K. Wilson Limited Company accounts

K. Wilson Limited Company accounts

K. WILSON LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 01914635
K. Wilson Limited
Unaudited Financial Statements
31 May 2021
K. Wilson Limited
Financial Statements
Year ended 31 May 2021
Contents
Page
Director's report
1
Statement of income and retained earnings
2
Statement of financial position
3
Notes to the financial statements
5
The following pages do not form part of the financial statements
Chartered accountant's report to the director on the preparation of the unaudited statutory financial statements
10
K. Wilson Limited
Director's Report
Year ended 31 May 2021
The director presents his report and the unaudited financial statements of the company for the year ended 31 May 2021 .
Director
The director who served the company during the year was as follows:
J Wilson
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 27 May 2022 and signed on behalf of the board by:
J Wilson
Director
Registered office:
230 Shirley Road
Southampton
SO15 3HR
K. Wilson Limited
Statement of Income and Retained Earnings
Year ended 31 May 2021
2021
2020
Note
£
£
Turnover
671,722
606,678
Cost of sales
384,440
429,222
---------
---------
Gross profit
287,282
177,456
Distribution costs
52,407
49,093
Administrative expenses
232,816
210,064
Other operating income
28,984
19,341
---------
---------
Operating profit/(loss)
31,043
( 62,360)
Other interest receivable and similar income
–
1
---------
---------
Profit/(loss) before taxation
5
31,043
( 62,359)
Tax on profit/(loss)
–
116
--------
--------
Profit/(loss) for the financial year and total comprehensive income
31,043
( 62,475)
--------
--------
Dividends paid and payable
( 80,000)
( 87,000)
Retained earnings at the start of the year
460,419
609,894
---------
---------
Retained earnings at the end of the year
411,462
460,419
---------
---------
All the activities of the company are from continuing operations.
K. Wilson Limited
Statement of Financial Position
31 May 2021
2021
2020
Note
£
£
Fixed assets
Tangible assets
6
7,161
9,747
Current assets
Stocks
262,710
313,050
Debtors
7
234,920
216,590
Cash at bank and in hand
72,966
22,848
---------
---------
570,596
552,488
Creditors: amounts falling due within one year
8
118,435
101,716
---------
---------
Net current assets
452,161
450,772
---------
---------
Total assets less current liabilities
459,322
460,519
Creditors: amounts falling due after more than one year
9
47,760
–
---------
---------
Net assets
411,562
460,519
---------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
411,462
460,419
---------
---------
Shareholders funds
411,562
460,519
---------
---------
These financial statements have been prepared 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'.
For the year ending 31 May 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
K. Wilson Limited
Statement of Financial Position (continued)
31 May 2021
These financial statements were approved by the board of directors and authorised for issue on 27 May 2022 , and are signed on behalf of the board by:
J Wilson
Director
Company registration number: 01914635
K. Wilson Limited
Notes to the Financial Statements
Year ended 31 May 2021
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is 230 Shirley Road, Southampton, SO15 3HR.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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.
Revenue recognition
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 profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Tangible assets
Tangible assets are initially recorded at cost, and 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.
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:
Plant and Machinery
-
25% reducing balance
Motor Vehicles
-
25% reducing balance
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 stock to its 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.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 4 (2020: 4 ).
5. Profit before taxation
Profit before taxation is stated after charging:
2021
2020
£
£
Depreciation of tangible assets
2,586
3,340
-------
-------
6. Tangible assets
Plant and machinery
Motor vehicles
Total
£
£
£
Cost
At 1 June 2020 and 31 May 2021
14,244
16,870
31,114
--------
--------
--------
Depreciation
At 1 June 2020
11,614
9,753
21,367
Charge for the year
806
1,780
2,586
--------
--------
--------
At 31 May 2021
12,420
11,533
23,953
--------
--------
--------
Carrying amount
At 31 May 2021
1,824
5,337
7,161
--------
--------
--------
At 31 May 2020
2,630
7,117
9,747
--------
--------
--------
7. Debtors
2021
2020
£
£
Trade debtors
225,202
209,324
Other debtors
9,718
7,266
---------
---------
234,920
216,590
---------
---------
8. Creditors: amounts falling due within one year
2021
2020
£
£
Bank loans and overdrafts
2,240
–
Trade creditors
72,471
51,548
Corporation tax
1,896
4,896
Social security and other taxes
3,541
4,307
Other creditors
38,287
40,965
---------
---------
118,435
101,716
---------
---------
9. Creditors: amounts falling due after more than one year
2021
2020
£
£
Bank loans and overdrafts
47,760
–
--------
----
The company received a bounce back loan from Lloyds Bank during October 2020 of £50,000. The loan is to be repaid over a period of 10 years.
10. Director's advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2021
Balance brought forward
Advances/ (credits) to the director
Balance outstanding
£
£
£
J Wilson
( 675)
498
( 177)
----
----
----
2020
Balance brought forward
Advances/ (credits) to the director
Balance outstanding
£
£
£
J Wilson
( 1,576)
901
( 675)
-------
----
----
K. Wilson Limited
Management Information
Year ended 31 May 2021
The following pages do not form part of the financial statements.
K. Wilson Limited
Chartered Accountant's Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of K. Wilson Limited
Year ended 31 May 2021
As described on the statement of financial position, the director of the company is responsible for the preparation of the financial statements for the year ended 31 May 2021, which comprise the statement of income and retained earnings, statement of financial position and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
ABRAHAM & DOBELL Chartered accountants
230 Shirley Road Southampton Hampshire SO15 3HR
27 May 2022