W EMERY & SONS LIMITED
Company registration number 05892990 (England and Wales)
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
PAGES FOR FILING WITH REGISTRAR
W EMERY & SONS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
W EMERY & SONS LIMITED
BALANCE SHEET
AS AT
31 MARCH 2022
31 March 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Intangible assets
3
200,000
250,000
Tangible assets
4
457,191
402,962
Investments
5
20,100
20,100
677,291
673,062
Current assets
Stocks
7,463
6,877
Debtors
6
222,681
217,039
Cash at bank and in hand
91,148
143,342
321,292
367,258
Creditors: amounts falling due within one year
7
(164,462)
(208,729)
Net current assets
156,830
158,529
Total assets less current liabilities
834,121
831,591
Creditors: amounts falling due after more than one year
8
(328,829)
(367,767)
Provisions for liabilities
(28,704)
(13,904)
Net assets
476,588
449,920
Capital and reserves
Called up share capital
9
331
336
Capital redemption reserve
41
36
Profit and loss reserves
476,216
449,548
Total equity
476,588
449,920
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
W EMERY & SONS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2022
31 March 2022
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 7 September 2022 and are signed on its behalf by:
Mr C G K Emery
Director
Company Registration No. 05892990
W EMERY & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
- 3 -
1
Accounting policies
Company information
W Emery & Sons Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Laurels, 13 County Road, Stafford, Staffordshire, ST16 2PU.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
1.3
Intangible fixed assets - goodwill
The carrying value of goodwill at the transition date (1 April 2015) was £550,000. The policy has been to initially recognise goodwill at cost and then amortise the value at 5% per annum using the straight line method.
The directors feel that the initial useful life assessed at 20 years remains valid. Therefore, we shall continue with amortisation at 5% on a straight line basis.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land and buildings freehold
Not depreciated
Plant and machinery
20% reducing balance
Fixtures, fittings & equipment
15% reducing balance
Motor vehicles
25% straight line
W EMERY & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
1
Accounting policies
(Continued)
- 4 -
No depreciation is provided in respect of freehold land. The directors consider that the freehold building is maintained in such a state of repair that its residual value is at least equal to its net book value. As a result, the corresponding depreciation would not be material and therefore is not charged in the profit and loss account. The directors perform annual impairment reviews to ensure that the carrying value is not higher than the recoverable amount.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.7
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.8
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
W EMERY & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
1
Accounting policies
(Continued)
- 5 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.13
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
12
14
W EMERY & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 6 -
3
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2021 and 31 March 2022
1,000,000
Amortisation and impairment
At 1 April 2021
750,000
Amortisation charged for the year
50,000
At 31 March 2022
800,000
Carrying amount
At 31 March 2022
200,000
At 31 March 2021
250,000
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 April 2021
315,861
190,443
506,304
Additions
17,195
73,757
90,952
At 31 March 2022
333,056
264,200
597,256
Depreciation and impairment
At 1 April 2021
103,342
103,342
Depreciation charged in the year
36,723
36,723
At 31 March 2022
140,065
140,065
Carrying amount
At 31 March 2022
333,056
124,135
457,191
At 31 March 2021
315,861
87,101
402,962
5
Fixed asset investments
2022
2021
£
£
Other investments other than loans
20,100
20,100
W EMERY & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 7 -
6
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
213,826
206,931
Other debtors
8,855
10,108
222,681
217,039
7
Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans
39,025
41,292
Trade creditors
23,392
34,282
Corporation tax
84,406
101,817
Other taxation and social security
6,504
3,524
Other creditors
11,135
27,814
164,462
208,729
8
Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
328,829
367,767
HSBC Bank loan has a fixed and floating charge over all assets.
Creditors which fall due after five years are as follows:
2022
2021
£
£
Payable by instalments
172,728
202,599
9
Called up share capital
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
- 6 each ordinary A and B shares of £1 each
12
12
12
12
- 72 each ordinary C and E shares & 31 each ordinary D shares of £1 each
175
180
175
180
- 72 each ordinary F and G shares of £1 each
144
144
144
144
331
336
331
336