W EMERY & SONS LIMITED
Company registration number 05892990 (England and Wales)
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
W EMERY & SONS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
W EMERY & SONS LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
100,000
150,000
Tangible assets
4
443,801
426,949
Investments
5
20,100
20,100
563,901
597,049
Current assets
Stocks
9,074
9,406
Debtors
6
164,971
212,407
Cash at bank and in hand
77,444
114,269
251,489
336,082
Creditors: amounts falling due within one year
7
(167,900)
(179,172)
Net current assets
83,589
156,910
Total assets less current liabilities
647,490
753,959
Creditors: amounts falling due after more than one year
8
(275,089)
(292,227)
Provisions for liabilities
(14,305)
(20,426)
Net assets
358,096
441,306
Capital and reserves
Called up share capital
9
321
326
Capital redemption reserve
51
46
Profit and loss reserves
357,724
440,934
Total equity
358,096
441,306

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 31 March 2024 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.

W EMERY & SONS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 2 August 2024 and are signed on its behalf by:
Mr C G K Emery
Director
Company registration number 05892990 (England and Wales)
W EMERY & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information

W Emery & Sons Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Laurels, 13 County Road, Stafford, Staffordshire, ST16 2PU.

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
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.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.3
Intangible fixed assets - goodwill

The carrying value of goodwill at the transition date (1 April 2015) was £550,000. The policy has been to initially recognise goodwill at cost and then amortise the value at 5% per annum using the straight line method.

 

The directors feel that the initial useful life assessed at 20 years remains valid. Therefore, we shall continue with amortisation at 5% on a straight line basis.

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:

Land and buildings freehold
Not depreciated
Plant and machinery
20% reducing balance
Fixtures, fittings & equipment
15% reducing balance
Motor vehicles
25% straight line

No depreciation is provided in respect of freehold land. The directors consider that the freehold building is maintained in such a state of repair that its residual value is at least equal to its net book value. As a result, the corresponding depreciation would not be material and therefore is not charged in the profit and loss account. The directors perform annual impairment reviews to ensure that the carrying value is not higher than the recoverable amount.

W EMERY & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -

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 associate 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.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

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). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.7
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.8
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

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.

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.

W EMERY & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.13
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
11
12
3
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2023 and 31 March 2024
1,000,000
Amortisation and impairment
At 1 April 2023
850,000
Amortisation charged for the year
50,000
At 31 March 2024
900,000
Carrying amount
At 31 March 2024
100,000
At 31 March 2023
150,000
W EMERY & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 April 2023
333,056
274,513
607,569
Additions
-
0
70,674
70,674
At 31 March 2024
333,056
345,187
678,243
Depreciation and impairment
At 1 April 2023
-
0
180,620
180,620
Depreciation charged in the year
-
0
53,822
53,822
At 31 March 2024
-
0
234,442
234,442
Carrying amount
At 31 March 2024
333,056
110,745
443,801
At 31 March 2023
333,056
93,893
426,949
5
Fixed asset investments
2024
2023
£
£
Other investments other than loans
20,100
20,100
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
158,974
205,272
Other debtors
5,997
7,135
164,971
212,407
7
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
36,263
38,701
Trade creditors
12,661
25,699
Taxation and social security
103,197
102,344
Other creditors
15,779
12,428
167,900
179,172
W EMERY & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
7
Creditors: amounts falling due within one year
(Continued)
- 7 -

Included in creditors falling due within one year there is a hire purchase balance of £4,960 (2023: nil), and included in creditors falling due after more than one year there is a hire purchase balance of £15,705 (2023:nil), these amounts are secured on the assets that they relate to.

8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
259,384
292,227
Other creditors
15,705
-
0
275,089
292,227

HSBC Bank loan has a fixed and floating charge over all assets.

Creditors which fall due after five years are as follows:
2024
2023
£
£
Payable by instalments
114,332
137,422
9
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
6 ordinary A and 6 ordinary B shares of £1 each
12
12
12
12
72 ordinary C, 72 ordinary E and 21 ordinary D shares of £1 each
165
170
165
170
72 ordinary F and 72 ordinary G shares of £1 each
144
144
144
144
321
326
321
326
W EMERY & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
9
Called up share capital
(Continued)
- 8 -

Voting rights

All shares rank equally for voting purposes except for D shares.

Dividend rights

Equally between all ordinary shares except for D shares. Each class of ordinary share shall not rank pari passu for dividend entitlement purposes.

Rights to capital

Equally between all ordinary shares issued except for D shares.

Rights of redemption

No shares are redeemable.

 

The rights attaching to the D ordinary shares be varied so that save and except for a right to a return of capital (as defined in the articles of association of the company). Such shares shall not carry or have attached to them any other rights or entitlements in respect of voting, income, share sale (as defined in the articles of association of the company), pre-emption or otherwise.

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