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Registration number: 04279875

Wilson Mitchell & Co Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2021

 

Wilson Mitchell & Co Ltd

(Registration number: 04279875)
Balance Sheet as at 31 December 2021

Note

2021
£

2020
£

Fixed assets

 

Intangible assets

4

-

27,731

Tangible assets

5

22,564

35,130

Investments

6

206,599

-

 

229,163

62,861

Current assets

 

Debtors

7

314,981

254,329

Other financial assets

1,053,985

920,849

Cash at bank and in hand

 

129,378

340,405

 

1,498,344

1,515,583

Creditors: Amounts falling due within one year

8

(95,504)

(232,100)

Net current assets

 

1,402,840

1,283,483

Total assets less current liabilities

 

1,632,003

1,346,344

Creditors: Amounts falling due after more than one year

8

(41,091)

(45,000)

Net assets

 

1,590,912

1,301,344

Capital and reserves

 

Called up share capital

9

9

Capital redemption reserve

1

1

Retained earnings

1,590,902

1,301,334

Shareholders' funds

 

1,590,912

1,301,344

For the financial year ending 31 December 2021 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 her 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.

Approved and authorised by the director on 18 August 2022
 

 

Wilson Mitchell & Co Ltd

(Registration number: 04279875)
Balance Sheet as at 31 December 2021

.........................................
Mrs L M Bradley
Director

 

Wilson Mitchell & Co Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

1

General information

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

The address of its registered office is:
Paddock Cottage
51 Farleigh Road
Warlingham
Surrey
CR6 9EJ

These financial statements were authorised for issue by the director on 18 August 2022.

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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 of the provision of services during the year which is recognised as income on an accruals basis as the work is performed.

Gains or deficits on current asset collective investments in shares and equities are recognised within the financial statements upon the sale of the underlying investments where gains or deficits are crystalised.

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.

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 balance sheet 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.

 

Wilson Mitchell & Co Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

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

Motor vehicles

25% reducing balance

Furniture & fittings

25% reducing balance

Computer equipment

3 years on cost

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Collective investments of which over 40% comprise of equity shares are recognised at cost.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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.

 

Wilson Mitchell & Co Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

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.

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 3 (2020 - 3).

 

Wilson Mitchell & Co Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 January 2021

62,273

62,273

Disposals

(62,273)

(62,273)

At 31 December 2021

-

-

Amortisation

At 1 January 2021

34,542

34,542

Amortisation eliminated on disposals

(34,542)

(34,542)

At 31 December 2021

-

-

Carrying amount

At 31 December 2021

-

-

At 31 December 2020

27,731

27,731

 

Wilson Mitchell & Co Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

5

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2021

4,388

4,129

13,366

50,545

72,428

Disposals

-

-

-

(14,999)

(14,999)

At 31 December 2021

4,388

4,129

13,366

35,546

57,429

Depreciation

At 1 January 2021

3,526

3,908

10,724

19,140

37,298

Charge for the year

248

55

852

6,665

7,820

Eliminated on disposal

-

-

-

(10,253)

(10,253)

At 31 December 2021

3,774

3,963

11,576

15,552

34,865

Carrying amount

At 31 December 2021

614

166

1,790

19,994

22,564

At 31 December 2020

862

221

2,642

31,405

35,130

6

Investments

2021
£

2020
£

Other investments

206,599

-

7

Debtors

Current

2021
£

2020
£

Prepayments

-

289

Other debtors

314,981

254,040

 

314,981

254,329

 

Wilson Mitchell & Co Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

8

Creditors

Creditors: amounts falling due within one year

Note

2021
£

2020
£

Due within one year

 

Loans and borrowings

9

6,600

95,999

Taxation and social security

 

85,204

129,381

Accruals and deferred income

 

3,700

3,200

Other creditors

 

-

3,520

 

95,504

232,100

Creditors: amounts falling due after more than one year

Note

2021
£

2020
£

Due after one year

 

Loans and borrowings

9

41,091

45,000

9

Loans and borrowings

2021
£

2020
£

Non-current loans and borrowings

Bank borrowings

41,091

45,000

2021
£

2020
£

Current loans and borrowings

Bank borrowings

6,600

5,000

Other borrowings

-

90,999

6,600

95,999

 

Wilson Mitchell & Co Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

10

Related party transactions

Transactions with the director

2021

At 1 January 2021
£

Advances to director
£

Repayments by director
£

At 31 December 2021
£

Mrs L M Bradley

Interest free loan

76,761

47,497

(103,000)

21,258

         
       

 

2020

At 1 January 2020
£

Advances to director
£

Repayments by director
£

At 31 December 2020
£

Mrs L M Bradley

Interest free loan

661,087

90,063

(674,389)

76,761