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Registration number: 09699576

Wilsons Contractors Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Wilsons Contractors Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

Wilsons Contractors Limited

Company Information

Directors

Mr Ian Wilson

Mr Harry Wilson

Mrs Lynn Verona Wilson

Registered office

Church House Farm
Potters Lane
Samlesbury
Preston
Lancashire
PR5 0UE

 

Wilsons Contractors Limited

(Registration number: 09699576)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

66,800

100,200

Tangible assets

5

14,206,145

12,942,467

 

14,272,945

13,042,667

Current assets

 

Stocks

6

1,556,665

1,464,332

Debtors

7

4,131,062

3,021,173

Cash at bank and in hand

 

693

693

 

5,688,420

4,486,198

Creditors: Amounts falling due within one year

8

(7,255,969)

(7,033,199)

Net current liabilities

 

(1,567,549)

(2,547,001)

Total assets less current liabilities

 

12,705,396

10,495,666

Creditors: Amounts falling due after more than one year

8

(3,093,215)

(2,966,118)

Provisions for liabilities

(1,867,332)

(1,867,332)

Net assets

 

7,744,849

5,662,216

Capital and reserves

 

Called up share capital

100

100

Retained earnings

7,744,749

5,662,116

Shareholders' funds

 

7,744,849

5,662,216

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. 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.

 

Wilsons Contractors Limited

(Registration number: 09699576)
Balance Sheet as at 31 December 2023

Approved and authorised by the Board on 16 September 2024 and signed on its behalf by:
 

Mr Ian Wilson
Director

 

Wilsons Contractors Limited

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

1

General information

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

The address of its registered office is:
Church House Farm
Potters Lane
Samlesbury
Preston
Lancashire
PR5 0UE

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

 

Wilsons Contractors Limited

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

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Development costs

over 10 years

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

Green Energy Assets

5% straight line

Motor vehicles

25% reducing balance

Office Equipment

25% reducing balance

Research and development

Development expenditure incurred on an individual project is carried forward when its future recoverability can reasonably be regarded as assured. Any expenditure carried forward is amortised in line with the expected future sales from the related project.

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.

 

Wilsons Contractors 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.

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Assets held under finance leases, which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital elements of future obligations under the leases are included as liabilities in the balance sheet. The interest element of the rental obligation is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding.
Assets held under hire purchase agreements are capitalised as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital element of future finance payments is included within creditors. Finance charges are allocated to accounting periods over the length of the contract and represent a constant proportion of the balance of capital repayments outstanding.

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.

3

Staff numbers

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

 

Wilsons Contractors Limited

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

4

Intangible assets

Development costs
£

Total
£

Cost or valuation

At 1 January 2023

334,000

334,000

At 31 December 2023

334,000

334,000

Amortisation

At 1 January 2023

233,800

233,800

Amortisation charge

33,400

33,400

At 31 December 2023

267,200

267,200

Carrying amount

At 31 December 2023

66,800

66,800

At 31 December 2022

100,200

100,200

 

Wilsons Contractors Limited

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

5

Tangible assets

Office Equipment
£

Motor vehicles
 £

Green Energy Assets
£

Plant and Machinery
£

Total
£

Cost or valuation

At 1 January 2023

69,969

106,890

3,924,418

14,786,597

18,887,874

Additions

2,114

9,700

7,250

5,358,144

5,377,208

Disposals

-

-

-

(3,304,941)

(3,304,941)

At 31 December 2023

72,083

116,590

3,931,668

16,839,800

20,960,141

Depreciation

At 1 January 2023

61,621

82,734

1,187,046

4,614,006

5,945,407

Charge for the year

4,184

7,858

196,402

1,792,626

2,001,070

Eliminated on disposal

-

-

-

(1,192,481)

(1,192,481)

At 31 December 2023

65,805

90,592

1,383,448

5,214,151

6,753,996

Carrying amount

At 31 December 2023

6,278

25,998

2,548,220

11,625,649

14,206,145

At 31 December 2022

8,348

24,156

2,737,372

10,172,591

12,942,467

 

Wilsons Contractors Limited

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

6

Stocks

2023
£

2022
£

Work in progress

274,232

124,582

Machinery stock

812,433

789,750

Materials and parts stock

470,000

550,000

1,556,665

1,464,332

7

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

1,929,327

2,337,364

Amounts owed by related parties

1,583,232

308,291

Accrued income

 

60,000

-

Prepayments

 

558,503

375,518

   

4,131,062

3,021,173

 

Wilsons Contractors Limited

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

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Trade creditors

 

433,534

495,615

Bank loans and overdrafts

9

2,651,850

2,301,035

Obligations under finance lease and hire purchase contracts

 

2,960,205

3,142,550

Director's current accounts

800,000

800,000

Taxation and social security

 

47,334

58,656

Accruals and deferred income

 

363,046

235,045

Other creditors

 

-

298

 

7,255,969

7,033,199

Due after one year

 

Bank loans

 

-

31,882

Obligations under finance lease and hire purchase contracts

 

2,342,670

2,129,328

Director's current accounts

 

750,545

804,908

 

3,093,215

2,966,118

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

3,093,215

2,966,118

 

Wilsons Contractors Limited

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

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

-

31,882

Hire purchase and finance leases

2,342,670

2,129,328

Director's current accounts

750,545

804,908

3,093,215

2,966,118

2023
£

2022
£

Current loans and borrowings

Bank overdrafts

2,627,053

2,063,440

Bank borrowings

24,797

237,595

Hire purchase and finance leases

2,960,205

3,142,550

5,612,055

5,443,585