Willton Homes Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03234551 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2020

FOR

WILLTON HOMES LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

11

DIRECTORS:

W J H Seaby

I D Britton

SECRETARIES:

Mrs S J Britton

Mrs A L Seaby

REGISTERED OFFICE:

3 Durrant Road

Bournemouth

Dorset

BH2 6NE

REGISTERED NUMBER:

03234551 (England and Wales)

ACCOUNTANTS:

Carter & Coley

Chartered Accountants

3 Durrant Road

Bournemouth

Dorset

BH2 6NE

FIXED ASSETS

Tangible assets

4

238,519

250,703

Investments

5

200

200

238,719

250,903

CURRENT ASSETS

Stocks

6

4,231,239

2,646,159

Debtors

7

1,029,324

1,007,366

Cash at bank and in hand

159,868

57,408

5,420,431

3,710,933

CREDITORS

Amounts falling due within one year

8

3,824,975

2,137,441

NET CURRENT ASSETS

1,595,456

1,573,492

TOTAL ASSETS LESS CURRENT LIABILITIES

1,834,175

1,824,395

CREDITORS

Amounts falling due after more than one year

9

(115,718

)

(77,105

)

PROVISIONS FOR LIABILITIES

12

(19,102

)

(12,873

)

NET ASSETS

1,699,355

1,734,417

CAPITAL AND RESERVES

Called up share capital

13

4

4

Retained earnings

1,699,351

1,734,413

SHAREHOLDERS' FUNDS

1,699,355

1,734,417

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 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 16 March 2021 and were signed on its behalf by:

W J H Seaby - Director

I D Britton - Director

1.	STATUTORY INFORMATION

Willton Homes 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

The turnover shown in the profit and loss account represents properties sold during the year and building and contracting work carried out, exclusive of Value Added Tax.

In respect of long-term contracts and contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts and contracts for on-going services is recognised by reference to the stage of completion

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Freehold property

-

2% on cost

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

33% on cost

Investments in associates

Investments in associate undertakings are recognised at cost.

Stocks

Work in progress is valued on the basis of direct costs plus attributable overheads based on normal level of activity. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress.

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.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 18 (2019 - 17 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

Plant and

and

property

machinery

fittings

£

£

£

COST

At 1 September 2019

146,709

168,097

36,889

Additions

-

435

-

Disposals

-

-

-

At 31 August 2020

146,709

168,532

36,889

DEPRECIATION

At 1 September 2019

2,802

111,222

31,671

Charge for year

934

14,219

1,304

Eliminated on disposal

-

-

-

At 31 August 2020

3,736

125,441

32,975

NET BOOK VALUE

At 31 August 2020

142,973

43,091

3,914

At 31 August 2019

143,907

56,875

5,218

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 September 2019

105,143

16,963

473,801

Additions

26,930

-

27,365

Disposals

(17,545

)

-

(17,545

)

At 31 August 2020

114,528

16,963

483,621

DEPRECIATION

At 1 September 2019

67,960

9,443

223,098

Charge for year

16,877

5,654

38,988

Eliminated on disposal

(16,984

)

-

(16,984

)

At 31 August 2020

67,853

15,097

245,102

NET BOOK VALUE

At 31 August 2020

46,675

1,866

238,519

At 31 August 2019

37,183

7,520

250,703

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

Plant and

Motor

machinery

vehicles

Totals

£

£

£

COST

At 1 September 2019

66,000

85,145

151,145

Additions

-

26,930

26,930

Disposals

-

(17,545

)

(17,545

)

At 31 August 2020

66,000

94,530

160,530

DEPRECIATION

At 1 September 2019

16,500

51,915

68,415

Charge for year

12,375

15,889

28,264

Eliminated on disposal

-

(16,984

)

(16,984

)

At 31 August 2020

28,875

50,820

79,695

NET BOOK VALUE

At 31 August 2020

37,125

43,710

80,835

At 31 August 2019

49,500

33,230

82,730

5.	FIXED ASSET INVESTMENTS

Interest

in

associate

£

COST

At 1 September 2019

and 31 August 2020

200

NET BOOK VALUE

At 31 August 2020

200

At 31 August 2019

200

6.

STOCKS

2020

2019

£

£

Work-in-progress

4,231,239

2,646,159

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Amounts owed by associates

456,137

453,692

Other debtors

459,841

464,437

VAT

92,676

72,504

Prepayments and accrued income

20,670

16,733

1,029,324

1,007,366

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Bank loans and overdrafts (see note 10)

1,379,418

584,492

Hire purchase contracts

28,102

24,017

Trade creditors

203,021

219,777

Retentions

78,716

63,308

Amounts owed to associates

327,565

116,067

Corporation tax

16,912

17,714

Social security and other taxes

31,198

15,174

Other creditors

1,647,575

1,007,730

Wages control

-

30,926

Willton Homes Wessex LLP

51,230

1,230

Directors' current accounts

44,765

43,726

Accruals and deferred income

16,473

13,280

3,824,975

2,137,441

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2020

2019

£

£

Bank loans (see note 10)

47,500

-

Hire purchase contracts

68,218

77,105

115,718

77,105

10.

LOANS

An analysis of the maturity of loans is given below:

2020

2019

£

£

Amounts falling due within one year or on demand:

Bank loans

1,379,418

584,492

2020

2019

£

£

Amounts falling due between one and two years:

Bank loans - 1-2 years

10,000

-

Amounts falling due between two and five years:

Bank loans - 2-5 years

37,500

-

11.	SECURED DEBTS

The following secured debts are included within creditors:

2020

2019

£

£

Bank loans

1,426,918

584,492

12.	PROVISIONS FOR LIABILITIES

2020

2019

£

£

Deferred tax

19,102

12,873

Deferred

tax

£

Balance at 1 September 2019

12,873

Provided during year

6,229

Balance at 31 August 2020

19,102

13.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2020

2019

value:

£

£

4

Ordinary

£1

4

4

14.	RELATED PARTY DISCLOSURES

During the year, total dividends of £96,000 were paid to the directors .

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 Income Statement 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 Willton Homes Limited for the year ended 31 August 2020 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 Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Willton Homes 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 Willton Homes Limited and state those matters that we have agreed to state to the Board of Directors of Willton Homes Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Willton Homes Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Willton Homes 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 profit of Willton Homes Limited. You consider that Willton Homes 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 Willton Homes 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.

Carter & Coley

Chartered Accountants

3 Durrant Road

Bournemouth

Dorset

BH2 6NE

16 March 2021