H C Wraxall & Co Limited 31/12/2021 iXBRL

H C Wraxall & Co Limited 31/12/2021 iXBRL

H C WRAXALL & CO LIMITED - Company Information

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Company registration number: 04058717
H C Wraxall & Co Limited
Unaudited filleted financial statements
31 December 2021
H C WRAXALL & CO LIMITED
STATEMENT OF FINANCIAL POSITION
31 DECEMBER 2021
2021 2020
Note £ £ £ £
Fixed assets
Intangible assets 5 36,077 42,759
Tangible assets 6 307,055 331,712
Investments 7 - 100
_______ _______
343,132 374,571
Current assets
Stocks 445,739 644,901
Debtors 8 864,499 480,844
Cash at bank and in hand 145,287 186,628
_______ _______
1,455,525 1,312,373
Creditors: amounts falling due
within one year 10 ( 1,198,689) ( 1,125,796)
_______ _______
Net current assets 256,836 186,577
_______ _______
Total assets less current liabilities 599,968 561,148
Creditors: amounts falling due
after more than one year 11 ( 167,796) ( 252,911)
Provisions for liabilities ( 56,240) ( 60,125)
_______ _______
Net assets 375,932 248,112
_______ _______
Capital and reserves
Called up share capital 235,100 255,100
Profit and loss account 12 140,832 ( 6,988)
_______ _______
Shareholders funds 375,932 248,112
_______ _______
For the year ending 31 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 24 June 2022 , and are signed on behalf of the board by:
Mr N C Wraxall
Director
Company registration number: 04058717
H C WRAXALL & CO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2021
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Timberly, South Street, Axminster, Devon, EX13 5AD.
Principal activity
The principal activity of the company is that of stone and gravel merchants.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill - Written off in equal anual instalments over 10 to 20 years.
Patent Rights - Written off in equal anual instalments over 4 years.
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Short leasehold property - Straight line over the life of the lease
Plant and machinery - 10 % straight line
Fittings fixtures and equipment - 15 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
Principal activity
The principal activity of the company is that of stone and gravel merchants.
4. Employee numbers
The average number of persons employed by the company during the year amounted to Nil (2020: 11 ).
5. Intangible assets
Goodwill Total
£ £
Cost
At 1 January 2021 and 31 December 2021 291,472 291,472
_______ _______
Amortisation
At 1 January 2021 248,713 248,713
Charge for the year 6,682 6,682
_______ _______
At 31 December 2021 255,395 255,395
_______ _______
Carrying amount
At 31 December 2021 36,077 36,077
_______ _______
At 31 December 2020 42,759 42,759
_______ _______
6. Tangible assets
Short leasehold property Plant and machinery Fixtures, fittings and equipment Total
£ £ £ £
Cost
At 1 January 2021 33,583 674,451 59,889 767,923
Additions - 4,935 11,890 16,825
Disposals - ( 8,283) ( 6,099) ( 14,382)
_______ _______ _______ _______
At 31 December 2021 33,583 671,103 65,680 770,366
_______ _______ _______ _______
Depreciation
At 1 January 2021 33,583 345,882 56,746 436,211
Charge for the year - 39,800 1,682 41,482
Disposals - ( 8,283) ( 6,099) ( 14,382)
_______ _______ _______ _______
At 31 December 2021 33,583 377,399 52,329 463,311
_______ _______ _______ _______
Carrying amount
At 31 December 2021 - 293,704 13,351 307,055
_______ _______ _______ _______
At 31 December 2020 - 328,569 3,143 331,712
_______ _______ _______ _______
7. Investments
Shares in group undertakings and participating interests Total
£ £
Cost
At 1 January 2021 100 100
Disposals ( 100) ( 100)
_______ _______
At 31 December 2021 - -
_______ _______
Impairment
At 1 January 2021 and 31 December 2021 - -
_______ _______
Carrying amount
At 31 December 2021 - -
_______ _______
At 31 December 2020 100 100
_______ _______
8. Debtors
2021 2020
£ £
Trade debtors 794,246 439,179
Other debtors 70,253 41,665
_______ _______
864,499 480,844
_______ _______
9. Cash and cash equivalents
2021 2020
£ £
Cash at bank and in hand 145,287 186,628
_______ _______
10. Creditors: amounts falling due within one year
2021 2020
£ £
Bank loans and overdrafts 55,166 50,348
Trade creditors 596,006 512,806
Amounts owed to group undertakings and undertakings in which the company has a participating interest - 100
Accruals and deferred income 19,198 20,771
Social security and other taxes 108,819 130,424
Other creditors 419,500 411,347
_______ _______
1,198,689 1,125,796
_______ _______
11. Creditors: amounts falling due after more than one year
2021 2020
£ £
Bank loans and overdrafts 120,142 175,147
Other creditors 47,654 77,764
_______ _______
167,796 252,911
_______ _______
12. Reserves
Profit and loss account:This reserve records retained earnings and accumulated losses.
13. Operating leases
The company as lessee
The total future minimum lease payments under non-cancellable operating leases are as follows:
£ £
Later than 1 year and not later than 5 years 4,069 10,653
Later than 5 years 356,475 282,975
_______ _______
360,544 293,628
_______ _______
14. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2021
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Director - - - -
Director 10,359 31,590 (10,359) 31,590
_______ _______ _______ _______
2020
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Director 123,799 - (123,799) -
Director 23,898 - (13,539) 10,359
_______ _______ _______ _______
147,697 - ( 137,338) 10,359
_______ _______ _______ _______
15. Related party transactions
At 31 December 2021 the company owed £19,400 (2020 £83,058) to directors.