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Registration number: 03044582

Ward Cole Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 November 2023

 

Ward Cole Limited

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 6

 

Ward Cole Limited

(Registration number: 03044582)
Balance Sheet as at 30 November 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

19,461

27,208

Current assets

 

Debtors

5

515,127

528,728

Cash at bank and in hand

 

112,273

154,514

 

627,400

683,242

Creditors: Amounts falling due within one year

6

(391,322)

(382,714)

Net current assets

 

236,078

300,528

Total assets less current liabilities

 

255,539

327,736

Creditors: Amounts falling due after more than one year

6

(75,000)

(125,000)

Provisions for liabilities

(4,865)

(5,169)

Net assets

 

175,674

197,567

Capital and reserves

 

Called up share capital

10,000

10,000

Retained earnings

165,674

187,567

Shareholders' funds

 

175,674

197,567

For the financial year ending 30 November 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 16 August 2024 and signed on its behalf by:
 

.........................................
S J Bovill
Director

 

Ward Cole Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

1

General information

The Company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
Fosse House
Roman Wharf
Lincoln
LN1 1SR

These financial statements were authorised for issue by the Board on 16 August 2024.

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 cover the individual entity, and have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are presented in sterling which is the functional currency of the company, and rounded to the nearest £1.

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.

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.

 

Ward Cole Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that 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 tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using rates and allowances that apply to the sale of the asset.

Tangible assets

Tangible assets are stated in the statement of financial position 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

Fixtures and fittings

10%, 15% and 33% straight line basis

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 in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

3

Staff numbers

The average number of persons employed by the Company (including Directors) during the year, was 11 (2022 - 12).

 

Ward Cole Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 December 2022

113,030

113,030

Additions

1,358

1,358

Disposals

(3,457)

(3,457)

At 30 November 2023

110,931

110,931

Depreciation

At 1 December 2022

85,822

85,822

Charge for the year

9,105

9,105

Eliminated on disposal

(3,457)

(3,457)

At 30 November 2023

91,470

91,470

Carrying amount

At 30 November 2023

19,461

19,461

At 30 November 2022

27,208

27,208

 

Ward Cole Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

5

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

76,354

112,022

Amounts owed by related parties

9

375,416

357,524

Prepayments

 

63,357

59,182

   

515,127

528,728

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

7

95,688

91,200

Trade creditors

 

151,220

162,952

Taxation and social security

 

119,277

103,205

Accruals and deferred income

 

22,918

23,291

Other creditors

 

2,219

2,066

 

391,322

382,714

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £170,688 (2022 - £216,199).

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

7

75,000

125,000

2023
£

2022
£

Due after more than five years

-

-

 

Ward Cole Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

7

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

75,000

125,000

2023
£

2022
£

Current loans and borrowings

Bank borrowings

50,000

53,335

Bank overdrafts

45,688

37,865

95,688

91,200

8

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £231,724 (2022 - £302,066).

9

Related party transactions

Directors' remuneration

The Directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

26,364

26,364

Contributions paid to money purchase schemes

5,022

5,022

31,386

31,386

Summary of transactions with parent

Ward Cole Holdings Limited (parent company)
 The company has taken advantage of the exemption in section 33 of FRS 102 'Related Party Disclosures' from disclosing transactions with other members of the group in which any subsidiary which is a party to the transaction is wholly owned by the group.