William Wild & Son (Mollington) Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 00461730 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 March 2020

for

William Wild & Son (Mollington) Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Lady G M Wade

Honourable C J O Wade

SECRETARY:

Honourable C J O Wade

REGISTERED OFFICE:

2 Hilliards Court

Chester Business Park

Chester

CH4 9PX

REGISTERED NUMBER:

00461730 (England and Wales)

ACCOUNTANT:

Kevin H Rourke

Chartered Accountant

35 Hillington Road

Sale

Cheshire

M33 6GQ

FIXED ASSETS

Tangible assets

4

1,269,807

1,274,656

Investments

5

146,902

160,077

1,416,709

1,434,733

CURRENT ASSETS

Stocks

6

335,542

409,658

Debtors

7

13,846

14,970

Cash at bank

3,049

8,414

352,437

433,042

CREDITORS

Amounts falling due within one year

8

1,286,212

1,324,679

NET CURRENT LIABILITIES

(933,775

)

(891,637

)

TOTAL ASSETS LESS CURRENT LIABILITIES

482,934

543,096

CREDITORS

Amounts falling due after more than one year

9

-

4,500

NET ASSETS

482,934

538,596

CAPITAL AND RESERVES

Called up share capital

41,500

41,500

Revaluation reserve

11

680,268

698,284

Retained earnings

11

(238,834

)

(201,188

)

SHAREHOLDERS' FUNDS

482,934

538,596

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2020 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 by the Board of Directors and authorised for issue on 1 March 2021 and were signed on its behalf by:

Honourable C J O Wade - Director

1.	STATUTORY INFORMATION

William Wild & Son (Mollington) 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 as modified by the revaluation of certain assets.

Turnover

Turnover includes rental income receivable and sales at invoiced amounts excluding vat.

Tangible fixed assets

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

Plant and machinery etc

-

25% on reducing balance and 15% on reducing balance

Freehold land and buildings and improvements to property

Freehold land is not amortised.

In the opinion of the directors the remaining useful economic life of the property is estimated to be greater than

50 years and the depreciation charge which would otherwise have been made is immaterial owing to such long

useful economic life and the expectancy of high residual values.The economic useful life and estimated residual

values are reviewed by the directors at the end of each reporting period.

In order to ensure that the carrying amounts continue to be supportable, the properties are subject to impairment

reviews at the end of each reporting period.

No depreciation is provided on freehold land and buildings or improvements to properties as in the opinion of

the directors no provision is necessary.Although the Companies Act would normally require systematic review

of all annual depreciation of fixed assets, the directors believe that the policy of not providing depreciation is

necessary in order for the financial statements to give a true and fair view. Any diminution in the value of the

freehold land and buildings or the property would be recognised in the financial statements as it occurs.

Profits and losses on sales of the freehold land and buildings or the property are calculated on the difference

between proceeds and net carrying amount whether at valuation or cost.

Stocks and work in progress

Stocks are valued at the lower of cost and net realisable value.

Work in progress is valued at cost adjusted for its fair value, as determined by the directors, at the Balance sheet

date. Profit is not taken until the outcome of the work, based on valuation carried out by the directors, can be

assessed with reasonable accuracy.

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.

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.

Investments

Investments are stated at cost when purchased and adjusted to market value at the year end. Listed investments

have been valued at middle market price at the balance sheet date.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2019 - 3 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST OR VALUATION

At 1 April 2019

and 31 March 2020

1,252,834

51,064

1,303,898

DEPRECIATION

At 1 April 2019

-

29,242

29,242

Charge for year

-

4,849

4,849

At 31 March 2020

-

34,091

34,091

NET BOOK VALUE

At 31 March 2020

1,252,834

16,973

1,269,807

At 31 March 2019

1,252,834

21,822

1,274,656

Cost or valuation at 31 March 2020 is represented by:

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

Valuation in 1995

605,781

-

605,781

Cost

647,053

51,064

698,117

1,252,834

51,064

1,303,898

If freehold land and buildings had not been revalued they would have been included at the following historical

cost:

31.3.20

31.3.19

£

£

Cost

516,761

516,761

Freehold land and buildings were valued on an open market basis on 31 March 1995 by the directors. .

Freehold land and buildings are reflected in the financial statements at a valuation prepared by the directors

which is in line with the company's agreement with its bankers for an orderly disposal of such assets as to

considerably reduce its liabilities.

5.	FIXED ASSET INVESTMENTS

Other

investments

£

COST OR VALUATION

At 1 April 2019

160,077

Additions

4,841

Disposals

(3,328

)

Revaluations

(14,688

)

At 31 March 2020

146,902

NET BOOK VALUE

At 31 March 2020

146,902

At 31 March 2019

160,077

Cost or valuation at 31 March 2020 is represented by:

Other

investments

£

Valuation in 2020

(18,016

)

Valuation in 2019

92,503

Cost

72,415

146,902

If Listed investments had not been revalued they would have been included at the following historical cost:

31.3.20

31.3.19

£

£

Cost

72,415

67,574

Listed investments were valued on at mid market price basis on 31 March 2020 by the directors. .

6.

STOCKS

31.3.20

31.3.19

£

£

Stocks

500

500

Property under development

335,042

409,158

335,542

409,658

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.20

31.3.19

£

£

Trade debtors

10,315

8,236

Other debtors

3,531

6,734

13,846

14,970

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.20

31.3.19

£

£

Bank loans and overdrafts

1,117,902

1,200,412

Hire purchase contracts

4,500

4,500

Trade creditors

30,466

30,321

Other creditors

133,344

89,446

1,286,212

1,324,679

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.20

31.3.19

£

£

Hire purchase contracts

-

4,500

10.	SECURED DEBTS

The following secured debts are included within creditors:

31.3.20

31.3.19

£

£

Bank overdrafts

1,117,902

1,200,412

The bank holds various mortgage deeds over the land and buildings of the company as security for the overdraft.

The directors are working in agreement with the bank to realise assets in order to considerably reduce its banking

facilities on a basis whereby should the company cease trading the trade creditors outstanding at that time will be

met in full.

The directors have an agreement with the bank that no interest is chargeable on the overdraft.

11.

RESERVES

Retained

Revaluation

earnings

reserve

Totals

£

£

£

At 1 April 2019

(201,188

)

698,284

497,096

Deficit for the year

(37,646

)

-

(37,646

)

Market value adjustment

-

(18,016

)

(18,016

)

At 31 March 2020

(238,834

)

680,268

441,434

12.	RELATED PARTY DISCLOSURES

Management charges of £26,500 (2019-£32,000) were paid to CJO Wade limited for the services of C J O Wade

while a director of the company.

The company has received loans amounting to £64,000 (2019-£21,0000) from Qelean Limited a company in

which C J O Wade is a director and shareholder.Interest at 4% pa is payable on these advances.