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COMPANY REGISTRATION NUMBER: 03457903
G. G. Wilkinson Building Limited
Filleted Unaudited Financial Statements
Year ended
28 October 2023
G. G. Wilkinson Building Limited
Financial Statements
Year ended 28 October 2023
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
G. G. Wilkinson Building Limited
Statement of Financial Position
28 October 2023
2023
2022
Note
£
£
£
£
Fixed assets
Tangible assets
5
894,000
880,000
Current assets
Debtors
6
22,001
74,719
Creditors: amounts falling due within one year
7
12,088
45,096
--------
--------
Net current assets
9,913
29,623
----------
----------
Total assets less current liabilities
903,913
909,623
Creditors: amounts falling due after more than one year
8
360,521
362,352
Provisions
Taxation including deferred tax
79,840
79,840
----------
----------
Net assets
463,552
467,431
----------
----------
Capital and reserves
Called up share capital
2
2
Revaluation reserve
526,000
526,000
Profit and loss account
( 62,450)
( 58,571)
----------
----------
Shareholder funds
463,552
467,431
----------
----------
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 comprehensive income has not been delivered.
For the year ending 28 October 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 member has 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 .
G. G. Wilkinson Building Limited
Statement of Financial Position (continued)
28 October 2023
These financial statements were approved by the board of directors and authorised for issue on 28 October 2024 , and are signed on behalf of the board by:
Mr G G Wilkinson
Director
Company registration number: 03457903
G. G. Wilkinson Building Limited
Notes to the Financial Statements
Year ended 28 October 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 6 High Street, Alford, Lincolnshire, LN13 9DX.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
(a) Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of 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.
(b) Going concern
Following the challenges arising as a consequence of the Covid-19 pandemic in 2020/21, more latterly the UK economy has been impacted by rising inflation, interest rates and energy costs, exacerbated by the war in Ukraine. All these matters have impacted the company's trading results to a greater or lesser extent. At the date of signing these financial statements, the director has considered the effect of these matters on the company with the information available to it, and does not believe that it it will affect the ability of the company to continue to trade for the foreseeable future. On this basis, the director has prepared these financial statements on a going concern basis.
(c) Revenue recognition
Turnover comprises revenue recognised by the company in respect of rental income receivable. Revenue from rents receivable is recognised in accordance with the terms of the relevant lease agreement.
(d) Current & deferred 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. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
(e) Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
(f) 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
-
20% reducing balance
(g) Investment properties
Investment properties are initially recorded at cost, which includes purchase price and any directly attributable expenditure.
Investment properties are revalued to their fair value at each reporting date and any changes in fair value are recognised in profit or loss.
(h) Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangement entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2022: 2 ).
5. Tangible assets
Freehold property
Plant and machinery
Total
£
£
£
Cost
At 29 October 2022
880,000
880,000
Additions
16,800
16,800
----------
--------
----------
At 28 October 2023
880,000
16,800
896,800
----------
--------
----------
Depreciation
At 29 October 2022
Charge for the year
2,800
2,800
----------
--------
----------
At 28 October 2023
2,800
2,800
----------
--------
----------
Carrying amount
At 28 October 2023
880,000
14,000
894,000
----------
--------
----------
At 28 October 2022
880,000
880,000
----------
--------
----------
The investment properties were valued in October 2022 by the director who has experience in the location and category of the investment property being valued.
6. Debtors
2023
2022
£
£
Trade debtors
74,719
Other debtors
22,001
--------
--------
22,001
74,719
--------
--------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
8,011
7,052
Trade creditors
3,390
2,819
Social security and other taxes
687
687
Director loan account
34,538
--------
--------
12,088
45,096
--------
--------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
360,521
362,352
----------
----------
The bank loans are secured on the Investment Properties.
9. Director's advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2023
Balance brought forward
Advances/ (credits) to the director
Amounts repaid
Balance outstanding
£
£
£
£
Mr G G Wilkinson
( 34,538)
90,801
( 34,262)
22,001
--------
--------
--------
--------
2022
Balance brought forward
Advances/ (credits) to the director
Amounts repaid
Balance outstanding
£
£
£
£
Mr G G Wilkinson
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