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Registration number: 00813017

The Wilson Tool & Engineering Company (Essex) Limited

Annual Report and Unaudited Filleted Financial Statements

for the Year Ended 31 August 2024

 

The Wilson Tool & Engineering Company (Essex) Limited

Contents

Company Information

1

Statement Financial Position

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

The Wilson Tool & Engineering Company (Essex) Limited

Company Information

Directors

Mr G Wilson

Mrs IM Wilson

Company secretary

Mrs IM Wilson

Registered office

44-50 High Street
Rayleigh
Essex
SS6 7EA

Accountants

West-Webbe Associates Ltd
Chartered Certified Accountants
44-50 High Street
Rayleigh
Essex
SS6 7EA

 

The Wilson Tool & Engineering Company (Essex) Limited

(Registration number: 00813017)
Statement Financial Position as at 31 August 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

275,466

325,582

Current assets

 

Stocks

5

8,987

5,863

Debtors

6

184,529

279,975

Cash at bank and in hand

 

829,694

557,606

 

1,023,210

843,444

Creditors: Amounts falling due within one year

7

(293,598)

(258,524)

Net current assets

 

729,612

584,920

Total assets less current liabilities

 

1,005,078

910,502

Provisions for liabilities

(52,468)

(48,995)

Net assets

 

952,610

861,507

Capital and reserves

 

Called up share capital

8

175

175

Retained earnings

952,435

861,332

Shareholders' funds

 

952,610

861,507

 

The Wilson Tool & Engineering Company (Essex) Limited

(Registration number: 00813017)
Statement Financial Position as at 31 August 2024

For the financial year ending 31 August 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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Income Statement.

Approved and authorised by the Board on 17 October 2024 and signed on its behalf by:
 

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

Mr G Wilson
Director

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

Mrs IM Wilson
Company secretary and director

 

The Wilson Tool & Engineering Company (Essex) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 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:
44-50 High Street
Rayleigh
Essex
SS6 7EA

The principal place of business is:
2-4 Parsons Road
Manor Trading Estate
Benfleet
Essex
SS7 4PY

These financial statements were authorised for issue by the Board on 17 October 2024.

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.

 

The Wilson Tool & Engineering Company (Essex) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

Tax

The tax expense for the period comprises current and deferred 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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the statement financial position 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

Land and buildings

2% straight line

Plant and machinery

20% reducing balance

Fittings, fixtures and equipment

10% reducing balance

Motor vehicles

25% reducing balance

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.

 

The Wilson Tool & Engineering Company (Essex) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

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.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 10 (2023 - 11).

 

The Wilson Tool & Engineering Company (Essex) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 September 2023

92,057

879,546

34,618

1,006,221

Additions

-

(7)

18,409

18,402

Disposals

-

-

(17,629)

(17,629)

At 31 August 2024

92,057

879,539

35,398

1,006,994

Depreciation

At 1 September 2023

37,318

625,788

17,533

680,639

Charge for the year

1,341

50,688

3,267

55,296

Eliminated on disposal

-

-

(4,407)

(4,407)

At 31 August 2024

38,659

676,476

16,393

731,528

Carrying amount

At 31 August 2024

53,398

203,063

19,005

275,466

At 31 August 2023

54,739

253,758

17,085

325,582

Included within the net book value of land and buildings above is £53,398 (2023 - £54,739) in respect of freehold land and buildings.
 

5

Stocks

2024
£

2023
£

Raw materials and consumables

8,987

5,863

6

Debtors

Current

2024
£

2023
£

Trade debtors

168,129

265,585

Prepayments

15,502

14,296

Other debtors

898

94

 

184,529

279,975

 

The Wilson Tool & Engineering Company (Essex) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

57,062

75,585

Taxation and social security

136,485

79,011

Accruals and deferred income

7,642

13,457

Other creditors

92,409

90,471

293,598

258,524

8

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary of £0.25 each

400

100.00

400

100.00

Ordinary B of £0.25 each

100

25.00

100

25.00

Ordinary C of £0.25 each

100

25.00

100

25.00

Ordinary D of £0.25 each

100

25.00

100

25.00

 

700

175

700

175

9

Dividends

Final dividends paid

   

2024
£

 

2023
£

Final dividend Ordinary

 

54,000

 

54,000

Final dividend Ordinary B

 

20,000

 

20,000

Final dividend Ordinary C

 

-

 

-

Final dividend Ordinary D

 

7,500

 

7,500

   

81,500

 

81,500

 

The Wilson Tool & Engineering Company (Essex) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

10

Related party transactions

Transactions with directors

2024

At 1 September 2023
£

Advances / (credits) director
£

At 31 August 2024
£

Mrs IM Wilson

Loan account

(30,930)

759

(30,171)

       
     

Mr G Wilson

Loan account

(42,480)

670

(41,810)

       
     

 

2023

At 1 September 2022
£

Advances / (credits) director
£

At 31 August 2023
£

Mrs IM Wilson

Loan account

(31,249)

319

(30,930)

       
     

Mr G Wilson

Loan account

(42,610)

130

(42,480)

       
     

 

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

93,015

92,562

Contributions paid to money purchase schemes

82,174

100,671

175,189

193,233