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COMPANY REGISTRATION NUMBER: 00235985
MATTHEW H. WILSON & SON, LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 January 2023
MATTHEW H. WILSON & SON, LIMITED
STATEMENT OF FINANCIAL POSITION
31 January 2023
2023
2022
Note
£
£
£
£
Fixed assets
Tangible assets
5
2,186,635
2,186,446
Current assets
Debtors
6
34,501
34,648
Cash at bank and in hand
548,609
412,077
------------
------------
583,110
446,725
Creditors: amounts falling due within one year
7
( 865,138)
( 855,890)
------------
------------
Net current liabilities
( 282,028)
( 409,165)
------------
------------
Total assets less current liabilities
1,904,607
1,777,281
------------
------------
Net assets
1,904,607
1,777,281
------------
------------
Capital and reserves
Called up share capital
38,500
38,500
Profit and loss account
8
1,866,107
1,738,781
------------
------------
Members funds
1,904,607
1,777,281
------------
------------
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 income and retained earnings has not been delivered.
For the year ending 31 January 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 financial statements for the year in question in accordance with section 476 ;
- The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
MATTHEW H. WILSON & SON, LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 January 2023
These financial statements were approved by the board of directors and authorised for issue on 25 October 2023 , and are signed on behalf of the board by:
Miss J H Wilson
Director
Company registration number: 00235985
MATTHEW H. WILSON & SON, LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 JANUARY 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 39 Mitchell Avenue, Jesmond, Newcastle upon Tyne, NE2 3JY.
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, as modified by the revaluation of certain financial assets and liabilities and 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.
Judgements and key sources of estimation uncertainty
In applying the company's accounting policies, the directors are required to make judgements, estimates and assumptions in determining the carrying amounts of assets and liabilities. The directors' judgements, estimates and assumptions are based on the best and most reliable evidence available at the time when the decisions are made, and are based on historical experience and other factors that are considered to be applicable. Due to the inherent subjectivity involved in making such judgements, estimates and assumptions, the actual results and outcomes may differ. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods, if the revision affects both current and future periods. In assessing whether there have been any indicators of impairment of assets, directors have considered both external and internal sources of information such as market conditions, consumer demands and the experience of recoverability.
Revenue recognition
The turnover shown in the profit and loss account represents rents receivable and other costs recoverable during the year.
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. 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:
Property fittings and equipment
-
15% reducing balance
Office equipment
-
12.5% reducing balance and 33.3% straight line
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.
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 (2022: 2 ).
5. Tangible assets
Freehold investment property
Property fittings and equipment
Office equipment
Total
£
£
£
£
Cost
At 1 February 2022
2,185,000
4,362
4,035
2,193,397
Additions
403
403
------------
------------
------------
------------
At 31 January 2023
2,185,000
4,362
4,438
2,193,800
------------
------------
------------
------------
Depreciation
At 1 February 2022
2,999
3,952
6,951
Charge for the year
204
10
214
------------
------------
------------
------------
At 31 January 2023
3,203
3,962
7,165
------------
------------
------------
------------
Carrying amount
At 31 January 2023
2,185,000
1,159
476
2,186,635
------------
------------
------------
------------
At 31 January 2022
2,185,000
1,363
83
2,186,446
------------
------------
------------
------------
The freehold investment properties were independently valued at 2 April 2020 by Johnson Tucker LLP, Chartered Surveyors, in accordance with the current RICS Valuation - Global Standards (The Red Book). The director considers that these valuations provide a reliable basis for the property valuations at the balance sheet date. On a historical cost basis the properties would have been included at an original cost of £2,659,922 (2022: £2,659,922).
6. Debtors
2023
2022
£
£
Trade debtors
31,447
24,733
Other debtors
3,054
9,915
------------
------------
34,501
34,648
------------
------------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
14,099
14,100
Corporation tax
34,092
34,691
Social security and other taxes
12,092
Other creditors
804,855
807,099
------------
------------
865,138
855,890
------------
------------
Included in other creditors is an amount due to the director of £337,467 (2022:£330,947).
8. Reserves
Included within reserves is a non-distributable reserve. This reserve records the cumulative fair value movements on investment properties valued above original cost, and amounts to £198,556 (2022:£198,556).