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Registration number: 01142072

Wilkerson Developments Limited

Unaudited Financial Statements

for the Year Ended 31 October 2023

 

Wilkerson Developments Limited

(Registration number: 01142072)
Balance Sheet as at 31 October 2023

Note

2023
£

2022
£

Fixed assets

 

Investments

4

100

100

Current assets

 

Stocks

5

1,650,000

1,650,000

Debtors

127,323

13,798

Cash at bank and in hand

 

146

2,953

 

1,777,469

1,666,751

Creditors: Amounts falling due within one year

6

(274,582)

(102,864)

Net current assets

 

1,502,887

1,563,887

Net assets

 

1,502,987

1,563,987

Capital and reserves

 

Called up share capital

1,300

1,300

Retained earnings

1,501,687

1,562,687

Shareholders' funds

 

1,502,987

1,563,987

For the financial year ending 31 October 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 year 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. 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 Board on 19 February 2024 and signed on its behalf by:
 

 

Wilkerson Developments Limited

(Registration number: 01142072)
Balance Sheet as at 31 October 2023

.........................................
R Wilkerson
Company secretary and director

.........................................
H Wilkerson
Director

 

Wilkerson Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 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:
1 The Cam Centre
Wilbury Way
Hitchin
Herts
SG4 0TW

The principal place of business is:
Graphic House,
Extension Rd,
Hertford
SG13 7LS

These financial statements were authorised for issue by the Board on 19 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 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.

The financial statements are prepared in sterling, which is the functional currency of the entity. Amounts are rounded to the nearest £1.

Group accounts not prepared

The group consists of a small group and therefore has taken the exemption to not prepare group accounts.

 

Wilkerson Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

Judgements

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.

Investments

Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Investments consist of the cost of investment in the subsidiary of the group.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits.

Trade debtors

There are no trade debtors of the company.

Debtors consist of amounts owed between related and connected parties and are included at cost within these financial statements.

Stocks

Stock consists of freehold land and buildings which are the business premises of it is wholly owned subsidiary. This is carried at the lower of cost and net realisable value.

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 at the transaction price.

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.

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.

 

Wilkerson Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

4

Investments

2023
£

2022
£

Investments in subsidiaries

100

100

Subsidiaries

£

Cost or valuation

At 1 November 2022

100

Carrying amount

At 31 October 2023

100

At 31 October 2022

100

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2023

2022

Subsidiary undertakings

Hertford Offset Limited

Unit 1, The Cam Centre, Wilbury Way, Hitchin, Herts, SG4 0TW

England

Ordinary

100%

100%

Subsidiary undertakings

Hertford Offset Limited

The principal activity of Hertford Offset Limited is specialist printers.

 

Wilkerson Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

5

Stocks

2023
£

2022
£

Other inventories

1,650,000

1,650,000

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Amounts owed to group undertakings and undertakings in which the company has a participating interest

9

274,582

-

Other creditors

 

-

102,864

 

274,582

102,864

Bank loans and overdrafts of Hertford Offset Limited, wholly owned subsidiary, are secured by way of a cross guarantee arrangement between the assets of Wilkerson Developments Limited and those of that company in favour of Barclays Bank Plc.

The property of the company is secured by a fixed charge in favour of Barclays Bank Plc and held within other inventories.

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

1,300

1,300

1,300

1,300

         

8

Dividends

   

2023

 

2022

   

£

 

£

Interim dividend of £Nil (2022 - £300.00) per ordinary share

 

40,000

 

390,000

         

9

Related party transactions

Summary of transactions with other related parties

 

Wilkerson Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

At the balance sheet date the company owes £274,582 (2022: was owed £3,714) to Hertford Offset Limited, its wholly owned subsidiary. There is no interest charged and the amount is fully repayable on demand.

At the balance sheet date the R Wilkerson owed the company £64,194 (2022: was owed £102,863) and was owed £59,222 (2022: £10,083) from H Wilkerson, both Directors of the company. There is no interest charged or terms for repayment.