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COMPANY REGISTRATION NUMBER: 03457903
G. G. Wilkinson Building Limited
Filleted Unaudited Financial Statements
Period from 30 October 2021 to
28 October 2022
G. G. Wilkinson Building Limited
Financial Statements
Period from 30 October 2021 to 28 October 2022
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
G. G. Wilkinson Building Limited
Statement of Financial Position
28 October 2022
28 Oct 22
29 Oct 21
Note
£
£
£
£
Fixed assets
Tangible assets
5
880,000
840,000
Current assets
Debtors
6
74,719
Cash at bank and in hand
267
--------
----
74,719
267
Creditors: amounts falling due within one year
7
45,096
40,883
--------
--------
Net current assets/(liabilities)
29,623
( 40,616)
----------
----------
Total assets less current liabilities
909,623
799,384
Creditors: amounts falling due after more than one year
8
362,352
289,803
Provisions
Taxation including deferred tax
79,840
79,840
----------
----------
Net assets
467,431
429,741
----------
----------
Capital and reserves
Called up share capital
2
2
Revaluation reserve
526,000
486,000
Profit and loss account
( 58,571)
( 56,261)
----------
----------
Shareholder funds
467,431
429,741
----------
----------
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 statement of comprehensive income has not been delivered.
For the period ending 28 October 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The member has not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
G. G. Wilkinson Building Limited
Statement of Financial Position (continued)
28 October 2022
These financial statements were approved by the board of directors and authorised for issue on 23 October 2023 , and are signed on behalf of the board by:
Mr G G Wilkinson
Director
Company registration number: 03457903
G. G. Wilkinson Building Limited
Notes to the Financial Statements
Period from 30 October 2021 to 28 October 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 6 High Street, Alford, Lincolnshire, LN13 9DX.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
(a) Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of investment properties measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity.
(b) Going concern
Following the challenges arising as a consequence of the Covid-19 pandemic in 2020/21, more latterly the UK economy has been impacted by rising inflation, interest rates and energy costs, exacerbated by the war in Ukraine. All these matters have impacted the company's trading results to a greater or lesser extent. At the date of signing these financial statements, the director has considered the effect of these matters on the company with the information available to it, and does not believe that it it will affect the ability of the company to continue to trade for the foreseeable future. On this basis, the director has prepared these financial statements on a going concern basis.
(c) Revenue recognition
Turnover comprises revenue recognised by the company in respect of rental income receivable. Revenue from rents receivable is recognised in accordance with the terms of the relevant lease agreement.
(d) Current & deferred tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
(e) Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
(f) Investment properties
Investment properties are initially recorded at cost, which includes purchase price and any directly attributable expenditure.
Investment properties are revalued to their fair value at each reporting date and any changes in fair value are recognised in profit or loss.
(g) 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. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods 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.
(h) Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangement entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.
4. Employee numbers
The average number of persons employed by the company during the period amounted to 2 (2021: 2 ).
5. Tangible assets
Freehold property
£
Cost or valuation
At 30 October 2021
840,000
Revaluations
40,000
----------
At 28 October 2022
880,000
----------
Depreciation
At 30 October 2021 and 28 October 2022
----------
Carrying amount
At 28 October 2022
880,000
----------
At 29 October 2021
840,000
----------
The investment properties were valued in October 2022 by the director who has experience in the location and category of the investment property being valued.
6. Debtors
28 Oct 22
29 Oct 21
£
£
Trade debtors
74,719
--------
----
7. Creditors: amounts falling due within one year
28 Oct 22
29 Oct 21
£
£
Bank loans and overdrafts
7,052
2,000
Trade creditors
2,819
3,149
Social security and other taxes
687
687
Director loan account
34,538
35,047
--------
--------
45,096
40,883
--------
--------
8. Creditors: amounts falling due after more than one year
28 Oct 22
29 Oct 21
£
£
Bank loans and overdrafts
362,352
289,803
----------
----------
The bank loans are secured on the Investment Properties.
9. Related party transactions
During the year, the director had a loan account with the company. At the year end the amount owed to the director was £ 34,538 (2021 £35,047). The loan is unsecured, interest free and repayable on demand.