Wheatcroft Collections Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 00526811 (England and Wales)

WHEATCROFT COLLECTIONS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2019

Page

Company Information

1

Balance Sheet

2

to

3

Notes to the Financial Statements

4

to

10

Chartered Certified Accountants' Report

11

DIRECTORS:

K Wheatcroft

Mrs A M Wheatcroft

SECRETARY:

Mrs A M Wheatcroft

REGISTERED OFFICE:

4 Bank Court

Weldon Road

Loughborough

Leicestershire

LE11 5RF

BUSINESS ADDRESS:

The Gatehouse

Chantmarle Manor

Chantmarle

Dorchester

Dorset

DT2 0HD

REGISTERED NUMBER:

00526811 (England and Wales)

ACCOUNTANTS:

Essex Abel Ltd

4 Bank Court

Weldon Road

Loughborough

Leicestershire

LE11 5RF

ACCOUNTANTS:

Essex Abel Ltd

4 Bank Court

Weldon Road

Loughborough

Leicestershire

LE11 5RF

FIXED ASSETS

Tangible assets

4

32,031,911

24,135,209

CURRENT ASSETS

Stocks

6,680

6,680

Debtors

5

42,541

2,333,165

Cash at bank and in hand

589,342

833,794

638,563

3,173,639

CREDITORS

Amounts falling due within one year

6

2,121,934

2,657,919

NET CURRENT (LIABILITIES)/ASSETS

(1,483,371

)

515,720

TOTAL ASSETS LESS CURRENT LIABILITIES

30,548,540

24,650,929

CREDITORS

Amounts falling due after more than one year

7

13,000,000

7,000,000

NET ASSETS

17,548,540

17,650,929

CAPITAL AND RESERVES

Called up share capital

10,101,000

10,101,000

Retained earnings

7,447,540

7,549,929

SHAREHOLDERS' FUNDS

17,548,540

17,650,929

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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 Income Statement has not been delivered.

The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on 22 December 2020 and were signed on its behalf by:

K Wheatcroft - Director

1.	STATUTORY INFORMATION

Wheatcroft Collections Limited is a private company, limited by shares, registered in England and Wales. The company's registered number, registered office address and place of business can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

Significant judgements and estimates

In the application of the Company's accounting policies, which are described in the accounting policies, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described below.

Tangible fixed asset useful lives

Tangible fixed assets are depreciated over their useful lives taking into account residual values where

appropriate. The actual lives of the assets are assessed annually and may vary depending on a number of factors. In re-assessing the asset lives, factors such as product life cycles and maintenance programmes are taken into account.

Turnover

Turnover represents net invoiced income from the operation of a museum, licence fee income and the sale of classic cars, excluding value added tax and is recognised on an accruals basis.

Tangible fixed assets

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

Freehold property

-

2% on cost

Short leasehold

-

2% on cost

Museum fixtures

-

10% on cost

Plant & machinery

-

10%, 20% and 33% on cost

Motor vehicles

-

33% on cost

Museum cars

-

0% and 5% on cost

Museum exhibits

-

0% and 5% on cost

Freehold land is not depreciated

Depreciation is not provided on museum cars and some exhibits where the director's are of the opinion that cars are maintained to such a high standard, such that any depreciation would be immaterial to the financial statements.

The carrying value of these assets is reviewed annually and any permanent diminution in value is provided for in the profit and loss account.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

Taxation

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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

Trade and other debtors

Trade and other debtors are initially recognised at the transaction price and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases, the debtors are stated at cost less impairment losses for bad and doubtful debts.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method unless the effect of discounting would be immaterial, in which case they are stated at cost.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the balance sheet, bank overdrafts are shown within borrowings or current liabilities when applicable.

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties.

Debt instruments, like loans and other accounts receivable and payable, are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration, expected to be paid or received. However if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an outright short-term loan not at market rate, the financial asset or liability is measured, initially and subsequently, at the present value of the future payment discounted at a market rate of interest for a similar debt instrument.

