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REGISTERED NUMBER: 00233418 (England and Wales)














WENBAN-SMITH LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022






WENBAN-SMITH LIMITED (REGISTERED NUMBER: 00233418)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022










Page

Company Information 1

Chartered Accountants' Report 2

Statement of Financial Position 3

Notes to the Financial Statements 5


WENBAN-SMITH LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2022







DIRECTORS: J A Kemp-Potter
P B Kemp-Potter
D Parry
M T Kemp-Potter
J R Kemp-Potter
N E Abraham





SECRETARY: N E Abraham





REGISTERED OFFICE: 14 Newland Road
Worthing
West Sussex
BN11 1JT





REGISTERED NUMBER: 00233418 (England and Wales)





ACCOUNTANTS: Flint Accounting Ltd.
Chartered Accountants
6 Marlborough Place
Brighton
East Sussex
BN1 1UB

CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
WENBAN-SMITH LIMITED


The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of Financial Position. Readers are cautioned that the Statement of Comprehensive Income and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Wenban-Smith Limited for the year ended 31 March 2022 which comprise the Income Statement, Statement of Financial Position and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Wenban-Smith Limited, as a body, in accordance with the terms of our engagement letter dated 12 August 2022. Our work has been undertaken solely to prepare for your approval the financial statements of Wenban-Smith Limited and state those matters that we have agreed to state to the Board of Directors of Wenban-Smith Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Wenban-Smith Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Wenban-Smith 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 Wenban-Smith Limited. You consider that Wenban-Smith 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 Wenban-Smith 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.






Flint Accounting Ltd.
Chartered Accountants
6 Marlborough Place
Brighton
East Sussex
BN1 1UB


15 August 2022

WENBAN-SMITH LIMITED (REGISTERED NUMBER: 00233418)

STATEMENT OF FINANCIAL POSITION
31 MARCH 2022

2022 2021
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 841,870 573,424
Investments 6 2,550 2,550
Investment property 7 806,519 626,522
1,650,939 1,202,496

CURRENT ASSETS
Stocks 1,987,427 1,408,656
Debtors 8 968,659 872,531
Cash at bank and in hand 324,210 1,202,082
3,280,296 3,483,269
CREDITORS
Amounts falling due within one year 9 776,526 824,761
NET CURRENT ASSETS 2,503,770 2,658,508
TOTAL ASSETS LESS CURRENT LIABILITIES 4,154,709 3,861,004

PROVISIONS FOR LIABILITIES 179,961 123,485
NET ASSETS 3,974,748 3,737,519

CAPITAL AND RESERVES
Called up share capital 12,559 12,559
Capital redemption reserve 11 11,741 11,741
Fair value reserve 11 210,500 210,500
Retained earnings 11 3,739,948 3,502,719
SHAREHOLDERS' FUNDS 3,974,748 3,737,519

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2022 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

WENBAN-SMITH LIMITED (REGISTERED NUMBER: 00233418)

STATEMENT OF FINANCIAL POSITION - continued
31 MARCH 2022


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 Board of Directors and authorised for issue on 12 August 2022 and were signed on its behalf by:





J A Kemp-Potter - Director


WENBAN-SMITH LIMITED (REGISTERED NUMBER: 00233418)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022


1. GENERAL INFORMATION

Wenban-Smith 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.

The financial statements are presented in Sterling, which is the functional currency of the company.

2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts. Turnover is recognised when the goods are physically passed to the customer.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost
Short leasehold - 20% on cost
Plant and machinery - at varying rates on cost
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on reducing balance

At each balance sheet date the company reviews the carrying amounts of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss if any. If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. Impairment loss is recognised as an expense immediately.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks
Stock is valued at the lower of cost and net realisable value. Cost is determined on an average cost basis. Net realisable value represents estimated sales price less costs to complete and sell. Provision is made for slow moving, obsolete or damaged stock where the net realisable value is less than cost.

When stocks are sold, the carrying amount of these stocks is recognised as an expense in the period in which the related revenue is recognised. The amount of any write-down of stocks to net realisable value and all losses of stocks are recognised as an expense in the period in which the write-down or loss occurs. The amount of any reversal of write-down of stocks is recognised as a reduction in the amount of stocks recognised as an expense in the period in which the reversal occurs.


