15
30/06/2022
2022-06-30
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No description of principal activities is disclosed
2021-07-01
Sage Accounts Production 21.0 - FRS102_2021
xbrli:pure
xbrli:shares
iso4217:GBP
00503093
2021-07-01
2022-06-30
00503093
2022-06-30
00503093
2021-06-30
00503093
2020-07-01
2021-06-30
00503093
2021-06-30
00503093
core:LandBuildings
core:OwnedOrFreeholdAssets
2021-07-01
2022-06-30
00503093
core:PlantMachinery
2021-07-01
2022-06-30
00503093
core:FurnitureFittingsToolsEquipment
2021-07-01
2022-06-30
00503093
core:MotorVehicles
2021-07-01
2022-06-30
00503093
core:OnerousContractsExcludingVacantProperties
2021-07-01
2022-06-30
00503093
bus:RegisteredOffice
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2022-06-30
00503093
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2022-06-30
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bus:PreferenceShareClass1
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2022-06-30
00503093
bus:LeadAgentIfApplicable
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2022-06-30
00503093
bus:Director1
2021-07-01
2022-06-30
00503093
bus:Director2
2021-07-01
2022-06-30
00503093
bus:CompanySecretary1
2021-07-01
2022-06-30
00503093
core:WithinOneYear
2022-06-30
00503093
core:WithinOneYear
2021-06-30
00503093
core:LandBuildings
core:OwnedOrFreeholdAssets
2021-06-30
00503093
core:PlantMachinery
2021-06-30
00503093
core:FurnitureFittingsToolsEquipment
2021-06-30
00503093
core:MotorVehicles
2021-06-30
00503093
core:LandBuildings
core:OwnedOrFreeholdAssets
2022-06-30
00503093
core:PlantMachinery
2022-06-30
00503093
core:FurnitureFittingsToolsEquipment
2022-06-30
00503093
core:MotorVehicles
2022-06-30
00503093
core:AfterOneYear
2022-06-30
00503093
core:AfterOneYear
2021-06-30
00503093
core:ShareCapital
2022-06-30
00503093
core:ShareCapital
2021-06-30
00503093
core:SharePremium
2022-06-30
00503093
core:SharePremium
2021-06-30
00503093
core:RetainedEarningsAccumulatedLosses
2022-06-30
00503093
core:RetainedEarningsAccumulatedLosses
2021-06-30
00503093
bus:OrdinaryShareClass1
core:ShareCapital
2022-06-30
00503093
bus:OrdinaryShareClass1
core:ShareCapital
2021-06-30
00503093
bus:PreferenceShareClass1
core:ShareCapital
2022-06-30
00503093
bus:PreferenceShareClass1
core:ShareCapital
2021-06-30
00503093
1
core:AfterOneYear
2022-06-30
00503093
1
core:AfterOneYear
2021-06-30
00503093
core:LandBuildings
core:OwnedOrFreeholdAssets
2021-06-30
00503093
core:PlantMachinery
2021-06-30
00503093
core:FurnitureFittingsToolsEquipment
2021-06-30
00503093
core:MotorVehicles
2021-06-30
00503093
bus:SmallEntities
2021-07-01
2022-06-30
00503093
bus:AuditExemptWithAccountantsReport
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2022-06-30
00503093
bus:FullAccounts
2021-07-01
2022-06-30
00503093
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2021-07-01
2022-06-30
00503093
bus:PrivateLimitedCompanyLtd
2021-07-01
2022-06-30
00503093
core:Vehicles
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2022-06-30
00503093
core:Vehicles
2021-06-30
00503093
core:Vehicles
2022-06-30
Company registration number:
00503093
Charles Wright & Sons Limited
Unaudited filleted financial statements
30 June 2022
Charles Wright & Sons Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Charles Wright & Sons Limited
Directors and other information
|
|
|
|
Directors
|
Mr Andrew Charles Wright
|
|
|
Mr Richard John Wright
|
|
|
|
|
|
|
|
Secretary
|
Andrew Charles Wright
|
|
|
|
|
|
|
|
Company number
|
00503093
|
|
|
|
|
|
|
|
Registered office
|
Church Road
|
|
|
Old Leake
|
|
|
Boston
|
|
|
Lincs
|
|
|
|
|
|
|
|
Business address
|
Church Road
|
|
|
Old Leake
|
|
|
BOSTON
|
|
|
Lincs
|
|
|
PE22 9NU
|
|
|
|
|
|
|
|
Accountants
|
Lister & Co
|
|
|
75 High Street
|
|
|
Boston
|
|
|
Lincs
|
|
|
PE21 8SX
|
|
|
|
Charles Wright & Sons Limited
Report to the board of directors on the preparation of the
unaudited statutory financial statements of Charles Wright & Sons Limited
Year ended 30 June 2022
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Charles Wright & Sons Limited for the year ended 30 June 2022 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants , we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/ professional-standards/ rules-standards/acca-rulebook.html.
