John Wallace Ltd 12256061 false 2022-04-01 2023-03-31 2023-03-31 The principal activity of the company is the wholesale distribution of hip flasks, pocket watches and other gifts. Digita Accounts Production Advanced 6.30.9574.0 true true 12256061 2022-04-01 2023-03-31 12256061 2023-03-31 12256061 bus:OrdinaryShareClass1 2023-03-31 12256061 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 12256061 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 12256061 core:FurnitureFittingsToolsEquipment 2023-03-31 12256061 core:OtherPropertyPlantEquipment 2023-03-31 12256061 bus:SmallEntities 2022-04-01 2023-03-31 12256061 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 12256061 bus:AbridgedAccounts 2022-04-01 2023-03-31 12256061 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 12256061 bus:RegisteredOffice 2022-04-01 2023-03-31 12256061 bus:Director1 2022-04-01 2023-03-31 12256061 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 12256061 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 12256061 core:Goodwill 2022-04-01 2023-03-31 12256061 core:FurnitureFittings 2022-04-01 2023-03-31 12256061 core:FurnitureFittingsToolsEquipment 2022-04-01 2023-03-31 12256061 core:OfficeEquipment 2022-04-01 2023-03-31 12256061 core:OtherPropertyPlantEquipment 2022-04-01 2023-03-31 12256061 core:PlantMachinery 2022-04-01 2023-03-31 12256061 countries:England 2022-04-01 2023-03-31 12256061 2022-03-31 12256061 core:FurnitureFittingsToolsEquipment 2022-03-31 12256061 core:OtherPropertyPlantEquipment 2022-03-31 12256061 2021-01-01 2022-03-31 12256061 2022-03-31 12256061 bus:OrdinaryShareClass1 2022-03-31 12256061 core:CurrentFinancialInstruments core:WithinOneYear 2022-03-31 12256061 core:Non-currentFinancialInstruments core:AfterOneYear 2022-03-31 12256061 core:FurnitureFittingsToolsEquipment 2022-03-31 12256061 core:OtherPropertyPlantEquipment 2022-03-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 12256061

John Wallace Ltd

trading as UK Hip Flasks

Unaudited Filleted Abridged Financial Statements

for the Year Ended 31 March 2023

 

John Wallace Ltd

trading as UK Hip Flasks

Contents

Company Information

1

Abridged Balance Sheet

2 to 3

Notes to the Unaudited Abridged Financial Statements

4 to 12

 

John Wallace Ltd

trading as UK Hip Flasks

Company Information

Director

Mr Mark John Nogula

Registered office

Unit D, Leona Works
Nimmings Road
Halesowen
West Midlands
B62 9JQ

Accountants

TKO Accountants Ltd
26 York Street
Harborne
Birmingham
B17 0HG

 

John Wallace Ltd

trading as UK Hip Flasks

(Registration number: 12256061)
Abridged Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

5

6,000

9,000

Tangible assets

6

12,415

16,734

 

18,415

25,734

Current assets

 

Stocks

7

472,505

262,684

Cash at bank and in hand

 

126,289

162,307

 

598,794

424,991

Creditors: Amounts falling due within one year

(267,607)

(241,159)

Net current assets

 

331,187

183,832

Total assets less current liabilities

 

349,602

209,566

Creditors: Amounts falling due after more than one year

(49,508)

(50,000)

Net assets

 

300,094

159,566

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

299,994

159,466

Shareholders' funds

 

300,094

159,566

For the financial year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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.

 

John Wallace Ltd

trading as UK Hip Flasks

(Registration number: 12256061)
Abridged Balance Sheet as at 31 March 2023

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) 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. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 11 September 2023
 

.........................................
Mr Mark John Nogula
Director

 

John Wallace Ltd

trading as UK Hip Flasks

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2023

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Unit D, Leona Works
Nimmings Road
Halesowen
West Midlands
B62 9JQ

These financial statements were authorised for issue by the director on 11 September 2023.

2

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 abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These abridged 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.

Going concern

The financial statements have been prepared on a going concern basis.

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.

 

John Wallace Ltd

trading as UK Hip Flasks

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2023

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

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

Plant & machinery

20% straight line

Fixtures & fittings

50% straight line

Office equipment

50% straight line

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

25% straight line

 

John Wallace Ltd

trading as UK Hip Flasks

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2023

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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.

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.

 

John Wallace Ltd

trading as UK Hip Flasks

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2023

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 6 (2022 - 5).

 

John Wallace Ltd

trading as UK Hip Flasks

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2023

4

Profit before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

15,745

16,248

Amortisation expense

3,000

3,000

 

John Wallace Ltd

trading as UK Hip Flasks

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2023

5

Intangible assets

Total
£

Cost or valuation

At 1 April 2022

12,000

At 31 March 2023

12,000

Amortisation

At 1 April 2022

3,000

Amortisation charge

3,000

At 31 March 2023

6,000

Carrying amount

At 31 March 2023

6,000

At 31 March 2022

9,000

6

Tangible assets

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 April 2022

6,907

26,074

32,981

Additions

2,775

8,652

11,427

At 31 March 2023

9,682

34,726

44,408

Depreciation

At 1 April 2022

3,175

13,072

16,247

Charge for the year

3,678

12,068

15,746

At 31 March 2023

6,853

25,140

31,993

Carrying amount

At 31 March 2023

2,829

9,586

12,415

At 31 March 2022

3,732

13,002

16,734

 

John Wallace Ltd

trading as UK Hip Flasks

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2023

7

Stocks

2023
£

2022
£

Other inventories

472,505

262,684

 

John Wallace Ltd

trading as UK Hip Flasks

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2023

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £100 each

1

100

1

100

         

9

Dividends

   

2023

 

2022

   

£

 

£

Final dividend of £Nil (2022 - £Nil) per ordinary share

 

-

 

-

Interim dividend of £1,900.00 (2022 - £2,000.00) per ordinary share

 

1,900

 

2,000

   

1,900

 

2,000

         
 

John Wallace Ltd

trading as UK Hip Flasks

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2023

10

Related party transactions

At the financial year end the company owed £164,656 (prior year £132,726) to the director.

Director's remuneration

The director's remuneration for the year was as follows:

2023
£

2022
£

Remuneration

13,200

11,979

Contributions paid to money purchase schemes

208

-

13,408

11,979