William Santus & Co. Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 00326858 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2021

FOR

WILLIAM SANTUS & CO. LIMITED

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

DIRECTORS:

J F Winnard

A B Winnard

SECRETARY:

J F Winnard

REGISTERED OFFICE:

The Toffee Works

Dorning Street

Wigan

WN1 1HE

REGISTERED NUMBER:

00326858 (England and Wales)

AUDITORS:

Fairhurst

Statutory Auditor

Chartered Accountants

Douglas Bank House

Wigan Lane

Wigan

Lancashire

WN1 2TB

FIXED ASSETS

Tangible assets

4

30,445

40,575

CURRENT ASSETS

Stocks

103,392

119,118

Debtors

5

74,902

42,904

Cash at bank and in hand

71,445

69,103

249,739

231,125

CREDITORS

Amounts falling due within one year

6

94,536

129,923

NET CURRENT ASSETS

155,203

101,202

TOTAL ASSETS LESS CURRENT LIABILITIES

185,648

141,777

CREDITORS

Amounts falling due after more than one year

7

(40,834

)

-

PROVISIONS FOR LIABILITIES

(5,289

)

(7,071

)

NET ASSETS

139,525

134,706

CAPITAL AND RESERVES

Called up share capital

20,000

19,600

Capital redemption reserve

5,400

5,400

Retained earnings

114,125

109,706

SHAREHOLDERS' FUNDS

139,525

134,706

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 22 June 2021 and were signed on its behalf by:

J F Winnard - Director

A B Winnard - Director

1.	STATUTORY INFORMATION

William Santus & Co. 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.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A for small entities. There were no material departures from that standard.

Going concern

The directors have carefully considered the impact of Covid-19 on the company's financial position, liquidity and future performance. The directors believe that the company is well placed to manage its business risks successfully. Accordingly they have a reasonable expectation that the company has adequate resources to continue in operation existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing these financial statements.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.

Income is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them.

Tangible fixed assets

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

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

15% on reducing balance and straight line over 3 years

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in first-out method and includes the normal cost of transporting stock to its present location and condition. Cost included material and direct labour costs together with an appropriate proportion of production overheads.

Net realisable value is the anticipated sales proceeds less any costs of disposal.

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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

Leasing

Tangible assets acquired under finance leases or hire purchase contracts are capitalised and depreciated in the same manner as other tangible fixed assets. The related obligations, net of future finance charges, are included in creditors.

Rentals payable under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.

Financial instruments

The following assets and liabilities are classified as financial instruments – trade debtors, trade creditors, and directors’ loans.

Directors’ loans (being repayable on demand), trade debtors and trade creditors are measured at the undiscounted amount of the cash or other consideration expected to be paid or received.

Financial assets that are measured at amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Income and Retained Earnings.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 13 (2020 - 15 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

machinery

fittings

vehicles

Totals

£

£

£

£

COST

At 1 May 2020

and 30 April 2021

341,776

34,438

15,450

391,664

DEPRECIATION

At 1 May 2020

303,970

34,249

12,870

351,089

Charge for year

9,452

33

645

10,130

At 30 April 2021

313,422

34,282

13,515

361,219

NET BOOK VALUE

At 30 April 2021

28,354

156

1,935

30,445

At 30 April 2020

37,806

189

2,580

40,575

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

57,195

29,150

Other debtors

17,707

13,754

74,902

42,904

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Bank loans and overdrafts

9,167

-

Trade creditors

37,957

37,598

Taxation and social security

32,050

54,918

Other creditors

15,362

37,407

94,536

129,923

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

£

£

Bank loans

40,834

-

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

834

-

8.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2021

2020

£

£

Within one year

7,272

-

Between one and five years

11,514

-

18,786

-

9.	SECURED DEBTS

The bank holds a debenture, dated 16 October 2003, incorporating a fixed and floating charge over all current and future assets of the company.

10.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Mrs Jane Dennis (Senior Statutory Auditor)

for and on behalf of Fairhurst

11.	OTHER FINANCIAL COMMITMENTS

The company has rent lease commitments of £22,500 falling due within the next financial year (2020 - £30,000).

12.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 30 April 2021 and 30 April 2020:

2021

2020

£

£

J F Winnard

Balance outstanding at start of year

5,117

8,775

Amounts advanced

(15,825

)

(16,500

)

Amounts repaid

9,108

12,842

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(1,600

)

5,117

A B Winnard

Balance outstanding at start of year

137

795

Amounts advanced

(16,475

)

(13,500

)

Amounts repaid

9,108

12,842

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(7,230

)

137

13.	RELATED PARTY DISCLOSURES

The company occupies a property which is owned by the directors' pension scheme. Rent of £18,125 (2020 - £27,500) was paid to the pension scheme this year. Rent holidays have occured due to the pandemic. This rent is deemed to be at the prevailing market rate.

14.	ULTIMATE CONTROLLING PARTY

The company is controlled by the directors, Mr J F Winnard and Mr A B Winnard, by virtue of their shareholding.