Wilding and Kent Limited - Period Ending 2017-03-31

Wilding and Kent Limited - Period Ending 2017-03-31


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Registration number: 01050057

Wilding and Kent Limited

Annual Report and Unaudited Abridged Financial Statements

for the Year Ended 31 March 2017

HSJ Accountants Ltd
Severn House
Hazell Drive
Newport
South Wales
NP10 8FY

 

Wilding and Kent Limited

Contents

Abridged Balance Sheet

1 to 2

Notes to the Abridged Financial Statements

3 to 11

 

Wilding and Kent Limited

(Registration number: 01050057)
Abridged Balance Sheet as at 31 March 2017

Note

2017
£

2016
£

Fixed assets

 

Tangible assets

4

11,303

18,801

Current assets

 

Stocks

5

19,619

19,000

Debtors

40,396

27,035

Cash at bank and in hand

 

1,521

2,905

 

61,536

48,940

Creditors: Amounts falling due within one year

6

(63,372)

(54,221)

Net current liabilities

 

(1,836)

(5,281)

Total assets less current liabilities

 

9,467

13,520

Creditors: Amounts falling due after more than one year

7

(5,822)

(10,427)

Accruals and deferred income

 

(1,823)

(1,811)

Net assets

 

1,822

1,282

Capital and reserves

 

Called up share capital

8

1,000

1,000

Profit and loss account

822

282

Total equity

 

1,822

1,282

 

Wilding and Kent Limited

(Registration number: 01050057)
Abridged Balance Sheet as at 31 March 2017

For the financial year ending 31 March 2017 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 accounts for the year in question in accordance with section 476; and

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.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

Approved and authorised by the Board on 7 July 2017 and signed on its behalf by:
 

.........................................

Mrs C Haggerty

Company secretary and director

 

Wilding and Kent Limited

Notes to the Abridged Financial Statements for the Year Ended 31 March 2017

1

General information

The company is a private company limited by share capital incorporated in United Kingdom.

The company number is 01050057.

The address of its registered office is:
4-5 Ringland Centre
Newport
South Wales
NP19 9HG

The principal place of business is:
37 Christchurch Road
Newport
South Wales
NP19 8LN

These financial statements were authorised for issue by the Board on 7 July 2017.

2

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 abridged financial statements were prepared in accordance with Financial Reporting Standard 102 Section 1A 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

Basis of preparation

These abridged 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.

Tangible assets

Tangible assets are stated in the statement of financial position 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, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Land and building

10% straight line

Plant and machinery

15% straight line

Motor vehicles

25% straight line

 

Wilding and Kent Limited

Notes to the Abridged Financial Statements for the Year Ended 31 March 2017

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.

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.

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.

 

Wilding and Kent Limited

Notes to the Abridged Financial Statements for the Year Ended 31 March 2017

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 7 (2016 - 6).

 

Wilding and Kent Limited

Notes to the Abridged Financial Statements for the Year Ended 31 March 2017

4

Tangible assets

Total
£

Cost or valuation

At 1 April 2016

161,680

Additions

250

At 31 March 2017

161,930

Depreciation

At 1 April 2016

142,878

Charge for the year

7,749

At 31 March 2017

150,627

Carrying amount

At 31 March 2017

11,303

At 31 March 2016

18,801

Included within the net book value of land and buildings above is £1 (2016 - £1) in respect of freehold land and buildings.
 

5

Stocks

2017
£

2016
£

Finished goods and goods for resale

19,619

19,000

6

Creditors: amounts falling due within one year

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £9,814 (2016 - £9,005).

2017
£

2016
£

Current loans and borrowings

Bank overdrafts

5,210

4,402

Finance lease liabilities

4,604

4,603

9,814

9,005

7

Creditors: amounts falling due after more than one year

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £5,822 (2016 - £10,427).

 

Wilding and Kent Limited

Notes to the Abridged Financial Statements for the Year Ended 31 March 2017

8

Share capital

Allotted, called up and fully paid shares

 

2017

2016

 

No.

£

No.

