REGISTERED NUMBER: 01521598 (England and Wales)

Wheeler & Son Limited

Unaudited Financial Statements for the Year Ended 31 January 2025

Page

Company Information

1

Abridged Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTOR:

R C Wheeler

REGISTERED OFFICE:

Unit 2 The Polden Business Centre

Bristol Road

Bridgwater

Somerset

TA6 4AW

REGISTERED NUMBER:

01521598 (England and Wales)

ACCOUNTANTS:

Maxwells

Chartered Accountants

4 King Square

Bridgwater

Somerset

TA6 3YF

BANKERS:

Barclays Bank plc

16 High Street

Bridgwater

Somerset

TA6 3DX

FIXED ASSETS

Tangible assets

5

1,941,106

1,924,279

CURRENT ASSETS

Stocks

1,980

2,000

Debtors

210,785

184,565

Cash at bank and in hand

29,903

270

242,668

186,835

CREDITORS

Amounts falling due within one year

602,048

591,516

NET CURRENT LIABILITIES

(359,380

)

(404,681

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,581,726

1,519,598

CREDITORS

Amounts falling due after more than one year

(477,833

)

(420,503

)

PROVISIONS FOR LIABILITIES

(143,496

)

(140,299

)

NET ASSETS

960,397

958,796

CAPITAL AND RESERVES

Called up share capital

100

100

Revaluation reserve

8

275,007

275,007

Retained earnings

685,290

683,689

SHAREHOLDERS' FUNDS

960,397

958,796

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 director acknowledges his 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.

All the members have consented to the preparation of an abridged Statement of Financial Position for the year ended 31 January 2025 in accordance with Section 444(2A) of the Companies Act 2006.

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

The financial statements were approved by the director and authorised for issue on 31 July 2025 and were signed by:

R C Wheeler - Director

1.	STATUTORY INFORMATION

Wheeler & 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.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover

Turnover 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 etc

-

25% on reducing balance, 12.5% on cost and 10% on cost

Stocks

Stocks 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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

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.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2024 - 9 ) .

5.	TANGIBLE FIXED ASSETS

Totals

£

COST OR VALUATION

At 1 February 2024

3,790,070

Additions

381,100

Disposals

(510,228

)

At 31 January 2025

3,660,942

DEPRECIATION

At 1 February 2024

1,865,791

Charge for year

261,084

Eliminated on disposal

(407,039

)

At 31 January 2025

1,719,836

NET BOOK VALUE

At 31 January 2025

1,941,106

At 31 January 2024

1,924,279

Cost or valuation at 31 January 2025 is represented by:

Totals

£

Valuation in 2011

275,007

Cost

3,385,935

3,660,942

If the initial freehold property had not been revalued they would have been included at the following historical cost:

31.1.25

31.1.24

£

£

Cost

910,857

910,857

Aggregate depreciation

89,175

89,175

Value of land in freehold land and buildings

1,185,864

1,185,864

Freehold Properties were valued on an open market basis on 22 March 2011 by a firm of Chartered Surveyors .

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Totals

£

COST OR VALUATION

At 1 February 2024

802,509

Additions

380,000

Disposals

(234,795

)

Transfer to ownership

(56,500

)

At 31 January 2025

891,214

DEPRECIATION

At 1 February 2024

295,571

Charge for year

165,830

Eliminated on disposal

(149,619

)

Transfer to ownership

(33,420

)

At 31 January 2025

278,362

NET BOOK VALUE

At 31 January 2025

612,852

At 31 January 2024

506,938

6.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase

contracts

31.1.25

31.1.24

£

£

Net obligations repayable:

Within one year

195,169

164,581

Between one and five years

438,667

290,866

633,836

455,447

Non-cancellable

operating leases

31.1.25

31.1.24

£

£

Within one year

36,250

43,500

Between one and five years

-

36,250

36,250

79,750

7.	SECURED DEBTS

The following secured debts are included within creditors:

31.1.25

31.1.24

£

£

Bank overdraft

-

6,440

Bank loans

126,562

211,153

Hire purchase contracts

633,836

455,447

760,398

673,040

8.

RESERVES

Revaluation

reserve

£

At 1 February 2024

and 31 January 2025

275,007