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Registration number: 09400373

Hillier & Wilson Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2021

 

Hillier & Wilson Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

Hillier & Wilson Limited

Company Information

Directors

M A Hillier

L Wilson

Registered office

64 Bartholomew Street
Newbury
Berkshire
RG14 7BE

Accountants

EJBC Chartered Accountants
The Rectory
1 Toomers Wharf
Canal Walk
Newbury
Berkshire
RG14 1DY

 

Hillier & Wilson Limited

(Registration number: 09400373)
Balance Sheet as at 31 December 2021

Note

2021
£

2020
£

Fixed assets

 

Tangible assets

3

20,859

24,041

Current assets

 

Debtors

136,002

134,703

Cash at bank and in hand

 

233,462

124,037

 

369,464

258,740

Creditors: Amounts falling due within one year

(100,983)

(80,317)

Net current assets

 

268,481

178,423

Total assets less current liabilities

 

289,340

202,464

Creditors: Amounts falling due after more than one year

(50,266)

(63,681)

Net assets

 

239,074

138,783

Capital and reserves

 

Called up share capital

4

100

100

Profit and loss account

238,974

138,683

Shareholders' funds

 

239,074

138,783

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.

Directors' 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 directors acknowledge their 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 and Directors' Report has been taken.

Approved and authorised by the Board on 13 September 2022 and signed on its behalf by:
 

.........................................
M A Hillier
Director

.........................................
L Wilson
Director

 
     
 

Hillier & Wilson Limited

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

1

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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 the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

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.

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

Fixture and fittings

20% straight line on cost

Motor vehicle

25% straight line on cost

Office equipment

25% straight line on cost

 

Hillier & Wilson Limited

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

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.

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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

 

Hillier & Wilson Limited

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

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.

2

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2020 - 6).

 

Hillier & Wilson Limited

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

3

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 January 2021

5,000

6,142

26,397

35,208

72,747

Additions

-

1,864

-

4,900

6,764

At 31 December 2021

5,000

8,006

26,397

40,108

79,511

Depreciation

At 1 January 2021

-

5,649

10,585

32,472

48,706

Charge for the year

-

959

5,271

3,716

9,946

At 31 December 2021

-

6,608

15,856

36,188

58,652

Carrying amount

At 31 December 2021

5,000

1,398

10,541

3,920

20,859

At 31 December 2020

5,000

493

15,812

2,736

24,041

Included within the net book value of land and buildings above is £5,000 (2020 - £5,000) in respect of freehold land and buildings.
 

 

Hillier & Wilson Limited

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

4

Share capital

Allotted, called up and fully paid shares

 

2021

2020

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100