ACCOUNTS - Final Accounts

Creditors: Amounts falling due within one year

As restated

GEORGE WICKS LIMITED - Company Information

Registered number: 07304992

George Wicks Limited

Unaudited

Financial statements

For the Year Ended 31 October 2020

George Wicks Limited

Chartered accountants' report to the director on the preparation of the unaudited statutory financial statements of George Wicks Limited for the Year Ended 31 October 2020

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of George Wicks Limited for the year ended 31 October 2020 which comprise the 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 at https://www.icaew.com/regulation.

This report is made solely to the director of George Wicks Limited in accordance with the terms of our engagement letter dated 31 March 2017. Our work has been undertaken solely to prepare for your approval the financial statements of George Wicks Limited and state those matters that we have agreed to state to the director of George Wicks Limited in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than George Wicks Limited and its director for our work or for this report.

It is your duty to ensure that George Wicks 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 George Wicks Limited. You consider that George Wicks Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of George Wicks 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.

Kreston Reeves LLP

Chartered Accountants

37 St Margaret's Street

Canterbury

Kent

CT1 2TU

28 July 2021

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George Wicks Limited

Registered number: 07304992

Balance sheet

As at 31 October 2020

				As restated
		2020		2019
		£		£

Fixed assets
Tangible assets	4		841		1,051
			841		1,051
Current assets
Debtors: amounts falling due after more than one year	5	27,000		-
Debtors: amounts falling due within one year	5	62,669		-
Cash at bank and in hand		379,225		384,174
		468,894		384,174
Creditors: amounts falling due within one year	6	(47,448)		(114,995)
Net current assets			421,446		269,179
Total assets less current liabilities			422,287		270,230

Net assets			422,287		270,230

Capital and reserves
Called up share capital	2	2
Share premium account	49,999	49,999
Profit and loss account	372,286	220,229
	422,287	270,230

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George Wicks Limited

Registered number: 07304992

Balance sheet (continued)

As at 31 October 2020

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 28 July 2021.

Mr I L George

Director

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George Wicks Limited

Notes to the financial statements

For the Year Ended 31 October 2020

1.	General information

George Wicks Limited is a private company limited by shares which was incorporated in England and Wales. The company's registered office is 37 St. Margaret's Street, Canterbury, Kent, CT1 2TU.
The financial statements are presented in pound Sterling, and rounded to the nearest pound.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

2.2

Going concern

The financial statements have been prepared on a going concern basis. While the impact of the Covid-19 virus has been assessed by the directors, so far as reasonably possible, due to its unprecedented impact on the wider economy, it is difficult to evaluate with any certainty the potential outcomes on the company’s trade, its customers and suppliers. However, taking into consideration the UK Government’s response and the company’s planning, the directors have a reasonable expectation that the company will continue in operational existence for the foreseeable future.

2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

2.4

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of income and retained earnings in the same period as the related expenditure.

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George Wicks Limited

Notes to the financial statements

For the Year Ended 31 October 2020

2.Accounting policies (continued)

2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

2.8

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

				Motor vehicles	-	25%
				Office equipment	-	20%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

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George Wicks Limited

Notes to the financial statements

For the Year Ended 31 October 2020

2.Accounting policies (continued)

2.10

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.11

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.12

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.13

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

2.14

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Employees

The average monthly number of employees, including directors, during the year was 2 (2019 - 1).

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George Wicks Limited

Notes to the financial statements

For the Year Ended 31 October 2020

4.	Tangible fixed assets

		Office equipment
		£
	Cost or valuation
	At 1 November 2019	1,642
	At 31 October 2020	1,642
	Depreciation
	At 1 November 2019	591
	Charge for the year on owned assets	210
	At 31 October 2020	801
	Net book value
	At 31 October 2020	841
	At 31 October 2019	1,051

5.	Debtors
		2020	2019
		£	£

Due after more than one year
Trade debtors	27,000	-
	27,000	-

						As restated
					2020	2019
					£	£

Due within one year
Other debtors	51,898	-
Tax recoverable	10,771	-
	62,669	-

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George Wicks Limited

Notes to the financial statements

For the Year Ended 31 October 2020

Trade creditors	4,492	1,470
Corporation tax and S455 tax	37,340	59,977
Other taxation and social security	3,269	47,628
Other creditors	292	4,205
Accruals and deferred income	2,055	1,715
	47,448	114,995

7.	Government Grants
		2020	2019
		£	£


Coronavirus Job Retention Scheme	14,400	-
	14,400	-

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