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Company registration number: 04514908
Wilmond Limited
Unaudited filleted financial statements
31 August 2023
Wilmond Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Wilmond Limited
Directors and other information
Directors Mr P Huthwaite
Ms J Huthwaite
Secretary Ms J Huthwaite
Company number 04514908
Registered office 45 Bury Mead Road
Hitchin
Hertfordshire
SG5 1RX
Accountants Hicks and Company
Chartered Accountants
First Floor
99 Bancroft
Hitchin
Hertfordshire
SG5 1NQ
Wilmond Limited
Chartered accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of Wilmond Limited
Year ended 31 August 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Wilmond Limited for the year ended 31 August 2023 which comprise the statement of financial position, statement of changes in equity and related notes 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 /en/members/regulations-standards-and-guidance/.
This report is made solely to the board of directors of Wilmond Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Wilmond Limited and state those matters that we have agreed to state to the board of directors of Wilmond 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 Wilmond Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Wilmond Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Wilmond Limited. You consider that Wilmond 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 financial statements of Wilmond 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 financial statements.
Hicks and Company
Chartered Accountants
First Floor
99 Bancroft
Hitchin
Hertfordshire
SG5 1NQ
11 April 2024
Wilmond Limited
Statement of financial position
31 August 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 4 451,303 226,395
_______ _______
451,303 226,395
Current assets
Debtors 5 22,078 17,262
Cash at bank and in hand 66,344 56,270
_______ _______
88,422 73,532
Creditors: amounts falling due
within one year 6 ( 22,907) ( 21,499)
_______ _______
Net current assets 65,515 52,033
_______ _______
Total assets less current liabilities 516,818 278,428
Provisions for liabilities ( 50,791) -
_______ _______
Net assets 466,027 278,428
_______ _______
Capital and reserves
Called up share capital 1,000 1,000
Fair value reserve 235,956 61,747
Profit and loss account 229,071 215,681
_______ _______
Shareholders funds 466,027 278,428
_______ _______
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.
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 11 April 2024 , and are signed on behalf of the board by:
Mr P Huthwaite
Director
Company registration number: 04514908
Wilmond Limited
Statement of changes in equity
Year ended 31 August 2023
Called up share capital Fair value reserve Profit and loss account Total
£ £ £ £
At 1 September 2021 1,000 61,747 202,346 265,093
Profit for the year 13,335 13,335
_______ _______ _______ _______
Total comprehensive income for the year - - 13,335 13,335
_______ _______ _______ _______
At 31 August 2022 and 1 September 2022 1,000 61,747 215,681 278,428
Profit for the year 187,599 187,599
Other comprehensive income for the year:
Reclassification from fair value reserve to profit and loss account 174,209 (174,209) -
_______ _______ _______ _______
Total comprehensive income for the year - 174,209 13,390 187,599
_______ _______ _______ _______
At 31 August 2023 1,000 235,956 229,071 466,027
_______ _______ _______ _______
Wilmond 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 45 Bury Mead Road, Hitchin, Hertfordshire, SG5 1RX.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
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.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and is subsequently stated at cost less any accumulated depreciation and any accumulated impairment losses.Any tangible assets carried at revalued amounts is recorded at the fair value at the date of revaluation less any subseqeunt 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:
Short leashold land - Over the lease term
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.
Investment property
Investment property is measured initially at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
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. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.Debt instruments are subsequently measured at amortised cost.
4. Tangible assets
Freehold invesment property Short leasehold property Total
£ £ £
Cost
At 1 September 2022 225,000 2,753 227,753
Other movements 225,000 - 225,000
_______ _______ _______
At 31 August 2023 450,000 2,753 452,753
_______ _______ _______
Depreciation
At 1 September 2022 - 1,358 1,358
Charge for the year - 92 92
_______ _______ _______
At 31 August 2023 - 1,450 1,450
_______ _______ _______
Carrying amount
At 31 August 2023 450,000 1,303 451,303
_______ _______ _______
At 31 August 2022 225,000 1,395 226,395
_______ _______ _______
Investment property
The fair value of the freehold investment properties have been arrived at one the basis of valuations carried out by the directors of the company. The valuations were made on an open market, value evidence basis for existing use on 31st August 2023.
Tangible assets held at valuation
In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
Freehold property Total
£ £
At 31 August 2023
Aggregate cost 163,253 163,253
Aggregate depreciation - -
_______ _______
Carrying amount 163,253 163,253
_______ _______
At 31 August 2022
Aggregate cost 163,253 163,253
Aggregate depreciation - -
_______ _______
Carrying amount 163,253 163,253
_______ _______
5. Debtors
2023 2022
£ £
Trade debtors 12,064 8,693
Other debtors 10,014 8,569
_______ _______
22,078 17,262
_______ _______
6. Creditors: amounts falling due within one year
2023 2022
£ £
Trade creditors 1,962 1,440
Corporation tax 3,164 3,150
Other creditors 17,781 16,909
_______ _______
22,907 21,499
_______ _______
7. Operating leases
The company as lessee
The total future minimum lease payments under non-cancellable operating leases are as follows:
£ £
Not later than 1 year 805 805
Later than 1 year and not later than 5 years 3,220 3,220
Later than 5 years 7,393 8,198
_______ _______
11,418 12,223
_______ _______
8. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward Amounts repaid Balance o/standing
£ £ £
Mr P Huthwaite - - -
Ms J Huthwaite ( 13,001) - ( 13,001)
_______ _______ _______
2022
Balance brought forward Amounts repaid Balance o/standing
£ £ £
Mr P Huthwaite ( 22,934) 22,934 -
Ms J Huthwaite ( 13,001) - ( 13,001)
_______ _______ _______
( 35,935) 22,934 ( 13,001)
_______ _______ _______
The above existing loans are unsecured, interest free and repayable on demand.