WP Reilly Group Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 05400810 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 March 2021

for

WP Reilly Group Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

W Reilly

SECRETARY:

Mrs G Reilly

REGISTERED OFFICE:

Woodgate House

2-8 Games Road

Cockfosters

Hertfordshire

EN4 9HN

REGISTERED NUMBER:

05400810 (England and Wales)

FIXED ASSETS

Intangible assets

4

252,500

330,500

Tangible assets

5

277,013

289,181

Investments

6

500

500

530,013

620,181

CURRENT ASSETS

Work-in-progress

-

22,471

Debtors

7

241,814

184,753

Cash in hand

3,500

3,500

245,314

210,724

CREDITORS

Amounts falling due within one year

8

541,114

746,247

NET CURRENT LIABILITIES

(295,800

)

(535,523

)

TOTAL ASSETS LESS CURRENT LIABILITIES

234,213

84,658

CREDITORS

Amounts falling due after more than one year

9

50,000

29,390

NET ASSETS

184,213

55,268

CAPITAL AND RESERVES

Called up share capital

380

380

Retained earnings

183,833

54,888

184,213

55,268

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2021 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 director and authorised for issue on 20 December 2021 and were signed by:

W Reilly - Director

1.	STATUTORY INFORMATION

WP Reilly 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 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.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2013, is being amortised evenly over its estimated useful life of ten years.

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.

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

-

25% on reducing balance

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Stocks

Work-in-progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 16 (2020 - 16 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2020

and 31 March 2021

780,000

AMORTISATION

At 1 April 2020

449,500

Charge for year

78,000

At 31 March 2021

527,500

NET BOOK VALUE

At 31 March 2021

252,500

At 31 March 2020

330,500

5.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 April 2020

and 31 March 2021

240,508

154,286

394,794

DEPRECIATION

At 1 April 2020

-

105,613

105,613

Charge for year

-

12,168

12,168

At 31 March 2021

-

117,781

117,781

NET BOOK VALUE

At 31 March 2021

240,508

36,505

277,013

At 31 March 2020

240,508

48,673

289,181

6.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 April 2020

and 31 March 2021

500

NET BOOK VALUE

At 31 March 2021

500

At 31 March 2020

500

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.21

31.3.20

£

£

Trade debtors

1,320

1,320

Other debtors

240,494

183,433

241,814

184,753

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.21

31.3.20

£

£

Bank loans and overdrafts

39,097

39,907

Trade creditors

55,408

72,835

Amounts owed to group undertakings

308,430

543,478

Taxation and social security

19,432

30,632

Other creditors

118,747

59,395

541,114

746,247

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.21

31.3.20

£

£

Bank loans

50,000

29,390

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Bank loans more 5 yrs non-inst

50,000

-

10.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2021 and 31 March 2020:

31.3.21

31.3.20

£

£

W Reilly

Balance outstanding at start of year

174,898

233,690

Amounts advanced

171,522

174,898

Amounts repaid

(174,898

)

(233,690

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

171,522

174,898

11.	ULTIMATE CONTROLLING PARTY

The controlling party is W Reilly.