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Company No: 01977927 (England and Wales)

A J WAKELY & SONS LIMITED

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

A J WAKELY & SONS LIMITED

Unaudited Financial Statements

For the financial year ended 31 May 2024

Contents

A J WAKELY & SONS LIMITED

BALANCE SHEET

As at 31 May 2024
A J WAKELY & SONS LIMITED

BALANCE SHEET (continued)

As at 31 May 2024
Note 2024 2023
£ £
Fixed assets
Intangible assets 3 833,102 698,751
Tangible assets 4 2,303,303 1,615,819
Investment property 5 375,000 375,000
Investments 6 1,100 1,000
3,512,505 2,690,570
Current assets
Stocks 7 47,924 31,492
Debtors 8 610,625 601,255
Cash at bank and in hand 875,842 1,708,896
1,534,391 2,341,643
Creditors: amounts falling due within one year 9 ( 1,472,575) ( 1,328,428)
Net current assets 61,816 1,013,215
Total assets less current liabilities 3,574,321 3,703,785
Creditors: amounts falling due after more than one year 10 ( 252,628) ( 139,200)
Provision for liabilities ( 91,724) ( 103,354)
Net assets 3,229,969 3,461,231
Capital and reserves
Called-up share capital 100 100
Fair value reserve 7,222 7,222
Profit and loss account 3,222,647 3,453,909
Total shareholders' funds 3,229,969 3,461,231

For the financial year ending 31 May 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 A J Wakely & Sons Limited (registered number: 01977927) were approved and authorised for issue by the Board of Directors on 19 November 2024. They were signed on its behalf by:

C J Wakely
Director
S Wakely
Director
A J WAKELY & SONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 May 2024
A J WAKELY & SONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 May 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

A J Wakely & Sons Limited (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 91 East Street, Bridport, DT6 3LB, 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 £.

Group accounts exemption

Group accounts exemption s399
The Company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the Company as an individual entity and not about its group.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and 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.

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 Balance Sheet date. Tax is recognised in the profit and loss account, 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.

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 tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. 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. Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 5 years straight line
Goodwill

Goodwill arises on business combinations and represents any excess of consideration given over the fair value of the identifiable assets and liabilities acquired. Goodwill is initially recognised as an intangible asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis over its useful economic life, which is five years.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. 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:

Land and buildings 10 - 50 years straight line
Plant and machinery 25 % reducing balance
Vehicles 25 % reducing balance
Fixtures and fittings 15 % reducing balance
Computer equipment 3 years straight line

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.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

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 the directors, on an open market value for existing use basis.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

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. 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.

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.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 70 67

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 June 2023 2,462,577 2,462,577
Additions 800,000 800,000
At 31 May 2024 3,262,577 3,262,577
Accumulated amortisation
At 01 June 2023 1,763,826 1,763,826
Charge for the financial year 337,398 337,398
Impairment losses 328,251 328,251
At 31 May 2024 2,429,475 2,429,475
Net book value
At 31 May 2024 833,102 833,102
At 31 May 2023 698,751 698,751

4. Tangible assets

Land and buildings Plant and machinery Vehicles Fixtures and fittings Computer equipment Total
£ £ £ £ £ £
Cost
At 01 June 2023 1,677,556 1,319,774 230,373 261,109 53,581 3,542,393
Additions 744,424 37,125 43,549 7,528 12,158 844,784
Disposals 0 0 ( 43,300) 0 0 ( 43,300)
At 31 May 2024 2,421,980 1,356,899 230,622 268,637 65,739 4,343,877
Accumulated depreciation
At 01 June 2023 479,543 1,102,501 140,707 163,647 40,176 1,926,574
Charge for the financial year 47,096 59,456 23,866 15,580 8,164 154,162
Disposals 0 0 ( 40,162) 0 0 ( 40,162)
At 31 May 2024 526,639 1,161,957 124,411 179,227 48,340 2,040,574
Net book value
At 31 May 2024 1,895,341 194,942 106,211 89,410 17,399 2,303,303
At 31 May 2023 1,198,013 217,273 89,666 97,462 13,405 1,615,819

5. Investment property

Investment property
£
Valuation
As at 01 June 2023 375,000
As at 31 May 2024 375,000

Valuation

The investment property was revalued at 31 May 2023 by the directors on a market value basis.

There has been no valuation of investment property by an independent valuer.

6. Fixed asset investments

Investments in subsidiaries

2024
£
Cost
At 01 June 2023 1,000
Additions 1,320,000
Transfer to goodwill (800,000)
Impairment (519,900)
At 31 May 2024 1,100
Carrying value at 31 May 2024 1,100
Carrying value at 31 May 2023 1,000

The company holds 100% of the ordinary share capital of J. F. Clarke & Son Limited and Cotton & Son Limited. The trade and assets of J.F. Clarke & Son Limited and Cotton & Son Limited were hived up into A J Wakely & Sons Limited following acquisition.

The registered office of J.F. Clarke & Son Limited is Lyme Road, Axminster, Devon, EX13 5BE, and the registered office of Cotton & Son Limited is 91 East Street, Bridport, Dorset, DT6 3LB.

The principal activity of both J.F. Clarke & Son Limited and Cotton & Son Limited is that of dormant companies.

7. Stocks

2024 2023
£ £
Stocks 47,924 31,492

8. Debtors

2024 2023
£ £
Trade debtors 537,239 536,438
Other debtors 73,386 64,817
610,625 601,255

9. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans (secured) 73,489 34,800
Trade creditors 132,709 158,698
Amounts owed to Group undertakings 13,393 0
Taxation and social security 189,711 245,371
Other creditors 1,063,273 889,559
1,472,575 1,328,428

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

2024 2023
£ £
Bank loans (secured) 252,628 139,200

Bank borrowings are secured by a fixed legal charge over the respective freehold properties.

11. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2024 2023
£ £
within one year 85,647 59,750
between one and five years 142,588 57,000
after five years 30,155 0
258,390 116,750

The total commitment shown above is in relation to non-cancellable operating leases on business premises and equipment.