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Registration number: 04923707

R Wookey & Sons Limited

Unaudited Financial Statements

for the Year Ended 31 October 2023

 

R Wookey & Sons Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 12

 

R Wookey & Sons Limited

Company Information

Directors

Mr RJ Wookey

Mrs SN Wookey

Company secretary

Mrs B Broom

Registered office

Pear Tree Yard
Biddisham
Axbridge
Somerset
BS26 2RD

Accountants

Four Fifty Partnership
Chartered Accountants
34 Boulevard
Weston-super-Mare
Somerset
BS23 1NF

 

R Wookey & Sons Limited

(Registration number: 04923707)
Balance Sheet as at 31 October 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

38,236

55,871

Current assets

 

Debtors

5

64,580

64,505

Cash at bank and in hand

 

51

30,222

 

64,631

94,727

Creditors: Amounts falling due within one year

6

(74,952)

(87,560)

Net current (liabilities)/assets

 

(10,321)

7,167

Total assets less current liabilities

 

27,915

63,038

Creditors: Amounts falling due after more than one year

6

(20,002)

(29,728)

Provisions for liabilities

(7,642)

(10,020)

Net assets

 

271

23,290

Capital and reserves

 

Called up share capital

2

2

Retained earnings

269

23,288

Shareholders' funds

 

271

23,290

 

R Wookey & Sons Limited

(Registration number: 04923707)
Balance Sheet as at 31 October 2023

For the financial year ending 31 October 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 prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 30 July 2024 and signed on its behalf by:
 

.........................................
Mr RJ Wookey
Director

 

R Wookey & Sons Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

These financial statements were authorised for issue by the Board on ........... .

2

Accounting policies

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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 of the financial statements is Pound Sterling (£). All monetary amounts are rounded to the nearest pound.

 

R Wookey & Sons Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

2

Accounting policies (continued)

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

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.

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.

 

R Wookey & Sons Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

2

Accounting policies (continued)

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

25% reducing balance

Motor vehicles

25% reducing balance

Office equipment

33% cost

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 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.

 

R Wookey & Sons Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

2

Accounting policies (continued)

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

Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as either financial assets, liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company, after deducting all liabilities.
 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2022 - 1).

 

R Wookey & Sons Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

4

Tangible assets

Plant and machinery
 £

Motor vehicles
 £

Office equipment
£

Total
£

Cost or valuation

At 1 November 2022

672

511,185

8,455

520,312

Additions

-

-

209

209

Disposals

-

(38,200)

-

(38,200)

At 31 October 2023

672

472,985

8,664

482,321

Depreciation

At 1 November 2022

672

456,279

7,490

464,441

Charge for the year

-

12,452

293

12,745

Eliminated on disposal

-

(33,101)

-

(33,101)

At 31 October 2023

672

435,630

7,783

444,085

Carrying amount

At 31 October 2023

-

37,355

881

38,236

At 31 October 2022

-

54,906

965

55,871

5

Debtors

Current

2023
£

2022
£

Trade debtors

5,326

6,269

Prepayments

3,061

3,700

Other debtors

56,193

54,536

 

64,580

64,505

 

R Wookey & Sons Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

20,445

16,395

Trade creditors

 

9,382

13,287

Taxation and social security

 

31,634

43,821

Accruals and deferred income

 

13,295

13,882

Other creditors

 

196

175

 

74,952

87,560

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

20,002

29,728

 

R Wookey & Sons Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

6

Creditors (continued)

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

20,002

29,728

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

20,002

29,728

 

R Wookey & Sons Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

7

Related party transactions

Transactions with directors

2023

At 1 November 2022
£

Advances to director
£

Repayments by director
£

At 31 October 2023
£

Mr RJ Wookey

Directors Loan Account

20,843

46,273

(27,692)

39,424

2022

At 1 November 2021
£

Advances to director
£

Repayments by director
£

At 31 October 2022
£

Mr RJ Wookey

Directors Loan Account

17,626

50,464

(47,246)

20,843

Interest has been paid at the official rate on the overdrawn position. No section S455 has been provided as the loan has been repaid within 9 months of the year end.

 

R Wookey & Sons Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

8

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

20,002

29,728

Current loans and borrowings

2023
£

2022
£

Bank borrowings

10,649

15,277

Bank overdrafts

9,796

-

Hire purchase contracts

-

1,118

20,445

16,395