Company registration number 00581613 (England and Wales)
WILFRED MADDOCKS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
WILFRED MADDOCKS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 7
WILFRED MADDOCKS LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
6,809,232
6,129,051
Current assets
Stocks
378,846
483,275
Debtors
4
661,136
713,514
Investments
5
11,714
10,791
Cash at bank and in hand
143,631
7
1,195,327
1,207,587
Creditors: amounts falling due within one year
6
(715,500)
(701,620)
Net current assets
479,827
505,967
Total assets less current liabilities
7,289,059
6,635,018
Creditors: amounts falling due after more than one year
7
(1,779,417)
(1,601,416)
Provisions for liabilities
(990,435)
(832,663)
Net assets
4,519,207
4,200,939
Capital and reserves
Called up share capital
10,000
10,000
Revaluation reserve
2,889,857
2,889,857
Profit and loss reserves
1,619,350
1,301,082
Total equity
4,519,207
4,200,939
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.
WILFRED MADDOCKS 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 6 September 2024 and are signed on its behalf by:
Mr R W Maddocks
Director
Company registration number 00581613 (England and Wales)
WILFRED MADDOCKS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 April 2022
10,000
2,978,860
1,027,190
4,016,050
Year ended 31 March 2023:
Profit
-
-
348,892
348,892
Other comprehensive income:
Tax relating to other comprehensive income
-
(89,003)
(89,003)
Total comprehensive income
-
(89,003)
348,892
259,889
Dividends
-
-
(75,000)
(75,000)
Balance at 31 March 2023
10,000
2,889,857
1,301,082
4,200,939
Year ended 31 March 2024:
Profit and total comprehensive income
-
-
418,268
418,268
Dividends
-
-
(100,000)
(100,000)
Balance at 31 March 2024
10,000
2,889,857
1,619,350
4,519,207
WILFRED MADDOCKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
1
Accounting policies
Company information
Wilfred Maddocks Limited is a private company limited by shares incorporated in England and Wales. The registered office is Chadwell Grange, Great Chatwell, Newport, Shropshire, TF10 9BG.
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, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. 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, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.3
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:
Freehold land
Not depreciated
Building improvements
4% on cost
Plant and equipment
15% reducing balance
Fixtures and fittings
20% reducing balance
Computers
25% reducing balance
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.
1.4
Stocks
Stock is valued at the lower of production cost and net realisable value, or deemed cost in the case of harvested crops and produce.
1.5
Cash and cash equivalents
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.
WILFRED MADDOCKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
1.6
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.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.7
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.8
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.
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.
1.9
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
WILFRED MADDOCKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
14
14
3
Tangible fixed assets
Freehold land
Building improvements
Plant and equipment
Fixtures and fittings
Computers
Total
£
£
£
£
£
£
Cost or valuation
At 1 April 2023
3,936,000
1,049,653
3,062,312
9,803
8,057,768
Additions
46,811
1,179,299
2,048
999
1,229,157
Disposals
(677,650)
(1,004)
(678,654)
At 31 March 2024
3,936,000
1,096,464
3,563,961
2,048
9,798
8,608,271
Depreciation and impairment
At 1 April 2023
549,024
1,375,713
3,980
1,928,717
Depreciation charged in the year
32,736
221,114
278
1,750
255,878
Eliminated in respect of disposals
(384,987)
(569)
(385,556)
At 31 March 2024
581,760
1,211,840
278
5,161
1,799,039
Carrying amount
At 31 March 2024
3,936,000
514,704
2,352,121
1,770
4,637
6,809,232
At 31 March 2023
3,936,000
500,630
1,686,598
5,823
6,129,051
Freehold land was valued by the director on an open market value basis on 31st March 2015. The land was valued at £12,000 per acre, using land prices within a close geographical area as a guideline.
The following assets are carried at valuation. If the assets were measured using the cost model, the carrying amounts would be as follows:
Freehold Land
2024
2023
£
£
Cost
601,400
601,400
WILFRED MADDOCKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
113,416
53,294
Other debtors
547,720
660,220
661,136
713,514
5
Current asset investments
2024
2023
£
£
Other investments
11,714
10,791
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
89,221
175,009
Trade creditors
406,688
375,921
Taxation and social security
7,854
11,419
Other creditors
211,737
139,271
715,500
701,620
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
1,228,735
1,319,579
Hire purchase obligations
550,682
281,837
1,779,417
1,601,416
Creditors which fall due after five years are as follows:
2024
2023
£
£
Payable by instalments
895,383
757,098
8
Directors' transactions
Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Loan
-
272,978
108,471
(132,523)
248,926
272,978
108,471
(132,523)
248,926