H C Wraxall & Co Limited 31/12/2020 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 2020

H C WRAXALL & CO LIMITED

Contents

Statement of financial position

Notes to the financial statements

H C WRAXALL & CO LIMITED

STATEMENT OF FINANCIAL POSITION

31 DECEMBER 2020

		2020		2019
	Note	£	£	£	£

Fixed assets
Intangible assets	5	42,759		51,441
Tangible assets	6	331,712		372,793
Investments	7	100		100
		_______		_______
			374,571		424,334

Current assets
Stocks		644,901		751,347
Debtors	8	480,844		728,104
Cash at bank and in hand		186,628		22,908
		_______		_______
		1,312,373		1,502,359
Creditors: amounts falling due
within one year	9	( 1,125,796)		( 1,373,191)
		_______		_______
Net current assets			186,577		129,168
			_______		_______
Total assets less current liabilities			561,148		553,502

Creditors: amounts falling due
after more than one year	10		( 252,911)		( 250,746)

Provisions for liabilities			( 60,125)		( 64,137)

			_______		_______
Net assets			248,112		238,619
			_______		_______

Capital and reserves
Called up share capital			255,100		255,100
Profit and loss account	11		( 6,988)		( 16,481)
			_______		_______
Shareholders funds			248,112		238,619
			_______		_______

For the year ending 31 December 2020 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 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 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 28 June 2021 , 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 2020

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.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 11 (2019: 12 ).

5. Intangible assets

	Goodwill	Other intangible assets	Total
	£	£	£
Cost
At 1 January 2020	291,472	14,700	306,172
Disposals	-	(14,700)	(14,700)
	_______	_______	_______
At 31 December 2020	291,472	-	291,472
	_______	_______	_______
Amortisation
At 1 January 2020	240,031	14,700	254,731
Charge for the year	8,682	-	8,682
Disposals	-	( 14,700)	( 14,700)
	_______	_______	_______
At 31 December 2020	248,713	-	248,713
	_______	_______	_______
Carrying amount
At 31 December 2020	42,759	-	42,759
	_______	_______	_______
At 31 December 2019	51,441	-	51,441
	_______	_______	_______

6. Tangible assets

	Short leasehold property	Plant and machinery	Fixtures, fittings and equipment	Total
	£	£	£	£
Cost
At 1 January 2020	33,583	674,451	68,224	776,258
Disposals	-	-	( 8,335)	( 8,335)
	_______	_______	_______	_______
At 31 December 2020	33,583	674,451	59,889	767,923
	_______	_______	_______	_______
Depreciation
At 1 January 2020	33,551	306,332	63,582	403,465
Charge for the year	32	39,550	1,499	41,081
Disposals	-	-	( 8,335)	( 8,335)
	_______	_______	_______	_______
At 31 December 2020	33,583	345,882	56,746	436,211
	_______	_______	_______	_______
Carrying amount
At 31 December 2020	-	328,569	3,143	331,712
	_______	_______	_______	_______
At 31 December 2019	32	368,119	4,642	372,793
	_______	_______	_______	_______

7. Investments

	Shares in group undertakings and participating interests	Total
	£	£
Cost
At 1 January 2020 and 31 December 2020	100	100
	_______	_______
Impairment
At 1 January 2020 and 31 December 2020	-	-
	_______	_______
Carrying amount
At 31 December 2020	100	100
	_______	_______
At 31 December 2019	100	100
	_______	_______

8. Debtors

	2020	2019
	£	£
Trade debtors	439,179	539,899
Other debtors	41,665	188,205
	_______	_______
	480,844	728,104
	_______	_______

9. Creditors: amounts falling due within one year

	2020	2019
	£	£
Bank loans and overdrafts	50,348	44,892
Trade creditors	512,806	602,658
Amounts owed to group undertakings and undertakings in which the company has a participating interest	100	100
Accruals and deferred income	20,771	7,399
Social security and other taxes	130,424	16,290
Other creditors	411,347	701,852
	_______	_______
	1,125,796	1,373,191
	_______	_______

10. Creditors: amounts falling due after more than one year

	2020	2019
	£	£
Bank loans and overdrafts	175,147	152,139
Other creditors	77,764	98,607
	_______	_______
	252,911	250,746
	_______	_______

11. Reserves

Profit and loss account:This reserve records retained earnings and accumulated losses.

12. 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	10,653	6,284
Later than 5 years	282,975	331,975
	_______	_______
	293,628	338,259
	_______	_______

13. Director s advances, credits and guarantees

During the year the directors entered into the following advances and credits with the company:


	Loans to / (from) directors at 1 January 2020	Loans to / (from) the directors	Amounts repaid	Balance at 31 December 2020
	£	£	£	£
Director	123,799	-	( 123,799)	-
Director	23,898	-	( 13,539)	10,359
	_______	_______	_______	_______
	147,697	-	( 137,338)	10,359
	_______	_______	_______	_______


	Loans to / (from) directors at 1 January 2019	Loans to / (from) the directors	Amounts repaid	Balance at 31 December 2019
	£	£	£	£
Director	23,877	99,922	-	123,799
Director	10,434	13,464	-	23,898
	_______	_______	_______	_______
	34,311	113,386	-	147,697
	_______	_______	_______	_______

14. Related party transactions

At 31 December 2020 the company owed £83,058 (2019 £19,270) to directors.At 31 December 2020 the company owed £100 (2019 - £100) to The Watermerchant Limited which is a wholly owned subsidiary.