Company registration number 07984263 (England and Wales)
WALLACE ROBINSON & MORGAN LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
WALLACE ROBINSON & MORGAN LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 8
WALLACE ROBINSON & MORGAN LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF WALLACE ROBINSON & MORGAN LIMITED FOR THE YEAR ENDED 30 APRIL 2024
- 1 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Wallace Robinson & Morgan Limited for the year ended 30 April 2024 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.

 

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.

This report is made solely to the board of directors of Wallace Robinson & Morgan Limited, as a body, in accordance with the terms of our engagement letter dated 19 September 2024. Our work has been undertaken solely to prepare for your approval the financial statements of Wallace Robinson & Morgan Limited and state those matters that we have agreed to state to the board of directors of Wallace Robinson & Morgan Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Wallace Robinson & Morgan Limited and its board of directors as a body, for our work or for this report.

It is your duty to ensure that Wallace Robinson & Morgan Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Wallace Robinson & Morgan Limited. You consider that Wallace Robinson & Morgan Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Wallace Robinson & Morgan Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Malcolm Piper & Company Limited
15 October 2024
Chartered Accountants
Kingsnorth House
Blenheim Way
Birmingham
West Midlands
United Kingdom
B44 8LS
WALLACE ROBINSON & MORGAN LIMITED
BALANCE SHEET
AS AT
30 APRIL 2024
30 April 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
112,751
120,604
Investments
5
19,290
8,397
132,041
129,001
Current assets
Stocks
181,616
174,746
Debtors
6
575,450
598,097
Cash at bank and in hand
1,137,094
1,669,011
1,894,160
2,441,854
Creditors: amounts falling due within one year
7
(630,546)
(723,399)
Net current assets
1,263,614
1,718,455
Total assets less current liabilities
1,395,655
1,847,456
Creditors: amounts falling due after more than one year
8
-
0
(842,024)
Provisions for liabilities
(27,250)
(29,000)
Net assets
1,368,405
976,432
Capital and reserves
Called up share capital
9
103
103
Share premium account
14,997
14,997
Profit and loss reserves
1,353,305
961,332
Total equity
1,368,405
976,432

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 30 April 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.

WALLACE ROBINSON & MORGAN LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 APRIL 2024
30 April 2024
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 15 October 2024 and are signed on its behalf by:
Mr T R Langford
Mrs A V Hobbs
Director
Director
Company registration number 07984263 (England and Wales)
WALLACE ROBINSON & MORGAN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 4 -
1
Accounting policies
Company information

Wallace Robinson & Morgan Limited is a private company limited by shares incorporated in England and Wales. The registered office is 4 Drury Lane, Solihull, West Midlands, England, B91 3BD.

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 certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover represents amounts chargeable to clients for professional services provided during the year, inclusive of direct expenses incurred on client assignments but excluding value added tax.

 

Turnover is recognised when a right to consideration has been obtained through performance under each contract. Consideration accrues as each contract activity progresses by reference to the value of work performed.

Turnover in respect of contingent fee assignments (over and above any agreed minimum fee which is recognised as above) is recognised in the period when the contingent event occurs and the fee is assured.

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 property improvements
13 to 14 years straight line basis
Fixtures and fittings
15% reducing balance basis & 10 years straight line basis
Computers
25% reducing balance basis

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
Fixed asset investments

Listed investments are valued at market value. Changes in market value during the year are taken to the profit and loss account.

Unlisted investments are initially valued at cost. Subsequently they are valued at cost less any permanent diminution in value.

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.

WALLACE ROBINSON & MORGAN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 5 -
1.6
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.

1.7
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.

1.8
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.9
Retirement benefits

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

1.10

Work in progress

 

Time costs incurred where the right to consideration has not been achieved is shown as work in progress. Work in progress is shown at the lower of cost and net realisable value.

 

In the case of assignments which are undertaken on a contingency fee basis, provision is made against work in progress where the outcome is still contingent when the financial statements are approved.

WALLACE ROBINSON & MORGAN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 6 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

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

2024
2023
Number
Number
Total
40
40
4
Tangible fixed assets
Freehold property improvements
Fixtures and fittings
Computers
Total
£
£
£
£
Cost
At 1 May 2023
87,548
96,610
75,174
259,332
Additions
-
0
7,664
1,783
9,447
Disposals
-
0
-
0
(392)
(392)
At 30 April 2024
87,548
104,274
76,565
268,387
Depreciation and impairment
At 1 May 2023
28,546
51,329
58,853
138,728
Depreciation charged in the year
4,711
7,868
4,427
17,006
Eliminated in respect of disposals
-
0
-
0
(98)
(98)
At 30 April 2024
33,257
59,197
63,182
155,636
Carrying amount
At 30 April 2024
54,291
45,077
13,383
112,751
At 30 April 2023
59,002
45,281
16,321
120,604
WALLACE ROBINSON & MORGAN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 7 -
5
Fixed asset investments
2024
2023
£
£
Listed investments
9,290
8,397
Unlisted investments
10,000
-
0
19,290
8,397
Fixed asset investments revalued

Listed investments are shown at market value. Their cost was £9,564 (2023 - £9,392).

Unlisted investments are shown at cost.

Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 May 2023
8,397
Additions
10,172
Valuation changes
721
At 30 April 2024
19,290
Carrying amount
At 30 April 2024
19,290
At 30 April 2023
8,397
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
509,889
536,359
Other debtors
65,561
61,738
575,450
598,097
7
Creditors: amounts falling due within one year
2024
2023
£
£
Corporation tax
310,300
273,149
Other taxation and social security
158,489
183,098
Other creditors
161,757
267,152
630,546
723,399

Other creditors include £111,899 (2023: £223,022) due to the directors.

WALLACE ROBINSON & MORGAN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 8 -
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
-
0
842,024

Other creditors include £nil (2023: £842,024) due to the directors.

9
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A of £1 each
50
50
50
50
Ordinary B of £1 each
50
50
50
50
Ordinary C of £1 each
1
1
1
1
Ordinary D of £1 each
1
1
1
1
Ordinary E of £1 each
1
1
1
1
103
103
103
103
10
Operating lease commitments

At the year end the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
197,625
226,125
11
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

During the year, total dividends of £530,256 (2023: £923,671) were paid to the directors.

 

At the year end the company owed £111,899 (2023: £1,065,046) to the directors, which is included in other creditors. These loans have no specific terms regarding repayment or the payment of interest. They remain payable on demand but the directors have indicated they will not request repayment in full until the business is in a position to repay them without detriment to other external creditors. No interest has been charged in respect of these balances during the current or previous year.

 

During the year the company paid rent of £184,500 (2023: £184,500) to Island Manor Limited, a company controlled by C Hughes as Executor for R P Hughes, and T R Langford.

 

The balance due to Island Manor Limited at the year-end was £1,094 (2023: £978).

 

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