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Registration number: 02256728

Wootton & Co Limited

Annual Report and Unaudited Financial Statements

for the Period from 1 October 2022 to 31 July 2023

 

Wootton & Co Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3

Notes to the Unaudited Financial Statements

4 to 7

 

Wootton & Co Limited

Company Information

Directors

Mr F. S. Whatmough

Mrs S. Whatmough

Mr A Whatmough

Mrs K Taylor

Miss T Whatmough

Registered office

Sunrise Mill
Cambridge Street
Great Harwood
Blackburn
Lancashire
BB6 7BU

Accountants

Hargreaves Brown & Benson
Chartered Accountants
1 Bond Street
Colne
Lancashire
BB8 9DG

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Wootton & Co Limited
for the Period Ended 31 July 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Wootton & Co Limited for the period ended 31 July 2023 as set out on pages 3 to 7 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Wootton & Co Limited, as a body. Our work has been undertaken solely to prepare for your approval the accounts of Wootton & Co Limited and state those matters that we have agreed to state to the Board of Directors of Wootton & Co Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Wootton & Co Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Wootton & Co Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Wootton & Co Limited. You consider that Wootton & Co Limited is exempt from the statutory audit requirement for the period.

We have not been instructed to carry out an audit or a review of the accounts of Wootton & Co Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Hargreaves Brown & Benson
Chartered Accountants
1 Bond Street
Colne
Lancashire
BB8 9DG

21 November 2023

 

Wootton & Co Limited

(Registration number: 02256728)
Balance Sheet as at 31 July 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

1,158,067

1,153,941

Current assets

 

Stocks

5

4,470

6,433

Debtors

6

254,046

418,970

Cash at bank and in hand

 

839,152

603,824

 

1,097,668

1,029,227

Creditors: Amounts falling due within one year

7

(267,250)

(482,307)

Net current assets

 

830,418

546,920

Total assets less current liabilities

 

1,988,485

1,700,861

Provisions for liabilities

(100,847)

(85,234)

Net assets

 

1,887,638

1,615,627

Capital and reserves

 

Called up share capital

100

100

Retained earnings

1,887,538

1,615,527

Shareholders' funds

 

1,887,638

1,615,627

For the financial period ending 31 July 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 period 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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 21 November 2023 and signed on its behalf by:
 

.........................................
Mrs K Taylor
Director

   
     
 

Wootton & Co Limited

Notes to the Unaudited Financial Statements for the Period from 1 October 2022 to 31 July 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Sunrise Mill
Cambridge Street
Great Harwood
Blackburn
Lancashire
BB6 7BU

These financial statements were authorised for issue by the Board on 21 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 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 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.

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

Freehold property

Straight line 2%

Plant and machinery

Reducing balance 10%

Fixtures and fittings

Reducing balance 10%

Motor vehicles

Reducing balance 25%

 

Wootton & Co Limited

Notes to the Unaudited Financial Statements for the Period from 1 October 2022 to 31 July 2023

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.

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.

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.

 

Wootton & Co Limited

Notes to the Unaudited Financial Statements for the Period from 1 October 2022 to 31 July 2023

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 period was 8 (2022 - 8).

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 October 2022

774,189

530,009

139,689

1,443,887

Additions

-

22,225

54,435

76,660

Disposals

(2,300)

-

-

(2,300)

At 31 July 2023

771,889

552,234

194,124

1,518,247

Depreciation

At 1 October 2022

77,407

209,968

2,571

289,946

Charge for the period

15,437

34,229

20,568

70,234

At 31 July 2023

92,844

244,197

23,139

360,180

Carrying amount

At 31 July 2023

679,045

308,037

170,985

1,158,067

At 30 September 2022

696,782

320,041

137,118

1,153,941

5

Stocks

2023
£

2022
£

Other inventories

4,470

6,433

 

Wootton & Co Limited

Notes to the Unaudited Financial Statements for the Period from 1 October 2022 to 31 July 2023

6

Debtors

2023
£

2022
£

Trade debtors

232,576

390,526

Prepayments

3,059

14,368

Other debtors

18,411

14,076

254,046

418,970

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

3,837

57,579

Trade creditors

 

41,801

97,324

Taxation and social security

 

196,292

305,637

Accruals and deferred income

 

24,957

20,699

Other creditors

 

363

1,068

 

267,250

482,307

8

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Other borrowings

3,837

57,579