Company registration number SC049247 (Scotland)
HUNTER WILSON LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
PAGES FOR FILING WITH REGISTRAR
HUNTER WILSON LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 9
HUNTER WILSON LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2022
31 December 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
3
710,733
717,201
Current assets
Stocks
106,599
126,599
Debtors
4
730,760
718,386
Cash at bank and in hand
8,082
23,026
845,441
868,011
Creditors: amounts falling due within one year
5
(780,064)
(1,038,532)
Net current assets/(liabilities)
65,377
(170,521)
Total assets less current liabilities
776,110
546,680
Provisions for liabilities
6
(192,165)
-
0
Net assets
583,945
546,680
Capital and reserves
Called up share capital
5,000
5,000
Revaluation reserve
298,513
298,513
Profit and loss reserves
280,432
243,167
Total equity
583,945
546,680

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 19 January 2024 and are signed on its behalf by:
Mr R A Jones
Director
Company Registration No. SC049247
HUNTER WILSON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
- 2 -
1
Accounting policies
Company information

Hunter Wilson Limited is a private company limited by shares incorporated in Scotland. The registered office is Rigg, Gretna, Dumfriesshire, Scotland, DG16 5JL.

1.1
Accounting convention

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.

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 £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

Atruet the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover 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 net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold buildings
2.5% on a straight line basis
Plant and machinery
10% on a straight line basis
Fixtures, fittings & equipment
10% on a straight line basis

Freehold land is not depreciated.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

HUNTER WILSON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 3 -
1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

HUNTER WILSON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 4 -
1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

HUNTER WILSON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 5 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.11
Provisions

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

 

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

1.12
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.13
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.14
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

HUNTER WILSON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 6 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2022
2021
Number
Number
Total
17
18
3
Tangible fixed assets
Freehold buildings
Plant and machinery
Fixtures, fittings & equipment
Total
£
£
£
£
Cost or valuation
At 1 January 2022
859,123
1,776,836
34,534
2,670,493
Additions
240
25,587
-
0
25,827
At 31 December 2022
859,363
1,802,423
34,534
2,696,320
Depreciation and impairment
At 1 January 2022
225,000
1,696,463
31,829
1,953,292
Depreciation charged in the year
9,206
22,494
595
32,295
At 31 December 2022
234,206
1,718,957
32,424
1,985,587
Carrying amount
At 31 December 2022
625,157
83,466
2,110
710,733
At 31 December 2021
634,123
80,373
2,705
717,201

Freehold land and buildings with a carrying amount of £634,123 (2021 - £650,000) have been pledged to secure the invoice factoring facility.

Land and buildings with a carrying amount of £650,000 were revalued at 25 August 2020 by Knight Frank LLP, independent valuers not connected with the company on the basis of market value. The valuation conforms to International Valuation Standards and was based on recent market transactions on arm's length terms for similar properties. At the current yearend the directors believe this to be an appropriate fair value of the premises.

Land and buildings are carried at valuation. If they were measured using the cost model, the carrying amounts would have been £346,732 (2021 - £357,288), being cost £687,153 (2021 - £680,530) and depreciation £340,421 (2021 - £323,242).

HUNTER WILSON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 7 -
4
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
247,890
405,101
Other debtors
10,602
31,686
258,492
436,787
Deferred tax asset
270,700
-
0
529,192
436,787
2022
2021
Amounts falling due after more than one year:
£
£
Amounts owed by group undertakings
192,220
275,798
Deferred tax asset
9,348
5,801
201,568
281,599
Total debtors
730,760
718,386

Trade debtors amounting to £247,890 (2021 - £405,101) have been invoice discounted with Royal Bank of Scotland.

5
Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans and overdrafts
207,198
293,282
Trade creditors
489,533
707,640
Taxation and social security
44,801
14,652
Other creditors
38,532
22,958
780,064
1,038,532

Included within creditors is £207,198 (2021 - £293.282) in relation to invoice factoring with the Royal Bank of Scotland which is secured against the assets of the company.

