Registration number:
Wilson Field Group Limited
for the Year Ended 31 August 2023
Wilson Field Group Limited
(Registration number: 08212364)
Balance Sheet as at 31 August 2023
Note |
2023 |
2022 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Investment property |
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Investments |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Shareholders' funds |
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For the financial 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:
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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 delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Directors' Report and the Profit and Loss Account has been taken.
Wilson Field Group Limited
(Registration number: 08212364)
Balance Sheet as at 31 August 2023 (continued)
.........................................
Director
Wilson Field Group Limited
Notes to the Unaudited Financial Statements
for the Year Ended 31 August 2023
Accounting policies |
Statutory information
Wilson Field Group Limited is a private company, limited by shares, domiciled in England and Wales, company number 08212364. The registered office is at 110 Cannon Street, London, EC4N 6EU.
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 presentation currency is United Kingdom pounds sterling, which is the functional currency of the company. The financial statements are those of an individual entity.
Group accounts not prepared
Going concern
After due consideration of all relevant factors, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the annual report and accounts.
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 value added tax, returns, rebates and discounts. Turnover is recognised as and when goods and services are provided to customers.
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.
Wilson Field Group Limited
Notes to the Unaudited Financial Statements
for the Year Ended 31 August 2023 (continued)
1 |
Accounting policies (continued) |
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 |
Plant and machinery |
15% reducing balance |
Fixtures and fittings |
25% straight line |
Motor vehicles |
33% straight line |
Equipment |
33% straight line |
Investment property
Goodwill
The directors agreed to revalue the business each year to provide reliable figures. They consider an amortisation of 20 years to still be appropriate due to the fact that company is continuing to grow despite the downturn in the market. The insolvency business in which the goodwill relates, gets its referrals from professional services providers such as accountants, solicitors and banks. Especially with banks, these are long established business and Wilson Field maintains a strong working relationship with these introducers.
It maintains its current and develops new relationship through its marketing and advertising processes through hosting various network events. They have invested heavily into their own in house marketing team and this has led to growth despite the downturn in the market.
Therefore, it is deemed appropriate that the goodwill purchased from Henry Hampton is amortised over 20 years as the introducers that Wilson Field rely upon are long standing entities and that there is no reason why these referrals, due to the introducer loyalty that already in place at the time Henry Hamptons trade and assets were bought, will not continue.
Wilson Field Group Limited
Notes to the Unaudited Financial Statements
for the Year Ended 31 August 2023 (continued)
1 |
Accounting policies (continued) |
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Goodwill |
5% straight line |
Investments
Fixed asset investment are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
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 in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
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.
Financial instruments
Wilson Field Group Limited
Notes to the Unaudited Financial Statements
for the Year Ended 31 August 2023 (continued)
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Loss before tax |
Arrived at after charging/(crediting)
2023 |
2022 |
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Depreciation expense |
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Amortisation expense |
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Loss on disposal of tangible fixed assets |
600 |
1,291 |
Intangible assets |
Goodwill |
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Cost or valuation |
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At 1 September 2022 and 31 August 2023 |
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Amortisation |
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At 1 September 2022 |
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Amortisation charge |
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At 31 August 2023 |
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Carrying amount |
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At 31 August 2023 |
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At 31 August 2022 |
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Wilson Field Group Limited
Notes to the Unaudited Financial Statements
for the Year Ended 31 August 2023 (continued)
Tangible assets |
Plant and machinery |
Fixtures and fittings |
Motor vehicles |
Equipment |
Total |
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Cost or valuation |
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At 1 September 2022 |
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Additions |
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- |
- |
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Disposals |
( |
- |
( |
- |
( |
At 31 August 2023 |
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- |
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Depreciation |
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At 1 September 2022 |
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Charge for the year |
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- |
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Eliminated on disposal |
( |
- |
( |
- |
( |
At 31 August 2023 |
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- |
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Carrying amount |
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At 31 August 2023 |
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- |
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At 31 August 2022 |
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- |
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Investment properties |
£ |
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At 1 September 2022 |
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At 31 August 2023 |
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Investment properties are carried at fair value. The fair value of the investment properties is subject to annual review by the directors of the company, taking into account advice from external valuers and after consideration of prevailing market conditions.
