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Registered number: 00246595
WAINWRIGHT BROTHERS & COMPANY LIMITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 DECEMBER 2019
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WAINWRIGHT BROTHERS & COMPANY LIMITED
REGISTERED NUMBER: 00246595
BALANCE SHEET
AS AT 31 DECEMBER 2019
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Debtors: amounts falling due after more than one year
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Net current assets/(liabilities)
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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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Investment property revaluation reserve
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Page 1
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WAINWRIGHT BROTHERS & COMPANY LIMITED
REGISTERED NUMBER: 00246595
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2019
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
................................................
T J A W Wainwright
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The notes on pages 3 to 10 form part of these financial statements.
Page 2
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WAINWRIGHT BROTHERS & COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
Wainwright Brothers & Company Limited is a private company limited by shares, incorporated in England and Wales. The registered office and principal place of business is Bowling Green House, 1 Orchard Place, Southampton, Hampshire, SO14 3PX.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The following principal accounting policies have been applied:
The Directors have considered the financial position of the Company and believe that the Company is currently a going concern. The COVID-19 outbreak has so far not had a material impact on this assessment and, based on their current knowledge, they do not expect it to do so going forward. Consequently, the financial statements have been prepared on a going concern basis.
Informing this view the Directors have explicitly considered the potential impact of the COVID-19 virus. Given the nature of our industry and operations we believe COVID-19 will not have a material effect with shipping remaining a significant part of global freight services. Since the outbreak of the virus there has been no slowdown in sales or scheduled dockings and there has been a spike in demand for the superyacht service line. The Company has also identified significant cost saving opportunities in the forthcoming year resulting in improved cashflow and greater profits than 2019.
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Foreign currency translation
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Functional and presentation currency
The Company's functional and presentational currency is GBP.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Statement of comprehensive income.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. The company's revenue represents commission, charges and related income in respect of amounts invoiced to customers, after deducting directly attributable expenses and excluding VAT. Wainwright Brothers & Company Limited act as an agent and only recognises its own commission as revenue in the profit and loss account on that portion of turnover that relates to Shipping Agency.
Page 3
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WAINWRIGHT BROTHERS & COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
2.Accounting policies (continued)
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Operating leases: the Company as lessor
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Rentals income from operating leases is credited to the Statement of comprehensive income on a straight line basis over the term of the relevant lease.
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Operating leases: the Company as lessee
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Rentals paid under operating leases are charged to the Statement of comprehensive income on a straight line basis over the lease term.
Grants of a revenue nature are recognised in the Statement of comprehensive income in the same period as the related expenditure.
Defined contribution pension plan
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 payment obligations.
The contributions are recognised as an expense in the Statement of comprehensive income 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.
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Current and deferred taxation
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The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of comprehensive income, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance sheet date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Page 4
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WAINWRIGHT BROTHERS & COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
2.Accounting policies (continued)
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of comprehensive income.
Investment property is carried at fair value, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in the Statement of Comprehensive Income.
Fair value is determined annually by directors and where the directors consider appropriate by external valuers. Valuations are derived from the current market rent and investment property yields for comparable property.
Investments in subsidiaries are measured at cost less accumulated impairment.
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
Short term debtors and creditors are measured at the transaction price. Other financial instruments,
including loans, are measured initially at fair value, net of transaction costs, and are measured
subsequently at amortised cost using the effective interest method, less any impairment.
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
Page 5
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WAINWRIGHT BROTHERS & COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
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The average monthly number of employees, including directors, during the year was 14 (2018 - 13).
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Investments in subsidiary companies
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Page 6
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WAINWRIGHT BROTHERS & COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
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The following were subsidiary undertakings of the Company:
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Superyacht Agency Services (Southampton) Limited
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Wainwright Bros. (Travel) Limited
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Transit Freight Services Limited
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The aggregate of the share capital and reserves as at 31 December 2019 and the profit or loss for the year ended on that date for the subsidiary undertakings was as follows:
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Aggregate of share capital and reserves
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Superyacht Agency Services (Southampton) Limited
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Wainwright Bros. (Travel) Limited
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Transit Freight Services Limited
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Freehold investment property
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Investment properties are included at valuations undertaken by the directors having first taken advice from appropriate professional valuers.
Page 7
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WAINWRIGHT BROTHERS & COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
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Due after more than one year
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Prepayments and accrued income
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Cash and cash equivalents
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Other taxation and social security
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Accruals and deferred income
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Page 8
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WAINWRIGHT BROTHERS & COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
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Creditors: Amounts falling due after more than one year
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Analysis of the maturity of loans is given below:
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Amounts falling due within one year
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Amounts falling due 1-2 years
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Amounts falling due 2-5 years
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The Bank loan is secured over an investment property owned by the Company and a £10,000 personal guarantee has been provided by a director.
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Charged to the profit or loss
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The provision for deferred taxation is made up as follows:
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Accelerated capital allowances
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Page 9
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WAINWRIGHT BROTHERS & COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
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Allotted, called up and fully paid
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150,000 (2018 - 150,000) Ordinary shares of £1.00 each
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The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £26,588 (2018: £19,096). Contributions totaling £2,600 (2018: £1,624) were payable to the fund at the balance sheet date and are included in other creditors.
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Commitments under operating leases
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At 31 December 2019 the Company had future minimum lease payments under non-cancellable operating leases as follows:
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Related party transactions
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At the year end the cumulative amount owed to the Company by the Directors totalled £413,863 (2018: £292,594). The amount is included in other debtors.
The Company leases a property from its Director's pension scheme at a charge of £40,000 (2018: £36,500) per annum.
The Company owed £nil (2018: £36,159) to its Director's pension scheme. The amount is included in other creditors.
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The auditors' report on the financial statements for the year ended 31 December 2019 was unqualified.
The audit report was signed on 9 June 2020 by Louise Hallsworth FCA (Senior statutory auditor) on behalf of James Cowper Kreston.
Page 10
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