Company registration number 01087243 (England and Wales)
WILEY ACCESSORIES LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 OCTOBER 2023
PAGES FOR FILING WITH REGISTRAR
WILEY ACCESSORIES LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
WILEY ACCESSORIES LTD
BALANCE SHEET
AS AT 30 OCTOBER 2023
30 October 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
13,128
15,376
Investment property
5
2,100,000
1,600,491
Investments
6
214,098
2,113,128
1,829,965
Current assets
Debtors
7
317,943
307,889
Cash at bank and in hand
12,466
2,291
330,409
310,180
Creditors: amounts falling due within one year
8
(635,150)
(373,619)
Net current liabilities
(304,741)
(63,439)
Total assets less current liabilities
1,808,387
1,766,526
Creditors: amounts falling due after more than one year
9
(655,293)
(665,858)
Provisions for liabilities
(146,500)
(71,800)
Net assets
1,006,594
1,028,868
Capital and reserves
Called up share capital
5,600
5,600
Capital redemption reserve
6,400
6,400
Profit and loss reserves
994,594
1,016,868
Total equity
1,006,594
1,028,868
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
WILEY ACCESSORIES LTD
BALANCE SHEET (CONTINUED)
AS AT 30 OCTOBER 2023
30 October 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 26 July 2024 and are signed on its behalf by:
J L Wiley
S E Wiley
Director
Director
Company registration number 01087243 (England and Wales)
WILEY ACCESSORIES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 OCTOBER 2023
- 3 -
1
Accounting policies
Company information
Wiley Accessories Ltd is a private company limited by shares incorporated in England and Wales. The registered office is St Pegs Mill, Thornhill Beck Lane, Brighouse, Yorkshire, HD6 4AH.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and machinery
25% reducing balance
Motor vehicles
25% reducing balance
1.4
Investment property
Investment properties are included in the balance sheet at their open market value. Depreciation is provided only on those investment properties which are leasehold and where the unexpired lease term is less than 20 years.
Although this accounting policy is in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”), it is a departure from the general requirement of the Companies Act 2006 for all tangible assets to be depreciated. In the opinion of the directors compliance with the standard is necessary for the financial statements to give a true and fair view. Depreciation or amortisation is only one of many factors reflected in the annual valuation and the amount of this which might otherwise have been charged cannot be separately identified or quantified.
1.5
Fixed asset investments
Investments are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
1.6
Cash and cash equivalents
Cash at bank and in hand are basic financial assets and include cash in hand and deposits held at call with banks.
WILEY ACCESSORIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 OCTOBER 2023
1
Accounting policies
(Continued)
- 4 -
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
WILEY ACCESSORIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 OCTOBER 2023
1
Accounting policies
(Continued)
- 5 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.11
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Exceptional costs
2023
2022
£
£
Exceptional items
202,578
-
During the year the company incurred a loss on disposal of fixed asset investments amounting to £214,098. The company also released a balance due to a subsidiary totalling £11,520.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
2
4
WILEY ACCESSORIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 OCTOBER 2023
- 6 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 31 October 2022
409,099
Additions
1,963
Disposals
(65,913)
At 30 October 2023
345,149
Depreciation and impairment
At 31 October 2022
393,723
Depreciation charged in the year
4,211
Eliminated in respect of disposals
(65,913)
At 30 October 2023
332,021
Carrying amount
At 30 October 2023
13,128
At 30 October 2022
15,376
5
Investment property
2023
£
Fair value
At 31 October 2022
1,600,491
Additions
292,697
Revaluations
206,812
At 30 October 2023
2,100,000
Investment property comprises £2,100,000 (2022: £1,600,491). The fair value of the investment property has been arrived at on the basis of a valuation carried out at by the director at the year end.
If investment properties were stated on an historical cost basis rather than a fair value basis, the amounts would have been included as follows:
2023
2022
£
£
Cost
1,146,548
853,851
Accumulated depreciation
-
-
Carrying amount
1,146,548
853,851
WILEY ACCESSORIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 OCTOBER 2023
- 7 -
6
Fixed asset investments
2023
2022
£
£
Other investments other than loans
214,098
Movements in fixed asset investments
Investments
£
Cost or valuation
At 31 October 2022
214,098
Disposals
(214,098)
At 30 October 2023
-
Carrying amount
At 30 October 2023
-
At 30 October 2022
214,098
7
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
44,140
39,156
Other debtors
245,669
244,485
Prepayments and accrued income
28,134
24,248
317,943
307,889
8
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
58,263
58,263
Trade creditors
4,704
15,598
Other taxation and social security
1,693
888
Other creditors
521,323
259,894
Accruals and deferred income
49,167
38,976
635,150
373,619
The bank loan is secured on the investment property held by the company.
WILEY ACCESSORIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 OCTOBER 2023
- 8 -
9
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
655,293
665,858
The bank loan is secured on the investment property held by the company.
Amounts included above which fall due after five years are as follows:
Payable by instalments
597,031
549,334