REGISTRAR OF COMPANIES |
Registration number:
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K J & C S Wilson (Holdings) Limited
Contents
Accountants' Report |
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Balance Sheet |
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Notes to the Financial Statements |
Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
K J & C S Wilson (Holdings) Limited
for the Year 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 K J & C S Wilson (Holdings) Limited for the year ended 31 July 2023 as set out on pages 2 to 9 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 K J & C S Wilson (Holdings) Limited, as a body, in accordance with the terms of our engagement letter dated 4 April 2023. Our work has been undertaken solely to prepare for your approval the accounts of K J & C S Wilson (Holdings) Limited and state those matters that we have agreed to state to the Board of Directors of K J & C S Wilson (Holdings) 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 K J & C S Wilson (Holdings) Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that K J & C S Wilson (Holdings) 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 loss of K J & C S Wilson (Holdings) Limited. You consider that K J & C S Wilson (Holdings) Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of K J & C S Wilson (Holdings) 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.
Chartered Accountants
Montgomery Way
Rosehill Estate
CARLISLE
CA1 2RW
K J & C S Wilson (Holdings) Limited
(Registration number: 06132672)
Balance Sheet as at 31 July 2023
Note |
2023 |
2022 |
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Fixed assets |
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Tangible assets |
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Investments |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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- |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Net assets |
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Capital and reserves |
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Allotted, called up and fully paid share capital |
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Profit and loss account |
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Total equity |
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K J & C S Wilson (Holdings) Limited
(Registration number: 06132672)
Balance Sheet as at 31 July 2023 (continued)
For the financial year 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:
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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. 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
.........................................
K J Wilson
Director
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C S Wilson
Company secretary and director
K J & C S Wilson (Holdings) Limited
Notes to the Financial Statements for the Year Ended 31 July 2023
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
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.
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.
Basic payment scheme
The amount paid in connection with the purchase of the basic payment scheme entitlement was amortised over the useful economic life of that entitlement, and has now been fully amortised.
K J & C S Wilson (Holdings) Limited
Notes to the Financial Statements for the Year Ended 31 July 2023 (continued)
Tax
The tax expense for the period comprises 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.
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.
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 |
Land and buildings |
5% reducing balance |
Included within land and buildings are tenants improvements on land leased by the company from the shareholders. As the long term intention is for the farming operation to continue, it is deemed a true and fair view to depreciate the assets at 5% reducing balance over their useful economic life and not the duration of the lease.
Investments
Fixed asset investments are stated at historical cost less provision for any diminution in value.
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 the sale of goods 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.
K J & C S Wilson (Holdings) Limited
Notes to the Financial Statements for the Year Ended 31 July 2023 (continued)
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.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
K J & C S Wilson (Holdings) Limited
Notes to the Financial Statements for the Year Ended 31 July 2023 (continued)
Intangible assets |
Basic payment scheme |
Total |
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Cost or valuation |
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At 1 August 2022 |
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At 31 July 2023 |
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Amortisation |
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At 1 August 2022 |
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At 31 July 2023 |
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Carrying amount |
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At 31 July 2023 |
- |
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Tangible assets |
Land and buildings |
Total |
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Cost or valuation |
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At 1 August 2022 |
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Additions |
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At 31 July 2023 |
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Depreciation |
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At 1 August 2022 |
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Charge for the year |
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At 31 July 2023 |
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Carrying amount |
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At 31 July 2023 |
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At 31 July 2022 |
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K J & C S Wilson (Holdings) Limited
Notes to the Financial Statements for the Year Ended 31 July 2023 (continued)
Investments |
2023 |
2022 |
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Investments in subsidiaries |
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Subsidiaries |
£ |
Cost or valuation |
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At 1 August 2022 |
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At 31 July 2023 |
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Carrying amount |
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At 31 July 2023 |
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At 31 July 2022 |
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Debtors |
2023 |
2022 |
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Amounts owed by group undertakings and undertakings in which the company has a participating interest |
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Creditors |
Note |
2023 |
2022 |
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Due within one year |
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Loans and borrowings |
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Due after one year |
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Loans and borrowings |
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2023 |
2022 |
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After more than five years by instalments |
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1,369,987 |
1,146,896 |
K J & C S Wilson (Holdings) Limited
Notes to the Financial Statements for the Year Ended 31 July 2023 (continued)
Loans and borrowings |
2023 |
2022 |
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Current loans and borrowings |
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Bank borrowings |
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Bank overdrafts |
- |
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Current loans and borrowings includes the following liabilities, on which security has been given by the company:
2023 |
2022 |
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Bank borrowings |
71,253 |
133,516 |
Bank overdrafts |
- |
31,575 |
71,253 |
165,091 |
Bank borrowings are secured by fixed and floating charges over the company's assets.
Bank overdrafts are secured by fixed and floating charges over the company's assets.
2023 |
2022 |
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Non-current loans and borrowings |
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Bank borrowings |
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Non-current loans and borrowings includes the following liabilities, on which security has been given by the company:
2023 |
2022 |
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Bank borrowings |
1,762,148 |
1,805,883 |
Bank borrowings are secured by fixed and floating charges over the company's assets.