J.E. Wakely & Sons Ltd - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: 08351836 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022

FOR

J.E. WAKELY & SONS LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

E B Wakely

N J Wakely

C D Wakely

Mrs N A Wakely

Mrs K Wakely

REGISTERED OFFICE:

St John's House

Castle Street

Taunton

Somerset

TA1 4AY

REGISTERED NUMBER:

08351836 (England and Wales)

ACCOUNTANTS:

Mitchells Chartered Accountants

St. John's House,

Castle Street,

Taunton

Somerset

TA1 4AY

FIXED ASSETS

Intangible assets

4

4,138

-

Tangible assets

5

81,359

46,100

85,497

46,100

CURRENT ASSETS

Debtors

6

154,004

187,315

Cash in hand

2,600

2,600

156,604

189,915

CREDITORS

Amounts falling due within one year

7

535

30,720

NET CURRENT ASSETS

156,069

159,195

TOTAL ASSETS LESS CURRENT LIABILITIES

241,566

205,295

PROVISIONS FOR LIABILITIES

11,308

8,759

NET ASSETS

230,258

196,536

CAPITAL AND RESERVES

Called up share capital

2,600

2,600

Retained earnings

8

227,658

193,936

SHAREHOLDERS' FUNDS

230,258

196,536

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2022 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 Board of Directors and authorised for issue on 8 December 2022 and were signed on its behalf by:

N J Wakely - Director

1.	STATUTORY INFORMATION

J.E. Wakely & Sons 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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Entitlements are being amortised evenly over their estimated useful life of five years.

Intangible fixed assets - single farm payment entitlements

Single farm payment entitlements are capitalised as an intangible asset. Amortisation is provided on a straight line basis and aims to write off these entitlements over their expected useful life. Amortisation is calculated by working out the proportion of the expected useful life that has expired during the accounting period and applying this proportion to the original cost. For any acquisitions of entitlements after December 2014 these are expected to have a useful life of 5 years and therefore written off over this period.

Tangible fixed assets

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

Plant and machinery etc

-

15% on cost

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2021 - NIL).

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 August 2021

28,658

Additions

5,172

At 31 July 2022

33,830

AMORTISATION

At 1 August 2021

28,658

Charge for year

1,034

At 31 July 2022

29,692

NET BOOK VALUE

At 31 July 2022

4,138

At 31 July 2021

-

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 August 2021

181,017

Additions

95,599

Disposals

(46,000

)

At 31 July 2022

230,616

DEPRECIATION

At 1 August 2021

134,917

Charge for year

14,340

At 31 July 2022

149,257

NET BOOK VALUE

At 31 July 2022

81,359

At 31 July 2021

46,100

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.7.22

31.7.21

£

£

Trade debtors

154,004

187,315

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.7.22

31.7.21

£

£

Trade creditors

4,679

1,513

Taxation and social security

(4,144

)

29,207

535

30,720

8.

RESERVES

Retained

earnings

£

At 1 August 2021

193,936

Profit for the year

43,722

Dividends

(10,000

)

At 31 July 2022

227,658

9.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The directors are all members of the partnership in which the company was a member until 31 March 2014. They, therefore, had an interest in all of the transactions of the company. All transactions take place on an open market basis. Transactions with the company since 1 April 2014 have also taken place on an open market basis.