Wilson Field Group Limited Filleted accounts for Companies House (small and micro)

WILSON FIELD GROUP LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 08212364

Wilson Field Group Limited

Filleted Unaudited Abridged Financial Statements

31 August 2018

Wilson Field Group Limited

Abridged Financial Statements

Year Ended 31 August 2018

Contents	Pages

Abridged statement of financial position	1 to 2

Notes to the abridged financial statements	3 to 8

Wilson Field Group Limited

Abridged Statement of Financial Position

31 August 2018

	2018		2017
Note	£	£	£

Fixed Assets

Intangible assets	4	2,362,500	2,512,500
Tangible assets	5	85,153	108,801
Investments	6	1,928,105	1,928,105
		------------	------------
		4,375,758	4,549,406

Current Assets

Debtors	82,470	105,482
Cash at bank and in hand	33,010	60,131
	---------	---------
	115,480	165,613

Creditors: amounts falling due within one year	483,326		476,139
	---------		---------
Net Current Liabilities		367,846	310,526
		------------	------------
Total Assets Less Current Liabilities		4,007,912	4,238,880

Creditors: amounts falling due after more than one year		1,118,422	1,301,741

Provisions

Taxation including deferred tax	7,945	11,295
	------------	------------
Net Assets	2,881,545	2,925,844
	------------	------------

Capital and Reserves

Called up share capital	7	1,004	1,004
Profit and loss account		2,880,541	2,924,840
		------------	------------
Shareholders Funds		2,881,545	2,925,844
		------------	------------

These abridged 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 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 abridged statement of income and retained earnings has not been delivered.

For the year ending 31 August 2018 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 abridged 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 abridged financial statements .

Wilson Field Group Limited

Abridged Statement of Financial Position (continued)

31 August 2018

All of the members have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 31 August 2018 in accordance with Section 444(2A) of the Companies Act 2006.

These abridged financial statements were approved by the board of directors and authorised for issue on 7 March 2019 , and are signed on behalf of the board by:

N J C Wilson

Director

Company registration number: 08212364

Wilson Field Group Limited

Notes to the Abridged Financial Statements

Year Ended 31 August 2018

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is The Manor House, 260 Ecclesall Road South, Sheffield, South Yorkshire, S11 9PS.

2. Statement of compliance

These abridged 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 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.

Consolidation

The company has taken advantage of the option not to prepare consolidated abridged financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.

Revenue recognition

The turnover shown in the profit and loss account represents amounts earned during the year, exclusive of Value Added Tax.

Income tax

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 that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

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	-	5% straight line

The directors agreed to revalue the business each year to provide reliable figures. They consider an amortisation of 20 years to still be appropriate due to the fact that company is continuing to grow despite the downturn in the market. The insolvency business in which the goodwill relates, gets its referrals from professional services providers such as accountants, solicitors and banks. Especially with banks, these are long established business and Wilson Field maintains a strong working relationship with these introducers.

It maintains its current and develops new relationship through its marketing and advertising processes through hosting various network events. They have invested heavily into their own in house marketing team and this has led to growth despite the downturn in the market.

Therefore, it is deemed appropriate that the goodwill purchased from Henry Hampton is amortised over 20 years as the introducers that Wilson Field rely upon are long standing entities and that there is no reason why these referrals, due to the introducer loyalty that already in place at the time Henry Hamptons trade and assets were bought, will not continue.

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.

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:

Plant & machinery	-	15% reducing balance
Fixtures & fittings	-	25% straight line
Motor vehicles	-	33% straight line
Equipment	-	33% straight line

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

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.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the abridged statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Financial instruments

Debtors and creditors with no stated interest rate, and repayable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the income statement in other administrative expenses.

4. Intangible assets

	£
Cost
At 1 September 2017 and 31 August 2018	3,000,000
	------------
Amortisation
At 1 September 2017	487,500
Charge for the year	150,000
	------------
At 31 August 2018	637,500
	------------
Carrying amount
At 31 August 2018	2,362,500
	------------
At 31 August 2017	2,512,500
	------------

5. Tangible assets

	£
Cost
At 1 September 2017	340,427
Additions	37,856
Disposals	( 1,487)
	---------
At 31 August 2018	376,796
	---------
Depreciation
At 1 September 2017	231,626
Charge for the year	61,504
Disposals	( 1,487)
	---------
At 31 August 2018	291,643
	---------
Carrying amount
At 31 August 2018	85,153
	---------
At 31 August 2017	108,801
	---------

6. Investments

	£
Cost
At 1 September 2017 and 31 August 2018	1,928,105
	------------
Impairment
At 1 September 2017 and 31 August 2018	–
	------------
Carrying amount
At 31 August 2018	1,928,105
	------------
At 31 August 2017	1,928,105
	------------

7. Called up share capital

Issued, called up and fully paid

	2018		2017
	No.	£	No.	£
Ordinary shares of £ 1 each	1,004	1,004.00	1,004	1,004.00
	-------	----------	-------	----------

8. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2018	2017
	£	£
Not later than 1 year	10,759	57,945
Later than 1 year and not later than 5 years	–	10,759
	--------	--------
	10,759	68,704
	--------	--------

9. Directors' advances, credits and guarantees

During the the year the company made 2.5% interest bearing loans to the directors as follows:

	Balance at 1 Sept 2017	Advances during the year	Repayments during the year	Balance at 31 Aug 2018
		£	£	£
N Wilson	(37,904)	48,673	(12,111)	(1,342)
L Hogg	(35,912)	52,336	(21,021)	(4,597)

10. Related party transactions

The company has taken advantage of exemption conferred by FRS 102 1A para 1AC.35 removing the requirement to disclose transactions between group companies.