Registered number |
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The directors recognise that this may not be consistent with the provisions of the Companies Act 2006. Steps are in hand to achieve the appropriate audit and revised audited accounts will be submitted once these have been approved. |
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Registered number: |
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Balance Sheet | |||||||
as at |
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Notes | 2022 | 2021 | |||||
£ | £ | ||||||
Fixed assets | |||||||
Tangible assets | 3 |
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Current assets | |||||||
Stocks |
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Debtors | 4 |
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Cash at bank and in hand |
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Creditors: amounts falling due within one year | 5 | ( |
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Net current liabilities | ( |
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Total assets less current liabilities |
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Provisions for liabilities | ( |
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Net liabilities | ( |
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Capital and reserves | |||||||
Profit and loss account |
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Pensions reserve | (3,355,000) | (5,123,000) | |||||
Shareholder's funds | ( |
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P J Williams | |||||||
Director | |||||||
Approved by the board on |
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Notes to the Accounts | ||||||||
for the year ended |
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1 | Accounting policies | |||||||
Basis of preparation | ||||||||
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Turnover | ||||||||
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Tangible fixed assets | ||||||||
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- Depreciation charge motor vehicles - 20% reducing balance | ||||||||
Stocks | ||||||||
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Debtors | ||||||||
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Creditors | ||||||||
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Taxation | ||||||||
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Provisions | ||||||||
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Leased assets | ||||||||
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Pensions | ||||||||
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The company also operates a defined benefit scheme. The cost of providing benefits is determined using the projected unit credit method, and is based on actuarial advice. The change in the net defined benefit laibility arising from employee service during the year is recognised as an employee cost. The cost of plan introductions, benefit changes, settlements and curtailments are recognised as an expense in measuirng profit or loss in the period to which they arise. The net interest element is determined by multiplying the net defined benefit liability by the discount rate, taking into account any changes in the net defined benefit liability during the period as a result of contribution and benefit payments. The net interest is recognised in profit or loss as other finance revenue or cost. Remeasurement changes comprise actuarial gains and losses, the efect of the asset ceiling and the return on the net defined benefit liability excluding amounts included in net interest. These are recognised immediately in other comprehensive income in the period in which they occur and are not reclassified to profit and loss in subsequent periods. The net defined benefit pension asset or laibility in the balance sheet comprises the present value of the defined benefit obligation, less the fair value of plan assets out of which the obligations are to be settled directly. Fair value is based on market price information. The value of a net pension benefit asset is limited to the amount that may be recovered either through reduced contributions or agreed refunds from the scheme. |
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2 | Employees | 2022 | 2021 | |||||
Number | Number | |||||||
Average number of persons employed by the company |
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3 | Tangible fixed assets | |||||||
Plant and machinery etc | Motor vehicles | Total | ||||||
£ | £ | £ | ||||||
Cost | ||||||||
At 1 April 2021 |
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- |
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Additions | - |
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At 31 March 2022 |
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Depreciation | ||||||||
At 1 April 2021 |
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- |
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Charge for the year | - |
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At 31 March 2022 |
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Net book value | ||||||||
At 31 March 2022 | - |
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At 31 March 2021 | - | - | - | |||||
2 minbuses were purchased in the year ended 31 March 2020 but were incorrectly categorised as repairs and renewals. An adjustment has been made this year to transfer the minibuses to fixed asset. The corresponding entry was to credit repairs and renewals which explains the credit for repairs and renewals in the profit and loss account. 2 years depreciation has been charged this year as the minibuses were purchased on 31 March 2020. | ||||||||
4 | Debtors | 2022 | 2021 | |||||
£ | £ | |||||||
Trade debtors |
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5 | Creditors: amounts falling due within one year | 2022 | 2021 | |||||
£ | £ | |||||||
Trade creditors |
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Taxation and social security costs |
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Other creditors |
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6 | Other information | |||||||
Wirral Evolutions Ltd is a private company limited by shares and incorporated in England. Its registered office is: | ||||||||
The Grange | ||||||||
Grove Road | ||||||||
Wallasey | ||||||||
Wirral | ||||||||
CH45 0JA | ||||||||
7 | Pension and other post-retirement benefit commitments | |||||||
Employee benefit obligations | ||||||||
The company operates a defined benefit pension scheme. The most recent full actuarial valuation was on 31 March 2019 and was carried out by a qualified independent actuary. | ||||||||
The amounts recognised in the balance sheet are as follows: | ||||||||
2022 | 2021 | |||||||
£ | £ | |||||||
Present value of funded obligations | 25,933,000 | 25,462,000 | ||||||
Fair value of plan assets | (22,578,000) | (20,339,000) | ||||||
Net amount recognised on the balance sheet | 3,355,000 | 5,123,000 | ||||||
The amounts recognised in the profit and loss are as follows: | ||||||||
Components of pension cost | ||||||||
Current service cost | 823,000 | 722,000 | ||||||
Interest on obligation | 533,000 | 87,000 | ||||||
Administration expenses | 11,000 | 11,000 | ||||||
Past service cost | 2,000 | - | ||||||
Total | 1,369,000 | 820,000 | ||||||
Actual return on plan assets | 1,906,000 | 3,067,000 | ||||||
Changes in the present value of the defined benefit obligation are as follows: | ||||||||
Opening defined benefit obligation | 25,462,000 | 20,852,000 | ||||||
Current service cost | 823,000 | 722,000 | ||||||
Interest cost | 533,000 | 498,000 | ||||||
Member contributions | 134,000 | 143,000 | ||||||
Past service cost | 2,000 | - | ||||||
Remeasurements (liabilities) | (763,000) | 3,579,000 | ||||||
Benefits paid | (258,000) | (332,000) | ||||||
Total | 25,933,000 | 25,462,000 | ||||||
2022 | 2021 | |||||||
£ | £ | |||||||
Changes in the fair value of plan assets are as follows: | ||||||||
Opening fair value of plan assets | 20,339,000 | 16,980,000 | ||||||
Interest on plan assets | 431,000 | 411,000 | ||||||
Remeasurements (assets) | 1,475,000 | 2,655,000 | ||||||
Administration expenses | (11,000) | (11,000) | ||||||
Employer contributions | 468,000 | 493,000 | ||||||
Member contributions | 134,000 | 143,000 | ||||||
Benefits paid | (258,000) | (332,000) | ||||||
Total | 22,578,000 | 20,339,000 | ||||||
Asset allocation: | ||||||||
% | % | |||||||
Equities | 49.7 | 51.1 | ||||||
Government bonds | 9.4 | 1.3 | ||||||
Other bonds | 3.4 | 11.5 | ||||||
Property | 9.6 | 9.0 | ||||||
Cash/liquidity | 2.1 | 2.2 | ||||||
Other | 25.8 | 24.9 | ||||||
Total | 100.00 | 100.00 | ||||||
Principal actuarial assumptions at the balance sheet date (expressed as weighted averages): | ||||||||
Discount rate at 31 March | 2.8% | 2.1% | ||||||
Benefits revaluation | 3.3% | 2.7% | ||||||
Increase in salaries | 4.8% | 4.2% | ||||||
Increase in pensions in payment/deferment | 3.4% | 2.8% | ||||||
Principal actuarial assumptions at the balance sheet date (continued): | ||||||||
Weighted average life expectancy for mortality tables used to determine benefit obligations at the balance sheet date (male/female): | ||||||||
Years | Years | |||||||
Future pensioner age 65 in 20 years time | 22.4/25.9 years | 22.6/26 years | ||||||
Current pensioner age 65 | 20.9/24 years | 21/24.1 years |