Company registration number 00368541 (England and Wales)
WILCO MANUFACTURING LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
PAGES FOR FILING WITH REGISTRAR
WILCO MANUFACTURING LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
WILCO MANUFACTURING LIMITED
BALANCE SHEET
AS AT
30 APRIL 2023
30 April 2023
- 1 -
2023
2022
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
6
1,056,901
962,930
Current assets
Stocks
649,884
627,910
Debtors
7
439,891
1,211,220
Cash at bank and in hand
423,900
504,853
1,513,675
2,343,983
Creditors: amounts falling due within one year
8
(492,702)
(640,609)
Net current assets
1,020,973
1,703,374
Total assets less current liabilities
2,077,874
2,666,304
Creditors: amounts falling due after more than one year
9
(169,940)
(176,602)
Provisions for liabilities
10
(241,733)
(160,934)
Net assets
1,666,201
2,328,768
Capital and reserves
Called up share capital
12
17,600
17,600
Share premium account
75
75
Capital redemption reserve
42,500
42,500
Profit and loss reserves
1,606,026
2,268,593
Total equity
1,666,201
2,328,768

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

For the financial year ended 30 April 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

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

WILCO MANUFACTURING LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 APRIL 2023
30 April 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 12 April 2024 and are signed on its behalf by:
Mr Martin Lane
Director
Company registration number 00368541 (England and Wales)
WILCO MANUFACTURING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
- 3 -
1
Accounting policies
Company information

Wilco Manufacturing Limited is a private company limited by shares incorporated in England and Wales. The registered office is Tyseley Industrial Estate, Seeleys Road, Tyseley, Birmingham, United Kingdom, B11 2LQ.

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 have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

 

1.3
Intangible fixed assets - goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2017, is being amortised evenly over its estimated useful life of four years.

 

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:

Leasehold land and buildings
15 years straight line
Plant and equipment
15% on reducing balance
Fixtures and fittings
25% on reducing balace and 15% on reducing balance
Motor vehicles
25% on reducing balance
1.5
Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

1.6
Pension costs and other post-retirement benefits
The company operates a defined pension contribution scheme. Contributions payable to the company's pension scheme are charged to the profit or loss in the period to which they relate.
1.7
Taxation

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

WILCO MANUFACTURING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
1
Accounting policies
(Continued)
- 4 -
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.

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.

2
Exceptional item
2023
2022
£
£
Expenditure
Exceptional item
680,703
-

Following the year end, the directors have discovered that an employee had been committing fraud over a number of years. The estimated value of the fraud is £680,703, the directors are seeking to recover this amount through the legal system. The value has been provided for in full as recoverability of the amount can not be certain.

3
Employees

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

2023
2022
Number
Number
Total
28
29
4
Dividends
2023
2022
£
£
Interim paid
56,000
62,250
WILCO MANUFACTURING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
- 5 -
5
Intangible fixed assets
Goodwill
£
Cost
At 1 May 2022 and 30 April 2023
278,893
Amortisation and impairment
At 1 May 2022 and 30 April 2023
278,893
Carrying amount
At 30 April 2023
-
0
At 30 April 2022
-
0
6
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 May 2022
296,228
3,171,055
3,467,283
Additions
-
0
250,966
250,966
Disposals
-
0
(114,194)
(114,194)
At 30 April 2023
296,228
3,307,827
3,604,055
Depreciation and impairment
At 1 May 2022
232,717
2,271,636
2,504,353
Depreciation charged in the year
4,885
143,335
148,220
Eliminated in respect of disposals
-
0
(105,419)
(105,419)
At 30 April 2023
237,602
2,309,552
2,547,154
Carrying amount
At 30 April 2023
58,626
998,275
1,056,901
At 30 April 2022
63,511
899,419
962,930
7
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
415,223
534,754
Other debtors
24,668
676,466
439,891
1,211,220
WILCO MANUFACTURING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
- 6 -
8
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
217,861
340,424
Taxation and social security
42,828
100,409
Other creditors
232,013
199,776
492,702
640,609
9
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
169,940
176,602
10
Provisions for liabilities
2023
2022
£
£
Deferred tax liabilities
11
241,733
160,934
11
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2023
2022
Balances:
£
£
Accelerated capital allowances
241,733
160,934
2023
Movements in the year:
£
Liability at 1 May 2022
160,934
Charge to profit or loss
80,799
Liability at 30 April 2023
241,733

 

 

WILCO MANUFACTURING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
- 7 -
12
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of £1 each
17,500
17,500
17,500
17,500
Preferred Ordinary B Shares of £1 each
100
100
100
100
17,600
17,600
17,600
17,600
13
Prior period adjustment

The financial statements have been restated for the following adjustments relating to the previous financial year:

 

Following the year end, the directors have discovered that an employee had been committing fraud over a number of years. The adjustment has resulted in other debtors increasing by £654,611 being the amount owed by the fraudulent party and VAT creditor increasing by £13,455 which will be repaid to HMRC with reserves increasing by £641,157.

Changes to the balance sheet
As previously reported
Adjustment
As restated at 30 Apr 2022
£
£
£
Current assets
Debtors due within one year
556,609
654,611
1,211,220
Creditors due within one year
Taxation
(86,954)
(13,455)
(100,409)
Net assets
1,687,612
641,156
2,328,768
Capital and reserves
Profit and loss reserves
1,627,437
641,156
2,268,593
Changes to the profit and loss account
As previously reported
Adjustment
As restated
Period ended 30 April 2022
£
£
£
Cost of sales
(1,774,576)
4,451
(1,770,125)
Profit for the financial period
254,326
4,451
258,777
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