Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-31holding company of a bedroom, bathroom and furniture manufacturers and sellers.2023-04-01false22truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 13775928 2023-04-01 2024-03-31 13775928 2022-04-01 2023-03-31 13775928 2024-03-31 13775928 2023-03-31 13775928 c:Director1 2023-04-01 2024-03-31 13775928 d:CurrentFinancialInstruments 2024-03-31 13775928 d:CurrentFinancialInstruments 2023-03-31 13775928 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 13775928 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 13775928 d:ShareCapital 2024-03-31 13775928 d:ShareCapital 2023-03-31 13775928 d:RetainedEarningsAccumulatedLosses 2024-03-31 13775928 d:RetainedEarningsAccumulatedLosses 2023-03-31 13775928 c:OrdinaryShareClass1 2023-04-01 2024-03-31 13775928 c:OrdinaryShareClass1 2024-03-31 13775928 c:OrdinaryShareClass1 2023-03-31 13775928 c:OrdinaryShareClass2 2023-04-01 2024-03-31 13775928 c:OrdinaryShareClass2 2024-03-31 13775928 c:OrdinaryShareClass2 2023-03-31 13775928 c:FRS102 2023-04-01 2024-03-31 13775928 c:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 13775928 c:FullAccounts 2023-04-01 2024-03-31 13775928 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 13775928 d:Subsidiary1 2023-04-01 2024-03-31 13775928 d:Subsidiary1 1 2023-04-01 2024-03-31 13775928 d:Subsidiary2 2023-04-01 2024-03-31 13775928 d:Subsidiary2 1 2023-04-01 2024-03-31 13775928 d:Subsidiary3 2023-04-01 2024-03-31 13775928 d:Subsidiary3 1 2023-04-01 2024-03-31 13775928 d:Subsidiary4 2023-04-01 2024-03-31 13775928 d:Subsidiary4 1 2023-04-01 2024-03-31 13775928 d:Subsidiary5 2023-04-01 2024-03-31 13775928 d:Subsidiary5 1 2023-04-01 2024-03-31 13775928 d:Subsidiary6 2023-04-01 2024-03-31 13775928 d:Subsidiary6 1 2023-04-01 2024-03-31 13775928 2 2023-04-01 2024-03-31 13775928 6 2023-04-01 2024-03-31 13775928 e:PoundSterling 2023-04-01 2024-03-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 13775928










WILKINS AND REED HOLDINGS LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2024

 
WILKINS AND REED HOLDINGS LIMITED
REGISTERED NUMBER: 13775928

STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024

As restated
2024
2023
Note
£
£

Fixed assets
  

Investments
 4 
101
77,580

  
101
77,580

Current assets
  

Debtors: amounts falling due within one year
 5 
516,384
359,686

Cash at bank and in hand
 6 
23,564
26,195

  
539,948
385,881

Creditors: amounts falling due within one year
 7 
(635,350)
(479,167)

Net current liabilities
  
 
 
(95,402)
 
 
(93,286)

Total assets less current liabilities
  
(95,301)
(15,706)

  

Net liabilities
  
(95,301)
(15,706)


Capital and reserves
  

Called up share capital 
 8 
200
200

Profit and loss account
  
(95,501)
(15,906)

  
(95,301)
(15,706)


Page 1

 
WILKINS AND REED HOLDINGS LIMITED
REGISTERED NUMBER: 13775928
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2024

The Directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The Directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




M Reed
Director

Date: 13 November 2024

The notes on pages 3 to 10 form part of these financial statements.

Page 2

 
WILKINS AND REED HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Wilkins and Reed Holdings Limited is a private company, limited by shares, incorporated in England and Wales, registration number 13775928. The registered office is Westgate Chambers, 8a Elm Park Road, Pinner, Middlesex, HA5 3LA.
The principal activity of the company is that of a holding company of a bedroom, bathroom and furniture manufacturers and sellers. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

Wilkins and Reed Holdings Limited is the parent company of a small group. It is not required to prepare and has not prepared group financial statements. The financial statements are those of the parent company, not the group. 
The financial statements are presented in sterling, the functional currency, rounded to the nearest £1.
There is a prior year adjustment reflected in the financial statements, see note 9. 

