REGISTERED NUMBER:
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FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2021 |
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MCWILLIAM-WATKINSON LIMITED |
REGISTERED NUMBER:
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FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2021 |
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FOR |
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MCWILLIAM-WATKINSON LIMITED |
MCWILLIAM-WATKINSON LIMITED (REGISTERED NUMBER: 01055138) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 SEPTEMBER 2021 |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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MCWILLIAM-WATKINSON LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 30 SEPTEMBER 2021 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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Chartered Accountants & Statutory Auditors |
Chandler House |
7 Ferry Road Office Park |
Riversway |
Preston |
Lancashire |
PR2 2YH |
MCWILLIAM-WATKINSON LIMITED (REGISTERED NUMBER: 01055138) |
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BALANCE SHEET |
30 SEPTEMBER 2021 |
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30/9/21 | 30/9/20 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Stocks | 5 |
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Debtors | 6 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 7 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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PROVISIONS FOR LIABILITIES | 9 |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 10 |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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MCWILLIAM-WATKINSON LIMITED (REGISTERED NUMBER: 01055138) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 SEPTEMBER 2021 |
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1. | STATUTORY INFORMATION |
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McWilliam-Watkinson Limited is a
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
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Revenue recognition |
The company's policy is to recognise a sale when substantively all the risks and rewards in connection with the goods have been passed to the customer. |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
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Tangible fixed assets |
Tangible fixed assets are stated at cost less accumulated depreciation and any provision for impairment in value. |
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Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under finance lease, over the lease term, whichever is the shorter. |
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Freehold property - not provided |
Short leasehold - straight line over period of lease |
Fixtures and fittings - 10% on cost |
Motor vehicles - 15% on reducing balance |
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Freehold property is maintained to ensure that its value does not diminish over time. The maintenance costs are charged to the profit and loss account as they are incurred. In the opinion of the directors, depreciation would be immaterial and, therefore, freehold property is not depreciated. |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
MCWILLIAM-WATKINSON LIMITED (REGISTERED NUMBER: 01055138) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2021 |
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2. | ACCOUNTING POLICIES - continued |
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Financial instruments |
A basic financial instrument is a contract that gives rise to a financial asset in one entity and a financial liability or equity instrument of another entity. |
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The following assets and liabilities are classified as financial instruments: trade debtors, other debtors, trade creditors, and other creditors. |
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Trade debtors and trade creditors are measured at the undiscounted amount of cash or other consideration expected to be paid or received. |
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Financial assets are assessed at the end of the reporting period for objective evidence of impairment and if applicable is recognised as appropriate. |
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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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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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. |
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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. |
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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. |
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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. |
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Going concern |
The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the annual financial statements. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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MCWILLIAM-WATKINSON LIMITED (REGISTERED NUMBER: 01055138) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2021 |
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4. | TANGIBLE FIXED ASSETS |
Fixtures |
Freehold | Short | and | Motor |
property | leasehold | fittings | vehicles | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 October 2020 |
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Additions |
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Disposals |
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At 30 September 2021 |
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DEPRECIATION |
At 1 October 2020 |
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Charge for year |
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Eliminated on disposal |
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At 30 September 2021 |
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NET BOOK VALUE |
At 30 September 2021 |
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At 30 September 2020 |
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5. | STOCKS |
30/9/21 | 30/9/20 |
£ | £ |
Stocks |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30/9/21 | 30/9/20 |
£ | £ |
Trade debtors |
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Other debtors |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30/9/21 | 30/9/20 |
£ | £ |
Trade creditors |
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Tax |
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Social security and other taxes |
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Other creditors |
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MCWILLIAM-WATKINSON LIMITED (REGISTERED NUMBER: 01055138) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2021 |
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8. | LEASING AGREEMENTS |
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Minimum lease payments under non-cancellable operating leases fall due as follows: |
30/9/21 | 30/9/20 |
£ | £ |
Within one year |
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Between one and five years |
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In more than five years |
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9. | PROVISIONS FOR LIABILITIES |
30/9/21 | 30/9/20 |
£ | £ |
Deferred tax | 5,698 | 9,899 |
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Deferred |
tax |
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Balance at 1 October 2020 |
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Movement in provision | (4,201 | ) |
Balance at 30 September 2021 |
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10. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 30/9/21 | 30/9/20 |
value: | £ | £ |
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Ordinary | £1 | 2,000 | 2,000 |
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11. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
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The Report of the Auditors was unqualified. |
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for and on behalf of
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12. | ULTIMATE CONTROLLING PARTY |
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The ultimate controlling party is the directors, as noted within the directors report. However there is not one party with ultimate control. |