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Registration number: 00520066

W.Welford & Sons (Midlands) Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 May 2023

 

W.Welford & Sons (Midlands) Limited

(Registration number: 00520066)
Balance Sheet as at 31 May 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

15,439

10,519

Investment property

5

700,000

700,000

 

715,439

710,519

Current assets

 

Stocks

6

14,907

14,907

Debtors

7

27,478

24,595

Cash at bank and in hand

 

86,612

89,893

 

128,997

129,395

Creditors: Amounts falling due within one year

8

(41,516)

(40,564)

Net current assets

 

87,481

88,831

Total assets less current liabilities

 

802,920

799,350

Creditors: Amounts falling due after more than one year

8

(12,917)

(17,917)

Provisions for liabilities

(121,544)

(122,092)

Net assets

 

668,459

659,341

Capital and reserves

 

Called up share capital

9

7,260

7,260

Capital redemption reserve

4,240

4,240

Retained earnings

656,959

647,841

Shareholders' funds

 

668,459

659,341

For the financial year ending 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

W.Welford & Sons (Midlands) Limited

(Registration number: 00520066)
Balance Sheet as at 31 May 2023 (continued)

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 director on 13 February 2024
 

Ms J M Valentine
Company secretary and director

   
     
 

W.Welford & Sons (Midlands) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 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:
9 Haddon Fields
Shipston-on-Stour
CV36 4SG

These financial statements were authorised for issue by the director on 13 February 2024.

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 FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

Revenue recognition

Other income is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown gross of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

W.Welford & Sons (Midlands) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023 (continued)

2

Accounting policies (continued)

Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

Tax

The tax expense for the period comprises current and deferred 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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

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.

 

W.Welford & Sons (Midlands) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023 (continued)

2

Accounting policies (continued)

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

Office equipment

15% reducing balance

Fencing costs

10% straight line

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

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. 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.

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.

 

W.Welford & Sons (Midlands) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023 (continued)

2

Accounting policies (continued)

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.

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.

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2022 - 1).

 

W.Welford & Sons (Midlands) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023 (continued)

4

Tangible assets

Plant and machinery etc
£

Cost or valuation

At 1 June 2022

48,368

Additions

7,356

At 31 May 2023

55,724

Depreciation

At 1 June 2022

37,849

Charge for the year

2,436

At 31 May 2023

40,285

Carrying amount

At 31 May 2023

15,439

At 31 May 2022

10,519

5

Investment properties

2023
£

At 1 June

700,000

At 31 May

700,000

The freehold land and buildings held as an investment property were informally valued by the director at 31 May 2023 at £700,000 (£700,000 - 31 May 2022).

There has been no valuation of investment property by an independent valuer.

 

W.Welford & Sons (Midlands) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023 (continued)

6

Stocks

2023
£

2022
£

Work in progress

14,907

14,907

7

Debtors

2023
£

2022
£

Trade debtors

27,205

24,331

Prepayments

146

138

Other debtors

127

126

27,478

24,595

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

10

5,000

5,000

Trade creditors

 

746

4,012

Taxation and social security

 

11,988

11,896

Accruals and deferred income

 

20,603

18,735

Other creditors

 

3,179

921

 

41,516

40,564

 

W.Welford & Sons (Midlands) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023 (continued)

8

Creditors (continued)

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

10

12,917

17,917

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

7,260

7,260

7,260

7,260

         

10

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

12,917

17,917

2023
£

2022
£

Current loans and borrowings

Bank borrowings

5,000

5,000