Wilson's Ballymena Ltd NI050403 false 2022-04-01 2023-03-31 2023-03-31 The principal activity of the company is the retailing of or manufacturing to the specification of firelaces and also the supply and processing of granite worktops. Digita Accounts Production Advanced 6.30.9574.0 true NI050403 2022-04-01 2023-03-31 NI050403 2023-03-31 NI050403 bus:OrdinaryShareClass1 2023-03-31 NI050403 core:CurrentFinancialInstruments 2023-03-31 NI050403 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 NI050403 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 NI050403 core:MotorVehicles 2023-03-31 NI050403 core:OtherPropertyPlantEquipment 2023-03-31 NI050403 bus:SmallEntities 2022-04-01 2023-03-31 NI050403 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 NI050403 bus:AbridgedAccounts 2022-04-01 2023-03-31 NI050403 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 NI050403 bus:RegisteredOffice 2022-04-01 2023-03-31 NI050403 bus:Director1 2022-04-01 2023-03-31 NI050403 bus:Director2 2022-04-01 2023-03-31 NI050403 bus:Director3 2022-04-01 2023-03-31 NI050403 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 NI050403 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 NI050403 core:Goodwill 2022-04-01 2023-03-31 NI050403 core:MotorVehicles 2022-04-01 2023-03-31 NI050403 core:OtherPropertyPlantEquipment 2022-04-01 2023-03-31 NI050403 core:PlantMachinery 2022-04-01 2023-03-31 NI050403 countries:NorthernIreland 2022-04-01 2023-03-31 NI050403 2022-03-31 NI050403 core:MotorVehicles 2022-03-31 NI050403 core:OtherPropertyPlantEquipment 2022-03-31 NI050403 2021-04-01 2022-03-31 NI050403 2022-03-31 NI050403 bus:OrdinaryShareClass1 2022-03-31 NI050403 core:CurrentFinancialInstruments 2022-03-31 NI050403 core:CurrentFinancialInstruments core:WithinOneYear 2022-03-31 NI050403 core:Non-currentFinancialInstruments core:AfterOneYear 2022-03-31 NI050403 core:MotorVehicles 2022-03-31 NI050403 core:OtherPropertyPlantEquipment 2022-03-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: NI050403

Wilson's Ballymena Ltd

Annual Report and Unaudited Abridged Financial Statements

for the Year Ended 31 March 2023

 

Wilson's Ballymena Ltd

Contents

Company Information

1

Abridged Balance Sheet

2 to 3

Notes to the Unaudited Abridged Financial Statements

4 to 10

 

Wilson's Ballymena Ltd

Company Information

Directors

Mr Richard J Wilson

Mr Robert James Wilson

Mr Edward Wilson

Registered office

46 Hill Street
Belfast
Co. Antrim
BT1 2LB

Accountants

C.D. Diamond & Company
Chartered Accountants & Registered Auditors
46 Hill Street
Belfast
Co. Antrim
BT1 2LB

 

Wilson's Ballymena Ltd

(Registration number: NI050403)
Abridged Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

108,197

101,988

Current assets

 

Stocks

6

825,708

778,615

Debtors

160,618

42,132

Cash at bank and in hand

 

150,852

344,717

 

1,137,178

1,165,464

Prepayments and accrued income

 

18,450

15,348

Creditors: Amounts falling due within one year

(650,760)

(662,278)

Net current assets

 

504,868

518,534

Total assets less current liabilities

 

613,065

620,522

Creditors: Amounts falling due after more than one year

(137,792)

(200,734)

Accruals and deferred income

 

(7,996)

(8,000)

Net assets

 

467,277

411,788

Capital and reserves

 

Called up share capital

7

121,000

121,000

Retained earnings

346,277

290,788

Shareholders' funds

 

467,277

411,788

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.

Directors' 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 directors acknowledge their 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.

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.

 

Wilson's Ballymena Ltd

(Registration number: NI050403)
Abridged Balance Sheet as at 31 March 2023

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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 14 November 2023 and signed on its behalf by:
 

.........................................
Mr Edward Wilson
Director

 

Wilson's Ballymena Ltd

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 Northern Ireland.

The address of its registered office is:
46 Hill Street
Belfast
Co. Antrim
BT1 2LB

The principal place of business is:
Unit 12
22A Pennybridge Industrial Estate
Ballymena
Co Antrim
BT42 3HB
Northern Ireland

These financial statements were authorised for issue by the Board on 14 November 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.

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.

 

Wilson's Ballymena Ltd

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

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 and machinery

25% reducing balance

Motor vehicles

25% reducing balance

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

10% straight line

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.

 

Wilson's Ballymena Ltd

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

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

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.

 

Wilson's Ballymena Ltd

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

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

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 directors) during the year, was 17 (2022 - 18).

 

Wilson's Ballymena Ltd

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

4

Intangible assets

Total
£

Cost or valuation

At 1 April 2022

144,000

At 31 March 2023

144,000

Amortisation

At 1 April 2022

144,000

At 31 March 2023

144,000

Carrying amount

At 31 March 2023

-

5

Tangible assets

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 April 2022

109,280

306,478

415,758

Additions

17,450

20,639

38,089

Disposals

(19,505)

(14,700)

(34,205)

At 31 March 2023

107,225

312,417

419,642

Depreciation

At 1 April 2022

49,083

264,687

313,770

Charge for the year

16,284

11,914

28,198

Eliminated on disposal

(17,172)

(13,351)

(30,523)

At 31 March 2023

48,195

263,250

311,445

Carrying amount

At 31 March 2023

59,030

49,167

108,197

At 31 March 2022

60,197

41,791

101,988

 

Wilson's Ballymena Ltd

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

6

Stocks

2023
£

2022
£

Other inventories

825,708

778,615

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

121,000

121,000

121,000

121,000

         

8

Related party transactions

 

Wilson's Ballymena Ltd

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

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

80,798

79,254

Contributions paid to money purchase schemes

7,200

21,325

87,998

100,579