D. Wilson Property Holding Group Limited - Limited company accounts 18.2

REGISTERED NUMBER: 06776322 (England and Wales)

Group Strategic Report,

Report of the Directors and

Audited

Consolidated Financial Statements

For The Year Ended 31st December 2018

for

D. Wilson Property Holding Group Limited

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

4

Consolidated Income Statement

6

Consolidated Other Comprehensive Income

7

Consolidated Balance Sheet

8

Company Balance Sheet

9

Consolidated Statement of Changes in Equity

10

Company Statement of Changes in Equity

11

Consolidated Cash Flow Statement

12

Notes to the Consolidated Cash Flow Statement

13

Notes to the Consolidated Financial Statements

14

DIRECTORS:

D Wilson

Ms K Hadley

SECRETARY:

Ms K Hadley

REGISTERED OFFICE:

106 Middlemore Road

Middlemore Business Park

Smethwick

West Midlands

B66 2EP

REGISTERED NUMBER:

06776322 (England and Wales)

SENIOR STATUTORY AUDITOR:

Graham Michael Wildin

AUDITORS:

Wildin & Co

Accountants

& Statutory Auditors

Kings Buildings

Lydney

Gloucestershire

GL15 5HE

The directors present their strategic report of the company and the group for the year ended 31st December 2018.

The company has continued to develop it's property portfolio, on the basis that the developments will be sold and not

retained as long term investments assets.

The subsidiary company, D. Wilson Architectural Metalwork Limited, is continuing to do well and has some good on

going contracts.

The group acquired a property in Barbados during the year, through an offshore company shareholding. The company is

carrying out renovation works to the property which is expected to provide good rental income in the short term and to

be sold at good profit in the future

The group has no defined performance indicators other than turnover, trading profits and cash. Cash flow has been

identified as the principal risk affecting the business, however there are sufficient credit facilities available.

ON BEHALF OF THE BOARD:

D Wilson - Director

12th September 2019

The directors present their report with the financial statements of the company and the group for the year ended

31st December 2018.

PRINCIPAL ACTIVITY

The principal activity of the group in the year under review was that of Property development and construction industry

trading.

DIVIDENDS

The total distribution of dividends for the year ended 31st December 2018 will be £ 298,687 .

DIRECTORS

D Wilson has held office during the whole of the period from 1st January 2018 to the date of this report.

Other changes in directors holding office are as follows:

Ms K Hadley - appointed 30th September 2018

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial

statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors

have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting

Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not

approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the

company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the

directors are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the

company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the

company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006.

They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable

steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act

2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have

taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the

group's auditors are aware of that information.

AUDITORS

The auditors, Wildin & Co, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

D Wilson - Director

12th September 2019

Opinion

We have audited the financial statements of D. Wilson Property Holding Group Limited (the 'parent company') and its

subsidiaries (the 'group') for the year ended 31st December 2018 which comprise the Consolidated Income Statement,

Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated

Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and

Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant

accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and

United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard

applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the group's and of the parent company affairs as at 31st December 2018 and of the group's profit for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law.

Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the

financial statements section of our report. We are independent of the group in accordance with the ethical requirements

that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have

fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we

have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to

you where:

-	the directors' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or

-

the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the group's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.

Other information

The directors are responsible for the other information. The other information comprises the information in the Group

Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the

Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise

explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing

so, consider whether the other information is materially inconsistent with the financial statements or our knowledge

obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or

apparent material misstatements, we are required to determine whether there is a material misstatement in the financial

statements or a material misstatement of the other information. If, based on the work we have performed, we conclude

that there is a material misstatement of this other information, we are required to report that fact. We have nothing to

report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-	the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and its environment obtained in

the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the

Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you

if, in our opinion:

-	adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

-	the parent company financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of directors' remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are

responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and

for such internal control as the directors determine necessary to enable the preparation of financial statements that are

free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's

ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going

concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease

operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from

material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion.

Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs

(UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are

considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic

decisions of users taken on the basis of these financial statements.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting

Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the

Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those

matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent

permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's

members as a body, for our audit work, for this report, or for the opinions we have formed.

Wildin & Co

Accountants

& Statutory Auditors

Kings Buildings

Lydney

Gloucestershire

GL15 5HE

12th September 2019

TURNOVER

9,634,410

9,339,618

Cost of sales

6,274,019

6,599,659

GROSS PROFIT

3,360,391

2,739,959

Administrative expenses

2,444,618

1,943,551

915,773

796,408

Other operating income

179,518

69,047

OPERATING PROFIT

4

1,095,291

865,455

Interest receivable and similar income

-

204

1,095,291

865,659

Interest payable and similar expenses

5

251,093

180,787

PROFIT BEFORE TAXATION

844,198

684,872

Tax on profit

6

148,469

127,770

PROFIT FOR THE FINANCIAL YEAR

695,729

557,102

Profit attributable to:

Owners of the parent

695,729

557,102

PROFIT FOR THE YEAR

695,729

557,102

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

695,729

557,102

Total comprehensive income attributable to:

Owners of the parent

695,729

557,102

FIXED ASSETS

Tangible assets

9

2,516,997

2,031,774

Investments

10

-

-

2,516,997

2,031,774

CURRENT ASSETS

Stocks

11

2,812,173

1,945,418

Debtors

12

4,051,576

2,762,990

Cash at bank and in hand

421,885

515,932

7,285,634

5,224,340

CREDITORS

Amounts falling due within one year

13

3,857,447

3,378,915

NET CURRENT ASSETS

3,428,187

1,845,425

TOTAL ASSETS LESS CURRENT LIABILITIES

5,945,184

3,877,199

CREDITORS

Amounts falling due after more than one year

14

(2,210,620

)

(512,125

)

PROVISIONS FOR LIABILITIES

18

(81,837

)

(109,389

)

NET ASSETS

3,652,727

3,255,685

CAPITAL AND RESERVES

Called up share capital

19

2

2

Retained earnings

20

3,652,725

3,255,683

SHAREHOLDERS' FUNDS

3,652,727

3,255,685

The financial statements were approved by the Board of Directors on 12th September 2019 and were signed on its

behalf by:

D Wilson - Director

FIXED ASSETS

Tangible assets

9

1,436,829

1,205,752

Investments

10

444,452

1,001

1,881,281

1,206,753

CURRENT ASSETS

Stocks

11

2,695,595

1,748,883

Debtors

12

1,333,257

647,776

Cash at bank and in hand

413,551

45,316

4,442,403

2,441,975

CREDITORS

Amounts falling due within one year

13

2,875,971

1,902,217

NET CURRENT ASSETS

1,566,432

539,758

TOTAL ASSETS LESS CURRENT LIABILITIES

3,447,713

1,746,511

CREDITORS

Amounts falling due after more than one year

14

2,034,529

223,642

NET ASSETS

1,413,184

1,522,869

CAPITAL AND RESERVES

Called up share capital

19

2

2

Retained earnings

20

1,413,182

1,522,867

SHAREHOLDERS' FUNDS

1,413,184

1,522,869

Company's profit for the financial year

189,002

74,310

The financial statements were approved by the Board of Directors on 26th March 2019 and were signed on its behalf by:

D Wilson - Director

Called up

share

Retained

Revaluation

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1st January 2017

2

2,698,581

338,249

3,036,832

Changes in equity

Total comprehensive income

-

557,102

(338,249

)

218,853

Balance at 31st December 2017

2

3,255,683

-

3,255,685

Changes in equity

Dividends

-

(298,687

)

-

(298,687

)

Total comprehensive income

-

695,729

-

695,729

Balance at 31st December 2018

2

3,652,725

-

3,652,727

Called up

share

Retained

Revaluation

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1st January 2017

2

1,448,557

338,249

1,786,808

Changes in equity

Total comprehensive income

-

74,310

(338,249

)

(263,939

)

