Company registration number 12819818 (England and Wales)
WILDES HOUSE LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
PAGES FOR FILING WITH REGISTRAR
WILDES HOUSE LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
WILDES HOUSE LIMITED
BALANCE SHEET
AS AT
31 MARCH 2022
31 March 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
3
488,491
498,581
Current assets
Debtors
4
17,000
17,000
Creditors: amounts falling due within one year
5
(175,599)
(200,340)
Net current liabilities
(158,599)
(183,340)
Total assets less current liabilities
329,892
315,241
Creditors: amounts falling due after more than one year
7
(270,000)
(279,000)
Net assets
59,892
36,241
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
59,891
36,240
Total equity
59,892
36,241
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
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 29 June 2023 and are signed on its behalf by:
Mr P E Wildes
Director
Company Registration No. 12819818
WILDES HOUSE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
- 2 -
1
Accounting policies
Company information
Wildes House Limited is a private company limited by shares incorporated in England and Wales. The registered office is Wildes House, Worksop Road, Clowne, Chesterfield, S43 4TD.
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 amounts 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 sales related taxes.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
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:
Freehold land and buildings
2% Straight line
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
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
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.
WILDES HOUSE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
1
Accounting policies
(Continued)
- 3 -
1.6
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 and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.7
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.
2
Employees
The average monthly number of persons employed by the company during the year was:
2022
2021
Number
Number
Total
WILDES HOUSE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 4 -
3
Tangible fixed assets
Land and buildings
£
Cost
At 1 April 2021 and 31 March 2022
504,466
Depreciation and impairment
At 1 April 2021
5,885
Depreciation charged in the year
10,090
At 31 March 2022
15,975
Carrying amount
At 31 March 2022
488,491
At 31 March 2021
498,581
4
Debtors
2022
2021
Amounts falling due within one year:
£
£
Other debtors
17,000
17,000
5
Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans
12,000
12,000
Amounts owed to group undertakings
163,599
188,340
175,599
200,340
6
Securities
A debenture is held with Coutts & Company, created 30 September 2020 and delivered 1 October 2020, containing fixed and floating charges over all property or undertaking of the company.
A debenture is held with Coutts & Company, created 30 September 2020 and delivered 1 October 2020, containing a fixed charge over Southgate House, Chesterfield.
7
Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
270,000
279,000
WILDES HOUSE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 5 -
8
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Michael Caputo FCA
Statutory Auditor:
Xeinadin Audit Limited
9
Operating lease commitments
Lessor
At the reporting end date the company had contracted with tenants for the following minimum lease payments:
2022
2021
£
£
216,667
266,667
WILDES HOUSE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 6 -
10
Related party transactions
The following transactions were entered into with companies in which Mr P E Wildes held an interest:-
During the year rents amounting to £50,000 were charged to Wildes Branded Hotels Limited. At 31 March 2022 £96,136 was due from Wildes Branded Hotels Limited. (2021: £50,000).
During the period £70,730 was advanced to Wildes Group Limited. At 31 March 2022£433,735 was owed to Wildes Group Limited. (2021: £504,465).
During the year, £nil was advanced from Van Dyk Limited. At 31 March 2022 £127,037 was owed to Van Dyk Limited (2021: £127,037).
During the year, £16,112 was advanced from Van Dyk By Wildes Limited. At 31 March 2022 £295,212 was due from Van Dyk By Wildes Limited. (2021: £311,324).
During the year, £950 was advanced from Crewe Hotel (Guernsey) Limited. At 31 March 2022 £nil was due from Crewe Hotel (Guernsey) Limited. (2021: £950).
During the year, £3,210 was advanced from Crewe Hotel Trading Limited. At 31 March 2022 £10,206 was due from Crewe Hotel Trading Limited. (2021: £13,416).
During the year, £4,454 was advanced to Kings Gap Trading Limited. At 31 March 2022 £nil was owed to Kings Gap Trading Limited. (2021: £4,454).
During the year £nil was advanced to Wildes Education Limited. At 31 March 2022 £17,000 was due from Wildes Education Limited. (2021: £17,000).
During the year £76,307 was advanced from Wildes Hotel Limited. At 31 March 2022 ££3,431 was due to Wildes Hotel Limited (2021 due from: £3,431).
11
Parent company
100% of the share capital of Wildes House Limited is held by Wildes Group Limited. The registered office of Wildes Group Limited is Wildes House, Worksop Road, Clowne, Chesterfield, England, S43 4TD.
The ultimate controlling party of Wildes Group Limited is Mr P E Wildes.