Wickstead Developments Ltd. - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 05606268 (England and Wales)

Financial Statements

for the Year Ended 30 April 2021

for

Wickstead Developments Ltd.

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

Mr P A Wickstead

SECRETARY:

Mrs C L Wickstead

REGISTERED OFFICE:

Suite 1 Hulmes Bridge Business Centre

North Moor Lane

Halsall

Ormskirk

Lancashire

L39 8RF

REGISTERED NUMBER:

05606268 (England and Wales)

ACCOUNTANTS:

McDade Roberts Accountants Limited

Chartered Accountants

316 Blackpool Road

Fulwood

Preston

Lancashire

PR2 3AE

FIXED ASSETS

Tangible assets

4

59,877

46,028

CURRENT ASSETS

Stocks

100,099

56,493

Debtors

5

502,376

200,804

Cash at bank

143,328

65,640

745,803

322,937

CREDITORS

Amounts falling due within one year

6

221,208

132,594

NET CURRENT ASSETS

524,595

190,343

TOTAL ASSETS LESS CURRENT LIABILITIES

584,472

236,371

CREDITORS

Amounts falling due after more than one year

7

(181,278

)

-

PROVISIONS FOR LIABILITIES

(5,679

)

(8,745

)

NET ASSETS

397,515

227,626

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

397,415

227,526

SHAREHOLDERS' FUNDS

397,515

227,626

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2021 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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 director and authorised for issue on 27 January 2022 and were signed by:

Mr P A Wickstead - Director

1.	STATUTORY INFORMATION

Wickstead Developments Ltd. 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.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going Concern

Covid-19-on 11 March 2020, the World Health Organisation officially declared COVID-19 as a pandemic.

The accounts have been prepared on a going concern basis as although there are indicators of financial impact in relation to COVID-19 the directors have taken what are considered all necessary measures to protect the business from this to limit any adverse impact.

The Directors anticipate the company continuing to trade for the foreseeable future and are monitoring the situation.

Turnover

Turnover represents the invoiced value of goods and services supplied by the company, net of value added tax and trade discounts, and adjusted for work in progress.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery

-

20% on reducing balance

Office equipment

-

20% on reducing balance

Motor vehicles

-

25% on reducing balance

Government grants

During the year the company was in receipt of relief in respect of the Coronavirus Business Interruption Loan Scheme (CBILS).

The Business Interruption Payment made by the government on behalf of the company has been brought

in as a grant income and reflects the amounts relating to the financial year.

Stocks

Stock is valued at the lower of cost and net realisable value. Contracts with less than 12 months to completion at the year end are accounted for in line with SSAP 9 (i.e. accounted for as long term contracts if they are sufficiently material to the period and not to record turnover and attributable profit would lead to a distortion of the period's turnover and results). Contracts with greater than 12 months to completion are accounted for by only recognising any profit if the outcome can be foreseen with reasonable certainty. Full provision is made for any anticipated losses that are foreseen.

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 balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2020 - 9 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Office

Motor

Computer

machinery

equipment

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 May 2020

87,944

16,312

135,315

1,307

240,878

Additions

-

-

31,900

1,083

32,983

At 30 April 2021

87,944

16,312

167,215

2,390

273,861

DEPRECIATION

At 1 May 2020

75,575

14,539

103,429

1,307

194,850

Charge for year

2,472

354

15,947

361

19,134

At 30 April 2021

78,047

14,893

119,376

1,668

213,984

NET BOOK VALUE

At 30 April 2021

9,897

1,419

47,839

722

59,877

At 30 April 2020

12,369

1,773

31,886

-

46,028

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Motor

vehicles

£

COST

At 1 May 2020

87,629

Additions

31,900

Transfer to ownership

(87,629

)

At 30 April 2021

31,900

DEPRECIATION

At 1 May 2020

65,608

Charge for year

7,975

Transfer to ownership

(65,608

)

At 30 April 2021

7,975

NET BOOK VALUE

At 30 April 2021

23,925

At 30 April 2020

22,021

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.4.21

30.4.20

£

£

Trade debtors

39,384

13,713

Amounts recoverable on contract

62,305

-

Other debtors

400,687

187,091

502,376

200,804

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.4.21

30.4.20

£

£

Hire purchase contracts

7,975

18,074

Trade creditors

85,212

61,575

Taxation and social security

64,993

48,167

Other creditors

63,028

4,778

221,208

132,594

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.4.21

30.4.20

£

£

Hire purchase contracts

17,945

-

Other creditors

163,333

-

181,278

-

8.	SECURED DEBTS

The following secured debts are included within creditors:

30.4.21

30.4.20

£

£

Hire purchase contracts

25,920

-

CBIL

200,000

-

225,920

-

The UK Government have provided an 80% guarantee on the Coronavirus Business Interruption Loan Scheme (CBILS), borrowings obtained from lloyds Bank (£75,000) and Funding Circle (£125,000) in the year.

9.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The director, Mr P A Wickstead owed £349,616 (2020- £135,143) to the company on 30 April 2021. No interest were charged on this outstanding..