W.& G.Hollis Limited - Period Ending 2022-12-31
W.& G.Hollis Limited - Period Ending 2022-12-31
Registration number:
W.& G.Hollis Limited
for the Year Ended 31 December 2022
W.& G.Hollis Limited
Contents
Company Information |
|
Balance Sheet |
|
Notes to the Unaudited Financial Statements |
W.& G.Hollis Limited
Company Information
Directors |
Mr JW Hollis Miss JA Lewis |
Registered office |
|
Accountants |
|
W.& G.Hollis Limited
(Registration number: 00716436)
Balance Sheet as at 31 December 2022
Note |
2022 |
2021 |
|
Fixed assets |
|||
Tangible assets |
|
|
|
Investments |
( |
( |
|
|
|
||
Current assets |
|||
Stocks |
|
|
|
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Total assets less current liabilities |
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
Provisions for liabilities |
( |
( |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
|
|
|
Share premium reserve |
|
|
|
Retained earnings |
|
|
|
Shareholders' funds |
|
|
W.& G.Hollis Limited
(Registration number: 00716436)
Balance Sheet as at 31 December 2022 (continued)
For the financial year ending 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
|
• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
......................................... |
......................................... |
W.& G.Hollis Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022
General information |
W.& G.Hollis Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 00716436 and registered office address is as follows:
1 Crabble Hill
Buckland
Dover
Kent
CT17 0RS
The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £1.
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Going concern
The financial statements are prepared on a going concern basis and there are no material uncertainties that cast significant doubt on the Company’s ability to continue as a going concern. The Directors have considered the impact of Covid-19 as part of their going concern assessment.
W.& G.Hollis Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022 (continued)
2 |
Accounting policies (continued) |
Judgements
No judgements have been made in the process of applying the accounting policies that have had a significant effect on the amounts recognised in the financial statements. |
No key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date which have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year have been made. |
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the provision of goods and services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
Sale of goods
Revenue from the sale of vehicles and parts is recognised when the company has transferred the significant risks and rewards of ownership to the buyer. This is usually at the point the customer collects or has signed for delivery of the goods.
Revenue from the provision of services for repair and servicing vehicles is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
- the amount of revenue can be measured reliably;
- it is probable that the company will receive the consideration due under the contract;
- the stage of completion of the contract at the end of the reporting period can be measured reliably; and
- the costs incurred and the costs to complete the contract can be measured reliably.
Government grants
Grants are accounted for under the accruals model permitted by FRS102. Grants relating to expenditure on tangible assets are credited to the profit and loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the profit and loss account in the same period as the related expenditure.
Finance income and costs policy
Interest income is recognised in the profit and loss account using the effective interest method.
Finance costs are charged to the profit and loss account over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
Tax
The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
W.& G.Hollis Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022 (continued)
2 |
Accounting policies (continued) |
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Company can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Freehold property |
2% on cost |
Plant and machinery |
15% reducing balance |
Fixtures and fittings |
12.5% reducing balance |
Property improvements |
2% on cost |
Investments
Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
W.& G.Hollis Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022 (continued)
2 |
Accounting policies (continued) |
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
W.& G.Hollis Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022 (continued)
2 |
Accounting policies (continued) |
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Defined contribution pension obligation
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in the Statement of income and retained earnings when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
W.& G.Hollis Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022 (continued)
Tangible assets |
Land and buildings |
Property improvements |
Fixtures and fittings |
Plant and machinery |
||
Cost or valuation |
|||||
At 1 January 2022 |
|
|
|
|
|
Additions |
- |
|
- |
- |
|
At 31 December 2022 |
|
|
|
|
|
Depreciation |
|||||
At 1 January 2022 |
|
|
|
|
|
Charge for the year |
|
|
|
|
|
At 31 December 2022 |
|
|
|
|
|
Carrying amount |
|||||
At 31 December 2022 |
|
|
|
|
|
At 31 December 2021 |
|
|
|
|
Total |
|||||
Cost or valuation |
|||||
At 1 January 2022 |
|
||||
Additions |
|
||||
At 31 December 2022 |
|
||||
Depreciation |
|||||
At 1 January 2022 |
|
||||
Charge for the year |
|
||||
At 31 December 2022 |
|
||||
Carrying amount |
|||||
At 31 December 2022 |
|
||||
At 31 December 2021 |
|
W.& G.Hollis Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022 (continued)
Investments |
Subsidiaries |
£ |
Cost or valuation |
|
Investment |
|
Loans from subsidiaries |
( |
At 31 December 2022 |
( |
Carrying amount |
|
At 31 December 2022 |
( |
At 31 December 2021 |
( |
Stocks |
2022 |
2021 |
|
Raw materials and consumables |
|
|
Vehicles and parts |
|
|
|
|
Debtors |
Current |
2022 |
2021 |
Trade debtors |
|
|
Prepayments |
|
|
Other debtors |
|
|
|
|
W.& G.Hollis Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022 (continued)
Creditors |
Creditors: amounts falling due within one year
Note |
2022 |
2021 |
|
Due within one year |
|||
Loans and borrowings |
|
|
|
Trade creditors |
|
|
|
Taxation and social security |
|
|
|
Accruals and deferred income |
|
|
|
Other creditors |
|
|
|
|
|
Creditors: amounts falling due after more than one year
2022 |
2021 |
|
Due after one year |
||
Deferred income |
|
|
During 1996, Volkswagen waived the Dealer Support Loan provided in 1993 for the improvement of the Company's premises and equipment. The Company transferred the capital element of this loan into a deferred income account to be released over the life of the assets concerned.
Loans and borrowings |
2022 |
2021 |
|
Current loans and borrowings |
||
Directors current account |
14,055 |
14,328 |
W.& G.Hollis Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022 (continued)
Financial commitments, guarantees and contingencies |
Amounts not provided for in the balance sheet
The total amount of financial commitments not included in the balance sheet is £
The company had future minimum lease payments due under non-cancellable operating leases
This is in respect of the rent of the yard and forecourt used for the Company's business. The original lease has expired and has not been renewed. There is an informal agreement to continue renting the sites each year.
Amounts disclosed in the balance sheet
Included in the balance sheet are unpaid pension contributions of £464 (2021 - £684).