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Registration number: 00654801

Wrightsons British Tags Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2023

 

Wrightsons British Tags Limited

Contents
__________________________________________________________________________

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Wrightsons British Tags Limited

Company Information
__________________________________________________________________________

Directors

Mrs Tania Fairston

Mr Miles Fairston

Mr Richard Hallett

Registered office

Unit 6
Old Portsmouth Road
Peasmarsh
Guildford
Surrey
GU3 1LU


 

Accountants

Brooks Green
Chartered Accountants
Abbey House
342 Regents Park Road
London
N3 2LJ

 

Wrightsons British Tags Limited

(Registration number: 00654801)
Balance Sheet as at 31 December 2023
__________________________________________________________________________

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

3

660,304

671,272

Investments

4

999

999

 

661,303

672,271

Current assets

 

Stocks

5

132,261

166,940

Debtors

6

150,094

347,006

Cash at bank and in hand

 

877,229

729,373

 

1,159,584

1,243,319

Creditors: Amounts falling due within one year

7

(186,372)

(89,615)

Net current assets

 

973,212

1,153,704

Total assets less current liabilities

 

1,634,515

1,825,975

Creditors: Amounts falling due after more than one year

7

(15,000)

(15,000)

Net assets

 

1,619,515

1,810,975

Capital and reserves

 

Called up share capital

8

15,000

15,000

Retained earnings

1,604,515

1,795,975

Shareholders' funds

 

1,619,515

1,810,975

For the financial year ending 31 December 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 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 5 August 2024 and signed on its behalf by:
 

 

Wrightsons British Tags Limited

(Registration number: 00654801)
Balance Sheet as at 31 December 2023
__________________________________________________________________________

.........................................
Mr Miles Fairston
Director

 

Wrightsons British Tags Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
__________________________________________________________________________

1

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 - '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.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision 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.

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.

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

Land and buildings

Over the period of the lease

Motor vehicles

25% RB

Fixture, fittings and equipment

25% RB

 

Wrightsons British Tags Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
__________________________________________________________________________

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Wrightsons British Tags Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
__________________________________________________________________________

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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.

2

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 14 (2022 - 14).

 

Wrightsons British Tags Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
__________________________________________________________________________

3

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2023

680,922

330,147

7,076

1,018,145

At 31 December 2023

680,922

330,147

7,076

1,018,145

Depreciation

At 1 January 2023

43,470

296,327

7,076

346,873

Charge for the year

2,520

8,448

-

10,968

At 31 December 2023

45,990

304,775

7,076

357,841

Carrying amount

At 31 December 2023

634,932

25,372

-

660,304

At 31 December 2022

637,452

33,820

-

671,272

Included within the net book value of land and buildings above is £634,932 (2022 - £637,452) in respect of freehold land and buildings.
 

4

Investments

2023
£

2022
£

Investments in subsidiaries

999

999

Subsidiaries

£

Cost or valuation

At 1 January 2023

999

Provision

Carrying amount

At 31 December 2023

999

At 31 December 2022

999

 

Wrightsons British Tags Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
__________________________________________________________________________

5

Stocks

2023
£

2022
£

Other inventories

132,261

166,940

6

Debtors

Current

2023
£

2022
£

Trade debtors

127,898

302,454

Prepayments

8,150

3,424

Other debtors

14,046

41,128

 

150,094

347,006

 

Wrightsons British Tags Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
__________________________________________________________________________

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

137,077

28,254

Taxation and social security

49,295

61,361

186,372

89,615

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

15,000

15,000

8

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary share capital of £1 each

15,000

15,000

15,000

15,000

Preferenceshare of £1 each

15,000

15,000

15,000

15,000

30,000

30,000

30,000

30,000

9

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Redeemable preference shares

15,000

15,000