Company registration number 01192914 (England and Wales)
JOHN WILKINSON & SON (BUILDERS) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MAY 2024
PAGES FOR FILING WITH REGISTRAR
JOHN WILKINSON & SON (BUILDERS) LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 12
JOHN WILKINSON & SON (BUILDERS) LIMITED
BALANCE SHEET
- 1 -
31 May 2024
31 December 2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
73,701
158,865
Investment property
4
800,000
960,000
873,701
1,118,865
Current assets
Stocks
10,000
35,000
Debtors
5
3,442,162
3,162,056
Investments
6
173
173
Cash at bank and in hand
170,496
3,452,335
3,367,725
Creditors: amounts falling due within one year
7
(2,061,919)
(2,437,612)
Net current assets
1,390,416
930,113
Total assets less current liabilities
2,264,117
2,048,978
Creditors: amounts falling due after more than one year
8
(267,779)
(332,733)
Provisions for liabilities
(51,907)
(57,569)
Net assets
1,944,431
1,658,676
Capital and reserves
Called up share capital
10,000
10,000
Profit and loss reserves
1,934,431
1,648,676
Total equity
1,944,431
1,658,676
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 period ended 31 May 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 period 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.
JOHN WILKINSON & SON (BUILDERS) LIMITED
BALANCE SHEET (CONTINUED)
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 17 February 2025 and are signed on its behalf by:
Mr D M Long
Director
Company registration number 01192914 (England and Wales)
JOHN WILKINSON & SON (BUILDERS) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 MAY 2024
- 3 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 January 2022
10,000
1,224,405
1,234,405
Year ended 31 December 2022:
Profit and total comprehensive income
-
528,271
528,271
Dividends
-
(104,000)
(104,000)
Balance at 31 December 2022
10,000
1,648,676
1,658,676
Period ended 31 May 2024:
Profit and total comprehensive income
-
486,755
486,755
Dividends
-
(201,000)
(201,000)
Balance at 31 May 2024
10,000
1,934,431
1,944,431
JOHN WILKINSON & SON (BUILDERS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MAY 2024
- 4 -
1
Accounting policies
Company information
John Wilkinson & Son (Builders) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Carrfield Works, Park Lane, Preesall, Poulton-le-Fylde, FY6 0LU.
1.1
Reporting period
The reporting period for the current financial statements is for the 17-month period ended 31 May 2024. This represents an extension of the reporting period by 5 months from the company’s previous year-end of 31 December 2023. The comparative figures are for the 12-month period ended 31 December 2022.
1.2
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 the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.3
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.4
Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts, to the extent that the company has a right to consideration arising from the performance of its contractual arrangements.
In respect of long-term contracts and contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts and contracts for on-going services is recognised by reference to the stage of completion.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
JOHN WILKINSON & SON (BUILDERS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 5 -
1.5
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 recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and machinery
10% - 25% straight line
Fixtures, fittings & equipment
25% straight line
Motor vehicles
25% straight line
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.
1.6
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.7
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible 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.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
JOHN WILKINSON & SON (BUILDERS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 6 -
1.8
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
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.
1.9
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 current liabilities.
1.10
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.
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.
Trade debtors, loans and other receivables that have fixed or determinable payments that are not quoted in an active market are classified as 'loans and receivables'. Loans and receivables are measured at amortised cost using the effective interest method, less any impairment.
Interest is recognised by applying the effective interest rate, except for short-term receivables when the recognition of interest would be immaterial.
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.
JOHN WILKINSON & SON (BUILDERS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 7 -
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.
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.
1.11
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.12
Derivatives
Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.
A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.
1.13
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.
JOHN WILKINSON & SON (BUILDERS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 8 -
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax.
Deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.
Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
1.14
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.