After the balance sheet date the investment property was sold to JKW Property Investments Limited at fair value.
Wilson Field Group Limited
Notes to the Unaudited Financial Statements
for the Year Ended 31 August 2023 (continued)
Investments |
2023 |
2022 |
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Investments in subsidiaries |
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Subsidiaries |
£ |
Cost |
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At 1 September 2022 and 31 August 2023 |
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Carrying amount |
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At 31 August 2022 and 31 August 2023 |
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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 |
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2023 |
2022 |
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Subsidiary undertakings |
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England and Wales |
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England and Wales |
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England and Wales |
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The principal activity of Wilson Field Limited is that of an insolvency practitioner.
The principal activity of WF Financial Solutions Limited is that of an independent finance broker.
The principal activity of Wilson Field Leeds Limited is that of a dormant company.
After the balance sheet date, the investment in ABC14812 Limited was transferred to JKW Property Investments Limited (formally Wilson Field Group Holdings Limited) at cost.
Wilson Field Group Limited
Notes to the Unaudited Financial Statements
for the Year Ended 31 August 2023 (continued)
Debtors |
2023 |
2022 |
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Amounts owed by group undertakings |
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Prepayments |
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Other debtors |
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Creditors |
2023 |
2022 |
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Due within one year |
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Bank borrowings |
382,678 |
406,404 |
HP and finance lease liabilities |
6,150 |
8,200 |
Trade creditors |
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Amounts owed to group undertakings |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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2023 |
2022 |
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Due after one year |
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Bank borrowings |
1,275,214 |
1,610,679 |
HP and finance lease liabilities |
- |
6,150 |
1,275,214 |
1,616,829 |
Included in bank borrowings is a bank loan of £1,126,225 (2022 - £1,292,637) which is secured by a fixed and floating charge over the property and assets of the company. In addition, the agreement includes a personal guarantee by a company director up to the value of £150,000. Also included in bank borrowings is a bank loan of £531,667 (2022 - £724,446) which is secured by the Department for Business, Innovation and Skills as part of the CBILS loan scheme.
Finance lease liabilities are secured against the assets to which they relate.
Wilson Field Group Limited
Notes to the Unaudited Financial Statements
for the Year Ended 31 August 2023 (continued)
Financial commitments, guarantees and contingencies |
Guarantees
The company has entered into a cross-guarantee for the overdraft and loan facilities made available to the subsidiary company, Wilson Field Limited. At the balance sheet date, Wilson Field Limited had liabilities of £127,400 (2022 - £nil) in relation to this guarantee. The company treats guarantees and indemnities of this nature as a contingent liability until such time as it becomes probably that the company will be required to make a payment under the terms of the arrangement.
Operating leases
As lessor
The future minimum lease payments receivable under non-cancellable operating leases total £488,408 (2022 - £682,124).
Related party transactions |
Transactions with directors
At the balance sheet date the company owed £26,463 (2022 - £600) to the directors.
Transactions with group companies
The company has taken advantage of the exemption under FRS 102 S33.1A to not disclose transactions between wholly owned group companies.
During the year the company provided and received short term loans to and from related parties. At 31 August 2023 the company owed £1,215,240 (2022 - £802,184) to related parties. Short term loans provided and received are interest free and repayable on demand.
Control |
At the balacne sheet date, the company's ultimate parent was JKW Property Investments Limited (formally Wilson Field Group Holdings Limited) a company incorporated in England and Wales. The registered office is The Manor House, 260 Ecclesall Road South, Sheffield, South Yorkshire, S11 9PS.
On 11 September 2023, 100% of the company’s share capital was acquired by Frp Advisory Trading Limited, a company incorporated in England and Wales. From this date the company’s ultimate parent became Frp Advisory Group Plc. The registered office is 110 Cannon Street, London, England, EC4N 6EU.