Registered number
09969811
Wicson Limited
Filleted Accounts
31 March 2024
Wicson Limited
Registered number: 09969811
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 2,567 2,168
Investments 4 415,399 415,397
417,966 417,565
Current assets
Debtors 5 404,623 13,503
Cash at bank and in hand 235,792 685,972
640,415 699,475
Creditors: amounts falling due within one year 6 (469,307) (519,296)
Net current assets 171,108 180,179
Total assets less current liabilities 589,074 597,744
Creditors: amounts falling due after more than one year 7 (11,667) (21,667)
Provisions for liabilities (488) (412)
Net assets 576,919 575,665
Capital and reserves
Called up share capital 90 90
Profit and loss account 576,829 575,575
Shareholders' funds 576,919 575,665
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr D Wickenden
Director
Approved by the board on 19 December 2024
Wicson Limited
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery over 4 years
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
1 Accounting policies (cont'd)
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 1 2
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2023 11,371
Additions 1,445
At 31 March 2024 12,816
Depreciation
At 1 April 2023 9,203
Charge for the year 1,046
At 31 March 2024 10,249
Net book value
At 31 March 2024 2,567
At 31 March 2023 2,168
4 Investments
Investment Other Total
Property investments investments
£
Cost
At 1 April 2023 415,397 - 415,397
Additions - 2 2
At 31 March 2024 415,397 2 415,399
Historical cost
At 1 April 2023 415,397
At 31 March 2024 415,397
At 31 March 2024 the valuation of the investment property was reviewed by Mr D Wickenden, the director of the company. Following the review he is satisfied that the current valuation represents the fair value of the investment property.
5 Debtors 2024 2023
£ £
Trade debtors 7,665 8,372
Amounts owed by group undertakings and undertakings in which the company has a participating interest 390,830 -
Other debtors 6,128 5,131
404,623 13,503
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 10,000 10,000
Taxation and social security costs 2,004 84,060
Directors' loan account 389,669 422,642
Other creditors 67,634 2,594
469,307 519,296
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 11,667 21,667
8 Controlling party
In the opinion of the director the company has no controlling party by virtue of the shareholdings in the company.
9 Other information
Wicson Limited is a private company limited by shares and incorporated in England. Its registered office is:
Bury Lodge
Bury Road
Stowmarket
Suffolk
IP14 1JA
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