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Registered number: 1912979
W.A.P. Lawton & Son Limited
Unaudited Financial Statements
For The Year Ended 31 August 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 1912979
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 5 135,703 170,094
135,703 170,094
CURRENT ASSETS
Stocks 6 3,989 3,712
Debtors 7 118,585 129,964
Cash at bank and in hand 388,678 396,095
511,252 529,771
Creditors: Amounts Falling Due Within One Year 8 (44,487 ) (46,142 )
NET CURRENT ASSETS (LIABILITIES) 466,765 483,629
TOTAL ASSETS LESS CURRENT LIABILITIES 602,468 653,723
PROVISIONS FOR LIABILITIES
Deferred Taxation 9 (25,064 ) (29,843 )
NET ASSETS 577,404 623,880
CAPITAL AND RESERVES
Called up share capital 10 30,711 30,711
Capital redemption reserve 7,501 7,501
Profit and Loss Account 539,192 585,668
SHAREHOLDERS' FUNDS 577,404 623,880
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Page 2
For the year ending 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Jeremy Lawton
Director
29/10/2024
The notes on pages 3 to 6 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
W.A.P. Lawton & Son Limited is a private company, limited by shares, incorporated in England & Wales, registered number 1912979 . The registered office is Springfield Nurseries, Pickmere Lane, Pickmere, Knutsford, Cheshire, WA16 0JP.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It has been fully amortised.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold 10% reducing balance
Plant & Machinery 20% reducing balance
Motor Vehicles 25% reducing balance
Fixtures & Fittings 10% reducing balance
2.5. Leasing and Hire Purchase Contracts
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.6. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
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2.7. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.8. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 15 (2023: 16)
15 16
4. Intangible Assets
Goodwill
£
Cost
As at 1 September 2023 30,000
As at 31 August 2024 30,000
Amortisation
As at 1 September 2023 30,000
As at 31 August 2024 30,000
Net Book Value
As at 31 August 2024 -
As at 1 September 2023 -
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5. Tangible Assets
Land & Property
Leasehold Plant & Machinery Motor Vehicles Fixtures & Fittings Total
£ £ £ £ £
Cost
As at 1 September 2023 116,270 265,876 190,421 8,244 580,811
Additions 2,018 - - - 2,018
Disposals - - (3,550 ) - (3,550 )
As at 31 August 2024 118,288 265,876 186,871 8,244 579,279
Depreciation
As at 1 September 2023 91,678 215,132 97,231 6,676 410,717
Provided during the period 2,595 10,154 23,371 157 36,277
Disposals - - (3,418 ) - (3,418 )
As at 31 August 2024 94,273 225,286 117,184 6,833 443,576
Net Book Value
As at 31 August 2024 24,015 40,590 69,687 1,411 135,703
As at 1 September 2023 24,592 50,744 93,190 1,568 170,094
6. Stocks
2024 2023
£ £
Materials 3,989 3,712
7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 111,625 113,349
Prepayments and accrued income 6,960 16,615
118,585 129,964
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 10,172 9,239
Other taxes and social security 27,015 30,698
Accruals and deferred income 7,300 6,205
44,487 46,142
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9. Deferred Taxation
The provision for deferred tax is made up as follows:
2024 2023
£ £
Accelerated capital allowances 25,064 29,843
10. Share Capital
2024 2023
Allotted, called up and fully paid £ £
30,711 Ordinary Shares of £ 1.00 each 30,711 30,711
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