REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 |
FOR |
W.G.WOOD & SONS (BAKERS) LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 |
FOR |
W.G.WOOD & SONS (BAKERS) LIMITED |
W.G.WOOD & SONS (BAKERS) LIMITED (REGISTERED NUMBER: 00782535) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the Year Ended 31 March 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
W.G.WOOD & SONS (BAKERS) LIMITED |
COMPANY INFORMATION |
for the Year Ended 31 March 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
54 Sun Street |
Waltham Abbey |
Essex |
EN9 1EJ |
W.G.WOOD & SONS (BAKERS) LIMITED (REGISTERED NUMBER: 00782535) |
BALANCE SHEET |
31 March 2023 |
2023 | 2022 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investment property | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Inv prop reserve - non distrib | 9 |
Retained earnings | 9 | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
W.G.WOOD & SONS (BAKERS) LIMITED (REGISTERED NUMBER: 00782535) |
BALANCE SHEET - continued |
31 March 2023 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
W.G.WOOD & SONS (BAKERS) LIMITED (REGISTERED NUMBER: 00782535) |
NOTES TO THE FINANCIAL STATEMENTS |
for the Year Ended 31 March 2023 |
1. | STATUTORY INFORMATION |
W.G.Wood & Sons (Bakers) Limited is a |
The financial statements are presented in sterling (£) which is also the functional currency for the company and rounded to the nearest £. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
These financial statements have been prepared in accordance with the provisions of Section1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, as modified by the revaluation of certain assets. |
The financial statements are presented in sterling (£) which is also the functional currency for the company and rounded to the nearest £. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Turnover represents rental income from residential and commercial property. |
Tangible fixed assets |
Fixtures and fittings | - |
Investment property |
The company's investment properties have been valued at their open market value. The valuation of the investment properties is undertaken annually by the company directors with periodic external open market valuations. Any change in the value of the properties is reflected within the profit and loss amount for the period. |
Taxation |
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. Unrelieved tax losses and other 'deferred tax' assets are recognised only 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 balance sheet date that are expected to apply to the reversal of timing differences. |
Pension costs and other post-retirement benefits |
The company operates a pension scheme for the benefit of a director. The funds of the scheme are administered by an insurance company and are separate from the company. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
W.G.WOOD & SONS (BAKERS) LIMITED (REGISTERED NUMBER: 00782535) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 March 2023 |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
and |
fittings |
£ |
COST |
At 1 April 2022 |
and 31 March 2023 |
DEPRECIATION |
At 1 April 2022 |
Charge for year |
At 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 April 2022 |
and 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
Fair value at 31 March 2023 is represented by: |
£ |
Valuation in 2014 | 246,020 |
Valuation in 2015 | 177,500 |
Valuation in 2018 | 80,357 |
Valuation in 2019 | 144,705 |
Cost | 226,418 |
875,000 |
If the investment properties had not been revalued they would have been included at the following historical cost: |
2023 | 2022 |
£ | £ |
Cost | 226,418 | 226,418 |
The investment properties were valued on an open market basis on 12 September 2018 by De Villiers Commercial Surveyors. . |
W.G.WOOD & SONS (BAKERS) LIMITED (REGISTERED NUMBER: 00782535) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 March 2023 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Directors' loan accounts | - | 1,082 |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade Creditors | 548 |
Bank loan | 16,560 | 16,560 |
Directors' loan accounts | 4,185 | 574 |
Accruals | 7,075 | 8,625 |
28,368 | 25,759 |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans |
9. | RESERVES |
Investment Retained Total |
Property Earnings |
Revaluation |
Reserve |
_________________________________ |
£ £ £ |
At 1st April 2022 548,801 (80,639 ) 468,162 |
Revaluation of property in the year - - - |
Deferred taxation on valuation - - - |
Net result for the year - 10,208 10,208 |
_________ ________ ________ |
At 31 March 2023 548,801 (70,431) 478,370 |
========= ======== ======== |
The investment property revaluation reserve is a non-distributable reserve. |