Company Registration No. 08682639 (England and Wales)
Wilson and Sharp Holdings Limited
Unaudited accounts
for the year ended 31 August 2024
Wilson and Sharp Holdings Limited
Unaudited accounts
Contents
Wilson and Sharp Holdings Limited
Company Information
for the year ended 31 August 2024
Directors
C A Sharp
S J Wilson
Company Number
08682639 (England and Wales)
Registered Office
First Floor
129 High Street
Guildford
Surrey
GU1 3AA
United Kingdom
Wilson and Sharp Holdings Limited
Statement of financial position
as at 31 August 2024
Tangible assets
190,000
190,000
Cash at bank and in hand
16
-
Creditors: amounts falling due within one year
(117,478)
(461,900)
Net current liabilities
(78,267)
(79,970)
Total assets less current liabilities
111,833
110,130
Creditors: amounts falling due after more than one year
(12,500)
(22,500)
Called up share capital
100
100
Profit and loss account
99,233
87,530
Shareholders' funds
99,333
87,630
For the 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. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 28 April 2025 and were signed on its behalf by
C A Sharp
Director
Company Registration No. 08682639
Wilson and Sharp Holdings Limited
Notes to the Accounts
for the year ended 31 August 2024
Wilson and Sharp Holdings Limited is a private company, limited by shares, registered in England and Wales, registration number 08682639. The registered office is First Floor, 129 High Street, Guildford, Surrey, GU1 3AA, United Kingdom.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
In the opinion of the directors, the company and its subsidiary undertaking comprise a small group. The company has therefore taken advantage of the exemption provided by Section 398 of the Companies Act 2006 not to prepare group accounts.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of turnover can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Wilson and Sharp Holdings Limited
Notes to the Accounts
for the year ended 31 August 2024
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the income statement, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively.
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Investment in subsidiaries
Investments in subsidiaries are held at cost less any impairment.
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in the income statement. All other such investments are subsequently measured at cost less impairment.
Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Other financial instruments are subsequently measured at fair value, with any changes recognised in the income statement, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in the income statement immediately.
For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics.
Any reversals of impairment are recognised in the income statement immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Wilson and Sharp Holdings Limited
Notes to the Accounts
for the year ended 31 August 2024
Judgements in applying accounting policies and key sources of estimation uncertainty
The preparation of financial statements in compliance with FRS 102 Section 1A requires the use of certain critical accounting estimates. it also requires management to exercise judgement in applying the Company's accounting policies. In preparing these financial statements, the directors have made the following judgements:
Determine whether there are indicators of impairment of the Company's investments and tangible fixed assets. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset and where it is a component of a larger cash-generating unit, the viability and expected future performance of that unit.
Other key sources of estimation uncertainty:
Tangible fixed assets (note 4)
Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.
4
Tangible fixed assets
Land & buildings
At 1 September 2023
190,000
5
Investments
Subsidiary undertakings
Valuation at 1 September 2023
100
Valuation at 31 August 2024
100
The company holds 100% of the share capital of Lexstone Construction Limited, a company incorporated in England and Wales whose registered office address is First Floor, 129 High Street, Guildford, Surrey, United Kingdom, GU1 3AA.
Lexstone Construction Limited's profit for the period ended 31 August 2024 was £XXX and its aggregate reserves as at 31 August 2024 were a surplus of £XXX.
Wilson and Sharp Holdings Limited
Notes to the Accounts
for the year ended 31 August 2024
Amounts falling due within one year
Amounts due from group undertakings etc.
-
102,037
Other debtors
39,195
279,893
7
Creditors: amounts falling due within one year
2024
2023
Bank loans and overdrafts
10,000
21,752
Taxes and social security
22,683
18,171
Other creditors
8,350
358,771
Deferred income
7,969
3,750
8
Creditors: amounts falling due after more than one year
2024
2023
The bank loan held comprises a Coronavirus bounce back loan which the company withdrew on 5 November 2020 for a facility of £50,000 which was fully drawn down. The loan bears interest at 2.5% pa. The loan is unsecured and repayable in monthly instalments from 5 November 2021, with the final instalment due on 5 November 2026.
9
Transactions with related parties
The Company has taken advantage of the exemption available under paragraph 33.1A of the Financial Reporting Standard 102 not to disclose transactions with other wholly owned members of the group.
10
Average number of employees
During the year the average number of employees was 2 (2023: 2).