Company Registration No. 01011721 (England and Wales)
BOB WILSON & SONS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2021
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 2021
- 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 2021 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 loss 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
1 November 2021
Chartered Accountants
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
BOB WILSON & SONS LIMITED
BALANCE SHEET
AS AT 28 FEBRUARY 2021
28 February 2021
- 2 -
2021
2020
Notes
£
£
£
£
Fixed assets
Intangible assets
3
559
1,463
Tangible assets
4
403,780
460,494
Investments
5
1,000
1,000
405,339
462,957
Current assets
Debtors
6
580,217
533,322
Cash at bank and in hand
273,352
297,175
853,569
830,497
Creditors: amounts falling due within one year
7
(136,300)
(135,866)
Net current assets
717,269
694,631
Total assets less current liabilities
1,122,608
1,157,588
Provisions for liabilities
8
(67,305)
(74,486)
Net assets
1,055,303
1,083,102
Capital and reserves
Called up share capital
9
3,000
3,000
Profit and loss reserves
1,052,303
1,080,102
Total equity
1,055,303
1,083,102
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 2021 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.
BOB WILSON & SONS LIMITED
BALANCE SHEET (CONTINUED)
AS AT 28 FEBRUARY 2021
28 February 2021
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 1 November 2021 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 2021
- 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, 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
.
Revenue from the provision of services is recognised by reference to the stage of completion, when the costs incurred and costs to complete can be estimated 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 2021
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
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.
1.8
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.
BOB WILSON & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2021
- 6 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 2
(2020 - 2).
3
Intangible fixed assets
Goodwill
£
Cost
At 29 February 2020 and 28 February 2021
161,605
Amortisation and impairment
At 29 February 2020
160,142
Amortisation charged for the year
904
At 28 February 2021
161,046
Carrying amount
At 28 February 2021
559
At 28 February 2020
1,463
4
Tangible fixed assets
Improvements to property
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 29 February 2020
118,889
1,218,465
546,843
226,995
2,111,192
Disposals
(5,500)
(5,500)
At 28 February 2021
118,889
1,218,465
546,843
221,495
2,105,692
Depreciation and impairment
At 29 February 2020
28,186
895,167
535,898
191,447
1,650,698
Depreciation charged in the year
1,189
44,668
2,741
8,099
56,697
Eliminated in respect of disposals
(5,483)
(5,483)
At 28 February 2021
29,375
939,835
538,639
194,063
1,701,912
Carrying amount
At 28 February 2021
89,514
278,630
8,204
27,432
403,780
At 28 February 2020
90,703
323,298
10,945
35,548
460,494
BOB WILSON & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2021
- 7 -
5
Fixed asset investments
2021
2020
£
£
Investments
1,000
1,000
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 29 February 2020 & 28 February 2021
1,000
Carrying amount
At 28 February 2021
1,000
At 28 February 2020
1,000
6
Debtors
2021
2020
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
46,019
26,717
Other debtors
534,198
506,605
580,217
533,322
7
Creditors: amounts falling due within one year
2021
2020
£
£
Trade creditors
17,375
34
Taxation and social security
4,200
9,619
Other creditors
114,725
126,213
136,300
135,866
8
Provisions for liabilities
2021
2020
£
£
Deferred tax liabilities
67,305
74,486
BOB WILSON & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2021
- 8 -
9
Called up share capital
2021
2020
£
£
Ordinary share capital
Issued and fully paid
3,000 Ordinary of £1 each
3,000
3,000
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.