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Registration number: 08212364

Wilson Field Group Limited

Unaudited Financial Statements

for the Year Ended 31 August 2023

 

Wilson Field Group Limited

(Registration number: 08212364)

Balance Sheet as at 31 August 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

1,612,500

1,762,500

Tangible assets

5

25,838

41,707

Investment property

6

1,927,000

1,927,000

Investments

7

1,105

1,105

 

3,566,443

3,732,312

Current assets

 

Debtors

8

488,500

322,730

Cash at bank and in hand

 

4,657

58,928

 

493,157

381,658

Creditors: Amounts falling due within one year

9

(2,103,926)

(1,622,378)

Net current liabilities

 

(1,610,769)

(1,240,720)

Total assets less current liabilities

 

1,955,674

2,491,592

Creditors: Amounts falling due after more than one year

9

(1,275,214)

(1,616,829)

Provisions for liabilities

(2,037)

(5,179)

Net assets

 

678,423

869,584

Capital and reserves

 

Called up share capital

1,004

1,004

Profit and loss account

677,419

868,580

Shareholders' funds

 

678,423

869,584

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:

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 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)

These financial statements, which 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 and in accordance with the provisions of FRS 102 Section 1A Small Entities, were approved and authorised for issue by the Board on 12 April 2024 and signed on its behalf by:
 

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

N J C Wilson
Director

 

Wilson Field Group Limited

Notes to the Unaudited Financial Statements

for the Year Ended 31 August 2023

1

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

The company is part of a small group. The company has taken advantage of the exemption provided by Section 398 of the Companies Act 2006 and has not prepared group accounts.

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

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

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

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the statement of comprehensive income.
 

 

Wilson Field Group Limited

Notes to the Unaudited Financial Statements

for the Year Ended 31 August 2023 (continued)

2

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2022 - 3).

3

Loss before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

19,290

33,685

Amortisation expense

150,000

150,000

Loss on disposal of tangible fixed assets

600

1,291

4

Intangible assets

Goodwill
 £

Cost or valuation

At 1 September 2022 and 31 August 2023

3,000,000

Amortisation

At 1 September 2022

1,237,500

Amortisation charge

150,000

At 31 August 2023

1,387,500

Carrying amount

At 31 August 2023

1,612,500

At 31 August 2022

1,762,500

 

Wilson Field Group Limited

Notes to the Unaudited Financial Statements

for the Year Ended 31 August 2023 (continued)

5

Tangible assets

Plant and machinery
£

Fixtures and fittings
£

Motor vehicles
 £

Equipment
£

Total
£

Cost or valuation

At 1 September 2022

82,089

40,443

29,645

172,762

324,939

Additions

381

-

-

3,640

4,021

Disposals

(1,642)

-

(29,645)

-

(31,287)

At 31 August 2023

80,828

40,443

-

176,402

297,673

Depreciation

At 1 September 2022

62,318

39,883

29,645

151,386

283,232

Charge for the year

2,943

352

-

15,995

19,290

Eliminated on disposal

(1,042)

-

(29,645)

-

(30,687)

At 31 August 2023

64,219

40,235

-

167,381

271,835

Carrying amount

At 31 August 2023

16,609

208

-

9,021

25,838

At 31 August 2022

19,771

560

-

21,376

41,707

6

Investment properties

£

At 1 September 2022

1,927,000

At 31 August 2023

1,927,000

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)

7

Investments

2023
£

2022
£

Investments in subsidiaries

1,105

1,105

Subsidiaries

£

Cost

At 1 September 2022 and 31 August 2023

1,105

Carrying amount

At 31 August 2022 and 31 August 2023

1,105

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

     

2023

2022

Subsidiary undertakings

Wilson Field Limited

England and Wales

Ordinary

100%

100%

WF Financial Solutions Limited

England and Wales

Ordinary

100%

100%

ABC14812 Limited (formally Wilson Field Leeds Limited)

England and Wales

Ordinary

100%

100%

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)

8

Debtors

2023
£

2022
£

Amounts owed by group undertakings

396,685

239,938

Prepayments

86,628

76,523

Other debtors

5,187

6,269

488,500

322,730

9

Creditors

2023
£

2022
£

Due within one year

Bank borrowings

382,678

406,404

HP and finance lease liabilities

6,150

8,200

Trade creditors

34,351

35,556

Amounts owed to group undertakings

1,611,925

1,042,122

Taxation and social security

5,936

12,680

Accruals and deferred income

35,837

37,586

Other creditors

27,049

79,830

2,103,926

1,622,378

2023
£

2022
£

Due after one year

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)

10

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).

11

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.

12

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.