W.F. Vasey & Son Ltd Filleted accounts for Companies House (small and micro)

W.F. VASEY & SON LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 00800947

W.F. Vasey & Son Ltd

Filleted Unaudited Financial Statements

30 June 2022

W.F. Vasey & Son Ltd

Statement of Financial Position

30 June 2022

	2022		2021
Note	£	£	£

Fixed assets

Tangible assets	5		387,733	386,950

Current assets

Debtors	6	4,607	3,489
Cash at bank and in hand		116,288	116,507
		---------	---------
		120,895	119,996

Creditors: amounts falling due within one year	7	40,387		36,335
		---------		---------
Net current assets			80,508	83,661
			---------	---------
Total assets less current liabilities			468,241	470,611

Provisions

Taxation including deferred tax	( 433)	( 433)
	---------	---------
Net assets	468,674	471,044
	---------	---------

W.F. Vasey & Son Ltd

Statement of Financial Position (continued)

30 June 2022

	2022		2021
Note	£	£	£

Capital and reserves

Called up share capital	15,000	15,000
Revaluation reserve	269,644	269,644
Profit and loss account	184,030	186,400
	---------	---------
Shareholders funds	468,674	471,044
	---------	---------

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.

For the year ending 30 June 2022 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

These financial statements were approved by the board of directors and authorised for issue on 25 March 2023 , and are signed on behalf of the board by:

Mr G F Vasey
Director

Company registration number: 00800947

W.F. Vasey & Son Ltd

Notes to the Financial Statements

Year ended 30 June 2022

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 17, Portland Way, Leeming Bar Industrial Estate, Northallerton, DL10 7RH, North Yorkshire.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The accounts are prepared on the going concern basis. In view of the net current liabilities, the directors consider this to be wholly appropriate given their continuing support, and the future prospects of the company.

Revenue recognition

Revenue is measured at the fair value of the consideration received or receivable for the provision of goods and services to customers outside the company net of returns and sales allowances (and VAT). Revenue from goods and services is recognised at the point the company fulfils its commercial obligations to the customer, the revenue and costs in respect of the transaction can be measured reliably and collectability is reasonably assured.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.

Tangible assets

Tangible assets are initially recorded at cost, and 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 equity, 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity 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:

	Equipment	-	25% reducing balance

Impairment of fixed assets

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. For the purposes of impairment testing, 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 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.

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 as a finance cost in profit or loss in the period it arises.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 2 (2021: 2 ).

5. Tangible assets

	Land and buildings	Equipment	Total
	£	£	£
Cost
At 1 July 2021	384,500	4,586	389,086
Additions	–	1,726	1,726
	---------	-------	---------
At 30 June 2022	384,500	6,312	390,812
	---------	-------	---------
Depreciation
At 1 July 2021	–	2,136	2,136
Charge for the year	–	943	943
	---------	-------	---------
At 30 June 2022	–	3,079	3,079
	---------	-------	---------
Carrying amount
At 30 June 2022	384,500	3,233	387,733
	---------	-------	---------
At 30 June 2021	384,500	2,450	386,950
	---------	-------	---------

6. Debtors

	2022	2021
	£	£
Other debtors	4,607	3,489
	-------	-------

7. Creditors: amounts falling due within one year

	2022	2021
	£	£
Corporation tax	9,031	7,653
Social security and other taxes	1,179	1,021
Other creditors	30,177	27,661
	--------	--------
	40,387	36,335
	--------	--------

8. Director's advances, credits and guarantees

At the year the directors loan account had an overdrawn balance of £4,496.

9. Related party transactions

The company was under the control of Mr G F Vasey throughout the current and previous year. Mr G F Vasey is the managing director and majority shareholder.