Wilson Field Limited 08213722 false 2022-09-01 2023-08-31 2023-08-31 The principal activity of the company is the provision of complete business recovery and insolvency services including liquidation and individual debt solutions Digita Accounts Production Advanced 6.30.9574.0 true true true 08213722 2022-09-01 2023-08-31 08213722 2023-08-31 08213722 core:RetainedEarningsAccumulatedLosses 2023-08-31 08213722 core:ShareCapital 2023-08-31 08213722 core:CurrentFinancialInstruments 2023-08-31 08213722 core:CurrentFinancialInstruments core:WithinOneYear 2023-08-31 08213722 bus:SmallEntities 2022-09-01 2023-08-31 08213722 bus:AuditExemptWithAccountantsReport 2022-09-01 2023-08-31 08213722 bus:FullAccounts 2022-09-01 2023-08-31 08213722 bus:SmallCompaniesRegimeForAccounts 2022-09-01 2023-08-31 08213722 bus:Director1 2022-09-01 2023-08-31 08213722 bus:PrivateLimitedCompanyLtd 2022-09-01 2023-08-31 08213722 1 2022-09-01 2023-08-31 08213722 countries:AllCountries 2022-09-01 2023-08-31 08213722 2021-09-01 2022-08-31 08213722 2022-08-31 08213722 core:RetainedEarningsAccumulatedLosses 2022-08-31 08213722 core:ShareCapital 2022-08-31 08213722 core:CurrentFinancialInstruments 2022-08-31 08213722 core:CurrentFinancialInstruments core:WithinOneYear 2022-08-31 iso4217:GBP xbrli:pure

Registration number: 08213722

Wilson Field Limited

Unaudited Financial Statements

for the Year Ended 31 August 2023

 

Wilson Field Limited

(Registration number: 08213722)

Balance Sheet as at 31 August 2023

Note

2023
£

2022
£

Current assets

 

Debtors

3

3,011,818

1,968,081

Cash at bank and in hand

 

1,522

407,044

 

3,013,340

2,375,125

Creditors: Amounts falling due within one year

4

(896,584)

(874,365)

Net assets

 

2,116,756

1,500,760

Capital and reserves

 

Called up share capital

1,004

1,004

Profit and loss account

2,115,752

1,499,756

Total equity

 

2,116,756

1,500,760

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.

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 Limited

Notes to the Unaudited Financial Statements

for the Year Ended 31 August 2023

1

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

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 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 72 (2022 - 77).

3

Debtors

2023
£

2022
£

Trade debtors

54,034

36,379

Amounts owed by group undertakings

1,502,107

977,164

Prepayments

37,883

38,656

Unbilled income

1,417,794

914,907

Other debtors

-

975

3,011,818

1,968,081

4

Creditors

2023
£

2022
£

Due within one year

Bank overdrafts

127,400

-

Trade creditors

53,857

138,191

Taxation and social security

656,670

487,256

Accruals and deferred income

43,911

141,013

Directors loan accounts

94

1,126

Legal settlement

-

80,000

Other creditors

14,652

26,779

896,584

874,365

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)

5

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 £498,838 (2022 - £619,362).

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.

6

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.

7

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.