6
Provisions for liabilities
2022
2021
£
£
Government grants
192,165
-
HUNTER WILSON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
6
Provisions for liabilities
(Continued)
- 8 -

Provisions were added in relation to the anticipated expenditure for the repairs to the damage caused by the onsite fire. This includes all receipts for the insurance reclaim and any accompanying legal and professional fees associated with the repairs.

7
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was qualified and the auditor reported as follows:

Qualified opinion

We have audited the financial statements of Hunter Wilson Limited (the 'company') for the year ended 31 December 2022 which comprise , the balance sheet and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, except for the effects of the matter described in the Basis for Qualified Opinion paragraph the financial statements:

Basis for qualified opinion

We were unable to satisfy ourselves of the existence of the inventories for the financial year-ended 31 December 2021, which were included in the balance sheet at £126,599 in that year. Consequently we were unable to determine whether any adjustment to this amount was necessary which affects the opening stock in the year-ended 31 December 2022 and therefore forms part of the cost of sales in these financial statements.

 

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Senior Statutory Auditor:
Robert Hall
Statutory Auditor:
Mitchell Charlesworth (Audit) Limited
8
Related party transactions

Clifford Jones Timber Limited provided an inter-company guarantee with the bank for Hunter Wilson Limited on 10th January 2005.

HUNTER WILSON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 9 -
9
Parent company

The company is a wholly owned subsidiary of Clifford Jones Timber Limited of Brickfield Lane, Ruthin, Denbighshire LL15 2TN; a company registered in England and Wales.

2022-12-312022-01-01false19 January 2024CCH SoftwareCCH Accounts Production 2023.200No description of principal activityThis audit opinion is unqualifiedMr R A JonesMrs S E C Jones-SmithMrs S E C Jones-SmithSC0492472022-01-012022-12-31SC0492472022-12-31SC0492472021-12-31SC049247core:LandBuildingscore:OwnedOrFreeholdAssets2022-12-31SC049247core:PlantMachinery2022-12-31SC049247core:FurnitureFittings2022-12-31SC049247core:LandBuildingscore:OwnedOrFreeholdAssets2021-12-31SC049247core:PlantMachinery2021-12-31SC049247core:FurnitureFittings2021-12-31SC049247core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-31SC049247core:CurrentFinancialInstrumentscore:WithinOneYear2021-12-31SC049247core:Non-currentFinancialInstrumentscore:AfterOneYear2022-12-31SC049247core:Non-currentFinancialInstrumentscore:AfterOneYear2021-12-31SC049247core:CurrentFinancialInstruments2022-12-31SC049247core:CurrentFinancialInstruments2021-12-31SC049247core:ShareCapital2022-12-31SC049247core:ShareCapital2021-12-31SC049247core:RevaluationReserve2022-12-31SC049247core:RevaluationReserve2021-12-31SC049247core:RetainedEarningsAccumulatedLosses2022-12-31SC049247core:RetainedEarningsAccumulatedLosses2021-12-31SC049247bus:Director12022-01-012022-12-31SC049247core:LandBuildingscore:OwnedOrFreeholdAssets2022-01-012022-12-31SC049247core:PlantMachinery2022-01-012022-12-31SC049247core:FurnitureFittings2022-01-012022-12-31SC0492472021-01-012021-12-31SC049247core:LandBuildingscore:OwnedOrFreeholdAssets2021-12-31SC049247core:PlantMachinery2021-12-31SC049247core:FurnitureFittings2021-12-31SC0492472021-12-31SC049247core:WithinOneYear2022-12-31SC049247core:WithinOneYear2021-12-31SC049247core:AfterOneYear2022-12-31SC049247core:AfterOneYear2021-12-31SC049247core:Non-currentFinancialInstruments2022-12-31SC049247core:Non-currentFinancialInstruments2021-12-31SC049247bus:PrivateLimitedCompanyLtd2022-01-012022-12-31SC049247bus:SmallCompaniesRegimeForAccounts2022-01-012022-12-31SC049247bus:FRS1022022-01-012022-12-31SC049247bus:Audited2022-01-012022-12-31SC049247bus:Director22022-01-012022-12-31SC049247bus:CompanySecretary12022-01-012022-12-31SC049247bus:FullAccounts2022-01-012022-12-31xbrli:purexbrli:sharesiso4217:GBP