS
Amounts falling due after more than one
year

8

(283,776

)

(475,249

)

PROVISIONS FOR LIABILITIES (326,700 ) (247,400 )
NET ASSETS 967,603 958,306

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 967,503 958,206
SHAREHOLDERS' FUNDS 967,603 958,306

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2021 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.

M S WAYMAN & SONS LIMITED (REGISTERED NUMBER: 05279106)

STATEMENT OF FINANCIAL POSITION - continued
31 DECEMBER 2021


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

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

The financial statements were approved by the Board of Directors and authorised for issue on 17 August 2022 and were signed on its behalf by:





Mrs J Allen - Director


M S WAYMAN & SONS LIMITED (REGISTERED NUMBER: 05279106)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

1. STATUTORY INFORMATION

M S Wayman & Sons 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 presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

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

The directors believe that the company is well placed to manage its financial risks successfully and have reasonable expectation that it has adequate resources to continue in operational existence for the foreseeable future. Consequently, it continues to adopt the going concern basis of accounting in preparing the annual financial statements.

Turnover
Turnover represents net invoiced sales of goods and provision of services, excluding value added tax.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2005, has been amortised evenly over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

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.
Leasehold property - 4% on cost
Plant and machinery - 25% on reducing balance
Motor vehicles - 20% on reducing balance

Government grants
Government grants have been recognised based on the accrual model. As such, government grants in relation to tangible fixed assets are credited to the profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to the profit and loss.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 statement of financial position date.


M S WAYMAN & SONS LIMITED (REGISTERED NUMBER: 05279106)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 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 statement of financial position 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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 24 (2020 - 24 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 January 2021
and 31 December 2021 200,000
AMORTISATION
At 1 January 2021
and 31 December 2021 200,000
NET BOOK VALUE
At 31 December 2021 -
At 31 December 2020 -

M S WAYMAN & SONS LIMITED (REGISTERED NUMBER: 05279106)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2021

5. TANGIBLE FIXED ASSETS
Leasehold Plant and Motor
property machinery vehicles Totals
£    £    £    £   
COST
At 1 January 2021 73,070 1,098,023 1,773,144 2,944,237
Additions - 48,126 269,574 317,700
Disposals - (17,250 ) (197,656 ) (214,906 )
At 31 December 2021 73,070 1,128,899 1,845,062 3,047,031
DEPRECIATION
At 1 January 2021 17,450 663,349 823,933 1,504,732
Charge for year 2,923 119,205 188,648 310,776
Eliminated on disposal - (16,057 ) (120,636 ) (136,693 )
At 31 December 2021 20,373 766,497 891,945 1,678,815
NET BOOK VALUE
At 31 December 2021 52,697 362,402 953,117 1,368,216
At 31 December 2020 55,620 434,674 949,211 1,439,505

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 January 2021 257,200 732,108 989,308
Additions 22,085 157,944 180,029
Transfer to ownership (43,000 ) (106,920 ) (149,920 )
At 31 December 2021 236,285 783,132 1,019,417
DEPRECIATION
At 1 January 2021 30,842 171,525 202,367
Charge for year 61,651 127,976 189,627
Transfer to ownership (23,348 ) (56,734 ) (80,082 )
At 31 December 2021 69,145 242,767 311,912
NET BOOK VALUE
At 31 December 2021 167,140 540,365 707,505
At 31 December 2020 226,358 560,583 786,941

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.21 31.12.20
£    £   
Trade debtors 298,836 381,463
Other debtors 10,832 11,152
309,668 392,615

M S WAYMAN & SONS LIMITED (REGISTERED NUMBER: 05279106)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2021

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.21 31.12.20
£    £   
Bank loans and overdrafts 25,833 5,000
Hire purchase contracts (see note 9) 209,510 245,952
Trade creditors 277,622 117,504
Taxation and social security 115,195 111,788
Other creditors 92,363 87,327
720,523 567,571

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.12.21 31.12.20
£    £   
Bank loans - 45,000
Hire purchase contracts (see note 9) 148,776 270,249
Other creditors 135,000 160,000
283,776 475,249

Amounts falling due in more than five years:

Repayable by instalments
Bank loan - 5,000

9. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
31.12.21 31.12.20
£    £   
Net obligations repayable:
Within one year 209,510 245,952
Between one and five years 148,776 270,249
358,286 516,201

Non-cancellable operating leases
31.12.21 31.12.20
£    £   
Within one year 1,897 1,897
Between one and five years 948 2,845
2,845 4,742

M S WAYMAN & SONS LIMITED (REGISTERED NUMBER: 05279106)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2021

10. SECURED DEBTS

The following secured debts are included within creditors:

31.12.21 31.12.20
£    £   
Hire purchase contracts 358,286 516,201