6 false false false false false false false false false false true false false false false false false No description of principal activity 2023-01-01 Sage Accounts Production Advanced 2023 - FRS102_2023 170,000 170,000 170,000 74,990 68,196 1,020 69,216 5,774 6,794 xbrli:pure xbrli:shares iso4217:GBP 03292417 2023-01-01 2023-12-31 03292417 2023-12-31 03292417 2022-12-31 03292417 2022-01-01 2022-12-31 03292417 2022-12-31 03292417 2021-12-31 03292417 core:FurnitureFittings 2023-01-01 2023-12-31 03292417 bus:Director1 2023-01-01 2023-12-31 03292417 core:FurnitureFittings 2022-12-31 03292417 core:FurnitureFittings 2023-12-31 03292417 core:WithinOneYear 2023-12-31 03292417 core:WithinOneYear 2022-12-31 03292417 core:AfterOneYear 2023-12-31 03292417 core:AfterOneYear 2022-12-31 03292417 core:ShareCapital 2023-12-31 03292417 core:ShareCapital 2022-12-31 03292417 core:RetainedEarningsAccumulatedLosses 2023-12-31 03292417 core:RetainedEarningsAccumulatedLosses 2022-12-31 03292417 core:BetweenOneFiveYears 2023-12-31 03292417 core:BetweenOneFiveYears 2022-12-31 03292417 core:NetGoodwill 2023-12-31 03292417 core:NetGoodwill 2022-12-31 03292417 core:FurnitureFittings 2022-12-31 03292417 bus:SmallEntities 2023-01-01 2023-12-31 03292417 bus:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 03292417 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 03292417 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 03292417 bus:FullAccounts 2023-01-01 2023-12-31
COMPANY REGISTRATION NUMBER: 03292417
Nigel Wyatt & Co Limited
Filleted Unaudited Financial Statements
31 December 2023
Nigel Wyatt & Co Limited
Financial Statements
Year Ended 31 December 2023
Contents
Page
Statement of Financial Position
1
Notes to the Financial Statements
3
Nigel Wyatt & Co Limited
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
£
Fixed Assets
Intangible assets
5
170,000
170,000
Tangible assets
6
5,774
6,794
-----------
-----------
175,774
176,794
Current Assets
Debtors
7
118,427
105,998
Cash at bank and in hand
136,314
100,676
-----------
-----------
254,741
206,674
Creditors: amounts falling due within one year
8
68,250
55,353
-----------
-----------
Net Current Assets
186,491
151,321
-----------
-----------
Total Assets Less Current Liabilities
362,265
328,115
Creditors: amounts falling due after more than one year
9
172,130
157,026
-----------
-----------
Net Assets
190,135
171,089
-----------
-----------
Nigel Wyatt & Co Limited
Statement of Financial Position (continued)
31 December 2023
2023
2022
Note
£
£
£
Capital and Reserves
Called up share capital
5,000
5,000
Profit and loss account
185,135
166,089
-----------
-----------
Shareholders Funds
190,135
171,089
-----------
-----------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the 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.
Director's responsibilities:
- 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 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 18 September 2024 , and are signed on behalf of the board by:
N P L Wyatt B.Sc F.C.A.
Director
Company registration number: 03292417
Nigel Wyatt & Co Limited
Notes to the Financial Statements
Year Ended 31 December 2023
1. General Information
The company is a private company limited by shares, registered in England. The address of the registered office is 125 Main Street, Garforth, Leeds, LS25 1AF.
2. Statement of Compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting Policies
Basis of Preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue Recognition
Turnover comprises the value of goods and services supplied by the company during the period, net of Value Added Tax, trade discounts, and is credited based on the amount which is proportionate to the relevant period under the terms of UITF40.
Income Tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating Leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible Assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
-
15% reducing balance
Impairment of Fixed Assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Financial Instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Defined Contribution Plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee Numbers
The average number of persons employed by the company during the year amounted to 6 (2022: 6 ).
5. Intangible Assets
Goodwill
£
Cost
At 1 January 2023 and 31 December 2023
170,000
-----------
Amortisation
At 1 January 2023 and 31 December 2023
-----------
Carrying amount
At 31 December 2023
170,000
-----------
At 31 December 2022
170,000
-----------
At the year end, the market value of purchased goodwill was greater than its purchase price. Accordingly, no adjustment to cost or value has been made. The goodwill is valued based on current market valuation by the director. Where the current market value exceeds the original cost, no write down in value is made.
6. Tangible Assets
Fixtures and fittings
Total
£
£
Cost
At 1 January 2023 and 31 December 2023
74,990
74,990
---------
---------
Depreciation
At 1 January 2023
68,196
68,196
Charge for the year
1,020
1,020
---------
---------
At 31 December 2023
69,216
69,216
---------
---------
Carrying amount
At 31 December 2023
5,774
5,774
---------
---------
At 31 December 2022
6,794
6,794
---------
---------
7. Debtors
2023
2022
£
£
Trade debtors
118,427
105,998
-----------
-----------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Corporation tax
27,361
22,741
Social security and other taxes
39,889
31,612
Other creditors
1,000
1,000
---------
---------
68,250
55,353
---------
---------
9. Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
172,130
157,026
-----------
-----------
10. Operating Leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Later than 1 year and not later than 5 years
5,394
6,742
--------
--------
11. Director's Advances, Credits and Guarantees
During the year, the director provided a loan to the company. The opening balance was £157,026. The closing and highest balance was £172,130. The loan is interest free and repayable on demand.
12. Related Party Transactions
There were no related party transactions during the year.