This report is made solely to the board of directors of Charles Wright & Sons Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Charles Wright & Sons Limited and state those matters that we have agreed to state to the board of directors of Charles Wright & Sons Limited as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global /Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Charles Wright & Sons Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Charles Wright & Sons Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Charles Wright & Sons Limited. You consider that Charles Wright & Sons Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Charles Wright & Sons Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Lister & Co
ACCA
75 High Street
Boston
Lincs
PE21 8SX
26 July 2022
Charles Wright & Sons Limited
Statement of financial position
30 June 2022
|
|
|
2022
|
|
|
|
2021
|
|
|
|
|
Note
|
£
|
|
£
|
|
£
|
|
£
|
|
|
|
|
|
|
|
|
|
|
Fixed assets
|
|
|
|
|
|
|
|
|
|
Tangible assets
|
|
5
|
853,300
|
|
|
|
950,879
|
|
|
|
|
|
_______
|
|
|
|
_______
|
|
|
|
|
|
|
|
853,300
|
|
|
|
950,879
|
|
|
|
|
|
|
|
|
|
|
Current assets
|
|
|
|
|
|
|
|
|
|
Stocks
|
|
|
200,347
|
|
|
|
52,953
|
|
|
Debtors
|
|
6
|
2,783,575
|
|
|
|
2,642,875
|
|
|
Cash at bank and in hand
|
|
|
450
|
|
|
|
1,302
|
|
|
|
|
|
_______
|
|
|
|
_______
|
|
|
|
|
|
2,984,372
|
|
|
|
2,697,130
|
|
|
Creditors: amounts falling due
|
|
|
|
|
|
|
|
|
|
within one year
|
|
7
|
(
1,400,950)
|
|
|
|
(
1,356,963)
|
|
|
|
|
|
_______
|
|
|
|
_______
|
|
|
Net current assets
|
|
|
|
|
1,583,422
|
|
|
|
1,340,167
|
|
|
|
|
|
_______
|
|
|
|
_______
|
Total assets less current liabilities
|
|
|
|
|
2,436,722
|
|
|
|
2,291,046
|
|
|
|
|
|
|
|
|
|
|
Creditors: amounts falling due
|
|
|
|
|
|
|
|
|
|
after more than one year
|
|
8
|
|
|
(
6,000)
|
|
|
|
(
25,721)
|
|
|
|
|
|
|
|
|
|
|
Provisions for liabilities
|
|
|
|
|
(
99,136)
|
|
|
|
(
96,947)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
_______
|
|
|
|
_______
|
Net assets
|
|
|
|
|
2,331,586
|
|
|
|
2,168,378
|
|
|
|
|
|
_______
|
|
|
|
_______
|
|
|
|
|
|
|
|
|
|
|
Capital and reserves
|
|
|
|
|
|
|
|
|
|
Called up share capital
|
|
9
|
|
|
6,000
|
|
|
|
6,000
|
Share premium account
|
|
|
|
|
1,200
|
|
|
|
1,200
|
Profit and loss account
|
|
|
|
|
2,324,386
|
|
|
|
2,161,178
|
|
|
|
|
|
_______
|
|
|
|
_______
|
Shareholders funds
|
|
|
|
|
2,331,586
|
|
|
|
2,168,378
|
|
|
|
|
|
_______
|
|
|
|
_______
|
|
|
|
|
|
|
|
|
|
|
For the year ending 30 June 2022 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 have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of 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.
These financial statements were approved by the
board of directors
and authorised for issue on
26 July 2022
, and are signed on behalf of the board by:
Mr Andrew Charles Wright
Director
Company registration number:
00503093
Charles Wright & Sons Limited
Notes to the financial statements
Year ended 30 June 2022
1.
General information
The company is a private company limited by shares, registered in England. The address of the registered office is Charles Wright & Sons Limited, Church Road, Old Leake, Boston, Lincs.
2.
Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. 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 at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income.
Tangible assets
tangible assets are initially recorded at cost, and are 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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
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:
|
|
|
|
|
|
Freehold property
|
-
|
50 %
|
straight line
|
|
Plant and machinery
|
-
|
10 %
|
reducing balance
|
|
Workshop equipment
|
-
|
10 %
|
reducing balance
|
|
Motor vehicles
|
-
|
20 %
|
reducing balance
|
|
Agricultural vehicles & trailers
|
-
|
12.5 %
|
reducing balance
|
|
|
|
|
|
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
15
(2021:
16
).
5.
