Registration number:
Wilson Field Limited
for the Year Ended 31 August 2023
Wilson Field Limited
(Registration number: 08213722)
Balance Sheet as at 31 August 2023
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2023 |
2022 |
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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 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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Total equity |
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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.
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Director
Wilson Field Limited
Notes to the Unaudited Financial Statements
for the Year Ended 31 August 2023
Accounting policies |
Statutory information
Wilson Field Limited is a private company, limited by shares, domiciled in England and Wales, company number 08213722. 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.
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 provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.The company recognises revenue when the amount can be reliably measured and it is probable economic benefits will flow.
Services provided to clients, which at the balance sheet date have not been billed, are recognised as unbilled income within trade and other receivables. Provision is made in full for foreseeable losses.
Tax
The tax expense for the period comprises current 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.
Borrowings
Wilson Field Limited
Notes to the Unaudited Financial Statements
for the Year Ended 31 August 2023 (continued)
1 |
Accounting policies (continued) |
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.
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.
Financial instruments
Wilson Field 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
Debtors |
2023 |
2022 |
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Trade debtors |
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Amounts owed by group undertakings |
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Prepayments |
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Unbilled income |
1,417,794 |
914,907 |
Other debtors |
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Creditors |
2023 |
2022 |
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Due within one year |
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Bank overdrafts |
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- |
Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Directors loan accounts |
94 |
1,126 |
Legal settlement |
- |
80,000 |
Other creditors |
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The bank overdrafts are secured by a fixed and floating charge, over the assets of the company.
Wilson Field Limited
Notes to the Unaudited Financial Statements
for the Year Ended 31 August 2023 (continued)
Financial commitments, guarantees and contingencies |
Operating leases
As at the balance sheet date, the company had total commitments under non-cancellable operating leases over the remaining term of those leases of £
Guarantees
The company has entered into a cross-guarantee for loan facilities made available to its parent company, Wilson Field Group Limited. It is not anticipated that any material liabilities will arise from the contingent liabilities other than those provided for in these financial statements. 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.
Related party transactions |
Transactions with directors
At the balance sheet date the company owed £94 (2022 - £1,126) to the directors of the company. This loan is interest free and repayable on demand.
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 short term loans to related parties. At 31 August 2022 the company was owed £1,502,107 (2022 - £977,164) from related parties. Short term loans provided are interest free and repayable on demand.
Parent and ultimate parent undertaking |
The company's immediate parent is Wilson Field Group Limited, a company incorporated in England and Wales. The registered office is 110 Cannon Street, London, EC4N 6EU.
At the balance sheet date the company's ultimate parent was JKW Property Investment 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, Wilson Field Group 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.