The Wiveton Bell Limited 31/01/2022 iXBRL

The Wiveton Bell Limited 31/01/2022 iXBRL

THE WIVETON BELL LIMITED - Company Information

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Company registration number: 06049835
The Wiveton Bell Limited
Unaudited filleted financial statements
31 January 2022
The Wiveton Bell Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
The Wiveton Bell Limited
Directors and other information
Directors S. Butcher
B. Morritt
Company number 06049835
Registered office 19 Station Road
Ilkeston
Derbyshire
DE7 5LD
Business address The Wiveton Bell
Blakeney Road
Wiveton, Holt
Norfolk
NR25 7TL
Accountants M.S. Accountancy Services (Ilkeston) Ltd
19 Station Road
Ilkeston
Derbys
DE7 5LD
The Wiveton Bell Limited
Report to the board of directors on the preparation of the
unaudited statutory financial statements of The Wiveton Bell Limited
Year ended 31 January 2022
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of The Wiveton Bell Limited for the year ended 31 January 2022 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of AAT , we are subject to its ethical and other professional requirements which are detailed at www.aat.org.uk.
This report is made solely to the board of directors of The Wiveton Bell Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of The Wiveton Bell Limited and state those matters that we have agreed to state to the board of directors of The Wiveton Bell Limited as a body, in this report in accordance with the requirements of AAT as detailed at www.aat.org.uk To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than The Wiveton Bell Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that The Wiveton Bell 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 The Wiveton Bell Limited. You consider that The Wiveton Bell Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of The Wiveton Bell 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.
M.S. Accountancy Services (Ilkeston) Ltd
19 Station Road
Ilkeston
Derbys
DE7 5LD
16 May 2022
The Wiveton Bell Limited
Statement of financial position
31 January 2022
2022 2021
Note £ £ £ £
Fixed assets
Intangible assets 5 206,200 267,150
Tangible assets 6 1,095,271 1,046,071
_______ _______
1,301,471 1,313,221
Current assets
Stocks 5,887 2,360
Debtors 7 455 1,643
Cash at bank and in hand 161,069 24,553
_______ _______
167,411 28,556
Creditors: amounts falling due
within one year 8 ( 355,189) ( 187,122)
_______ _______
Net current liabilities ( 187,778) ( 158,566)
_______ _______
Total assets less current liabilities 1,113,693 1,154,655
Creditors: amounts falling due
after more than one year 9 ( 312,760) ( 321,380)
Provisions for liabilities ( 101,664) ( 91,589)
_______ _______
Net assets 699,269 741,686
_______ _______
Capital and reserves
Called up share capital 2 2
Revaluation reserve 626,274 626,274
Profit and loss account 72,993 115,410
_______ _______
Shareholders funds 699,269 741,686
_______ _______
For the year ending 31 January 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors 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 Section 1A of 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 income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 16 May 2022 , and are signed on behalf of the board by:
S. Butcher
Director
Company registration number: 06049835
The Wiveton Bell Limited
Notes to the financial statements
Year ended 31 January 2022
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is 19 Station Road, Ilkeston, Derbyshire, DE7 5LD.
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.
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.
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 - 10 % straight line
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:
Freehold property - 1 % straight line
Fittings fixtures and equipment - 15 % reducing balance
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.
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. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
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 30 (2021: 25 ).
5. Intangible assets
Goodwill Total
£ £
Cost
At 1 February 2021 and 31 January 2022 609,500 609,500
_______ _______
Amortisation
At 1 February 2021 342,350 342,350
Charge for the year 60,950 60,950
_______ _______
At 31 January 2022 403,300 403,300
_______ _______
Carrying amount
At 31 January 2022 206,200 206,200
_______ _______
At 31 January 2021 267,150 267,150
_______ _______
In respect of intangible assets other than goodwill, the aggregate cost, amortisation and the comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
£
At 31 January 2022
Aggregate cost 150,000
Aggregate amortisation (142,500)
_______
Carrying amount 7,500
_______
At 31 January 2021
Aggregate cost 150,000
Aggregate amortisation (127,500)
_______
Carrying amount 22,500
_______
6. Tangible assets
Freehold property Fixtures, fittings and equipment Total
£ £ £
Cost
At 1 February 2021 1,020,271 198,838 1,219,109
Additions 21,202 58,471 79,673
_______ _______ _______
At 31 January 2022 1,041,473 257,309 1,298,782
_______ _______ _______
Depreciation
At 1 February 2021 50,879 122,159 173,038
Charge for the year 10,204 20,269 30,473
_______ _______ _______
At 31 January 2022 61,083 142,428 203,511
_______ _______ _______
Carrying amount
At 31 January 2022 980,390 114,881 1,095,271
_______ _______ _______
At 31 January 2021 969,392 76,679 1,046,071
_______ _______ _______
Tangible assets held at valuation
In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
Freehold property Total
£ £
At 31 January 2022
Aggregate cost 811,472 811,472
Aggregate depreciation (47,283) (47,283)
_______ _______
Carrying amount 764,189 764,189
_______ _______
At 31 January 2021
Aggregate cost 790,271 790,271
Aggregate depreciation (39,379) (39,379)
_______ _______
Carrying amount 750,892 750,892
_______ _______
7. Debtors
2022 2021
£ £
Other debtors 455 1,643
_______ _______
8. Creditors: amounts falling due within one year
2022 2021
£ £
Bank loans and overdrafts 31,557 38,825
Trade creditors 101,073 34,588
Corporation tax 92,295 31,923
Social security and other taxes 78,735 44,927
Other creditors 51,529 36,859
_______ _______
355,189 187,122
_______ _______
9. Creditors: amounts falling due after more than one year
2022 2021
£ £
Bank loans and overdrafts 311,872 321,380
Other creditors 888 -
_______ _______
312,760 321,380
_______ _______
Included within creditors: amounts falling due after more than one year is an amount of £ 225,367 (2021 £ 167,253 ) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
The bank loan is secured by personal guarantees given by the directors.