Company registration number 0381005 (England and Wales)
WILDMAN & BUGBY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
PAGES FOR FILING WITH REGISTRAR
WILDMAN & BUGBY LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 8
WILDMAN & BUGBY LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF WILDMAN & BUGBY LIMITED FOR THE YEAR ENDED 31 MARCH 2022
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Wildman & Bugby Limited for the year ended 31 March 2022 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation
This report is made solely to the Board of Directors of Wildman & Bugby Limited, as a body, in accordance with the terms of our engagement letter
.
Our work has been undertaken solely to prepare for your approval the financial statements of Wildman & Bugby Limited
and state those matters that we have agreed to state to the Board of Directors of Wildman & Bugby Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Wildman & Bugby Limited and its Board of Directors as a body, for
our work or for this report.
It is your duty to ensure that Wildman & Bugby Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets,
liabilities, financial position and profit
of Wildman & Bugby Limited. You consider that Wildman & Bugby Limited is exempt from the statutory audit
requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Wildman & Bugby Limited. For this reason, we have not verified the accuracy or completeness of the
accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Ellacotts LLP
Chartered Accountants
Vantage House
2700 Kettering Parkway
Kettering
Northamptonshire
NN15 6XR
Date:
12 December 2022
WILDMAN & BUGBY LIMITED
BALANCE SHEET
AS AT 31 MARCH 2022
31 March 2022
- 2 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
4
78,764
89,427
Current assets
Stocks
420,120
393,673
Debtors
5
140,594
146,409
Cash at bank and in hand
172,585
330,845
733,299
870,927
Creditors: amounts falling due within one year
6
(434,950)
(486,022)
Net current assets
298,349
384,905
Total assets less current liabilities
377,113
474,332
Creditors: amounts falling due after more than one year
7
(100,000)
Provisions for liabilities
9
(9,187)
(8,136)
Net assets
367,926
366,196
Capital and reserves
Called up share capital
10
16,501
16,501
Profit and loss reserves
351,425
349,695
Total equity
367,926
366,196
WILDMAN & BUGBY LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2022
31 March 2022
- 3 -
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 March 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 9 December 2022 and are signed on its behalf by:
Mr A R Wildman
Director
Company Registration No. 0381005
WILDMAN & BUGBY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
- 4 -
1
Accounting policies
Company information
Wildman & Bugby Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
Unit 3A, Sanders Lodge Industrial Estate, Rushden, Northants, NN10 6BQ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recogni
s
ed when the significant risks and rewards of ownership of the goods have passed to the buyer
.
Revenue from services provided is recognised when the company has performed its obligations and in exchange obtained the right to consideration.
1.3
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold land and buildings
10% reducing balance
Plant and equipment
25% reducing balance
Fixtures and fittings
10% reducing balance
Office equipment
4 years straight line
Motor vehicles
25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.4
Stocks
Stocks are stated at the lower of cost and
net realisable value after making due allowance for obsolete and slow moving stocks.
1.5
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
WILDMAN & BUGBY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
1
Accounting policies
(Continued)
- 5 -
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the
profit and loss account
because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the
profit and loss account
, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.7
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or
fixed assets
.
1.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.9
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to
profit or loss
on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease
s
asset are consumed.
1.10
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met
. Where a
grant does not specify performance conditions
it
is recognised in income when the proceeds are received or receivable
. A grant received before the recognition criteria are satisfied is recognised as a liability.
WILDMAN & BUGBY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 6 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was 7
(2021 - 7).
4
Tangible fixed assets
Leasehold land and buildings
Plant and equipment
Fixtures and fittings
Office equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 April 2021 and 31 March 2022
67,599
5,224
87,054
6,564
32,544
198,985
Depreciation and impairment
At 1 April 2021
31,982
4,110
42,877
4,695
25,894
109,558
Depreciation charged in the year
3,562
279
4,418
741
1,663
10,663
At 31 March 2022
35,544
4,389
47,295
5,436
27,557
120,221
Carrying amount
At 31 March 2022
32,055
835
39,759
1,128
4,987
78,764
At 31 March 2021
35,617
1,114
44,177
1,869
6,650
89,427
5
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
120,086
126,173
Other debtors
20,508
20,236
140,594
146,409
WILDMAN & BUGBY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 7 -
6
Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
286,911
322,496
Corporation tax
2,865
2,163
Other taxation and social security
75,824
75,993
Other creditors
69,350
85,370
434,950
486,022
7
Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
100,000
8
Provisions for liabilities
2022
2021
£
£
Deferred tax liabilities
9
9,187
8,136
9
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2022
2021
Balances:
£
£
Accelerated capital allowances
9,187
8,136
2022
Movements in the year:
£
Liability at 1 April 2021
8,136
Charge to profit or loss
1,051
Liability at 31 March 2022
9,187
WILDMAN & BUGBY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 8 -
10
Called up share capital
2022
2021
£
£
Ordinary share capital
Issued and fully paid
16,501 Ordinary shares of £1 each
16,501
16,501
11
Financial commitments, guarantees and contingent liabilities
At the reporting date, the company had outstanding lease commitments for future minimum lease payments under non-cancellable operating leases of £33,333 (2021: £43,333).
12
Related party transactions
At 31 March 2022, the sum of £48,500 (2021: £22,000) was due by the company to the directors.
Interest of £4,404 (2021: £3,536) was payable to the directors, which remained outstanding at the year end.
Rent of £20,000 (2021: £10,000) was payable to the directors in respect of the use of property owned by them.
13
Controlling party
The directors are the company's controlling related party by virtue of their office and their interest in the shares of the company.