WENBAN-SMITH LIMITED (REGISTERED NUMBER: 00233418)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2022


3. ACCOUNTING POLICIES - continued
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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.

Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

WENBAN-SMITH LIMITED (REGISTERED NUMBER: 00233418)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2022


4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 63 (2021 - 63 ) .

5. TANGIBLE FIXED ASSETS
Freehold Short Plant and
property leasehold machinery
£    £    £   
COST
At 1 April 2021 460,294 9,260 1,674,806
Additions - - 357,261
Disposals - - (374,897 )
At 31 March 2022 460,294 9,260 1,657,170
DEPRECIATION
At 1 April 2021 259,619 4,092 1,393,033
Charge for year 6,678 682 88,086
Eliminated on disposal - - (374,847 )
At 31 March 2022 266,297 4,774 1,106,272
NET BOOK VALUE
At 31 March 2022 193,997 4,486 550,898
At 31 March 2021 200,675 5,168 281,773

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1 April 2021 70,571 319,960 120,727 2,655,618
Additions - - 31,501 388,762
Disposals - - - (374,897 )
At 31 March 2022 70,571 319,960 152,228 2,669,483
DEPRECIATION
At 1 April 2021 19,561 294,067 111,822 2,082,194
Charge for year 3,526 6,475 14,819 120,266
Eliminated on disposal - - - (374,847 )
At 31 March 2022 23,087 300,542 126,641 1,827,613
NET BOOK VALUE
At 31 March 2022 47,484 19,418 25,587 841,870
At 31 March 2021 51,010 25,893 8,905 573,424

WENBAN-SMITH LIMITED (REGISTERED NUMBER: 00233418)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2022


6. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1 April 2021
and 31 March 2022 2,550
NET BOOK VALUE
At 31 March 2022 2,550
At 31 March 2021 2,550

7. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2021 626,522
Additions 179,997
At 31 March 2022 806,519
NET BOOK VALUE
At 31 March 2022 806,519
At 31 March 2021 626,522

Fair value at 31 March 2022 is represented by:
£   
Valuation in 2014 161,174
Valuation in 2015 20,000
Valuation in 2016 15,000
Valuation in 2017 15,000
Valuation in 2020 25,000
Cost 570,345
806,519

If investment property had not been revalued it would have been included at the following historical cost:

2022 2021
£    £   
Cost 389,748 389,748
Aggregate depreciation (2,419 ) (2,419 )

The investment property was last professionally valued on 14 January 2020. The directors are content no revaluation is required this year.

WENBAN-SMITH LIMITED (REGISTERED NUMBER: 00233418)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2022


8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Trade debtors 551,837 455,901
Other debtors 416,822 416,630
968,659 872,531

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Payments on account 148,786 74,616
Trade creditors 402,538 396,700
Taxation and social security 118,323 262,906
Other creditors 106,879 90,539
776,526 824,761

10. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2022 2021
£    £   
Between one and five years 100,000 158,333

11. RESERVES
Capital Fair
Retained redemption value
earnings reserve reserve Totals
£    £    £    £   

At 1 April 2021 3,502,719 11,741 210,500 3,724,960
Profit for the year 425,614 425,614
Dividends (188,385 ) (188,385 )
At 31 March 2022 3,739,948 11,741 210,500 3,962,189

Fair value reserves represent the unrealised gain net of deferred taxation on the investment property.

12. CAPITAL COMMITMENTS
2022 2021
£    £   
Contracted but not provided for in the
financial statements - 154,564

WENBAN-SMITH LIMITED (REGISTERED NUMBER: 00233418)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2022


13. RELATED PARTY DISCLOSURES

Included in other debtors (note 8) is £341,542 (2021: £349,443) owed by Woodpecker Rural Developments Limited, a company in which J A Kemp Potter, P B Kemp-Potter, M Kemp-Potter and J R Kemp Potter are also directors and shareholders.

This loan is unsecured and repayable on demand. Interest is charged at 2% on the balance.

During the year Woodpecker Rural Developments Limited paid Wenban-Smith Limited interest of £6,902.