Company Registration No. 01198754 (England and Wales)
WHEELHOUSE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2019
PAGES FOR FILING WITH REGISTRAR
WHEELHOUSE LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
WHEELHOUSE LIMITED
BALANCE SHEET
AS AT
31 AUGUST 2019
31 August 2019
- 1 -
2019
2018
Notes
£
£
£
£
Fixed assets
Investments
3
100
100
Current assets
Debtors
4
3,348,183
3,348,182
Creditors: amounts falling due within one year
5
(375,767)
(366,500)
Net current assets
2,972,416
2,981,682
Total assets less current liabilities
2,972,516
2,981,782
Provisions for liabilities
6
(3,280,342)
(3,094,203)
Net liabilities
(307,826)
(112,421)
Capital and reserves
Called up share capital
8
3
3
Profit and loss reserves
(307,829)
(112,424)
Total equity
(307,826)
(112,421)
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 August 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his 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 15 February 2021 and are signed on its behalf by:
Mr D Wheelhouse
Director
Company Registration No. 01198754
WHEELHOUSE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2019
- 2 -
1
Accounting policies
Company information
Wheelhouse Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
166 College Road, Harrow, Middlesex, HA1 1RA.
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
Fixed asset investments
Interests in subsidiaries entities are 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.
1.3
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors are measured at transaction price including transaction costs
. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors that are classified as debt, are
recognised at transaction price unless the arrangement constitutes a
financing transaction.
Financial liabilities classified as payable within one year are not amortised.
1.4
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
WHEELHOUSE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2019
1
Accounting policies
(Continued)
- 3 -
1.5
Retirement benefits
The company provides pension benefits for senior employees. Under the terms of the pension contracts entered into with the senior employees, fixed sums are provided for now in order to provide pension benefits to the individuals upon their retirement. The pension contracts allow for an annual increase in respect of indexation over and above the initial contracted amount.
Although under section 28 of FRS 102 this pension arrangement is regarded as being a defined benefit scheme, the directors consider that it does not bear any of the hallmarks of a defined benefit scheme as the company’s contributions are fixed until the point of retirement at which point any further contributions of annual increases cease. Further information can be found in note 7 to the financial statements.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2019
2018
Number
Number
Total
2
2
3
Fixed asset investments
2019
2018
£
£
Shares in group undertakings and participating interests
100
100
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 September 2018 & 31 August 2019
100
Carrying amount
At 31 August 2019
100
At 31 August 2018
100
4
Debtors
2019
2018
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
3,348,183
3,348,182
WHEELHOUSE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2019
- 4 -
5
Creditors: amounts falling due within one year
2019
2018
£
£
Amounts owed to group undertakings
375,667
245,400
Other creditors
100
121,100
375,767
366,500
Included in other creditors is a loan for the pension fund totalling £Nil (2018: £120,000) which is secured.
6
Provisions for liabilities
2019
2018
£
£
Pension obligations
3,280,342
3,094,203
Movements on provisions:
Pension obligations
£
At 1 September 2018
3,094,203
Additional provisions in the year
186,139
At 31 August 2019
3,280,342
The company has
entered in
to
agreements and is contractually obliged to
expend
fixed
sums in the future to provide retirement benefits to senior employees under the terms of their pension agreements.
WHEELHOUSE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2019
- 5 -
7
Retirement benefit schemes
2019
2018
Defined benefit schemes
£
£
Charge to profit or loss in respect of defined benefit schemes
186,139
322,609
The company provided pension benefits in respect of senior employees. Amounts payable are charged to the profit and loss account in the year the contracts are entered into between the company and the employees. The number of directors to whom
pension
benefits are accruing under
these pension agreements
is
1
(2018:
1
).
The contributions and potential liabilities of the company in respect of the pension agreements are fixed at least until the date of retirement of the employees which is over
1
0 years from the year end date.
Although under section 28 of FRS 102 this pension arrangement is regarded as being a defined benefit scheme, the directors are of the opinion that it does not bear any of the hallmarks of what is usually considered to be a defined benefit scheme and therefore no further disclosures are considered necessary in order to understand the nature and measurement of the liability.
The directors are also of the opinion that the liability as disclosed in the financial statements represents the full and final amount which could be expected, at this stage, to be paid in the future to settle the pension agreement liabilities
.
8
Called up share capital
2019
2018
£
£
Ordinary share capital
Issued and fully paid
3 Ordinary shares of £1 each
3
3
9
Parent company
The company is under the control of its ultimate parent company,
Wheelhouse Warehousing Limited
whose
registered
office
address is: 166 College Road, Harrow, Middlesex, HA1 1RA.