1 February 2022 v2023.26.1 limited_company_frs_102_section_1a_v1_1_1 companies_houseSoftwarefalsetruetruetrueNo description of principal activityfalsetruexbrli:purexbrli:sharesiso4217:GBP004649642022-02-012023-01-31004649642023-01-31004649642022-01-3100464964core:WithinOneYear2023-01-3100464964core:WithinOneYear2022-01-3100464964core:AfterOneYear2023-01-3100464964core:AfterOneYear2022-01-3100464964core:ShareCapital2023-01-3100464964core:ShareCapital2022-01-3100464964core:OtherReservesSubtotal2023-01-3100464964core:OtherReservesSubtotal2022-01-3100464964core:RetainedEarningsAccumulatedLosses2023-01-3100464964core:RetainedEarningsAccumulatedLosses2022-01-3100464964bus:Director12022-02-012023-01-3100464964bus:RegisteredOffice2022-02-012023-01-3100464964core:FurnitureFittings2022-02-012023-01-3100464964core:OfficeEquipment2022-02-012023-01-31004649642021-02-012022-01-3100464964core:PlantMachinery2023-01-3100464964core:PlantMachinery2022-02-0100464964core:PlantMachinery2022-02-012023-01-3100464964core:PlantMachinery2022-01-3100464964core:CostValuation2022-02-0100464964core:CostValuation2023-01-310046496412022-02-012023-01-3100464964countries:EnglandWales2022-02-012023-01-3100464964bus:AuditExemptWithAccountantsReport2022-02-012023-01-3100464964bus:PrivateLimitedCompanyLtd2022-02-012023-01-3100464964bus:SmallEntities2022-02-012023-01-3100464964bus:FullAccounts2022-02-012023-01-31
Company registration number:
00464964
F J Wiseman & Co Limited
Unaudited Filleted Financial Statements for the year ended
31 January 2023
F J Wiseman & Co Limited
Chartered accountant's report to the board of directors on the preparation of the unaudited statutory financial statements of F J Wiseman & Co Limited
Year ended
31 January 2023
In order to assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the
financial statements
of
F J Wiseman & Co Limited
for the year ended
31 January 2023
which comprise the income statement, statement of financial position and related notes from the company’s accounting records and from information and explanations you have given me.
As a practising member of the Institute of Chartered Accountants in England and Wales (ICAEW), I am subject to its ethical and other professional requirements which are detailed at icaew.com/​regulations.
This report is made solely to the Board of Directors of
F J Wiseman & Co Limited
, as a body, in accordance with the terms of my engagement letter dated 1 April 2018. My work has been undertaken solely to prepare for your approval the
financial statements
of
F J Wiseman & Co Limited
and state those matters that I have agreed to state to the Board of Directors of
F J Wiseman & Co Limited
, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than
F J Wiseman & Co Limited
and its Board of Directors, as a body, for my work or for this report.
It is your duty to ensure that
F J Wiseman & Co Limited
has kept adequate accounting records and to prepare statutory
financial statements
that give a true and fair view of the assets, liabilities, financial position and profit of
F J Wiseman & Co Limited
. You consider that
F J Wiseman & Co Limited
is exempt from the statutory audit requirement for the year.
I have not been instructed to carry out an audit or a review of the financial statements of F J Wiseman & Co Limited. For this reason, I have not verified the accuracy or completeness of the accounting records or information and explanations you have given to me and I do not, therefore, express any opinion on the statutory financial statements.
Gordon & Co
Chartered Accountants and Business Advisors
25/27 Station Street
Cheslyn Hay
Walsall
West Midlands
WS6 7ED
United Kingdom
Date:
25 October 2023
F J Wiseman & Co Limited
Statement of Financial Position
31 January 2023
20232022
Note££
Fixed assets    
Tangible assets 5
22,919
 
26,052
 
Investments 6
1,502
 
1,502
 
24,421
 
27,554
 
Current assets    
Stocks
95,264
 
69,058
 
Debtors 7
15,173
 
32,709
 
Cash at bank and in hand
52,177
 
20,164
 
162,614
 
121,931
 
Creditors: amounts falling due within one year 8
(97,859
)
(75,878
)
Net current assets
64,755
 
46,053
 
Total assets less current liabilities 89,176   73,607  
Creditors: amounts falling due after more than one year 9
(30,081
)
(47,648
)
Net assets
59,095
 
25,959
 
Capital and reserves    
Called up share capital
1,002
 
1,002
 
Other reserves
75
 
75
 
Profit and loss account
58,018
 
24,882
 
Shareholders funds
59,095
 
25,959
 
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.
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.
These
financial statements
have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies’ regime.
In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered.
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:
John Wiseman
Director
Company registration number:
00464964
F J Wiseman & Co Limited
Notes to the Financial Statements
Year ended
31 January 2023

1 General information

The company is a private company limited by shares and is registered in England and Wales. The address of the registered office is
65 Union Street
,
Bridgtown
,
Cannock
,
Staffordshire
,
WS11 0BS
, United Kingdom.

2 Statement of compliance

These
financial statements
have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable to the UK and 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 assets.
The
financial statements
are prepared in sterling, which is the functional currency of the company.

Consolidation

The entity has taken advantage of the option not to prepare consolidated
financial statements
contained in Section 398 of the Companies Act 2006 on the basis that the entity and its subsidiary undertakings comprise a small group.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods and services supplied, net of discounts and Value Added Tax.

Current tax

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.

Tangible assets

Tangible assets are initially measured at cost, and are subsequently measured at cost less any accumulated depreciation and accumulated impairment losses or at a revalued amount.
Any tangible assets carried at a revalued amount are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
12.5% reducing balance
Office equipment
12.5% reducing balance

Fixed asset investments

Investments in subsidiaries, associates and joint ventures accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses.
Investments in subsidiaries, associates and joint ventures accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income or profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted.
Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.

Impairment

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.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.

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 entity will comply with the conditions attaching to them and the grants will be received.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements 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.

Defined contribution pension plan

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

4 Average number of employees

The average number of persons employed by the company during the year was
7
(2022:
7.00
).

5 Tangible assets

Plant and machinery etc.
£
Cost  
At
1 February 2022
and
31 January 2023
52,415
 
Depreciation  
At
1 February 2022
26,363
 
Charge
3,133
 
At
31 January 2023
29,496
 
Carrying amount  
At
31 January 2023
22,919
 
At 31 January 2022
26,052
 

6 Investments

Shares in group undertakings and participating interests
£
Cost  
At
1 February 2022
1,502
 
At
31 January 2023
1,502
 
Impairment  
At
1 February 2022
and
31 January 2023
-  
Carrying amount  
At
31 January 2023
1,502
 
At 31 January 2022
1,502
 

7 Debtors

20232022
££
Trade debtors
15,173
 
32,709
 

8 Creditors: amounts falling due within one year

20232022
££
Bank loans and overdrafts
8,000
 
8,000
 
Trade creditors
63,239
 
44,090
 
Amounts owed to group undertakings and undertakings in which the company has a participating interest
1,399
 
1,399
 
Taxation and social security
11,172
 
11,934
 
Other creditors
14,049
 
10,455
 
97,859
 
75,878
 

9 Creditors: amounts falling due after more than one year

20232022
££
Bank loans and overdrafts
30,081
 
47,648