Company registration number 00941995 (England and Wales)
CAMPION WILLCOCKS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
PAGES FOR FILING WITH REGISTRAR
CAMPION WILLCOCKS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 8
CAMPION WILLCOCKS LIMITED
BALANCE SHEET
AS AT 31 OCTOBER 2023
31 October 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
5
10,117
13,916
Investments
6
3,990
5,000
14,107
18,916
Current assets
Debtors
7
1,536,640
2,241,789
Cash at bank and in hand
1,180,780
1,855,270
2,717,420
4,097,059
Creditors: amounts falling due within one year
8
(1,622,001)
(3,012,891)
Net current assets
1,095,419
1,084,168
Total assets less current liabilities
1,109,526
1,103,084
Provisions for liabilities
(519)
(1,338)
Net assets
1,109,007
1,101,746
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
1,108,907
1,101,646
Total equity
1,109,007
1,101,746
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 23 July 2024 and are signed on its behalf by:
D. Mark Campion
David M. Campion
Director
Director
Company registration number 00941995 (England and Wales)
CAMPION WILLCOCKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
- 2 -
1
Accounting policies
Company information
Campion Willcocks Limited is a private company limited by shares incorporated in England and Wales. The registered office is Oakfield House, 59 Hill Avenue, Amersham HP6 5ED.
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. The principal accounting policies adopted are set out below.
1.2
Going concern
At the time of approving the financial statements, the Directors have a reasonable expectation that the company has adequate resources and sufficient working capital for twelve months from the date of approval of the financial statements. Thus, the Directors continue to adopt the going concern basis of accounting in preparing the financial statementstrue.
1.3
Turnover
Turnover represents net invoiced sales of services, excluding value added tax, but including accrued income not yet invoiced.
1.4
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:
Leasehold improvements
20% straight line
Fixtures and fittings
20% straight line
Computer equipment
33% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities 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.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
CAMPION WILLCOCKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 3 -
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
1.7
Cash at bank and in hand
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
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.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.
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.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.10
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.
CAMPION WILLCOCKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 4 -
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.
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.13
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.14
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
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
In the opinion of the Directors there are no specific key judgements or areas of estimation to disclose.
CAMPION WILLCOCKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 5 -
3
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
17,600
17,600
For other services
All other non-audit services
3,620
3,620
4
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
14
16
5
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 November 2022
121,061
192,428
313,489
Additions
3,293
3,293
Disposals
(28,311)
(28,311)
At 31 October 2023
121,061
167,410
288,471
Depreciation and impairment
At 1 November 2022
118,504
181,069
299,573
Depreciation charged in the year
2,557
4,535
7,092
Eliminated in respect of disposals
(28,311)
(28,311)
At 31 October 2023
121,061
157,293
278,354
Carrying amount
At 31 October 2023
10,117
10,117
At 31 October 2022
2,557
11,359
13,916
CAMPION WILLCOCKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 6 -
6
Fixed asset investments
2023
2022
£
£
Investments
3,990
5,000
[Where the value of investments is determined other than by reference to market value, the particulars of the method adopted and reasons for adopting it should be disclosed.]
Movements in fixed asset investments
Other investments other than loans
£
Cost or valuation
At 1 November 2022
5,000
Disposals
(1,010)
At 31 October 2023
3,990
Carrying amount
At 31 October 2023
3,990
At 31 October 2022
5,000
7
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
1,221,245
1,798,953
Amounts owed by group undertakings and undertakings in which the company has a participating interest
186,948
188,639
Other debtors
128,447
254,197
1,536,640
2,241,789
8
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
1,366,316
2,039,928
Corporation tax
42,274
58,619
Other taxation and social security
20,184
57,547
Other creditors
193,227
856,797
1,622,001
3,012,891
CAMPION WILLCOCKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 7 -
9
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Leighton Bower
Statutory Auditor:
Rouse Audit LLP
Date of audit report:
30 July 2024
10
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
135,000
157,500
CAMPION WILLCOCKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 8 -
11
Related party transactions
During the year ended 31 October 2023 the company paid dividends totalling £100,000 (2022: £201,161) to its directors.
During the year, remuneration for key management personnel totalled £234,845 (2022: £513,642).
At the year ended 31 October 2023 the company owed £1,145,405 (2022: £1,356,179) to participating interests which is shown within trade creditors. The company received investment income of £200,127 (2022: £289,946) from these entities and has a balance due from them of £186,948 (2022: £188,639 ).
The company leases its premises from the C.W.A Pension Scheme (of whom a director and his wife are beneficial members) at an annual rent of £22,500 (2022: £22,500).
12
Parent company
In the current and previous financial year the company was controlled by its shareholder and director, Mr D. Mark Campion.