Registered number
02670892
Wilkinson Limited
Unaudited Filleted Accounts
31 December 2021
Wilkinson Limited
Registered number: 02670892
Balance Sheet
as at 31 December 2021
Notes 2021 2020
£ £
Fixed assets
Tangible assets 3 42,461 323,034
Current assets
Stocks 87,526 256,306
Debtors 4 81,168 87,918
Cash at bank and in hand 255,416 18,271
424,110 362,495
Creditors: amounts falling due within one year 5 (213,854) (417,623)
Net current assets/(liabilities) 210,256 (55,128)
Total assets less current liabilities 252,717 267,906
Creditors: amounts falling due after more than one year 6 (34,421) (212,420)
Provisions for liabilities (8,068) (30,659)
Net assets 210,228 24,827
Capital and reserves
Called up share capital 100 100
Revaluation reserve 9 - 99,684
Profit and loss account 210,128 (74,957)
Shareholder's funds 210,228 24,827
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
D.J. Wilkinson
Director
Approved by the board on 12 September 2022
Wilkinson Limited
Notes to the Accounts
for the year ended 31 December 2021
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Workshop over 5 years
Plant and machinery 25% reducing balance
Motor vehicles 25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recog
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2021 2020
Number Number
Average number of persons employed by the company 18 20
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 January 2021 465,385 223,460 135,973 824,818
Disposals (465,385) - (6,750) (472,135)
At 31 December 2021 - 223,460 129,223 352,683
Depreciation
At 1 January 2021 204,029 214,393 83,362 501,784
Charge for the year - 2,267 11,887 14,154
On disposals (204,029) - (1,687) (205,716)
At 31 December 2021 - 216,660 93,562 310,222
Net book value
At 31 December 2021 - 6,800 35,661 42,461
At 31 December 2020 261,356 9,067 52,611 323,034
Freehold land and buildings: 2021 2020
Included in land and buildings £ £
Historical cost - 195,316
Cumulative depreciation based on historical cost - 33,644
- 161,672
4 Debtors 2021 2020
£ £
Trade debtors 81,168 87,918
5 Creditors: amounts falling due within one year 2021 2020
£ £
Bank loans and overdrafts (Note 7) 9,412 41,584
Obligations under finance lease and hire purchase contracts 6,779 15,950
Trade creditors 13,091 28,727
Taxation and social security costs 123,345 96,714
Other creditors 61,227 234,648
213,854 417,623
6 Creditors: amounts falling due after one year 2021 2020
£ £
Bank loans (Note 7) 13,975 185,194
Obligations under finance lease and hire purchase contracts 20,446 27,226
34,421 212,420
7 Borrowings 2021 2020
£ £
Current
Bank loan - secured - 7,752
Bank overdrafts and commercial loan - unsecured 8,606 21,080
8,606 28,832
Non-current
Bank loan - secured - 105,632
Commercial loan - unsecured 13,975 79,058
13,975 184,690
Total 22,581 213,522
Carrying amount repayable:
Wholly repayable within 5 years 22,581 71,400
Not wholly repayable within 5 years - 142,122
22,581 213,522
Secured bank loans - 103,192
During the current year to 31st December 2020, the company obtained, a government backed, Bounce Back loan, as part of the package of help, offered to small businesses, affected by the Covid19 pandemic. The loan obtained was for £50,000.This loan was repaid during the year ended 31st December 2021. Two of the company's directors have also made loans to the company. The amount outstandig at 31.12.2021 amounted to £22,581. These loans are unsecured and are included in the above summary.
The directors consider that the carrying amounts of the loans approximate to their fair value.
8 Obligations under finance leases
Finance leases relate to business vehicles. Interest rates are fixed on the respective contracts.
Minimum lease payments Present value of minimum lease payments
2021 2020 2021 2020
£ £ £ £
Within one year 9,638 19,611 6,779 15,950
Between one and five years 31,270 40,952 20,446 27,226
40,908 60,563 27,225 43,176
Less: future charges (13,683) (17,387)
27,225 43,176 27,225 43,176
The finance leases are secured by the lessors' title to the leased assets which have a carrying value of £27,225 (2020:£43,176).
The directors consider that the carrying amount of the obligations under finance leases are approximate to their fair value.
9 Revaluation reserve 2021 2020
£ £
At 1 January 2021 99,684 99,684
Provision no longer required on disposal of land and buildings (99,684) -
At 31 December 2021 - 99,684
10 Other financial commitments 2021 2020
£ £
Total future minimum payments under non-cancellable operating leases 40,908 43,176
11 Other information
Wilkinson Limited is a private company limited by shares and incorporated in England. Its registered office address is:
Bexon Court Barn
Hawks Hill Lane
Sittingbourne
Kent
ME9 8HE
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