Wring's Units Limited - Period Ending 2020-08-31
Wring's Units Limited - Period Ending 2020-08-31
Registration number:
Wring's Units Limited
for the Year Ended 31 August 2020
Wring's Units Limited
(Registration number: 01758281)
Balance Sheet as at 31 August 2020
Note |
2020 |
2019 |
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Fixed assets |
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Tangible assets |
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Investment property |
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Current assets |
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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 (liabilities)/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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Net assets |
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Capital and reserves |
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Called up share capital |
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Revaluation reserve |
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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
.........................................
Director
Wring's Units Limited
Notes to the Financial Statements for the Year Ended 31 August 2020
General information |
The company is a private company limited by share capital, incorporated in England & Wales.
The address of its registered office is:
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.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts within the financial statements are rounded to the nearest £.
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.
Name of parent of group
These financial statements are consolidated in the financial statements of Wring Group Limited. The financial statements of Wring Group Limited may be obtained from:
Vale Lane
Bedminster
Bristol
BS3 5RU
Going concern
The growth of the Coronavirus COVID-19 pandemic across the world has had an inevitable impact on the company’s trading outlook.
Although COVID-19 is expected to have an impact on trading performance in the year ended 31 August 2020, the directors do not consider that this will significantly impact the company’s ability to continue as a going concern. Given the continued support of the shareholders and parent company, the directorshave concluded that the company has adequate resources in place to continue trading for the foreseeable future, being twelve months from the date of approval of the financial statements.
Therefore, the going concern basis continues to be applied in the preparation of the financial statements.
Wring's Units Limited
Notes to the Financial Statements for the Year Ended 31 August 2020
Audit report
Key sources of estimation uncertainty
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
The directors have carried out a valuation of investment properties on an open market basis and based on similar properties in similar geographic locations. Further details are given in Note 6.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the rental of investment properties in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, 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.
Finance income and costs policy
Interest income and expenses are recognised using the effective interest rate method.
Foreign currency transactions and balances
Tax
The tax expense for the period comprises 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.
Wring's Units Limited
Notes to the Financial Statements for the Year Ended 31 August 2020
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.
Current and deferred taxation assets and liabilities are not discounted.
Tangible assets
Tangible assets are stated in the balance sheet 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 |
Leasehold land and buildings |
Over the term of the lease |
Furniture, fittings and equipment |
25% straight line |
Investment property
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.
Trade debtors
Trade debtors are amounts due from customers for 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 receivables.
Wring's Units Limited
Notes to the Financial Statements for the Year Ended 31 August 2020
Trade 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.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
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
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the group 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.
Wring's Units Limited
Notes to the Financial Statements for the Year Ended 31 August 2020
Financial instruments
Recognition and measurement
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Impairment
The impairment loss is recognised in profit or loss. If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Staff numbers |
The average number of persons employed by the company (including directors) during the year was
Wring's Units Limited
Notes to the Financial Statements for the Year Ended 31 August 2020
Auditors' remuneration |
2020 |
2019 |
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Audit of the financial statements |
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Other fees to auditors |
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All other non-audit services |
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Tangible assets |
Leasehold land and buildings |
Furniture, fittings and equipment |
Total |
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Cost or valuation |
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At 1 September 2019 |
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Additions |
- |
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Disposals |
- |
( |
( |
At 31 August 2020 |
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Depreciation |
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At 1 September 2019 |
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Charge for the year |
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Eliminated on disposal |
- |
( |
( |
At 31 August 2020 |
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Carrying amount |
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At 31 August 2020 |
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At 31 August 2019 |
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Investment properties |
2020 |
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At 1 September 2019 and 31 August 2020 |
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Investment properties are included in the balance sheet at their fair value as at 31 August 2020, as valued by the director, J M Wring. The valuation is on an open market basis, based on similar properties in similar geographic locations.
Wring's Units Limited
Notes to the Financial Statements for the Year Ended 31 August 2020
Debtors |
Note |
2020 |
2019 |
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Trade debtors |
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Amounts owed by group undertakings |
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Other debtors |
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Prepayments and accrued income |
4,283 |
3,954 |
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Creditors |
Creditors: amounts falling due within one year
Note |
2020 |
2019 |
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Due within one year |
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Bank loans and overdrafts |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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- |
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Accruals and deferred income |
18,408 |
36,379 |
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Creditors include bank loans and overdrafts of which £76,730 (2019 - £74,314) is secured. Details of security in place is given in Note 10.
Creditors: amounts falling due after more than one year
Note |
2020 |
2019 |
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Due after one year |
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Loans and borrowings |
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Creditors include bank loans and overdrafts of which £92,728 (2019 - £132,590) is secured. Details of security in place is given in Note 10.
Share capital |
Allotted, called up and fully paid shares
2020 |
2019 |
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No. |
£ |
No. |
£ |
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|
|
100 |
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100 |
Wring's Units Limited
Notes to the Financial Statements for the Year Ended 31 August 2020
Loans and borrowings |
2020 |
2019 |
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Non-current loans and borrowings |
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Bank borrowings |
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2020 |
2019 |
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Current loans and borrowings |
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Bank borrowings |
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Bank borrowings are secured by legal charges over the freehold properties at Lockes Yard, Hope Cove and Vale Lane owned by the company. All assets of the company are secured by a fixed and floating charge registered on 14 July 2004.
Related party transactions |
Income and receivables from related parties
2020 |
Parent |
Leases |
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Amounts receivable from related party |
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2019 |
Parent |
Leases |
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Amounts receivable from related party |
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Amounts receivable from related parties are interest free and repayable on demand.
Parent and ultimate parent undertaking |
The company's immediate parent is
The most senior parent entity producing publicly available financial statements is
The ultimate controlling party is