Company registration number:
for the Year Ended
A J Wakely & Sons Ltd.
Contents
Balance Sheet |
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Notes to the Unaudited Financial Statements |
A J Wakely & Sons Ltd.
(Registration number: 01977927)
Balance Sheet as at 31 May 2020
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2020 |
2019 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Investment property |
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- |
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Investments |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
- |
( |
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Provisions for liabilities |
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Deferred tax liabilities |
(112,542) |
(131,342) |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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A J Wakely & Sons Ltd.
(Registration number: 01977927)
Balance Sheet as at 31 May 2020
For the financial year ending 31 May 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006. The option not to file the profit and loss account and directors’ report has been taken.
Approved and authorised by the
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A J Wakely & Sons Ltd.
Notes to the Unaudited Financial Statements
for the Year Ended 31 May 2020
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
These financial statements are presented in Sterling (£).
Group accounts not prepared
Turnover recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
A J Wakely & Sons Ltd.
Notes to the Unaudited Financial Statements
for the Year Ended 31 May 2020
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised on timing differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.
Tangible assets
Tangible assets are stated at cost less accumulated depreciation.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation of tangible assets
Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Land and buildings |
Freehold property 2% straight line Leasehold property 10% straight line |
Fixtures and fittings |
15% reducing balance |
Motor vehicles |
25% reducing balance |
Plant and machinery |
25% reducing balance |
Computer equipment |
33.3% straight line |
Investment property
Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
A J Wakely & Sons Ltd.
Notes to the Unaudited Financial Statements
for the Year Ended 31 May 2020
Goodwill
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Goodwill |
10% straight line |
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtor.
Stocks
Finished goods are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
A J Wakely & Sons Ltd.
Notes to the Unaudited Financial Statements
for the Year Ended 31 May 2020
Creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Defined contribution pension obligation
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payments obligations.
The contributions are recognised as an expense in the profit and loss account when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.
Staff numbers |
The average number of persons employed by the company (including directors) during the year was
A J Wakely & Sons Ltd.
Notes to the Unaudited Financial Statements
for the Year Ended 31 May 2020
Intangible assets |
Goodwill |
Total |
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Cost or valuation |
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At 1 June 2019 |
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At 31 May 2020 |
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Amortisation |
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At 1 June 2019 |
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Amortisation charge |
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At 31 May 2020 |
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Carrying amount |
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At 31 May 2020 |
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At 31 May 2019 |
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A J Wakely & Sons Ltd.
Notes to the Unaudited Financial Statements
for the Year Ended 31 May 2020
Tangible assets |
Land and buildings |
Furniture, fittings and equipment |
Motor vehicles |
Plant and machinery |
Computer equipment |
Total |
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Cost or valuation |
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At 1 June 2019 |
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Additions |
- |
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- |
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At 31 May 2020 |
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Depreciation |
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At 1 June 2019 |
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Charge for the year |
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At 31 May 2020 |
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Carrying amount |
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At 31 May 2020 |
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At 31 May 2019 |
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Included within the net book value of land and buildings above is £816,671 (2019 - £835,698) in respect of freehold land and buildings and £20,170 (2019 - £23,048) in respect of long leasehold land and buildings.
A J Wakely & Sons Ltd.
Notes to the Unaudited Financial Statements
for the Year Ended 31 May 2020
Investment properties |
2020 |
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At 1 June 2019 |
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Additions |
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At 31 May 2020 |
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The investment property was purchased on 8 October 2019. The fair value of the investment property has not materially changed since that date, therefore no revaluation is required.
Due to there being no fair value movement there is no deferred tax attributable to the investment property.
There has been no valuation of investment property by an independent valuer.
Investments |
2020 |
2019 |
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Investments in subsidiaries |
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Subsidiaries |
£ |
Cost or valuation |
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At 1 June 2019 |
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At 31 May 2020 |
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Carrying amount |
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At 31 May 2020 |
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At 31 May 2019 |
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A J Wakely & Sons Ltd.
Notes to the Unaudited Financial Statements
for the Year Ended 31 May 2020
Details of undertakings
Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
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2020 |
2019 |
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Subsidiary undertakings |
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J F Clarke & Son Ltd
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Ordinary |
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England |
Subsidiary undertakings |
J.F. Clarke & Son Limited The principal activity of J.F. Clarke & Son Limited is |
Stocks |
2020 |
2019 |
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Finished goods and goods for resale |
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Debtors |
2020 |
2019 |
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Trade debtors |
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Other debtors |
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Total current trade and other debtors |
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A J Wakely & Sons Ltd.
Notes to the Unaudited Financial Statements
for the Year Ended 31 May 2020
Creditors |
Note |
2020 |
2019 |
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Due within one year |
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Trade creditors |
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Taxation and social security |
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Corporation tax |
284,627 |
60,161 |
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Other creditors |
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Due after one year |
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Other non-current financial liabilities |
- |
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Financial commitments, guarantees and contingencies |
Amounts not provided for in the balance sheet
The total amount of financial commitments not included in the balance sheet is £