Wilding and Kent Limited - Period Ending 2018-03-31

Wilding and Kent Limited - Period Ending 2018-03-31


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Registration number: 01050057

Wilding and Kent Limited

Filleted Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2018

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

 

Wilding and Kent Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Statement of Changes in Equity

5

Notes to the Financial Statements

6 to 12

 

Wilding and Kent Limited

Company Information

Directors

Mr SK Haggerty

Mrs CE Haggerty

Company secretary

Mrs CE Haggerty

Registered office

4-5 Ringland Centre
Newport
South Wales
NP19 9HG

Accountants

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

 

Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Wilding and Kent Limited
for the Year Ended 31 March 2018

As described on the balance sheet you are responsible for the compilation of the accounts for the year ended 31 March 2018, as set out on pages 3 to 12, and you consider that the company is exempt from an audit. In accordance with your instructions we have compiled the unaudited accounts from the accounting records and from information and explanations supplied to us.














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

6 July 2018

 

Wilding and Kent Limited

(Registration number: 01050057)
Balance Sheet as at 31 March 2018

Note

2018
£

2017
£

Fixed assets

 

Tangible assets

4

4,549

11,303

Current assets

 

Stocks

5

19,052

19,619

Debtors

6

42,956

40,396

Cash at bank and in hand

 

1,965

1,521

 

63,973

61,536

Creditors: Amounts falling due within one year

7

(63,409)

(65,195)

Net current assets/(liabilities)

 

564

(3,659)

Total assets less current liabilities

 

5,113

7,644

Creditors: Amounts falling due after more than one year

7

(3,358)

(5,822)

Net assets

 

1,755

1,822

Capital and reserves

 

Called up share capital

9

1,000

1,000

Profit and loss account

755

822

Total equity

 

1,755

1,822

 

Wilding and Kent Limited

(Registration number: 01050057)
Balance Sheet as at 31 March 2018

For the financial year ending 31 March 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 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.

Approved and authorised by the Board on 6 July 2018 and signed on its behalf by:
 

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

Mr SK Haggerty

Director

 

Wilding and Kent Limited

Statement of Changes in Equity for the Year Ended 31 March 2018

Share capital
£

Profit and loss account
£

Total
£

At 1 April 2017

1,000

822

1,822

Profit for the year

-

10,933

10,933

Total comprehensive income

-

10,933

10,933

Dividends

-

(11,000)

(11,000)

At 31 March 2018

1,000

755

1,755

Share capital
£

Profit and loss account
£

Total
£

At 1 April 2016

1,000

282

1,282

Profit for the year

-

4,540

4,540

Total comprehensive income

-

4,540

4,540

Dividends

-

(4,000)

(4,000)

At 31 March 2017

1,000

822

1,822

 

Wilding and Kent Limited

Notes to the Financial Statements for the Year Ended 31 March 2018

1

General information

The company registration number is: 01050057

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

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 6 July 2018.

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 financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These 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 Financial Statements for the Year Ended 31 March 2018

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 Financial Statements for the Year Ended 31 March 2018

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 (2017 - 7).

 

Wilding and Kent Limited

Notes to the Financial Statements for the Year Ended 31 March 2018

4

Tangible assets

Land and buildings
£

Motor vehicles
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 April 2017

20,000

25,488

116,442

161,930

At 31 March 2018

20,000

25,488

116,442

161,930

Depreciation

At 1 April 2017

19,999

17,360

113,268

150,627

Charge for the year

-

5,617

1,137

6,754

At 31 March 2018

19,999

22,977

114,405

157,381

Carrying amount

At 31 March 2018

1

2,511

2,037

4,549

At 31 March 2017

1

8,128

3,174

11,303

5

Stocks

2018
£

2017
£

Finished goods and goods for resale

19,052

19,619

6

Debtors

2018
£

2017
£

Trade debtors

23,413

13,830

Other debtors

19,543

26,566

42,956

40,396

 

Wilding and Kent Limited

Notes to the Financial Statements for the Year Ended 31 March 2018

7

Creditors

Note

2018
£

2017
£

Due within one year

 

Bank loans and overdrafts

8

6,685

9,814

Trade creditors

 

44,210

43,432

Taxation and social security

 

280

315

Other creditors

 

12,234

11,634

 

63,409

65,195

Due after one year

 

Loans and borrowings

8

3,358

5,822

8

Loans and borrowings

2018
£

2017
£

Non-current loans and borrowings

Finance lease liabilities

3,358

5,822

2018
£

2017
£

Current loans and borrowings

Bank overdrafts

4,220

5,210

Finance lease liabilities

2,465

4,604

6,685

9,814

Bank borrowings

Bank Overdraft which is secured and repayable on demand. The carrying amount at year end is £4,220 (2017 - £5,210).

Other borrowings

Hire Purchase Agreements with a carrying amount of £5,823 (2017 - £10,426) .

Each separate HP agreement is secured against the relevant motor vehicle.

 

Wilding and Kent Limited

Notes to the Financial Statements for the Year Ended 31 March 2018

9

Share capital

Allotted, called up and fully paid shares

 

2018

2017

 

No.

£

No.

£

Ordinary of £1 each

1,000

1,000

1,000

1,000

         

10

Dividends

Interim dividends paid

 

2018
£

2017
£

Interim dividend of £11 (2017 - £4) per each Ordinary share

11,000

4,000

     

11

Related party transactions

Key management personnel

Mrs C Haggerty
Director

Summary of transactions with key management

During the year the director Mrs C Haggerty took dividends totalling £5,500 (2016 - £2,000).
 

Transactions with directors

2018

At 1 April 2017
£

Advances to directors
£

Repayments by director
£

At 31 March 2018
£

Mr SK Haggerty

Advanced/Credit

(16,318)

(29,083)

33,244

(12,157)

         
       

 

2017

At 1 April 2016
£

Advances to directors
£

Repayments by director
£

At 31 March 2017
£

Mr SK Haggerty

Advanced/Credit

(7,127)

(22,644)

13,453

(16,318)

         
       

 
 

Wilding and Kent Limited

Notes to the Financial Statements for the Year Ended 31 March 2018

Directors' remuneration

The directors' remuneration for the year was as follows:

2018
£

2017
£

Remuneration

7,682

7,680

Other transactions with directors

During the year the Mr S Haggerty made unsecured, interest free, repayable on demand loans to the company. At the balance sheet date the amount owed to the company was £12,157 (2017 - £16,318). The director, Mr S Haggerty also took dividends totalling £5,500 (2016 - £2,000).