Balance at 31st December 2017

2

1,522,867

-

1,522,869

Changes in equity

Dividends

-

(298,687

)

-

(298,687

)

Total comprehensive income

-

189,002

-

189,002

Balance at 31st December 2018

2

1,413,182

-

1,413,184

Cash flows from operating activities

Cash generated from operations

1

(701,802

)

1,660,529

Interest paid

(188,236

)

(109,447

)

Interest element of hire purchase and finance lease rental payments paid

(62,857

)

(71,340

)

Tax paid

(42,622

)

(100,551

)

Net cash from operating activities

(995,517

)

1,379,191

Cash flows from investing activities

Purchase of tangible fixed assets

(927,400

)

(775,785

)

Sale of tangible fixed assets

62,415

1,152,945

Interest received

-

204

Net cash from investing activities

(864,985

)

377,364

Cash flows from financing activities

Capital repayments in year

1,698,495

(1,225,550

)

Amount introduced by directors

298,687

-

Amount withdrawn by directors

(237,386

)

(298,689

)

Equity dividends paid

(298,687

)

-

Net cash from financing activities

1,461,109

(1,524,239

)

(Decrease)/increase in cash and cash equivalents

(399,393

)

232,316

Cash and cash equivalents at beginning of year

2

515,932

283,616

Cash and cash equivalents at end of year

2

116,539

515,932

1.	RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

31.12.18

31.12.17

£

£

Profit before taxation

844,198

684,872

Depreciation charges

394,530

272,012

(Profit)/loss on disposal of fixed assets

(14,770

)

9,404

Finance costs

251,093

180,787

Finance income

-

(204

)

1,475,051

1,146,871

(Increase)/decrease in stocks

(866,755

)

170,099

(Increase)/decrease in trade and other debtors

(1,251,134

)

638,413

Decrease in trade and other creditors

(58,964

)

(294,854

)

Cash generated from operations

(701,802

)

1,660,529

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these

Balance Sheet amounts:

Year ended 31st December 2018

31.12.18

1.1.18

£

£

Cash and cash equivalents

421,885

515,932

Bank overdrafts

(305,346

)

-

116,539

515,932

Year ended 31st December 2017

31.12.17

1.1.17

£

£

Cash and cash equivalents

515,932

283,616

1.	STATUTORY INFORMATION

D. Wilson Property Holding Group Limited 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 General 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" 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.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Freehold property

-

in accordance with the property

Plant and machinery

-

33% on reducing balance, 15% on reducing balance and at variable rates on reducing balance

Fixtures and fittings

-

20% on reducing balance

Motor vehicles

-

25% on reducing balance and at variable rates on reducing balance

Stocks

Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance

for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in

bringing stocks to their present location and condition.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held

under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases

are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element

of the future payments is treated as a liability.

Pension costs and other post-retirement benefits

The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme

are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

31.12.18

31.12.17

£

£

Wages and salaries

2,558,835

2,745,044

Social security costs

309,450

265,091

2,868,285

3,010,135

The average number of employees during the year was as follows:

31.12.18

31.12.17

Production, driver and fixers

51

67

Draughtsmen

4

4

Management & Administration

15

15

70

86

The average number of employees by undertakings that were proportionately consolidated during the year was

70 (2017 - 86 ) .

31.12.18

31.12.17

£

£

Directors' remuneration

108,000

108,000

4.	OPERATING PROFIT

The operating profit is stated after charging/(crediting):

31.12.18

31.12.17

£

£

Depreciation - owned assets

108,799

73,838

Depreciation - assets on hire purchase contracts and finance leases

285,733

198,175

(Profit)/loss on disposal of fixed assets

(14,770

)

9,404

Auditors' remuneration

13,500

12,000

5.

INTEREST PAYABLE AND SIMILAR EXPENSES

31.12.18

31.12.17

£

£

Bank interest

6,695

2,422

Bank loan interest

153,642

105,927

Bank Charges

27,899

1,098

Hire purchase

62,857

71,340

251,093

180,787