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COMPANY REGISTRATION NUMBER: 00356404
Wilsons (Bridgend) Limited
Filleted Unaudited Financial Statements
For the year ended
30 September 2024
Wilsons (Bridgend) Limited
Financial Statements
Year ended 30 September 2024
Contents
Page
Accountant's report to the board of directors on the preparation of the unaudited statutory financial statements
1
Statement of financial position
2
Notes to the financial statements
4
Wilsons (Bridgend) Limited
Accountant's Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements
Year ended 30 September 2024
As described on the statement of financial position, the directors of the company are responsible for the preparation of the financial statements for the year ended 30 September 2024, which comprise the statement of financial position and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
CLAY SHAW THOMAS LTD
2 Oldfield Road Bocam Park Bridgend CF35 5LJ
13 June 2025
Wilsons (Bridgend) Limited
Statement of Financial Position
30 September 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
438
487
Investments
6
72,526
107,753
--------
---------
72,964
108,240
Current assets
Stocks
38,281
39,445
Debtors
7
42,692
52,550
Cash at bank and in hand
64,129
3,890
---------
--------
145,102
95,885
Creditors: amounts falling due within one year
8
71,001
40,234
---------
--------
Net current assets
74,101
55,651
---------
---------
Total assets less current liabilities
147,065
163,891
Provisions
Taxation including deferred tax
83
92
---------
---------
Net assets
146,982
163,799
---------
---------
Wilsons (Bridgend) Limited
Statement of Financial Position (continued)
30 September 2024
2024
2023
Note
£
£
£
Capital and reserves
Called up share capital
100
100
Non-distributable reserve
68,919
103,378
Capital redemption reserve
75,800
75,800
Profit and loss account
2,163
( 15,479)
---------
---------
Shareholders funds
146,982
163,799
---------
---------
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 Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 30 September 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 12 June 2025 , and are signed on behalf of the board by:
Mr P R Wilson
Director
Company registration number: 00356404
Wilsons (Bridgend) Limited
Notes to the Financial Statements
Year ended 30 September 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 11 Maddocks Place, Bridgend, Mid Glamorgan, CF31 3BS.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
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.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
The turnover in the profit and loss account represents rental income for the year.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.
Tangible assets
All fixed assets are initially recorded at cost. If any class of assets are revalued, the surplus or deficit arising from the revaluation is transferred to the revaluation reserve, unless a deficit or revaluation is expected to be permanent, in which case it is recognised in the profit and loss account for the year.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixture and fittings
-
10% reducing balance
Equipment
-
25 % straight line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are valued at the lower of cost and net realisable value.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
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 entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2023: 3 ).
5. Tangible assets
Fixtures and fittings
Equipment
Total
£
£
£
Cost
At 1 October 2023 and 30 September 2024
7,722
4,287
12,009
-------
-------
--------
Depreciation
At 1 October 2023
7,235
4,287
11,522
Charge for the year
49
49
-------
-------
--------
At 30 September 2024
7,284
4,287
11,571
-------
-------
--------
Carrying amount
At 30 September 2024
438
438
-------
-------
--------
At 30 September 2023
487
487
-------
-------
--------
6. Investments
Investment properties
£
Cost
At 1 October 2023
107,753
Disposals
( 35,227)
---------
At 30 September 2024
72,526
---------
Impairment
At 1 October 2023 and 30 September 2024
---------
Carrying amount
At 30 September 2024
72,526
---------
At 30 September 2023
107,753
---------
7. Debtors
2024
2023
£
£
Other debtors
42,692
52,550
--------
--------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Corporation tax
44,001
13,710
Social security and other taxes
387
326
Wages
103
Other creditors
26,510
26,198
--------
--------
71,001
40,234
--------
--------
The bank overdraft is secured by a fixed charge over the freehold properties of the company.
9. Directors' advances, credit and guarantees
Included in other debtors is a balance owed by the director Mr P R Wilson of £18,112 (2023: £17,475) and Mr T Floyd of £17,329 (2023: £17,362). Movements on the loan during the year were as follows: Mr P R Wilson
2024
£
Balance owed to the company at 1 October 2023 (17,475)
Monies drawn (637)
--------
Balance owed to the company at 30 September 2024 (18,112)
--------
Mr T Floyd
2024
£
Balance owed to the company at 1 October 2023 (17,362)
Monies introduced 33
--------
Balance owed to the company at 30 September 2024 (17,329)
--------
The directors loans are interest free and have no fixed terms of repayment.
10. Related party transactions
During the year dividends on ordinary shares of £30,000 (2023: £25,000) were paid to Mrs M M Wilson, the wife of the director Mr P R Wilson. Mrs M M Wilson also received preference dividends of £1,473 (2023:£1,473) during the year.