Company Registration No. 01011721 (England and Wales)
BOB WILSON & SONS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2018
PAGES FOR FILING WITH REGISTRAR
BOB WILSON & SONS LIMITED
COMPANY INFORMATION
Directors
Mr W J Wilson
Mrs E V Wilson
Secretary
Mrs E V Wilson
Company number
01011721
Registered office
The White House
Amusement Depot
Shipway Road Hay Mills
Birmingham
West Midlands
B25 8DS
Accountants
Ormerod Rutter Limited
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
Bankers
Lloyds TSB Bank Plc
PO Box 70
Victoria Square House
Victoria Square
Birmingham
West Midlands
B1 1BZ
BOB WILSON & SONS LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 8
BOB WILSON & SONS LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF BOB WILSON & SONS LIMITED FOR THE YEAR ENDED 28 FEBRUARY 2018
- 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 Bob Wilson & Sons Limited for the year ended 28 February 2018 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 http://www.icaew.com/en/members/regulations-standards-and-guidance
.
This report is made solely to the Board of Directors of Bob Wilson & Sons Limited, as a body, in accordance with
our
terms
of
engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Bob Wilson & Sons Limited
and state those matters that we have agreed to state to the Board of Directors of Bob Wilson & Sons 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 Bob Wilson & Sons Limited and its Board of Directors as a body, for
our work or for this report.
It is your duty to ensure that Bob Wilson & Sons 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 Bob Wilson & Sons Limited. You consider that Bob Wilson & Sons 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 Bob Wilson & Sons 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.
Ormerod Rutter Limited
27 June 2018
Chartered Accountants
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
BOB WILSON & SONS LIMITED
BALANCE SHEET
AS AT 28 FEBRUARY 2018
28 February 2018
- 2 -
2018
2017
Notes
£
£
£
£
Fixed assets
Goodwill
3
5,867
9,135
Tangible assets
4
544,223
606,655
Investments
5
1,000
1,000
551,090
616,790
Current assets
Debtors
6
626,203
403,973
Cash at bank and in hand
245,832
313,435
872,035
717,408
Creditors: amounts falling due within one year
7
(213,046)
(104,376)
Net current assets
658,989
613,032
Total assets less current liabilities
1,210,079
1,229,822
Provisions for liabilities
(86,104)
(92,334)
Net assets
1,123,975
1,137,488
Capital and reserves
Called up share capital
9
3,000
3,000
Profit and loss reserves
1,120,975
1,134,488
Total equity
1,123,975
1,137,488
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 28 February 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
T
he directors acknowledge their responsibilities for complying with the requirements of the Act 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.
BOB WILSON & SONS LIMITED
BALANCE SHEET (CONTINUED)
AS AT 28 FEBRUARY 2018
28 February 2018
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 27 June 2018 and are signed on its behalf by:
Mrs E V Wilson
Director
Company Registration No. 01011721
BOB WILSON & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2018
- 4 -
1
Accounting policies
Company information
Bob Wilson & Sons Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
The White House, Amusement Depot, Shipway Road Hay Mills, Birmingham, West Midlands, United Kingdom, B25 8DS.
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 have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section
399
of the
Companies Act 2006 not to prepare consolidated accounts
, on the basis that the group of which this is the parent qualifies as a small group
. The financial statements present information about the company as an individual entity and not about its group
.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for
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 contracts for the provision of services is recognised by reference to the stage of completion
and
whe
re
the
amount of revenue can be measured reliably.
1.3
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated
amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is ten years.
1.4
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:
Improvements to property
1% on cost
Plant and machinery
25% on reducing balance and 12.5% on reducing balance
Fixtures and fittings
25% on reducing balance
Motor vehicles
25% on reducing balance and 20% on 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
.
BOB WILSON & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2018
1
Accounting policies
(Continued)
- 5 -
1.5
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
The investments are assessed for impairment at each reporting date
and
any
impairment
losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company
. Control is
the power to govern the financial and operating policies of
the
entity so as to obtain benefits from its activities.
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
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the profit and loss account for the period.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 2 (2017 - 2).
BOB WILSON & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2018
- 6 -
3
Intangible fixed assets
Goodwill
£
Cost
At 1 March 2017 and 28 February 2018
161,605
Amortisation and impairment
At 1 March 2017
152,470
Amortisation charged for the year
3,268
At 28 February 2018
155,738
Carrying amount
At 28 February 2018
5,867
At 28 February 2017
9,135
4
Tangible fixed assets
Improvements to property
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 March 2017
118,889
1,158,348
543,999
207,220
2,028,456
Additions
-
-
-
22,525
22,525
At 28 February 2018
118,889
1,158,348
543,999
229,745
2,050,981
Depreciation and impairment
At 1 March 2017
24,619
723,555
521,743
151,884
1,421,801
Depreciation charged in the year
1,189
60,253
5,576
17,939
84,957
At 28 February 2018
25,808
783,808
527,319
169,823
1,506,758
Carrying amount
At 28 February 2018
93,081
374,540
16,680
59,922
544,223
At 28 February 2017
94,270
434,793
22,256
55,336
606,655
5
Fixed asset investments
2018
2017
£
£
Investments
1,000
1,000
BOB WILSON & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2018
5
Fixed asset investments
(Continued)
- 7 -
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 March 2017 & 28 February 2018
1,000
Carrying amount
At 28 February 2018
1,000
At 28 February 2017
1,000
6
Debtors
2018
2017
Amounts falling due within one year:
£
£
Amounts due from group undertakings
287,522
274,492
Other debtors
338,681
129,481
626,203
403,973
7
Creditors: amounts falling due within one year
2018
2017
£
£
Corporation tax
8,621
-
Other creditors
204,425
104,376
213,046
104,376
8
Provisions for liabilities
2018
2017
£
£
Deferred tax liabilities
86,104
92,334
86,104
92,334
BOB WILSON & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2018
- 8 -
9
Called up share capital
2018
2017
£
£
Ordinary share capital
Issued and fully paid
3,000 Ordinary of £1 each
3,000
3,000
10
Related party transactions
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.
11
Ultimate controlling party
The ultimate controlling party is Mr W J Wilson.