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COMPANY REGISTRATION NUMBER: 06166450
GJ Wilcox (Agric) Limited
Filleted Unaudited Financial Statements
31 July 2024
GJ Wilcox (Agric) Limited
Statement of Financial Position
31 July 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
5
189,093
168,478
Current assets
Stocks
500
500
Debtors
6
50,389
16,228
Cash at bank and in hand
8,512
38,472
--------
--------
59,401
55,200
Creditors: amounts falling due within one year
7
121,729
89,022
---------
--------
Net current liabilities
62,328
33,822
---------
---------
Total assets less current liabilities
126,765
134,656
Creditors: amounts falling due after more than one year
8
7,373
15,320
Provisions
21,004
16,765
---------
---------
Net assets
98,388
102,571
---------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
98,288
102,471
--------
---------
Shareholders funds
98,388
102,571
--------
---------
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 July 2024 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
GJ Wilcox (Agric) Limited
Statement of Financial Position (continued)
31 July 2024
These financial statements were approved by the board of directors and authorised for issue on 20 October 2024 , and are signed on behalf of the board by:
Mr G J Wilcox
Director
Company registration number: 06166450
GJ Wilcox (Agric) Limited
Notes to the Financial Statements
Year ended 31 July 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 40 Kimbolton Road, Bedford, MK40 2NR.
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 is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
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.
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:
Plant and machinery
-
15% reducing balance
Motor vehicles
-
25% reducing balance
Renewable energy
-
5 % straight line
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2023: 2 ).
5. Tangible assets
Long leasehold property
Plant and machinery
Motor vehicles
User defined asset
Total
£
£
£
£
£
Cost
At 1 August 2023
52,000
188,823
45,686
26,611
313,120
Additions
45,000
45,000
--------
---------
--------
--------
---------
At 31 July 2024
52,000
233,823
45,686
26,611
358,120
--------
---------
--------
--------
---------
Depreciation
At 1 August 2023
106,683
29,863
8,096
144,642
Charge for the year
19,100
3,955
1,330
24,385
--------
---------
--------
--------
---------
At 31 July 2024
125,783
33,818
9,426
169,027
--------
---------
--------
--------
---------
Carrying amount
At 31 July 2024
52,000
108,040
11,868
17,185
189,093
--------
---------
--------
--------
---------
At 31 July 2023
52,000
82,140
15,823
18,515
168,478
--------
---------
--------
--------
---------
6. Debtors
2024
2023
£
£
Trade debtors
45,203
11,309
Other debtors
5,186
4,919
--------
--------
50,389
16,228
--------
--------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
9,407
7,719
Trade creditors
38,650
18,136
Corporation tax
480
Social security and other taxes
6,359
12,925
S G Wilcox loan
150
150
Other creditors
67,163
49,612
---------
--------
121,729
89,022
---------
--------
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
7,373
15,320
-------
--------