Wilson & Mawhinney Ltd - Period Ending 2018-12-31
Wilson & Mawhinney Ltd - Period Ending 2018-12-31
Registration number:
Wilson & Mawhinney Ltd
for the Year Ended 31 December 2018
D T Carson & Co.
Chartered Accountants & Registered Auditors
51-53 Thomas Street
Ballymena
Co Antrim
BT43 6AZ
Wilson & Mawhinney Ltd
(Registration number: NI032840)
Balance Sheet as at 31 December 2018
Note |
2018 |
2017 |
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Fixed assets |
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Tangible assets |
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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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Provisions for liabilities |
( |
( |
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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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These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
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Page 1 |
Wilson & Mawhinney Ltd
Notes to the Financial Statements for the Year Ended 31 December 2018
General information |
The company is a private company limited by share capital, incorporated in Northern Ireland.
The address of its registered office is:
The principal place of business is:
73 Liminary Road
Ballymena
BT42 3HN
These financial statements were authorised for issue by the
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.
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.
Audit report
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, 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 income 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.
Page 2 |
Wilson & Mawhinney Ltd
Notes to the Financial Statements for the Year Ended 31 December 2018
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Land and buildings |
5% straight line |
Other property, plant & equipment |
25% reducing balance |
Motor vehicles |
25% reducing balance |
Fixtures & fittings |
25% 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.
Stocks
Stocks 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.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Page 3 |
Wilson & Mawhinney Ltd
Notes to the Financial Statements for the Year Ended 31 December 2018
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
(2017 -
Tangible assets |
Land and buildings |
Furniture, fittings and equipment |
Motor vehicles |
Other property, plant and equipment |
Total |
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Cost or valuation |
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At 1 January 2018 |
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Additions |
- |
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Disposals |
- |
- |
( |
- |
( |
At 31 December 2018 |
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Depreciation |
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At 1 January 2018 |
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Charge for the year |
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Eliminated on disposal |
- |
- |
( |
- |
( |
At 31 December 2018 |
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Carrying amount |
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At 31 December 2018 |
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At 31 December 2017 |
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Included within the net book value of land and buildings above is £11,243 (2017 - £12,726) in respect of freehold land and buildings.
Page 4 |
Wilson & Mawhinney Ltd
Notes to the Financial Statements for the Year Ended 31 December 2018
Investments |
2018 |
2017 |
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Investments in subsidiaries |
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Subsidiaries |
£ |
Cost or valuation |
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At 1 January 2018 |
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Provision |
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Carrying amount |
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At 31 December 2018 |
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At 31 December 2017 |
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Stocks |
2018 |
2017 |
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Work in progress |
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Other inventories |
- |
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Debtors |
Note |
2018 |
2017 |
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Trade debtors |
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Amounts owed by group undertakings and undertakings in which the company has a participating interest |
- |
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Prepayments |
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Other debtors |
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Page 5 |
Wilson & Mawhinney Ltd
Notes to the Financial Statements for the Year Ended 31 December 2018
Creditors |
Creditors: amounts falling due within one year
2018 |
2017 |
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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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Accruals and deferred income |
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Other creditors |
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Share capital |
Allotted, called up and fully paid shares
2018 |
2017 |
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No. |
£ |
No. |
£ |
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1 |
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1 |
Financial commitments, guarantees and contingencies |
Amounts not provided for in the balance sheet
The total amount of guarantees not included in the balance sheet is £87,430 (2017 - £19,560). Guarantees have been given in respect of performance bonds and road bonds. These amounts are secured by fixed charge over book debts and a floating charge in favour of the company's bankers.
£67,870 of the above amount has been released after the year end
Related party transactions |
Directors' remuneration
The directors' remuneration for the year was as follows:
2018 |
2017 |
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Remuneration |
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Contributions paid to money purchase schemes |
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248,711 |
246,299 |
Page 6 |