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REGISTRAR OF COMPANIES

Registration number: 13498827

K J & C S Wilson Limited

Unaudited Financial Statements

31 July 2023

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K J & C S Wilson Limited

Contents

Accountants' Report

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

4

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
K J & C S Wilson Limited
for the Year Ended 31 July 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of K J & C S Wilson Limited for the year ended 31 July 2023 as set out on pages 2 to 10 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/regulation.

This report is made solely to the Board of Directors of K J & C S Wilson Limited, as a body, in accordance with the terms of our engagement letter dated 22 July 2021. Our work has been undertaken solely to prepare for your approval the accounts of K J & C S Wilson Limited and state those matters that we have agreed to state to the Board of Directors of K J & C S Wilson 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 K J & C S Wilson Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that K J & C S Wilson Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of K J & C S Wilson Limited. You consider that K J & C S Wilson 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 accounts of K J & C S Wilson 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 accounts.



Dodd & Co Limited
Chartered Accountants
FIFTEEN Rosehill
Montgomery Way
Rosehill Estate
CARLISLE
CA1 2RW

27 February 2024

 

K J & C S Wilson Limited

(Registration number: 13498827)
Balance Sheet as at 31 July 2023

Note

31 July 2023
£

31 July 2022
£

Fixed assets

 

Tangible assets

4

2,642,748

2,285,743

Current assets

 

Stocks

564,055

487,212

Debtors

5

274,577

258,783

Cash at bank and in hand

 

186,853

351,510

 

1,025,485

1,097,505

Creditors: Amounts falling due within one year

6

(1,957,953)

(2,366,008)

Net current liabilities

 

(932,468)

(1,268,503)

Total assets less current liabilities

 

1,710,280

1,017,240

Creditors: Amounts falling due after more than one year

6

(265,144)

(219,726)

Provisions for liabilities

(184,251)

(50,828)

Net assets

 

1,260,885

746,686

Capital and reserves

 

Allotted, called up and fully paid share capital

100

100

Profit and loss account

1,260,785

746,586

Total equity

 

1,260,885

746,686

 

K J & C S Wilson Limited

(Registration number: 13498827)
Balance Sheet as at 31 July 2023 (continued)

For the financial year ending 31 July 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 27 February 2024 and signed on its behalf by:
 

.........................................

K J Wilson

Director

.........................................

C S Wilson

Company secretary and director

 

K J & C S Wilson Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 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:
Wood Farm
Thursby
CARLISLE
CA5 6NR

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The company has net current liabilities at 31 July 2023 and meets its day to day working capital requirements through its bank overdraft facility which, in common with all such facilities, is repayable on demand. In addition the directors have provided financial support by way of short term loans. On the basis of this support, the directors consider it appropriate to prepare the financial statements on the going concern basis.

However, should the company not have the support of its bankers, and therefore be unable to continue trading, adjustments would have to be made to reduce the value of assets to their recoverable amounts, to provide for any further liabilities which might arise, and to reclassify fixed assets and long term liabilities as current assets and current liabilities.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when the amount of revenue can be reliably measured; it is probable that future economic benefits will flow to the entity; and specific criteria have been met for each of the company's activities.

Government grants

Government grants such as the basic payment scheme are included in the profit and loss account when all the necessary conditions for receipt have been met.

 

K J & C S Wilson Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023 (continued)


Other grants
Other grants in respect of capital expenditure are credited to a deferred income account and are released to profit over the expected useful lives of the relevant assets on a basis consistent with the depreciation policy.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Land and buildings

5% reducing balance basis

Plant and machinery

5% and 15% reducing balance basis

Motor vehicles

25% reducing balance basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for the sale of goods or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

K J & C S Wilson Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023 (continued)

Stocks

Trading stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. The cost of livestock represents the purchase cost plus any additional costs of rearing the animal. Net realisable value is based on selling price less anticipated selling costs. Crop stock is valued at fair value less any anticipated costs to sell.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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 initially at the transaction price and subsequently measured at amortised cost using the effective interest method where due after more than one year.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

 

K J & C S Wilson Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023 (continued)

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 7 (2022 - 6).

 

K J & C S Wilson Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023 (continued)

4

Tangible assets

Land and buildings
£

Plant and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 August 2022

255,623

2,204,874

29,013

2,489,510

Additions

66,576

584,645

31,310

682,531

Disposals

-

(107,152)

-

(107,152)

At 31 July 2023

322,199

2,682,367

60,323

3,064,889

Depreciation

At 1 August 2022

12,625

183,888

7,254

203,767

Charge for the year

12,151

215,038

8,701

235,890

Eliminated on disposal

-

(17,516)

-

(17,516)

At 31 July 2023

24,776

381,410

15,955

422,141

Carrying amount

At 31 July 2023

297,423

2,300,957

44,368

2,642,748

At 31 July 2022

242,998

2,020,986

21,759

2,285,743

5

Debtors

31 July 2023
£

31 July 2022
£

Trade debtors

194,141

216,188

Other debtors

80,436

42,595

274,577

258,783

 

K J & C S Wilson Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023 (continued)

6

Creditors

Note

31 July 2023
£

31 July 2022
£

Due within one year

 

Loans and borrowings

7

155,590

81,427

Trade creditors

 

466,348

337,339

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

 

1,254,625

1,879,646

Taxation and social security

 

2,199

1,458

Corporation tax liability

 

37,510

39,955

Other creditors

 

41,681

26,183

 

1,957,953

2,366,008

Due after one year

 

Loans and borrowings

7

95,762

20,451

Other creditors

 

169,382

199,275

 

265,144

219,726

 

K J & C S Wilson Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023 (continued)

7

Loans and borrowings

31 July 2023
£

31 July 2022
£

Current loans and borrowings

Finance lease liabilities

107,215

48,464

Other borrowings

48,375

32,963

155,590

81,427

Current loans and borrowings includes the following liabilities, on which security has been given by the company:

31 July 2023
£

31 July 2022
£

Finance lease liabilities

107,215

48,464

Finance lease liabilities are secured on the assets to which they relate.

31 July 2023
£

31 July 2022
£

Non-current loans and borrowings

Finance lease liabilities

95,762

20,451

Non-current loans and borrowings includes the following liabilities, on which security has been given by the company:

31 July 2023
£

31 July 2022
£

Finance lease liabilities

95,762

20,451

Finance lease liabilities are secured on the assets to which they relate.