1.15
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.16
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
1.17
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
JOHN WILKINSON & SON (BUILDERS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MAY 2024
- 9 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2024
2022
Number
Number
Total
39
39
3
Tangible fixed assets
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 January 2023
299,966
77,544
191,094
568,604
Disposals
(68,866)
(68,866)
At 31 May 2024
299,966
77,544
122,228
499,738
Depreciation and impairment
At 1 January 2023
258,591
68,254
82,894
409,739
Depreciation charged in the period
26,675
4,089
39,000
69,764
Eliminated in respect of disposals
(53,466)
(53,466)
At 31 May 2024
285,266
72,343
68,428
426,037
Carrying amount
At 31 May 2024
14,700
5,201
53,800
73,701
At 31 December 2022
41,375
9,290
108,200
158,865
4
Investment property
2024
£
Fair value
At 1 January 2023
960,000
Disposals
(149,211)
Revaluation
(10,789)
At 31 May 2024
800,000
JOHN WILKINSON & SON (BUILDERS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MAY 2024
4
Investment property
(Continued)
- 10 -
The fair value of the investment property at the period end has been arrived at on the basis of a valuation carried out by the directors, after seeking professional advice from qualified employees. Reliance was also made on external third party valuations carried out on the company's investment properties on 20 September 2022 by J E Fish BSc MRICS of Armitstead Barnett Chartered Surveyors and C Taylor MRICS of Duxbury Commercial Chartered Surveyors. At the period end, only one of these properties remained with a fair value of £800,000 based on the 20 September 2022 valuation. The valuations were made on an open market value basis by reference to market evidence of transaction prices for similar properties.
5
Debtors
2024
2022
Amounts falling due within one year:
£
£
Trade debtors
516,286
803,722
Gross amounts owed by contract customers
726,321
653,932
Amounts owed by group undertakings
1,935,000
1,565,000
Other debtors
215,005
43,634
Prepayments and accrued income
49,550
95,768
3,442,162
3,162,056
6
Current asset investments
2024
2022
£
£
Other investments
173
173
7
Creditors: amounts falling due within one year
2024
2022
£
£
Bank loans and overdrafts
9
387,932
120,000
Obligations under finance leases
15,850
25,858
Trade creditors
489,028
1,058,758
Corporation tax
176,930
138,026
Other taxation and social security
933,604
1,083,285
Other creditors
46,575
685
Accruals and deferred income
12,000
11,000
2,061,919
2,437,612
JOHN WILKINSON & SON (BUILDERS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MAY 2024
- 11 -
8
Creditors: amounts falling due after more than one year
2024
2022
Notes
£
£
Bank loans and overdrafts
9
247,500
290,000
Obligations under finance leases
20,279
42,733
267,779
332,733
9
Loans and overdrafts
2024
2022
£
£
Bank loans
427,500
410,000
Bank overdrafts
207,932
635,432
410,000
Payable within one year
387,932
120,000
Payable after one year
247,500
290,000
Bank facilities are secured by a legal charge dated May 2002 on the assets of company.
10
Operating lease commitments
The operating leases represent leases of land and buildings and motor vehicles to third parties. The leases are negotiated over terms of three to five years and rentals are fixed. All leases include a provision for five-yearly upward rent reviews according to prevailing market conditions. There are no options in place for either party to extend the lease terms.
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2022
£
£
52,302
43,748
JOHN WILKINSON & SON (BUILDERS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MAY 2024
- 12 -
11
Directors' transactions
Dividends totalling £201,000 (2022 - £104,000) were paid in the period in respect of shares held by the company's directors in the parent company.
At the balance sheet date, balances with the directors and the transactions during the year were:
D M Long - £36,961 owed to the company (2022: £9,922). During the period the company paid personal expenses and advanced funds to the director of £152,039 and repayments of £125,000 were made to the company.
N J Howarth - £70,246 owed to the company (2022: £29,432). During the period the company paid personal expenses and advanced funds to the director of £60,814 and repayments of £20,000 were made to the company.
R Morris - £30,682 owed to the company (2022: £1,006). During the period the company paid personal expenses of £30,676 and repayments of £1,000 were made to the company.
C Harvey - £44,476 owed to the company (2022: £292). During the period the company paid personal expenses of £44,184 and repayments of £nil were made to the company.
D Welsby - £32,640 owed to the company (2022: £2,981). During the period the company paid personal expenses of £29,659 and repayments of £nil were made to the company.
12
Parent company
The company is a wholly owned subsidiary of John Wilkinson & Son (Shopfitting) Limited. The group of which this company falls under was not required to produce consolidated accounts for the year.
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