Caseware UK (AP4) 2021.0.152 2021.0.152 2021-11-302021-11-3021truethat of decorating contractors2020-12-01false19trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 04112082 2020-12-01 2021-11-30 04112082 2019-12-01 2020-11-30 04112082 2021-11-30 04112082 2020-11-30 04112082 c:Director1 2020-12-01 2021-11-30 04112082 d:PlantMachinery 2020-12-01 2021-11-30 04112082 d:PlantMachinery 2021-11-30 04112082 d:PlantMachinery 2020-11-30 04112082 d:PlantMachinery d:OwnedOrFreeholdAssets 2020-12-01 2021-11-30 04112082 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2020-12-01 2021-11-30 04112082 d:MotorVehicles 2020-12-01 2021-11-30 04112082 d:MotorVehicles 2021-11-30 04112082 d:MotorVehicles 2020-11-30 04112082 d:MotorVehicles d:OwnedOrFreeholdAssets 2020-12-01 2021-11-30 04112082 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2020-12-01 2021-11-30 04112082 d:OwnedOrFreeholdAssets 2020-12-01 2021-11-30 04112082 d:LeasedAssetsHeldAsLessee 2020-12-01 2021-11-30 04112082 d:CurrentFinancialInstruments 2021-11-30 04112082 d:CurrentFinancialInstruments 2020-11-30 04112082 d:Non-currentFinancialInstruments 2021-11-30 04112082 d:Non-currentFinancialInstruments 2020-11-30 04112082 d:CurrentFinancialInstruments d:WithinOneYear 2021-11-30 04112082 d:CurrentFinancialInstruments d:WithinOneYear 2020-11-30 04112082 d:Non-currentFinancialInstruments d:AfterOneYear 2021-11-30 04112082 d:Non-currentFinancialInstruments d:AfterOneYear 2020-11-30 04112082 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2021-11-30 04112082 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2020-11-30 04112082 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2021-11-30 04112082 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2020-11-30 04112082 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2021-11-30 04112082 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2020-11-30 04112082 d:ShareCapital 2021-11-30 04112082 d:ShareCapital 2020-11-30 04112082 d:RetainedEarningsAccumulatedLosses 2021-11-30 04112082 d:RetainedEarningsAccumulatedLosses 2020-11-30 04112082 c:FRS102 2020-12-01 2021-11-30 04112082 c:AuditExempt-NoAccountantsReport 2020-12-01 2021-11-30 04112082 c:FullAccounts 2020-12-01 2021-11-30 04112082 c:PrivateLimitedCompanyLtd 2020-12-01 2021-11-30 04112082 d:HirePurchaseContracts d:WithinOneYear 2021-11-30 04112082 d:HirePurchaseContracts d:WithinOneYear 2020-11-30 04112082 d:HirePurchaseContracts d:BetweenOneFiveYears 2021-11-30 04112082 d:HirePurchaseContracts d:BetweenOneFiveYears 2020-11-30 04112082 d:AcceleratedTaxDepreciationDeferredTax 2021-11-30 04112082 d:AcceleratedTaxDepreciationDeferredTax 2020-11-30 04112082 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2021-11-30 04112082 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2020-11-30 iso4217:GBP xbrli:pure

Registered number: 04112082









G WILTON DECORATING CONTRACTORS LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 NOVEMBER 2021

 
G WILTON DECORATING CONTRACTORS LIMITED
REGISTERED NUMBER: 04112082

BALANCE SHEET
AS AT 30 NOVEMBER 2021

2021
2021
2020
2020
Note
£
£
£
£

Fixed assets
  

Tangible assets
 4 
25,548
32,836

Current assets
  

Stocks
  
13,006
24,770

Debtors: amounts falling due within one year
 5 
256,739
186,861

Cash at bank and in hand
 6 
1,275
29,096

  
271,020
240,727

Creditors: amounts falling due within one year
 7 
(202,819)
(202,516)

Net current assets
  
 
 
68,201
 
 
38,211

Total assets less current liabilities
  
93,749
71,047

Creditors: amounts falling due after more than one year
 8 
(43,200)
(55,023)

Provisions for liabilities
  

Deferred tax
 11 
(4,636)
(5,983)

Net assets
  
45,913
10,041


Capital and reserves
  

Called up share capital 
  
106
106

Profit and loss account
  
45,807
9,935

  
45,913
10,041

Page 1

 
G WILTON DECORATING CONTRACTORS LIMITED
REGISTERED NUMBER: 04112082
    
BALANCE SHEET (CONTINUED)
AS AT 30 NOVEMBER 2021

The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 22 April 2022.




G Wilton
Director


The notes on pages 3 to 9 form part of these financial statements.
Page 2

 
G WILTON DECORATING CONTRACTORS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2021

1.


