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REGISTERED NUMBER: 00403310 (England and Wales)












Unaudited Financial Statements

for the Year Ended 31 January 2025

for

Wallace Reader & Son Limited

Wallace Reader & Son Limited (Registered number: 00403310)






Contents of the Financial Statements
for the Year Ended 31 January 2025




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Wallace Reader & Son Limited

Company Information
for the Year Ended 31 January 2025







DIRECTORS: A J Reader
Mrs D A Taylor-Reader





SECRETARY: A J Reader





REGISTERED OFFICE: Calder Street Mill
Calder Street
Burnley
Lancashire
BB11 1PQ





REGISTERED NUMBER: 00403310 (England and Wales)





ACCOUNTANTS: Xeinadin
Ground Floor
Citygate
Longridge Road
Preston
Lancashire
PR2 5BQ

Wallace Reader & Son Limited (Registered number: 00403310)

Balance Sheet
31 January 2025

2025 2024
Notes £    £    £   
FIXED ASSETS
Property, plant and equipment 4 620,363 701,757

CURRENT ASSETS
Inventories 61,931 45,132
Debtors 5 422,353 458,450
Cash at bank and in hand - 62,658
484,284 566,240
CREDITORS
Amounts falling due within one year 6 199,594 299,884
NET CURRENT ASSETS 284,690 266,356
TOTAL ASSETS LESS CURRENT
LIABILITIES

905,053

968,113

CREDITORS
Amounts falling due after more than
one year

7

(127,222

)

(119,700

)

PROVISIONS FOR LIABILITIES (124,073 ) (139,144 )
NET ASSETS 653,758 709,269

CAPITAL AND RESERVES
Called up share capital 10 90 90
Revaluation reserve 11 481 481
Capital redemption reserve 1,410 1,410
Retained earnings 651,777 707,288
SHAREHOLDERS' FUNDS 653,758 709,269

Wallace Reader & Son Limited (Registered number: 00403310)

Balance Sheet - continued
31 January 2025


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 9 June 2025 and were signed on its behalf by:





A J Reader - Director


Wallace Reader & Son Limited (Registered number: 00403310)

Notes to the Financial Statements
for the Year Ended 31 January 2025

1. STATUTORY INFORMATION

Wallace Reader & Son Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 15% on cost, 10% on cost and 7 years
Motor vehicles - 25% on reducing balance

Stocks
Inventories are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Wallace Reader & Son Limited (Registered number: 00403310)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2025

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2024 - 6 ) .

4. PROPERTY, PLANT AND EQUIPMENT
Long Plant and Motor
leasehold machinery vehicles Totals
£    £    £    £   
COST
At 1 February 2024 250,000 998,980 132,294 1,381,274
Disposals - (130,075 ) (48,000 ) (178,075 )
At 31 January 2025 250,000 868,905 84,294 1,203,199
DEPRECIATION
At 1 February 2024 - 571,192 108,325 679,517
Charge for year - 74,209 5,595 79,804
Eliminated on disposal - (130,075 ) (46,410 ) (176,485 )
At 31 January 2025 - 515,326 67,510 582,836
NET BOOK VALUE
At 31 January 2025 250,000 353,579 16,784 620,363
At 31 January 2024 250,000 427,788 23,969 701,757

The company's leasehold land and buildings were last valued on an open market basis on 26 July 2016 by Trevor Dawson Property Consultants but have not been valued subsequently. Whilst this does not comply with the requirements of Section 17 of FRS 102, the directors do not consider the difference between their carrying value and the net book value shown in the financial statements to be material.

Wallace Reader & Son Limited (Registered number: 00403310)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2025

4. PROPERTY, PLANT AND EQUIPMENT - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 February 2024
and 31 January 2025 470,136 82,128 552,264
DEPRECIATION
At 1 February 2024 213,716 60,473 274,189
Charge for year 48,111 5,414 53,525
At 31 January 2025 261,827 65,887 327,714
NET BOOK VALUE
At 31 January 2025 208,309 16,241 224,550
At 31 January 2024 256,420 21,655 278,075

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2025 2024
£    £   
Trade debtors 3,422 27,438
Amounts owed by associates 417,000 427,000
Other debtors - 639
Prepayments 1,931 3,373
422,353 458,450

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2025 2024
£    £   
Bank loans and overdrafts (see note 8) 31,832 14,475
Hire purchase contracts (see note 9) 87,427 111,632
Trade creditors 39,739 42,634
Tax 22,592 52,958
Social security and other taxes 839 4,358
VAT 12,372 68,775
Other creditors 64 -
Directors' current accounts 104 613
Accrued expenses 4,625 4,439
199,594 299,884

Wallace Reader & Son Limited (Registered number: 00403310)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2025

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2025 2024
£    £   
Bank loans (see note 8) 6,667 16,667
Hire purchase contracts (see note 9) 120,555 103,033
127,222 119,700

8. LOANS

An analysis of the maturity of loans is given below:

2025 2024
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts 21,832 4,475
Bank loans 10,000 10,000
31,832 14,475

Amounts falling due between one and two years:
Bank loans - 1-2 years 6,667 16,667

9. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2025 2024
£    £   
Net obligations repayable:
Within one year 87,427 111,632
Between one and five years 120,555 103,033
207,982 214,665

Non-cancellable operating leases
2025 2024
£    £   
Within one year 12,328 12,072
Between one and five years 4,800 12,702
17,128 24,774

Wallace Reader & Son Limited (Registered number: 00403310)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2025

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2025 2024
value: £    £   
90 Ordinary £1 90 90

11. RESERVES
Revaluation
reserve
£   
At 1 February 2024
and 31 January 2025 481