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Company No: 05670575 (England and Wales)

J M WILSON LTD

Unaudited Financial Statements
For the financial year ended 31 March 2024
Pages for filing with the registrar

J M WILSON LTD

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

J M WILSON LTD

STATEMENT OF FINANCIAL POSITION

As at 31 March 2024
J M WILSON LTD

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 March 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 9,192 8,836
Investment property 4 300,000 300,000
309,192 308,836
Current assets
Debtors 5 60,468 2,268
Cash at bank and in hand 16,119 89,116
76,587 91,384
Creditors: amounts falling due within one year 6 ( 16,883) ( 8,634)
Net current assets 59,704 82,750
Total assets less current liabilities 368,896 391,586
Creditors: amounts falling due after more than one year 7 ( 126,009) ( 129,809)
Provision for liabilities 8 ( 16,843) ( 13,104)
Net assets 226,044 248,673
Capital and reserves
Called-up share capital 1,000 1,000
Revaluation reserve 65,066 65,066
Profit and loss account 159,978 182,607
Total shareholders' funds 226,044 248,673

For the financial year ending 31 March 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of J M Wilson Ltd (registered number: 05670575) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

J M Wilson
Director

14 November 2024

J M WILSON LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
J M WILSON LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

J M Wilson Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is C/O Larking Gowen 1st Floor Prospect House, Rouen Road, Norwich, NR1 1RE, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

Finance costs

Finance costs are charged to the Income Statement over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

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 fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Vehicles 15 % reducing balance
Fixtures and fittings 15 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Borrowing costs

All other borrowing costs are recognised in profit or loss in the period in which they are incurred.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by external valuers and derived from current market rent and investment property yields for comparable real estate, adjusted if necessary, for any difference in nature, location or condition of the specific property.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 2

3. Tangible assets

Vehicles Fixtures and fittings Total
£ £ £
Cost
At 01 April 2023 18,000 10,099 28,099
Additions 0 1,978 1,978
At 31 March 2024 18,000 12,077 30,077
Accumulated depreciation
At 01 April 2023 12,909 6,354 19,263
Charge for the financial year 764 858 1,622
At 31 March 2024 13,673 7,212 20,885
Net book value
At 31 March 2024 4,327 4,865 9,192
At 31 March 2023 5,091 3,745 8,836

4. Investment property

Investment property
£
Valuation
As at 01 April 2023 300,000
As at 31 March 2024 300,000

The 2024 valuations were made by the Directors, on an open market value for existing use basis.

5. Debtors

2024 2023
£ £
Corporation tax 16,012 0
Other debtors 44,456 2,268
60,468 2,268

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 3,800 3,800
Accruals 1,117 1,160
Corporation tax 11,966 3,674
16,883 8,634

7. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 5,066 8,866
Other loans 120,943 120,943
126,009 129,809

Included in other loans are secured creditors of £120,943 (2023: £120,943) secured on the property owned by the company.

8. Deferred tax

2024 2023
£ £
At the beginning of financial year ( 13,104) ( 17,383)
(Charged)/credited to the Income Statement ( 3,739) 4,279
At the end of financial year ( 16,843) ( 13,104)

9. Related party transactions

Transactions with the entity's directors

The directors were overdrawn by £44,456 at the reporting date, £9,000 of this was repaid within 9 months of the year end.