General information

G Wilton Decorating Contractors Limited is a private limited company incorporated and domiciled in England.  Its registered office and principal place of business is situated at 296 Chesterfield Road North, Pleasley, Mansfield, Nottinghamshire NG19 7QT.
The principal activity of the company is that of commercial painting and decorating contractors.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Going concern

The COVID-19 pandemic had an immediate impact on the company’s operations, with activity restricted during the initial lockdown restrictions.  The company took advantage of the various COVID support measures instigated by the UK government.  Operational changes enabled the company to work within social distancing regulations and resume activity after the first wave of the pandemic.
The company relies on financial support given by the bank in the form of an overdraft facility.  The company's forecasts and projections, taking account of reasonably possible changes in trading performance, show that the company is expected to generate positive cash flows for the foreseeable future and should therefore be able to operate within the level of its current facility.
On the basis of their assessment of the company's financial position, the directors have a reasonable expectation that the company will be able to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 3

 
G WILTON DECORATING CONTRACTORS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2021

2.Accounting policies (continued)

 
2.4

Operating leases: the company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.5

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the statement of comprehensive income in the same period as the related expenditure.

 
2.6

Pensions

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

 
2.7

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Page 4

 
G WILTON DECORATING CONTRACTORS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2021

2.Accounting policies (continued)

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Plant and machinery
-
15%
reducing balance
Motor vehicles
-
25%
reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.9

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.10

Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.


3.


Employees

The average monthly number of employees, including directors, during the year was 21 (2020 - 19).

Page 5

 
G WILTON DECORATING CONTRACTORS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2021

4.


Tangible fixed assets





Plant and machinery
Motor vehicles
Total

£
£
£



Cost or valuation


At 1 December 2020
34,514
58,276
92,790


Additions
-
120
120



At 30 November 2021

34,514
58,396
92,910



Depreciation


At 1 December 2020
26,446
33,508
59,954


Charge for the year on owned assets
1,190
2,443
3,633


Charge for the year on financed assets
-
3,775
3,775



At 30 November 2021

27,636
39,726
67,362



Net book value



At 30 November 2021
6,878
18,670
25,548



At 30 November 2020
8,068
24,768
32,836

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2021
2020
£
£



Motor vehicles
11,325
15,100

Page 6

 
G WILTON DECORATING CONTRACTORS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2021

5.


Debtors

2021
2020
£
£


Trade debtors
213,494
137,192

Other debtors
38,368
40,756

Prepayments and accrued income
4,877
8,913

256,739
186,861


Included in other debtors are overdrawn directors' loan accounts amounting to £38,368 (2020 - £40,756).  These loans are interest free with no fixed repayment terms.


6.


Cash and cash equivalents

2021
2020
£
£

Cash at bank and in hand
1,275
29,096

Less: bank overdrafts
(3,868)
-

(2,593)
29,096



7.


Creditors: Amounts falling due within one year

2021
2020
£
£

Bank overdrafts
3,868
-

Bank loans
9,626
5,517

Trade creditors
42,235
34,869

Corporation tax
9,897
15,361

Other taxation and social security
122,958
137,198

Obligations under finance lease and hire purchase contracts
3,775
4,560

Other creditors
8,770
3,321

Accruals and deferred income
1,690
1,690

202,819
202,516


Obligations under finance leases and hire purchase contracts are secured on the related assets.  The bank overdraft is secured on the remaining assets of the company.  The bank loan is an unsecured bounce back loan, granted under the government's COVID-19 support measures.

Page 7

 
G WILTON DECORATING CONTRACTORS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2021

8.


Creditors: Amounts falling due after more than one year

2021
2020
£
£

Bank loans
35,650
44,483

Net obligations under finance leases and hire purchase contracts
7,550
10,540

43,200
55,023



9.


Loans


Analysis of the maturity of loans is given below:


2021
2020
£
£

Amounts falling due within one year

Bank loans
9,626
5,517

Amounts falling due 1-2 years

Bank loans
9,870
9,646

Amounts falling due 2-5 years

Bank loans
25,780
30,428

Amounts falling due after more than 5 years

Bank loans
-
4,409

45,276
50,000



10.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2021
2020
£
£


Within one year
3,775
4,560

Between 1-5 years
7,550
10,540

11,325
15,100
Page 8

 
G WILTON DECORATING CONTRACTORS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2021

11.


Deferred taxation




2021


£






At beginning of year
5,983


Charged/(credited) to profit or loss
(1,347)



At end of year
4,636

The provision for deferred taxation is made up as follows:

2021
2020
£
£


Accelerated capital allowances
4,636
5,983


12.


Pension commitments

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company  to the fund and amounted to £7,408 (2020 - £5,178). £1,810 (2020 - £1,209) was outstanding at the balance sheet date.


13.


Related party transactions

The company occupies premises owned by one of the directors.  Rent charged during the year amounted to £4,800 (2020: £NIL).

 
Page 9