The following principal accounting policies have been applied:

 
2.2

Going concern

The company has net current liabilities of £95,402 (2022: as restated £93,286) and total net liabilities of £95,301 (2022: £15,706) at the reporting date. Katella Properties Company Ltd, a company of which a director, M Reed, is the director have committed to providing financial support to the company for a period of at least 12 months from the date of the approval of the Financial Statements. The directors have therefore prepared the accounts on a going concern basis.

Page 3

 
WILKINS AND REED HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

Borrowing costs

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

 
2.6

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.7

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.9

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 4

 
WILKINS AND REED HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.10

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Statement of Financial Position when the Company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Page 5

 
WILKINS AND REED HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.10
Financial instruments (continued)

Financial liabilities

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

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

 
2.11

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees



The average monthly number of employees, including directors, during the year was 2 (2023 - 2).

Page 6

 
WILKINS AND REED HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

4.


Fixed asset investments





Investments in subsidiary companies (as restated)

£



Cost or valuation


At 1 April 2023 (as previously stated)
572,580


Prior Year Adjustment

(495,000)


At 1 April 2023 (as restated)
77,580



At 31 March 2024

77,580



Impairment


Charge for the period
77,479



At 31 March 2024

77,479



Net book value



At 31 March 2024
101



At 31 March 2023 (as restated)
77,580

Page 7

 
WILKINS AND REED HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Principal activity

Class of shares

Holding

Décor Fabrications Limited
England & Wales
Manufacture of veneer sheets and wood-based panels
Ordinary
100%
Spacemaker Group Limited
England & Wales
Investment holding company
Ordinary
100%
Montrose Furniture Limited
England & Wales
Bathroom furniture manufacturer
Ordinary
90.9%
Spacemaker Bedrooms Limited
England & Wales
Sale of bedroom furniture
Ordinary
100%
Kilbridge Limited
England & Wales
Bedroom furniture manufacturer
Ordinary
 100%
Spacemaker Furniture Limited
England & Wales
Dormant
Ordinary
100%


5.


Debtors

As restated
2024
2023
£
£


Amounts owed by subsidiaries
491,938
344,938

Other debtors
24,246
14,548

Called up share capital not paid
200
200

516,384
359,686



6.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
23,564
26,195


Page 8

 
WILKINS AND REED HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

7.


Creditors: Amounts falling due within one year

As restated
2024
2023
£
£

Bank loans
57,705
-

Trade creditors
53,145
62,566

Amounts owed to group undertakings
216,000
108,000

Other creditors
305,000
305,101

Accruals and deferred income
3,500
3,500

635,350
479,167



8.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



100 (2023 - 100) Ordinary A shares of £1.00 each
100
100
100 (2023 - 100) Ordinary B shares of £1.00 each
100
100

200

200



9.


Prior year adjustment

The comparative figures for 31 March 2023 have been restated to reflect a prior year adjustment with regards to income from fixed assets investments, dividends, investments in subsidiary companies, amounts owed by subsidiaries, amounts owed to group undertakings and other creditors both due within and more than one year.
The adjustment for income from fixed assets investments of £108,000, dividends paid of £108,000, amounts owed by subsidiaries of £108,000 and amounts owed to group undertakings of £108,000 have been recognised in the prior year. 
The adjustments to investments in subsidiary companies of £495,000, other creditors due within one year of £135,000 and other creditors due after one year of £360,000 have been recognised in the prior year. 
There are no adjustments required to profit or reserves in respect of this prior year adjustment. 

Page 9

 
WILKINS AND REED HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

10.


Related party transactions

The company has taken advantage of the expectations of Financial Reporting Standards 102 Section 33 in respect of disclosure of intra-group transactions with wholly owned subsidiaries in the group. 
Included in creditors at the year end, are amounts owed of £305,000 (2023: £305,000) to Katella Properties Company Limited, a company of which a director, M Reed, is the director. This amount is unsecured, interest free, has no fixed date of repayment and is repayable on demand.
During the year, the company made advances of £20,448 to A W Wilkins, a director. At the year end amounts due from A W Wilkins was £20,347 (2023: £101 due to) and is included within other debtors. This loan unsecured, interest is charged at commercial rates and repayable on demand. 


11.


Controlling party

The company is controlled by M Reed and A M Wilkins by virtue of their majority shareholdings. 

 
Page 10