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COMPANY REGISTRATION NUMBER: 01072024
W. Harold John (Metals) Limited
Filleted Unaudited Abridged Financial Statements
31 August 2022
W. Harold John (Metals) Limited
Abridged Financial Statements
Period from 1 November 2021 to 31 August 2022
Contents
Page
Abridged statement of financial position
1
Notes to the abridged financial statements
3
W. Harold John (Metals) Limited
Abridged Statement of Financial Position
31 August 2022
31 Aug 22
31 Oct 21
Note
£
£
£
Fixed assets
Tangible assets
5
673,308
252,194
Current assets
Stocks
380,693
291,568
Debtors
488,870
565,850
Cash at bank and in hand
267,610
134,026
------------
---------
1,137,173
991,444
Creditors: amounts falling due within one year
718,278
849,660
------------
---------
Net current assets
418,895
141,784
------------
---------
Total assets less current liabilities
1,092,203
393,978
Creditors: amounts falling due after more than one year
57,213
113,406
Provisions
Taxation including deferred tax
47,917
------------
---------
Net assets
1,034,990
232,655
------------
---------
Capital and reserves
Called up share capital
13,612
13,612
Revaluation reserve
426,177
Profit and loss account
595,201
219,043
------------
---------
Shareholder funds
1,034,990
232,655
------------
---------
These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the abridged statement of comprehensive income has not been delivered.
For the period ending 31 August 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The member has not required the company to obtain an audit of its abridged financial statements for the period in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .
W. Harold John (Metals) Limited
Abridged Statement of Financial Position (continued)
31 August 2022
All of the members have consented to the preparation of the abridged statement of comprehensive income and the abridged statement of financial position for the period ending 31 August 2022 in accordance with Section 444(2A) of the Companies Act 2006.
These abridged financial statements were approved by the board of directors and authorised for issue on 9 September 2022 , and are signed on behalf of the board by:
Mr W.P.H. John
Mr O.D.W. Hazell
Director
Director
Company registration number: 01072024
W. Harold John (Metals) Limited
Notes to the Abridged Financial Statements
Period from 1 November 2021 to 31 August 2022
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Nash Road, Newport, NP18 2BS.
2. Statement of compliance
These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The abridged financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The abridged financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
Deferred taxation is provided on timing differences, arising from the different treatment of items for accounting and taxation purposes, which are expected to reverse in the future, calculated at the rates at which it is expected that tax will arise.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
15% reducing balance
Fixtures and fittings
-
15% reducing balance
Motor vehicles
-
25% reducing balance
Office equipment
-
15% reducing balance
Freehold land and buildings are not depreciated as the amount involved is considered immaterial.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the abridged statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the abridged statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Defined contribution plans
The company operates defined contribution pension schemes. The assets of the schemes are held separately from those of the company in independently administered funds. Contributions payable for the year are charged in the profit and loss account.
4. Employee numbers
The average number of persons employed by the company during the period amounted to 8 (2021: 8 ).
5. Tangible assets
£
Cost or valuation
At 1 November 2021
987,045
Additions
42,241
Disposals
( 27,799)
Revaluations
426,177
------------
At 31 August 2022
1,427,664
------------
Depreciation
At 1 November 2021
734,851
Charge for the period
43,850
Disposals
( 24,345)
------------
At 31 August 2022
754,356
------------
Carrying amount
At 31 August 2022
673,308
------------
At 31 October 2021
252,194
------------
6. Contingencies
A debenture registered on 2nd August 2022 by HSBC UK Bank Bank Plc provides a fixed and floating charge over the company's property and assets present and future on all monies due or to become due from the company to the chargee on any account whatsoever.
7. Directors' advances, credits and guarantees
During the period the directors entered into the following advances and credits with the company:
31 Aug 22
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Mr R.C.H. John
( 112,320)
112,320
Mrs S.L. John
( 20,000)
20,000
Mr W.P.H. John
( 74,246)
74,246
---------
---------
----
( 206,566)
206,566
---------
---------
----
31 Oct 21
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Mr R.C.H. John
( 9,382)
( 102,938)
( 112,320)
Mrs S.L. John
( 33,980)
13,980
( 20,000)
Mr W.P.H. John
( 7)
( 74,239)
( 74,246)
--------
---------
---------
( 43,369)
( 163,197)
( 206,566)
--------
---------
---------
8. Related party transactions
The company was under the control of Mr R.C.H. John and Mr W.P.H. John throughout the period. During the year, the following rent was paid to the directors:
2022 2021
£ £
Mr R.C.H. John 24,750 60,000
Mr W.P.H. John 24,750 60,000
-------- ---------
49,500 120,000
-------- ---------
No other transactions with related parties were undertaken such that are required to be disclosed under Financial Reporting Standard 102.
9. Controlling party
The company is a wholly owned subsidiary undertaking of MDW Holdings Limited, a company incorporated in England and Wales, which is the ultimate parent undertaking.