Company registration number:
00322611
Thomas Wright and Sons (Builders) Limited
Unaudited financial statements
For the year ended
31 December 2023
Thomas Wright and Sons (Builders) Limited
Contents
Statement of financial position
Notes to the financial statements
Thomas Wright and Sons (Builders) Limited
Statement of financial position
31 December 2023
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2023 |
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2022 |
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Note |
£ |
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£ |
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£ |
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£ |
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Fixed assets |
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Tangible assets |
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2 |
380,107 |
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|
388,031 |
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Investment property |
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69,000 |
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|
|
87,000 |
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|
|
|
|
________ |
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________ |
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449,107 |
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475,031 |
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Current assets |
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Stocks |
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31,366 |
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36,857 |
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Debtors |
|
3 |
11,321 |
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23,670 |
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Cash at bank and in hand |
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285,670 |
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276,905 |
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________ |
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________ |
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328,357 |
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337,432 |
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Creditors: amounts falling due |
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within one year |
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4 |
(
3,295) |
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(
8,359) |
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________ |
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________ |
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Net current assets |
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325,062 |
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329,073 |
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________ |
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________ |
Total assets less current liabilities |
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774,169 |
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804,104 |
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Provisions for liabilities |
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Deferred taxation |
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(
18,834) |
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(
23,711) |
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________ |
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________ |
Net assets |
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755,335 |
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780,393 |
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________ |
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________ |
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Capital and reserves |
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Called up share capital |
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|
1,000 |
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|
1,000 |
Fair value reserve |
|
5 |
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47,186 |
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65,186 |
Profit and loss account |
|
5 |
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707,149 |
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714,207 |
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________ |
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________ |
Shareholders funds |
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755,335 |
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780,393 |
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________ |
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________ |
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For the year ending 31 December 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.
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 comprehensive income has not been delivered.
These financial statements were approved by the
board of directors
and authorised for issue on
25 March 2024
, and are signed on behalf of the board by:
Mr B C Wright
Director
Company registration number:
00322611
Thomas Wright and Sons (Builders) Limited
Notes to the financial statements
Year ended 31 December 2023
1.
Accounting policies
Basis of preparation
The financial statements have been prepared under the historical cost convention (as modified by the revaluation of freehold properties and to include investment properties and retain financial instruments at fair valued in accordance with the accounting policies set out below. These financial statements have been prepared in accordance with FRS 102, section 1A - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.The financial statements have been prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Tangible assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any 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:
|
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Freehold property (buildings only) |
- |
2 % |
straight line |
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Plant and machinery |
- |
10 % |
straight line |
|
Fittings fixtures and equipment |
- |
10 % |
straight line |
|
Motor vehicles |
- |
25 % |
reducing balance |
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If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and net realisable value.
Provisions
Deferred taxation is provided on the liability method to take account of timing differences between the treatment of certain items for accounts purposes and their treatment for tax purposes.Tax deferred or accelerated is accounted for in respect of all material timing differences.
Company information
The company is registered in England and its registered number is
00322611
. The company is a private company limited by shares. Its registered office is Causeway Cottage, Lady Hall, Millom, LA18 5HR.
Financial instruments
Basic financial instruments are recognised at amortised cost, except for fixed asset investments which are measured at fair value, with changes recognised in the fair value reserve.
2.
Tangible assets
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|
Freehold property |
Fixtures, fittings and equipment |
Motor vehicles |
Investment properties |
Total |
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£ |
£ |
£ |
£ |
£ |
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Cost or valuation |
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At 1 January 2023 |
395,768 |
13,989 |
18,763 |
87,000 |
515,520 |
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Revaluation |
- |
- |
- |
(
18,000) |
(
18,000) |
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________ |
________ |
________ |
________ |
________ |
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At 31 December 2023 |
395,768 |
13,989 |
18,763 |
69,000 |
497,520 |
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________ |
________ |
________ |
________ |
________ |
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Depreciation |
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At 1 January 2023 |
17,370 |
6,234 |
16,885 |
- |
40,489 |
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Charge for the year |
6,415 |
1,039 |
470 |
- |
7,924 |
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________ |
________ |
________ |
________ |
________ |
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At 31 December 2023 |
23,785 |
7,273 |
17,355 |
- |
48,413 |
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________ |
________ |
________ |
________ |
________ |
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Carrying amount |
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At 31 December 2023 |
371,983 |
6,716 |
1,408 |
69,000 |
449,107
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________ |
________ |
________ |
________ |
________ |
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At 31 December 2022 |
378,398 |
7,755 |
1,878 |
87,000 |
475,031
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________ |
________ |
________ |
________ |
________ |
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Tangible assets held at valuation
Investment property comprises of garage units held for rent. The fair value of the investment property has been arrived at on the basis of a valuation carried out at 31 December 2023 by the directors. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
3.
Debtors
|
|
|
2023 |
2022 |
|
|
|
£ |
£ |
|
Other debtors |
|
11,321 |
23,670 |
|
|
|
________ |
________ |
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4.
Creditors: amounts falling due within one year
|
|
|
2023 |
2022 |
|
|
|
£ |
£ |
|
Trade creditors |
|
- |
859 |
|
Taxation and social security |
|
157 |
4,643 |
|
Directors loan accounts |
|
596 |
412 |
|
Other creditors |
|
2,542 |
2,445 |
|
|
|
________ |
________ |
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|
3,295 |
8,359 |
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________ |
________ |
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5.
Reserves
The fair value reserve holds the value of asset revaluations and fair value movements on assets recognised in other comprehensive income. The balance on the fair value reserve may not be distributed legally under section 831(4) of the Companies Act 2006.
6.
Related party transactions
During the year the company received repayments totalling £13,560 on loans made to Thomas Wright (Holdings) Limited a company in which
Mr B C Wright
, Mrs F M Wright, Miss H C Wright and Dr S M Lloyd-Williams are also directors. The balance owed to the company included in debtors at the year end amounted to £6,773 (2022: £20,333)
7.
Controlling party
The ultimate controlling party is Mr B C Wright by virtue of his majority holding in Thomas Wright Builders (Holdings) Limited.