Registration number:
Wilson Mitchell & Co. Limited
for the Year Ended 31 December 2023
Wilson Mitchell & Co. Limited
(Registration number: 04279875)
Balance Sheet as at 31 December 2023
Note |
2023 |
2022 |
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Fixed assets |
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Tangible assets |
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Investment property |
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- |
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Other investments |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
9 |
9 |
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Capital redemption reserve |
1 |
1 |
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Retained earnings |
1,057,208 |
1,145,948 |
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Shareholders' funds |
1,057,218 |
1,145,958 |
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.
Director's responsibilities:
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The director acknowledges her 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 director has not delivered to the registrar a copy of the Profit and Loss Account.
Approved and authorised by the
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Wilson Mitchell & Co. Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
General information |
The company is a private company limited by share capital, incorporated in England & Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
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.
Wilson Mitchell & Co. Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
Changes in accounting policy
New standards, interpretations and amendments
The following have been applied for the first time from 1 January 2023 and have had an effect on the financial statements:
Investment recognition and valuation policy
Since the cessation of the trading element of the company it has changed from recognising investments at cost to recognising at fair value through the profit and loss. The comparative amounts have been updated to reflect this change and the impact on the financial statements can be seen below.
Relating to the prior period disclosed in these financial statements | |||
Income statement - Gain/(loss) on financial assets at fair value through the profit & loss | (242,707) | ||
Balance sheet - Investments | 740,156 | ||
Balance sheet - Other financial assets | (982,863) | ||
Balance sheet - Retained earnings | 242,707 | ||
Reclassification of comparative amounts
Revenue recognition
Turnover comprises of the provision of services during the year which is recognised as income on an accruals basis as the work is performed.
Gains or deficits on current asset collective investments in shares and equities are recognised within the financial statements upon the sale of the underlying investments where gains or deficits are crystalised.
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.
Wilson Mitchell & Co. Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
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 |
Motor vehicles |
25% reducing balance |
Furniture & fittings |
25% reducing balance |
Computer equipment |
3 years on cost |
Investment property
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
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.
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.
Wilson Mitchell & Co. Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
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.
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.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Wilson Mitchell & Co. Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
Tangible assets |
Fixtures and fittings |
Plant and machinery |
Office equipment |
Motor vehicles |
Total |
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Cost or valuation |
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At 1 January 2023 |
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Disposals |
( |
( |
( |
- |
( |
At 31 December 2023 |
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- |
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Depreciation |
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At 1 January 2023 |
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Charge for the year |
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- |
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Eliminated on disposal |
( |
( |
( |
- |
( |
At 31 December 2023 |
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- |
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Carrying amount |
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At 31 December 2023 |
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- |
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At 31 December 2022 |
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- |
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Investment properties |
2023 |
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Additions |
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At 31 December |
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The property was bought towards the end of the financial year and any change in fair market value has been deemed as trivial.
There has been no valuation of investment property by an independent valuer.
Wilson Mitchell & Co. Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
Investments |
2023 |
2022 |
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Investments in equities |
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Other investments |
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Investments in equities |
£ |
Cost or valuation |
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At 1 January 2023 |
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Revaluation |
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Disposals |
( |
At 31 December 2023 |
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At 31 December 2022 |
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Other investments |
£ |
Cost |
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At 1 January 2023 |
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Additions |
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At 31 December 2023 |
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Debtors |
Current |
2023 |
2022 |
Other debtors |
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Wilson Mitchell & Co. Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
Creditors |
Creditors: amounts falling due within one year
Note |
2023 |
2022 |
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Due within one year |
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Loans and borrowings |
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Accruals and deferred income |
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Creditors: amounts falling due after more than one year
Note |
2023 |
2022 |
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Due after one year |
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Loans and borrowings |
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Loans and borrowings |
Non-current loans and borrowings
2023 |
2022 |
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Bank borrowings |
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Current loans and borrowings
2023 |
2022 |
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Bank borrowings |
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Wilson Mitchell & Co. Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
Related party transactions |
Transactions with the director |
2023 |
At 1 January 2023 |
Advances to director |
Repayments by director |
At 31 December 2023 |
Mrs L M Bradley |
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Loan @ 2.25% interest |
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( |
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2022 |
At 1 January 2022 |
Advances to director |
Repayments by director |
At 31 December 2022 |
Mrs L M Bradley |
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Loan @ 2.25% interest |
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( |
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