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Registration number: 04754756

Wilkinsons Hi-Fi Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 April 2024

 

Wilkinsons Hi-Fi Limited

Contents

Company Information

1

Directors' Report

2

Accountants' Report

3

Balance Sheet

4

Notes to the Unaudited Financial Statements

5 to 11

 

Wilkinsons Hi-Fi Limited

Company Information

Directors

Mr Andrew Wilkinson

Mr David Wilkinson

Company secretary

Mr Andrew Wilkinson

Registered office

92 Manchester Road
Nelson
Lancashire
BB9 7HD

Accountants

Hughes Accountants Limited
AAT Licensed Accountant
Ground Floor Unit 8, Vantage Court
Riverside Way
Barrowford
Nelson
Lancashire
BB9 6BP

 

Wilkinsons Hi-Fi Limited

Directors' Report for the Year Ended 30 April 2024

The directors present their report and the financial statements for the year ended 30 April 2024.

Directors of the company

The directors who held office during the year were as follows:

Mr Andrew Wilkinson - Company secretary and director

Mr David Wilkinson

Principal activity

The principal activity of the company is Audio and Visual Electrical retailer

Small companies provision statement

This report has 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.

Approved and authorised by the Board on 31 January 2025 and signed on its behalf by:
 

.........................................
Mr Andrew Wilkinson
Company secretary and director

 

Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Wilkinsons Hi-Fi Limited
for the Year Ended 30 April 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Wilkinsons Hi-Fi Limited for the year ended 30 April 2024 as set out on pages 4 to 11 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Accounting Technicians (AAT), we are subject to its ethical and other professional requirements, which are detailed at www.aat.org.uk/membership/standards-requirements.

This report is made solely to the Board of Directors of Wilkinsons Hi-Fi Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Wilkinsons Hi-Fi Limited and state those matters that we have agreed to state to the Board of Directors of Wilkinsons Hi-Fi Limited, as a body, in this report in accordance with the requirements of the Association of Accounting Technicians (AAT). To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Wilkinsons Hi-Fi Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Wilkinsons Hi-Fi Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Wilkinsons Hi-Fi Limited. You consider that Wilkinsons Hi-Fi Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Wilkinsons Hi-Fi Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Hughes Accountants Limited
AAT Licensed Accountant
Ground Floor Unit 8, Vantage Court
Riverside Way
Barrowford
Nelson
Lancashire
BB9 6BP

31 January 2025

 

Wilkinsons Hi-Fi Limited

(Registration number: 04754756)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

6

573

716

Current assets

 

Stocks

7

130,941

120,941

Debtors

8

8,322

1,328

Cash at bank and in hand

 

40,103

35,567

 

179,366

157,836

Creditors: Amounts falling due within one year

9

(59,221)

(60,042)

Net current assets

 

120,145

97,794

Net assets

 

120,718

98,510

Capital and reserves

 

Called up share capital

10

150

150

Retained earnings

120,568

98,360

Shareholders' funds

 

120,718

98,510

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.

Approved and authorised by the Board on 31 January 2025 and signed on its behalf by:
 

.........................................
Mr Andrew Wilkinson
Company secretary and director

 

Wilkinsons Hi-Fi 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:
92 Manchester Road
Nelson
Lancashire
BB9 7HD
England

These financial statements were authorised for issue by the Board on 31 January 2025.

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.

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 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 income 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.

 

Wilkinsons Hi-Fi Limited

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

Tangible assets

Tangible assets are stated in the balance sheet 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

Furniture and Fittings

20% Reducing Balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10% Straight line

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.

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.

 

Wilkinsons Hi-Fi Limited

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

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.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 6 (2023 - 6).

4

Profit before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

143

179

 

Wilkinsons Hi-Fi Limited

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

5

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 May 2023

18,000

18,000

At 30 April 2024

18,000

18,000

Amortisation

At 1 May 2023

18,000

18,000

At 30 April 2024

18,000

18,000

Carrying amount

At 30 April 2024

-

-

6

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 May 2023

5,698

5,698

At 30 April 2024

5,698

5,698

Depreciation

At 1 May 2023

4,982

4,982

Charge for the year

143

143

At 30 April 2024

5,125

5,125

Carrying amount

At 30 April 2024

573

573

At 30 April 2023

716

716

7

Stocks

2024
£

2023
£

Other inventories

130,941

120,941

 

Wilkinsons Hi-Fi Limited

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

8

Debtors

Current

2024
£

2023
£

Trade debtors

1,310

1,328

Prepayments

7,012

-

 

8,322

1,328

9

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

10,591

12,225

Taxation and social security

12,398

11,280

Accruals and deferred income

10,050

2,355

Other creditors

26,182

34,182

59,221

60,042

10

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary of £1 each

150

150

150

150

         

11

Related party transactions

Key management personnel

Summary of transactions with key management

 

Wilkinsons Hi-Fi Limited

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

Transactions with directors

2024

At 1 May 2023
£

Advances to director
£

At 30 April 2024
£

Mr David Wilkinson

9,116

-

9,116

-

-

-

 

9,116

-

9,116

     

Mr Andrew Wilkinson

25,066

(8,000)

17,066

-

-

-

 

25,066

(8,000)

17,066

     

 

2023

At 1 May 2022
£

Repayments by director
£

At 30 April 2023
£

Mr David Wilkinson

7,616

1,500

9,116

-

-

-

 

7,616

1,500

9,116

     

Mr Andrew Wilkinson

25,066

-

25,066

-

-

-

 

25,066

-

25,066

     

 

 

Wilkinsons Hi-Fi Limited

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

Loans from related parties

2024

Key management
£

Total
£

At start of period

34,182

34,182

Repaid

(8,000)

(8,000)

At end of period

26,182

26,182

2023

Key management
£

Total
£

At start of period

32,682

32,682

Advanced

1,500

1,500

At end of period

34,182

34,182