Provisions for liabilities

Provisions are recognised when the group has a present obligation (legal or constructive) as a result of a past event, it is probable that the group will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation.

Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value using a pre-tax discount rate. The unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2018 - 7 ) .

4.	TANGIBLE FIXED ASSETS

Freehold

Short

Plant &

property

leasehold

Machinery

£

£

£

COST

At 1 January 2019

1,197,448

525,501

379,508

Additions

114,774

19,497

115,328

Disposals

-

-

(1,077

)

Reclassification/transfer

-

-

-

At 31 December 2019

1,312,222

544,998

493,759

DEPRECIATION

At 1 January 2019

110,367

492,822

122,835

Charge for year

25,197

850

34,276

Eliminated on disposal

-

-

(1,077

)

At 31 December 2019

135,564

493,672

156,034

NET BOOK VALUE

At 31 December 2019

1,176,658

51,326

337,725

At 31 December 2018

1,087,081

32,679

256,673

Motor

Museum

Museum

Vehicles

cars

exhibits

Totals

£

£

£

£

COST

At 1 January 2019

216,815

2,952,361

20,632,577

25,904,210

Additions

-

959,073

6,868,692

8,077,364

Disposals

-

-

(24,128

)

(25,205

)

Reclassification/transfer

-

6,000

(6,000

)

-

At 31 December 2019

216,815

3,917,434

27,471,141

33,956,369

DEPRECIATION

At 1 January 2019

86,421

39,582

916,974

1,769,001

Charge for year

32,599

-

63,612

156,534

Eliminated on disposal

-

-

-

(1,077

)

At 31 December 2019

119,020

39,582

980,586

1,924,458

NET BOOK VALUE

At 31 December 2019

97,795

3,877,852

26,490,555

32,031,911

At 31 December 2018

130,394

2,912,779

19,715,603

24,135,209

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Motor

Vehicles

£

COST

At 1 January 2019

121,283

Transfer to ownership

(121,283

)

At 31 December 2019

-

DEPRECIATION

At 1 January 2019

69,057

Transfer to ownership

(69,057

)

At 31 December 2019

-

NET BOOK VALUE

At 31 December 2019

-

At 31 December 2018

52,226

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

1,160

2,321,598

Other debtors

41,381

11,567

42,541

2,333,165

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Hire purchase contracts (see note 8)

-

6,779

Trade creditors

733,760

454,305

Amounts owed to group undertakings

721,177

960,855

Taxation and social security

1,351

614,007

Other creditors

665,646

621,973

2,121,934

2,657,919

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2019

2018

£

£

Other creditors

13,000,000

7,000,000

8.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

2019

2018

£

£

Net obligations repayable:

Within one year

-

6,779

The above minimum lease payments are committed to be paid in respect of hire purchase contracts.

Non-cancellable operating

leases

2019

2018

£

£

Within one year

28,436

27,810

Between one and five years

116,081

115,013

In more than five years

97,657

127,161

242,174

269,984

The above payments under non-cancellable operating leases are committed to be paid in respect of land and buildings.

9.	SECURED DEBTS

The following secured debts are included within creditors:

2019

2018

£

£

Hire purchase contracts

-

6,779

The hire purchase liability is secured by the asset financed.

10.	CAPITAL COMMITMENTS

2019

2018

£

£

Contracted but not provided for in the

financial statements

54,580

345,634

This relates to the total anticipated build costs in relation to one ongoing project.

11.	RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

The amount owed to The Trustees of Tom Wheatcroft Will Trust, an entity under common control, is £461,047 (2018 £482,709).

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Profit and loss account and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Wheatcroft Collections Limited for the year ended 31 December 2019 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook.

This report is made solely to the Board of Directors of Wheatcroft Collections Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Wheatcroft Collections Limited and state those matters that we have agreed to state to the Board of Directors of Wheatcroft Collections Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Wheatcroft Collections Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Wheatcroft Collections Limited. You consider that Wheatcroft Collections Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Wheatcroft Collections Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Essex Abel Ltd

4 Bank Court

Weldon Road

Loughborough

Leicestershire

LE11 5RF

22 December 2020