Ernest Wilsons & Co Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03071112 (England and Wales)

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2019

FOR

ERNEST WILSONS & CO LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

Jonathan Stuart Holmes

Stuart John Moorhouse

Paul Adam Milton Williamson

REGISTERED OFFICE:

The Business Centre Deanhurst Park

Geldard Road

Gildersome

Leeds

West Yorkshire

LS27 7LG

REGISTERED NUMBER:

03071112 (England and Wales)

ACCOUNTANTS:

Walter Dawson & Son

1 Valley Court

Bradford

West Yorkshire

BD1 4SP

FIXED ASSETS

Tangible assets

4

103,319

112,946

CURRENT ASSETS

Debtors

5

375,610

359,869

Cash at bank

77,293

49,938

452,903

409,807

CREDITORS

Amounts falling due within one year

6

232,054

379,560

NET CURRENT ASSETS

220,849

30,247

TOTAL ASSETS LESS CURRENT LIABILITIES

324,168

143,193

PROVISIONS FOR LIABILITIES

2,756

5,720

NET ASSETS

321,412

137,473

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

321,312

137,373

321,412

137,473

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2019 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors on 1 October 2019 and were signed on its behalf by:

Paul Adam Milton Williamson - Director

1.	STATUTORY INFORMATION

Ernest Wilsons & Co Limited is a private company, limited by shares , registered in England and Wales. The company's

registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added

tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Improvements to property

-

10% on reducing balance

Fixtures and fittings

-

30% on reducing balance

Motor vehicles

-

25% on reducing balance

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the

extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively

enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in

which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or

substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be

recovered against the reversal of deferred tax liabilities or other future taxable profits.

Leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are

charged to profit or loss in the period to which they relate.

Income recognition

Revenue is recognised to the extent that is probable that the economic benefits will flow to the company and revenue can be

reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts,

rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised.

Revenue from a contract to provide services is recognised in the period in which the services are provided when all of the

following conditions are satisfied :

- the amount of revenue can be measured reliably; and

- it is probable that the company will receive the consideration due.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 22 (2018 - 23 ) .

4.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

and

Motor

property

fittings

vehicles

Totals

£

£

£

£

COST

At 1 August 2018

18,000

416,802

118,850

553,652

Additions

-

6,070

17,750

23,820

At 31 July 2019

18,000

422,872

136,600

577,472

DEPRECIATION

At 1 August 2018

3,420

394,001

43,285

440,706

Charge for year

1,458

8,660

23,329

33,447

At 31 July 2019

4,878

402,661

66,614

474,153

NET BOOK VALUE

At 31 July 2019

13,122

20,211

69,986

103,319

At 31 July 2018

14,580

22,801

75,565

112,946

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

340,640

324,400

Other debtors

34,970

35,469

375,610

359,869

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade creditors

40,978

30,934

Amounts owed to related parties

8,945

20,498

Taxation and social security

127,079

48,640

Other creditors

55,052

279,488

232,054

379,560

7.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2019

2018

£

£

Within one year

90,000

90,000

Between one and five years

360,000

360,000

In more than five years

-

90,000

450,000

540,000

8.	PENSION COMMITMENTS

The company operates a defined contribution pension scheme. The pension cost represents contributions payable by the

company to the fund and amounted to £9,496 (2018:£4,761). Contributions totalling £4,946 (2018:£2,713) were payable to

the fund at the year end and included in creditors.

9.	RELATED PARTY DISCLOSURES

Mr R Williamson has control over a majority of shares in the company and is deemed to be the controlling party for the

purposes of Financial Reporting Standard No.102.

Mr R Williamson is also a controlling shareholder of Ernest Wilson's (West Yorkshire) Limited

Creditors falling due within one year includes £Nil (2018:£11,638) owed to the director Mr P A M Williamson and £2,205

(2018: £2,205) owed to the director Mr S J Moorhouse

Creditors includes £8,945 (2018:£20,498) owed to Ernest Wilson's (West Yorkshire) Limited.

During the year franchise and marketing fees were received from Ernest Wilson's (West Yorkshire) Limited amounting to

£345,663 (2018:£148,057)