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 Financial Statements

31 August 2019

Wilson Field Group Limited

Financial Statements

Year Ended 31 August 2019

Contents	Pages

Statement of financial position	1 to 2

Notes to the financial statements	3 to 11

Wilson Field Group Limited

Statement of Financial Position

31 August 2019

	2019		2018
Note	£	£	£

Fixed Assets

Intangible assets	4	2,212,500	2,362,500
Tangible assets	5	104,900	85,153
Investments	6	1,928,105	1,928,105
		--------------	--------------
		4,245,505	4,375,758

Current Assets

Debtors	7	49,031	82,470
Cash at bank and in hand		613,997	33,010
		-----------	-----------
		663,028	115,480

Creditors: amounts falling due within one year	8	1,338,463		483,326
		--------------		-----------
Net Current Liabilities			675,435	367,846
			--------------	--------------
Total Assets Less Current Liabilities			3,570,070	4,007,912

Creditors: amounts falling due after more than one year	9		1,234,506	1,118,422

Provisions

Taxation including deferred tax	13,063	7,945
	--------------	--------------
Net Assets	2,322,501	2,881,545
	--------------	--------------

Capital and Reserves

Called up share capital	11	1,004	1,004
Profit and loss account		2,321,497	2,880,541
		--------------	--------------
Shareholders Funds		2,322,501	2,881,545
		--------------	--------------

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 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.

Wilson Field Group Limited

Statement of Financial Position (continued)

31 August 2019

For the year ending 31 August 2019 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 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 financial statements .

These financial statements were approved by the board of directors and authorised for issue on 3 June 2020 , 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 Financial Statements

Year Ended 31 August 2019

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 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 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.

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.

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 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

	Goodwill
	£
Cost
At 1 September 2018 and 31 August 2019	3,000,000
	--------------
Amortisation
At 1 September 2018	637,500
Charge for the year	150,000
	--------------
At 31 August 2019	787,500
	--------------
Carrying amount
At 31 August 2019	2,212,500
	--------------
At 31 August 2018	2,362,500
	--------------

5. Tangible assets

	Plant and machinery	Fixtures and fittings	Motor vehicles	Equipment	Total
	£	£	£	£	£
Cost
At 1 September 2018	85,605	44,964	29,645	216,582	376,796
Additions	–	2,264	–	55,939	58,203
Disposals	–	( 595)	–	( 118,371)	( 118,966)
	---------	---------	---------	-----------	-----------
At 31 August 2019	85,605	46,633	29,645	154,150	316,033
	---------	---------	---------	-----------	-----------
Depreciation
At 1 September 2018	47,802	32,930	29,645	181,266	291,643
Charge for the year	5,520	4,908	–	27,615	38,043
Disposals	–	( 187)	–	( 118,366)	( 118,553)
	---------	---------	---------	-----------	-----------
At 31 August 2019	53,322	37,651	29,645	90,515	211,133
	---------	---------	---------	-----------	-----------
Carrying amount
At 31 August 2019	32,283	8,982	–	63,635	104,900
	---------	---------	---------	-----------	-----------
At 31 August 2018	37,803	12,034	–	35,316	85,153
	---------	---------	---------	-----------	-----------

Finance leases and hire purchase contracts

Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:

	Equipment
	£
At 31 August 2019	37,584
	---------
At 31 August 2018	–
	---------

6. Investments

	Shares in group undertakings	Investment property	Total
	£	£	£
Cost
At 1 September 2018 and 31 August 2019	1,105	1,927,000	1,928,105
	--------	--------------	--------------
Impairment
At 1 September 2018 and 31 August 2019	–	–	–
	--------	--------------	--------------

Carrying amount
At 31 August 2019	1,105	1,927,000	1,928,105
	--------	--------------	--------------
At 31 August 2018	1,105	1,927,000	1,928,105
	--------	--------------	--------------

Investments held at valuation

The fair value of the property is based on a valuation done in July 2015 by an independent valuer who holds a recognised and relevant professional qualification and has recent experience in the location and class of the investment property being valued.

The valuation of £1,927,000 was based upon current tenancies and the Directors believe this valuation to be appropriate at the balance sheet date.

In respect of investments held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:

	Investment property
	£
At 31 August 2019
Aggregate cost	1,842,971
Aggregate depreciation	–
	--------------
Carrying value	1,842,971
	--------------

At 31 August 2018
Aggregate cost	1,842,971
Aggregate depreciation	–
	--------------
Carrying value	1,842,971
	--------------

7. Debtors

	2019	2018
	£	£
Prepayments and accrued income	46,440	79,587
Other debtors	2,591	2,883
	---------	---------
	49,031	82,470
	---------	---------

8. Creditors: amounts falling due within one year

	2019	2018
	£	£
Bank loans	122,060	185,478
Trade creditors	18,403	53,084
Amounts owed to group undertakings	1,131,994	146,826
Accruals and deferred income	32,705	35,661
Corporation tax	8,273	20,128
Obligations under finance leases and hire purchase contracts	8,200	–
Director loan accounts	997	17,319
Other creditors	15,831	24,830
	--------------	-----------
	1,338,463	483,326
	--------------	-----------

The following liabilities disclosed under creditors falling due within one year are secured by the company :

	2019	2018
	£	£
Bank loans	122,060	185,478
Obligations under finance leases and hire purchase contracts	8,200	–

9. Creditors: amounts falling due after more than one year

	2019	2018
	£	£
Bank loans	1,203,756	838,422
Amounts owed to group undertakings	–	280,000
Obligations under finance leases and hire purchase contracts	30,750	–
	--------------	--------------
	1,234,506	1,118,422
	--------------	--------------

The following liabilities disclosed under creditors falling due in over one year are secured by the company:

	2019	2018
	£	£
Bank loans	1,203,756	838,422
Obligations under finance leases and hire purchase contracts	30,750	-

There is a legal charge and debenture over property and assets held by the company.

10. Securities

The company has entered into cross-guarantees for overdraft and loan facilities made available to the subsidiary company, Wilson Field Limited. It is not anticipated that any material liabilities will arise from the contingent liabilities other than those provided for in these financial statements. The company treats guarantees and indemnities of this nature as contingent liabilities until such time as it becomes probable that the company will be required to make a payment under the terms of the arrangement.

11. Called up share capital

Issued, called up and fully paid

	2019		2018
	No.	£	No.	£
Ordinary shares of £ 1 each	1,004	1,004	1,004	1,004
	--------------	-----------	--------	--------

12. Operating leases

As lessee

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

	2019	2018
	£	£
Not later than 1 year	–	10,759
	-----	---------

As lessor

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

	2019	2018
	£	£
Not later than 1 year	154,354	155,604
Later than 1 year and not later than 5 years	543,513	564,137
Later than 5 years	427,329	561,059
	--------------	--------------
	1,125,196	1,280,800
	--------------	--------------

13. 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 Sep 2018	Advances during the year	Repaid during the year	Balance at 31 Aug 2019
		£	£	£
N Wilson	(1,342)	32,924	(32,042)	(460)

14. Related party transactions

During the year the company received short term loans from related parties. The balance outstanding due to related parties at 31 August 2019 are as follows:

	2019	2018
	£	£
Amounts owed to group undertakings	1,131,994	426,826

The above are unsecured and interest free. Within amounts owed to group undertakings £Nil (2018: £280,000) relates to amounts due in over one year. The remainder of balances are repayable on demand.