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COMPANY REGISTRATION NUMBER: 09006611
WILLS CONSULTANTS LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 August 2023
WILLS CONSULTANTS LIMITED
STATEMENT OF FINANCIAL POSITION
31 August 2023
2023
2022
Note
£
£
£
£
FIXED ASSETS
Tangible assets
5
3,613
2,135
CURRENT ASSETS
Debtors
6
55,317
77,363
Cash at bank and in hand
7,590
69,773
--------
---------
62,907
147,136
CREDITORS: amounts falling due within one year
7
60,831
70,056
--------
---------
NET CURRENT ASSETS
2,076
77,080
-------
--------
TOTAL ASSETS LESS CURRENT LIABILITIES
5,689
79,215
CREDITORS: amounts falling due after more than one year
8
22,500
44,871
--------
--------
NET (LIABILITIES)/ASSETS
( 16,811)
34,344
--------
--------
CAPITAL AND RESERVES
Called up share capital fully paid
100
100
Profit and loss account
( 16,911)
34,244
--------
--------
SHAREHOLDERS (DEFICIT)/FUNDS
( 16,811)
34,344
--------
--------
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 statement of income and retained earnings has not been delivered.
For the year ending 31 August 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 .
WILLS CONSULTANTS LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 August 2023
These financial statements were approved by the board of directors and authorised for issue on 8 December 2023 , and are signed on behalf of the board by:
Mrs N Wills
Director
Company registration number: 09006611
WILLS CONSULTANTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 AUGUST 2023
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Broughton Grange, Headlands, Kettering, Northamptonshire, NN15 6XA.
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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.
Going concern
The company currently meets its daily working capital requirements through operating revenues, banking facilities and financial support from the directors and creditors. On this basis, the directors consider it appropriate to prepare the accounts on the going concern basis. The accounts do not include any adjustments that would result from the failure to raise any additional finance that may prove necessary.
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.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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 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.
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:
Fixtures and fittings
-
15% reducing balance
Office Equipment
-
33% straight line
Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit and loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit and loss.
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 as a finance cost 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 7 (2022: 7 ).
5. TANGIBLE ASSETS
Fixtures and fittings
Office Equipment
Total
£
£
£
Cost
At 1 September 2022
149
9,300
9,449
Additions
4,212
4,212
----
--------
--------
At 31 August 2023
149
13,512
13,661
----
--------
--------
Depreciation
At 1 September 2022
41
7,273
7,314
Charge for the year
17
2,717
2,734
----
--------
--------
At 31 August 2023
58
9,990
10,048
----
--------
--------
Carrying amount
At 31 August 2023
91
3,522
3,613
----
--------
--------
At 31 August 2022
108
2,027
2,135
----
--------
--------
6. DEBTORS
2023
2022
£
£
Trade debtors
55,317
74,469
Other debtors
2,894
--------
--------
55,317
77,363
--------
--------
7. CREDITORS: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
10,000
2,020
Trade creditors
5,889
8,825
Corporation tax
12,089
22,034
Social security and other taxes
19,291
33,309
Expenses control account
40
40
Other creditors
13,522
3,828
--------
--------
60,831
70,056
--------
--------
8. CREDITORS: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
22,500
44,871
--------
--------
9. GOING CONCERN
The directors have considered the period to 31 December 2024 when assessing the company's ability to continue as a going concern. It is believed that the company will either be able to satisfy its liabilities as these become payable, or alternatively will be sold as a going concern.
10. RELATED PARTY TRANSACTIONS
During the year the company under took the following transactions with related parties: The directors have advanced monies to the company. At 31 August 2023 the amount due from the company was £9,259 (2022 - £535).