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COMPANY REGISTRATION NUMBER: 00793917
WILSON ARMITAGE & SONS LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 March 2022
WILSON ARMITAGE & SONS LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2022
Contents
Pages
Balance sheet 1 to 2
Notes to the financial statements 3 to 6
WILSON ARMITAGE & SONS LIMITED
BALANCE SHEET
31 March 2022
2022
2021
Note
£
£
Fixed assets
Tangible assets
5
232,948
240,135
Current assets
Stocks
6
114,010
113,510
Debtors
7
15,215
3,341,986
Cash at bank and in hand
3,335,767
43,842
------------
------------
3,464,992
3,499,338
Creditors: amounts falling due within one year
8
( 1,015,984)
( 1,004,719)
------------
------------
Net current assets
2,449,008
2,494,619
------------
------------
Total assets less current liabilities
2,681,956
2,734,754
Creditors: amounts falling due after more than one year
9
( 10,131)
( 18,216)
Provisions
Taxation including deferred tax
( 7,700)
( 7,700)
------------
------------
Net assets
2,664,125
2,708,838
------------
------------
Capital and reserves
Called up share capital
11
10,000
10,000
Profit and loss account
2,654,125
2,698,838
------------
------------
Shareholders funds
2,664,125
2,708,838
------------
------------
These 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 profit and loss account has not been delivered.
For the year ending 31 March 2022 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 financial statements for the year 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 financial statements .
WILSON ARMITAGE & SONS LIMITED
BALANCE SHEET (continued)
31 March 2022
These financial statements were approved by the board of directors and authorised for issue on 9 October 2023 , and are signed on behalf of the board by:
I Armitage
Director
Company registration number: 00793917
WILSON ARMITAGE & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 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 Ponker Farm, Skelmanthorpe, Huddersfield, HD8 9AW.
2. Statement of compliance
These 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 financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover represents the value of goods sold and services provided net of value added tax.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
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:
Freehold land and buildings
-
2% straight line
Farm machinery
-
10% reducing balance
Motor vehicles and tractors
-
20% & 25% reducing balance
Computer equipment
-
33% straight line
No depreciation is provided on freehold land.
Stocks
Stocks have been valued as follows: Livestock - cattle - 60% of estimated market value. Feeding stuffs and fertilizers - at the lower of cost and net realisable value.
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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2021: 2 ).
5. Tangible assets
Freehold land and buildings
Farm machinery
Motor vehicles and tractors
Computer equipment
Total
£
£
£
£
£
Cost
At 1 April 2021 and 31 March 2022
252,017
157,803
143,025
464
553,309
------------
------------
------------
------------
------------
Depreciation
At 1 April 2021
53,698
123,931
135,081
464
313,174
Charge for the year
2,094
3,387
1,706
7,187
------------
------------
------------
------------
------------
At 31 March 2022
55,792
127,318
136,787
464
320,361
------------
------------
------------
------------
------------
Carrying amount
At 31 March 2022
196,225
30,485
6,238
232,948
------------
------------
------------
------------
------------
At 31 March 2021
198,319
33,872
7,944
240,135
------------
------------
------------
------------
------------
Tangible assets
6. Stocks
2022
2021
£
£
Raw materials and consumables
114,010
113,510
------------
------------
7. Debtors
2022
2021
£
£
Prepayments and accrued income
5,455
2,889
Other debtors
9,760
3,339,097
------------
------------
15,215
3,341,986
------------
------------
8. Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans and overdrafts
8,085
7,807
Trade creditors
14,116
Accruals and deferred income
23,923
6,791
Corporation tax
629,030
631,827
Social security and other taxes
96
96
Other creditors
194,689
194,690
Directors' loan accounts
160,161
149,392
------------
------------
1,015,984
1,004,719
------------
------------
The bank loan and overdraft are secured by a fixed and floating charge over all of the company's assets.
9. Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
10,131
18,216
------------
------------
10. Deferred tax
The deferred tax included in the balance sheet is as follows:
2022
2021
£
£
Included in provisions
7,700
7,700
------------
------------
The deferred tax account consists of the tax effect of timing differences in respect of:
2022
2021
£
£
Accelerated capital allowances
7,700
7,700
------------
------------
11. Called up share capital
Authorised share capital
2022
2021
No.
£
No.
£
Ordinary shares of £ 1 each
15,000
15,000
15,000
15,000
------------
------------
------------
------------
Issued, called up and fully paid
2022
2021
No.
£
No.
£
Ordinary shares of £ 1 each
10,000
10,000
10,000
10,000
------------
------------
------------
------------
12. Related party transactions
Control of the company The company is controlled by the directors.