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Registration number: 09445787

R Wallace & Son Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 April 2024

 

R Wallace & Son Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

R Wallace & Son Limited

(Registration number: 09445787)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

554,385

500,459

Current assets

 

Stocks

5

12,846

15,102

Debtors

6

44,993

15,367

Investments

7

107,232

107,573

Cash at bank and in hand

 

308,282

364,287

 

473,353

502,329

Creditors: Amounts falling due within one year

8

(74,279)

(122,639)

Net current assets

 

399,074

379,690

Total assets less current liabilities

 

953,459

880,149

Provisions for liabilities

(17,220)

-

Net assets

 

936,239

880,149

Capital and reserves

 

Called up share capital

9

100

100

Retained earnings

936,139

880,049

Shareholders' funds

 

936,239

880,149

For the financial year ending 30 April 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 accounts for the year in question in accordance with section 476; and

The Directors acknowledge their 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 Directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 30 September 2024 and signed on its behalf by:
 

 

R Wallace & Son Limited

(Registration number: 09445787)
Balance Sheet as at 30 April 2024

.........................................
Mr Edward Wallace
Director

.........................................
Mr Stuart Wallace
Director

 

R Wallace & Son Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

1

General information

The Company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
27 High Street
Crowle
Scunthorpe
North Lincolnshire
DN17 4LD

These financial statements were authorised for issue by the Board on 30 September 2024.

2

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.

The financial statements have been prepared in sterling and are rounded to the nearest pound.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the Company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The Company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the Company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

R Wallace & Son Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the Company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the statement of financial position 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.

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

Fixtures & Fittings

33% Straight line

Motor Vehicles

25% Reducing balance

Land and Buildings

Not depreciated

Plant and Machinery

25% Reducing balance

Office Equipment

33% Straight line

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.

 

R Wallace & Son Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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.

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.

3

Staff numbers

The average number of persons employed by the Company (including Directors) during the year, was 11 (2023 - 11).

 

R Wallace & Son Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 May 2023

379,184

57,366

177,994

614,544

Additions

-

-

108,550

108,550

At 30 April 2024

379,184

57,366

286,544

723,094

Depreciation

At 1 May 2023

-

41,656

72,429

114,085

Charge for the year

-

6,688

47,936

54,624

At 30 April 2024

-

48,344

120,365

168,709

Carrying amount

At 30 April 2024

379,184

9,022

166,179

554,385

At 30 April 2023

379,184

15,710

105,565

500,459

Included within the net book value of land and buildings above is £379,184 (2023 - £379,184) in respect of freehold land and buildings.
 

 

R Wallace & Son Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

5

Stocks

2024
£

2023
£

Work in progress

4,000

4,000

Other inventories

8,846

11,102

12,846

15,102

6

Debtors

Current

2024
£

2023
£

Trade debtors

31,881

11,390

Prepayments

5,813

2,927

Other debtors

7,299

1,050

 

44,993

15,367

7

Current asset investments

2024
£

2023
£

Prudential bond

107,232

107,573

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

11,311

72,462

Trade creditors

 

1,663

1,523

Taxation and social security

 

56,575

37,441

Accruals and deferred income

 

3,600

4,120

Other creditors

 

1,130

7,093

 

74,279

122,639

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary Shares of £1 each

100

100

100

100

       
 

R Wallace & Son Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

10

Related party transactions

The below advance had no fixed repayment date and was unsecured. Interest was not charged.

Transactions with Directors

2024

At 1 May 2023
£

Advances to Director
£

Repayments by Director
£

At 30 April 2024
£

Mr Edward Wallace

Directors Current Account

1,050

69,630

(66,655)

4,025

Mr Ryan Wallace

Directors Current Account

(2,640)

51,714

(45,800)

3,274

2023

At 1 May 2022
£

Advances to Director
£

Repayments by Director
£

At 30 April 2023
£

Mr Edward Wallace

Directors Current Account

-

1,050

-

1,050

Mr Ryan Wallace

Directors Current Account

-

-

(2,640)

(2,640)