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Company registration number: 05713604
Ward & Cross Limited
Unaudited filleted abridged financial statements
30 April 2023
Ward & Cross Limited
Contents
Directors and other information
Accountant's report
Abridged statement of financial position
Notes to the financial statements
Ward & Cross Limited
Directors and other information
Directors Mr Matthew Peter Cross
Mr Stuart Laurence Ward
Company number 05713604
Registered office 6 Rectory Lane
Ashtead
Surrey
KT21 2BB
Business address 6 Rectory Lane
Ashtead
Surrey
KT21 2BB
Accountant Alan James & Associates Limited
1 Shepperton Marina
Felix Lane
Shepperton
Middlesex
TW17 8NS
Ward & Cross Limited
Chartered accountant's report to the board of directors on the preparation of the
unaudited statutory financial statements of Ward & Cross Limited
Year ended 30 April 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 Ward & Cross Limited for the year ended 30 April 2023 which comprise the abridged 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 http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the board of directors of Ward & Cross Limited, as a body, in accordance with the terms of my engagement letter. My work has been undertaken solely to prepare for your approval the financial statements of Ward & Cross Limited and state those matters that we have agreed to state to the board of directors of Ward & Cross 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 Ward & Cross Limited and its board of directors as a body for my work or for this report.
It is your duty to ensure that Ward & Cross 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 Ward & Cross Limited. You consider that Ward & Cross 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 Ward & Cross 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.
Alan James & Associates Limited
Chartered Accountants
1 Shepperton Marina
Felix Lane
Shepperton
Middlesex
TW17 8NS
21 November 2023
Ward & Cross Limited
Abridged statement of financial position
30 April 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 6 25,236 26,037
_______ _______
25,236 26,037
Current assets
Stocks 9,208 7,188
Debtors 11,797 9,307
Cash at bank and in hand 83,117 87,633
_______ _______
104,122 104,128
Creditors: amounts falling due
within one year ( 80,917) ( 75,926)
_______ _______
Net current assets 23,205 28,202
_______ _______
Total assets less current liabilities 48,441 54,239
Creditors: amounts falling due
after more than one year ( 24,099) ( 32,862)
Provisions for liabilities 11 ( 3,720) ( 2,750)
_______ _______
Net assets 20,622 18,627
_______ _______
Capital and reserves
Called up share capital 1,000 1,000
Profit and loss account 19,622 17,627
_______ _______
Shareholders funds 20,622 18,627
_______ _______
For the year ending 30 April 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 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 abridged statement of comprehensive income has not been delivered.
All of the members have consented to the preparation of the abridged statement of comprehensive income and the abridged statement of financial position for the current year ending 30 April 2023 in accordance with Section 444(2A) of the Companies Act 2006.
These financial statements were approved by the board of directors and authorised for issue on 21 November 2023 , and are signed on behalf of the board by:
Mr Matthew Peter Cross
Director
Company registration number: 05713604
Ward & Cross Limited
Notes to the financial statements
Year ended 30 April 2023
1. General information
The company is a private company limited by shares, registered in uk. The address of the registered office is Ward and Cross Ltd, 6 Rectory Lane, Ashtead, Surrey, KT21 2BB.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in 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 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.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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 are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves 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:
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
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. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
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 company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs 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. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.Debt instruments are subsequently measured at amortised cost.
Defined contribution plans
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. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 28 (2022: 29 ).
5. Tax on profit
Major components of tax expense
2023 2022
£ £
Current tax:
UK current tax expense 10,995 7,524
Adjustments in respect of previous periods ( 200) -
_______ _______
Deferred tax:
Accelerated Capital Allowances 970 -
_______ _______
Tax on profit 11,765 7,524
_______ _______
2023 2022
£ £
Profit before taxation 57,959 38,879
_______ _______
Adjustments in respect of prior periods ( 200) -
_______ _______
6. Tangible assets
£
Cost
At 1 May 2022 139,500
Additions 5,889
Disposals ( 7,862)
_______
At 30 April 2023 137,527
_______
Depreciation
At 1 May 2022 113,463
Charge for the year 6,111
Disposals ( 7,283)
_______
At 30 April 2023 112,291
_______
Carrying amount
At 30 April 2023 25,236
_______
At 30 April 2022 26,037
_______
7. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2023 2022
£ £
Accelerated capital allowances 3,720 2,750
_______ _______
The deferred tax account movement consists of the tax effect of timing differences in respect of:
2023 2022
£ £
Accelerated capital allowances 970 ( 250)
_______ _______
Deferred tax has been provided at the rate likely to reverse .The current rate is 25%(2022:19%)
8. Operating leases
The company as lessee
The total future minimum lease payments under non-cancellable operating leases are as follows:
£ £
Not later than 1 year 48,872 29,654
Later than 1 year and not later than 5 years 49,872 29,000
_______ _______
98,744 58,654
_______ _______
9. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr Stuart Laurence Ward - 2,250 2,250
_______ _______ _______
2022
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr Stuart Laurence Ward - - -
_______ _______ _______
Since the Year End, the Directors loan has been repaid in full.
10. Pension commitment
The Company operates a defined contribution scheme. The assets of the scheme are held separately from those of the Company in an administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £13,482 (2022:£12,854).