£

Ordinary shares of £1 each

1,000

1,000

1,000

1,000

         

9

Dividends

 

2017

2016

 

£

£

Interim dividend of £4.00 (2016 - £15.00) per ordinary share

4,000

15,000

10

Related party transactions

Key management personnel

Relationship: Directors'

Summary of transactions with key management

During the year, the company made interest free, unsecured, repayable on demand loans to the director, Mr S Haggerty. The balance owed from the director at the balance sheet date was £16,318 (2016 - £7,127).
Also during the year, the company paid dividends to the director, Mr S Haggerty totalling £2,000 (2015 - £7,500), and remuneration totalling £7,679 (2015 - £8,034).

During the year, the company also paid dividends to the director, Mrs C Haggerty totalling £2,000 (2015 - £7,500).

 

Loans from related parties

2017

Key management
£

At start of period

(7,127)

Advanced

(22,644)

Repaid

13,453

At end of period

(16,318)

 

Wilding and Kent Limited

Notes to the Abridged Financial Statements for the Year Ended 31 March 2017

2016

Key management
£

At start of period

(2,719)

Advanced

(28,356)

Repaid

23,948

At end of period

(7,127)

 

Wilding and Kent Limited

Notes to the Abridged Financial Statements for the Year Ended 31 March 2017

11

Transition to FRS 102

These financial statements for the year ended 31 March 2017 are the first financial statements that comply with FRS 102. The date of transition is 1 April 2015.

The transition to FRS 102 has resulted in no changes to the accounting policies to those used previously.

Balance Sheet at 1 April 2015
 

Note

As originally reported
£

Reclassification
£

Remeasurement
£

As restated
£

Fixed assets

 

Tangible assets

 

16,741

-

-

16,741

Current assets

 

Stocks

 

19,572

-

-

19,572

Debtors

 

9,053

-

-

9,053

Cash at bank and in hand

 

7,804

-

-

7,804

 

36,429

-

-

36,429

Creditors: Amounts falling due within one year

 

(44,568)

-

-

(44,568)

Net current liabilities

 

(8,139)

-

-

(8,139)

Total assets less current liabilities

 

8,602

-

-

8,602

Creditors: Amounts falling due after more than one year

 

(7,436)

-

-

(7,436)

Net assets

 

1,166

-

-

1,166

Capital and reserves

 

Called up share capital

 

1,000

-

-

1,000

Profit and loss account

 

166

-

-

166

Total equity

 

1,166

-

-

1,166

 

Wilding and Kent Limited

Notes to the Abridged Financial Statements for the Year Ended 31 March 2017

Balance Sheet at 31 March 2016
 

Note

As originally reported
£

Reclassification
£

Remeasurement
£

As restated
£

Fixed assets

 

Tangible assets

 

18,801

-

-

18,801

Current assets

 

Stocks

 

19,000

-

-

19,000

Debtors

 

27,035

-

-

27,035

Cash at bank and in hand

 

2,905

-

-

2,905

 

48,940

-

-

48,940

Creditors: Amounts falling due within one year

 

(56,032)

-

-

(56,032)

Net current liabilities

 

(7,092)

-

-

(7,092)

Total assets less current liabilities

 

11,709

-

-

11,709

Creditors: Amounts falling due after more than one year

 

(10,427)

-

-

(10,427)

Net assets

 

1,282

-

-

1,282

Capital and reserves

 

Called up share capital

 

1,000

-

-

1,000

Profit and loss account

 

282

-

-

282

Total equity

 

1,282

-

-

1,282

 

Wilding and Kent Limited

Notes to the Abridged Financial Statements for the Year Ended 31 March 2017

Profit and Loss Account for the year ended 31 March 2016
 

Note

As originally reported
£

Reclassification
£

Remeasurement
£

As restated
£

Turnover

 

452,235

-

-

452,235

Cost of sales

 

(385,507)

-

-

(385,507)

Gross profit

 

66,728

-

-

66,728

Administrative expenses

 

(47,025)

-

-

(47,025)

Operating profit

 

19,703

-

-

19,703

Other interest receivable and similar income

 

1

-

-

1

Interest payable and similar expenses

 

(1,134)

-

-

(1,134)

 

(1,133)

-

-

(1,133)

Profit before tax

 

18,570

-

-

18,570

Taxation

 

(3,454)

-

-

(3,454)

Profit for the financial year

 

15,116

-

-

15,116