Tangible assets
|
|
Freehold property
|
Plant and machinery
|
Workshop equipment
|
Motor vehicles
|
Agricultural vehicles & trailers
|
Total
|
|
|
|
£
|
£
|
£
|
£
|
£
|
£
|
|
|
Cost
|
|
|
|
|
|
|
|
|
At 1 July 2021
|
500,959
|
354,778
|
4,667
|
481,464
|
654,778
|
1,996,646
|
|
|
Additions
|
-
|
849
|
-
|
-
|
-
|
849
|
|
|
|
_______
|
_______
|
_______
|
_______
|
_______
|
_______
|
|
|
At 30 June 2022
|
500,959
|
355,627
|
4,667
|
481,464
|
654,778
|
1,997,495
|
|
|
|
_______
|
_______
|
_______
|
_______
|
_______
|
_______
|
|
|
Depreciation
|
|
|
|
|
|
|
|
|
At 1 July 2021
|
199,159
|
190,313
|
1,954
|
270,210
|
384,131
|
1,045,767
|
|
|
Charge for the year
|
5,593
|
16,479
|
271
|
42,250
|
33,835
|
98,428
|
|
|
|
_______
|
_______
|
_______
|
_______
|
_______
|
_______
|
|
|
At 30 June 2022
|
204,752
|
206,792
|
2,225
|
312,460
|
417,966
|
1,144,195
|
|
|
|
_______
|
_______
|
_______
|
_______
|
_______
|
_______
|
|
|
Carrying amount
|
|
|
|
|
|
|
|
|
At 30 June 2022
|
296,207
|
148,835
|
2,442
|
169,004
|
236,812
|
853,300
|
|
|
|
_______
|
_______
|
_______
|
_______
|
_______
|
_______
|
|
|
At 30 June 2021
|
301,800
|
164,465
|
2,713
|
211,254
|
270,647
|
950,879
|
|
|
|
_______
|
_______
|
_______
|
_______
|
_______
|
_______
|
|
|
|
|
|
|
|
|
|
|
6.
Debtors
|
|
|
2022
|
2021
|
|
|
|
£
|
£
|
|
Trade debtors
|
|
715,202
|
726,680
|
|
Prepayments and accrued income
|
|
8,005
|
55,726
|
|
Other debtors
|
|
2,060,368
|
1,860,469
|
|
|
|
_______
|
_______
|
|
|
|
2,783,575
|
2,642,875
|
|
|
|
_______
|
_______
|
|
|
|
|
|
7.
Creditors: amounts falling due within one year
|
|
|
2022
|
2021
|
|
|
|
£
|
£
|
|
Bank loans and overdrafts
|
|
762,163
|
834,947
|
|
Trade creditors
|
|
541,181
|
472,089
|
|
Accruals and deferred income
|
|
21,177
|
13,925
|
|
Corporation tax
|
|
38,683
|
-
|
|
Social security and other taxes
|
|
11,686
|
10,750
|
|
Obligations under finance leases
|
|
19,721
|
18,820
|
|
Other creditors
|
|
6,339
|
6,432
|
|
|
|
_______
|
_______
|
|
|
|
1,400,950
|
1,356,963
|
|
|
|
_______
|
_______
|
|
|
|
|
|
The aggregate amount of secured liabilities are £762,163 and they are secured by a first legal charge over the company's freehold property, buildings and land.
8.
Creditors: amounts falling due after more than one year
|
|
|
2022
|
2021
|
|
|
|
£
|
£
|
|
Shares classed as financial liabilities
|
|
6,000
|
6,000
|
|
Obligations under finance leases
|
|
-
|
19,721
|
|
|
|
_______
|
_______
|
|
|
|
6,000
|
25,721
|
|
|
|
_______
|
_______
|
|
|
|
|
|
9.
Called up share capital
Issued, called up and fully paid
|
|
|
2022
|
|
|
|
2021
|
|
|
|
|
|
No
|
|
£
|
|
No
|
|
£
|
|
Amounts presented in equity:
|
|
|
|
|
|
|
|
|
|
Ordinary shares
shares of £
1.00 each
|
|
6,000
|
|
6,000
|
|
6,000
|
|
6,000
|
|
|
|
_______
|
|
_______
|
|
_______
|
|
_______
|
|
Amounts presented in liabilities:
|
|
|
|
|
|
|
|
|
|
Preference shares
shares of £
1.00 each
|
|
6,000
|
|
6,000
|
|
6,000
|
|
6,000
|
|
|
|
_______
|
|
_______
|
|
_______
|
|
_______
|
|
|
|
|
|
|
|
|
|
|
10.
Contingent assets and liabilities
The Company has given a guarantee limited to £250,000 to Lloyds TSB Bank plc in respect of the borrowing of C Wright (Farmers) Limited.