Company registration number 00564167 (England and Wales)
WILLIAM FISHWICK & SON LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
WILLIAM FISHWICK & SON LIMITED
COMPANY INFORMATION
Directors
Mrs N C Cannock-Edwards
Ms H De Sylva Fishwick
Mr S W H Edwards
Ms S K Edwards
Company number
00564167
Registered office
1 Stanley Street
Chester
CH1 2LR
Accountants
Mitchell Charlesworth
Suites C,D,E&F
14th Floor The Plaza
100 Old Hall Street
Liverpool
L3 9QJ
Business address
1 Stanley Street
Chester
CH1 2LR
Bankers
National Westminster Bank Plc
5 Ormskirk Street
St Helens
Merseyside
WA10 1DR
WILLIAM FISHWICK & SON LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 8
WILLIAM FISHWICK & SON LIMITED
BALANCE SHEET
AS AT
30 APRIL 2024
30 April 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
45,092
62,200
Investments
4
9,849,713
12,165,569
9,894,805
12,227,769
Current assets
Stocks
18,936,775
16,716,922
Debtors
5
323,300
242,757
Cash at bank and in hand
10,595,382
4,189,810
29,855,457
21,149,489
Creditors: amounts falling due within one year
6
(2,359,540)
(1,515,389)
Net current assets
27,495,917
19,634,100
Net assets
37,390,722
31,861,869
Capital and reserves
Called up share capital
7
8,152
8,152
Capital redemption reserve
3,848
3,848
Profit and loss reserves
37,378,722
31,849,869
Total equity
37,390,722
31,861,869

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered 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 were approved by the board of directors and authorised for issue on 31 January 2025 and are signed on its behalf by:
Mr S W H  Edwards
Director
Company Registration No. 00564167
WILLIAM FISHWICK & SON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 2 -
1
Accounting policies
Company information

William Fishwick & Son Limited is a private company limited by shares incorporated in England and Wales. The registered office is 1 Stanley Street, Chester, CH1 2LR.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.

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.

1.2
Turnover

Turnover represents external property sales and rents receivable, excluding value added tax. Turnover in respect of property is stated net of recharges for services provided.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Fixtures, fittings & equipment
20% and 33.3% p.a. on cost
Motor vehicles
25% p.a. on net book value

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.

WILLIAM FISHWICK & SON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 3 -
1.4
Fixed asset investments

Interests in subsidiaries and associates are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

 

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

 

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

 

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.6
Stocks

Stock consist of properties held with a view to development in both the shorter and longer term. Stocks are stated at the lower of cost or net realisable value. Cost is identified as the expenditure incurred in the normal course of business in bringing the property to its present condition. This expenditure includes the cost of purchase and the cost of improvement, development and conversion, but excludes annual maintenance and similar charges.

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.

1.7
Cash at bank and in hand

Cash at bank and in hand 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.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

WILLIAM FISHWICK & SON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 4 -
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

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.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

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

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

WILLIAM FISHWICK & SON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 5 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.13
Leases

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was 10 (2023 - 12).

2024
2023
Number
Number
Total
10
12
WILLIAM FISHWICK & SON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 6 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 May 2023
215,095
Additions
630
At 30 April 2024
215,725
Depreciation and impairment
At 1 May 2023
152,895
Depreciation charged in the year
17,738
At 30 April 2024
170,633
Carrying amount
At 30 April 2024
45,092
At 30 April 2023
62,200
4
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
7,800
7,800
Loans to group undertakings and participating interests
9,841,913
12,165,569
9,849,713
12,165,569
WILLIAM FISHWICK & SON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
4
Fixed asset investments
(Continued)
- 7 -
Movements in fixed asset investments
Shares in group undertakings and participating interest
Loans to group undertakings and participating interest
Total
£
£
£
Cost or valuation
At 1 May 2023
7,800
12,157,769
12,165,569
Additions
-
3,341,000
3,341,000
Loan Interest
-
923,972
923,972
Capital Repayments
-
(6,580,828)
(6,580,828)
At 30 April 2024
7,800
9,841,913
9,849,713
Carrying amount
At 30 April 2024
7,800
9,841,913
9,849,713
At 30 April 2023
7,800
12,157,769
12,165,569
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
(4,946)
63,564
Other debtors
328,246
179,193
323,300
242,757
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
379,576
239,527
Corporation tax
1,065,285
87,758
Other taxation and social security
53,827
171,831
Other creditors
860,852
1,016,273
2,359,540
1,515,389
WILLIAM FISHWICK & SON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 8 -
7
Called up share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
8,152 Ordinary shares of £1 each
8,152
8,152

 

8
Related party transactions

During the year, the company paid £350,000 (2023: £350,000) in respect of management charges to Fairholme Developments Limited, a company with a common director.

9
Off balance sheet arrangements

On 30/09/2024 the company made a loan of £8,235,960 to Groco (Holdings) Ltd, a newly formed trading company. This payment was made as part of a group restructuring exercise which included resignations of the two directors, J A Edwards and P N Edwards.

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