REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 December 2022 |
for |
WITANHURST CONSTRUCTION MANAGEMENT |
LIMITED |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 December 2022 |
for |
WITANHURST CONSTRUCTION MANAGEMENT |
LIMITED |
WITANHURST CONSTRUCTION MANAGEMENT |
LIMITED (REGISTERED NUMBER: 06683589) |
Contents of the Financial Statements |
for the year ended 31 December 2022 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 3 |
WITANHURST CONSTRUCTION MANAGEMENT |
LIMITED |
Company Information |
for the year ended 31 December 2022 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
4th Floor |
Venture House |
27-29 Glasshouse Street |
London |
W1B 5DF |
WITANHURST CONSTRUCTION MANAGEMENT |
LIMITED (REGISTERED NUMBER: 06683589) |
Statement of Financial Position |
31 December 2022 |
2022 | 2021 |
Notes | £ | £ |
CURRENT ASSETS |
Debtors | 3 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 4 |
NET CURRENT (LIABILITIES)/ASSETS | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) |
The director acknowledges his 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. |
In accordance with Section 444 of the Companies Act 2006, the Statement of comprehensive income has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
WITANHURST CONSTRUCTION MANAGEMENT |
LIMITED (REGISTERED NUMBER: 06683589) |
Notes to the Financial Statements |
for the year ended 31 December 2022 |
1. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Revenue recognition |
Revenue represents the total amount receivable in the ordinary course of business for goods and services supplied, excluding value added tax. |
Long term contracts are assessed on a contract by contract basis and reflected in the profit and loss account by recording contract revenue and contract costs by reference to the stage of completion of the contract activity at the end of the reporting period. |
Financial instruments |
The company has chosen to adopt Section 11 of FRS 102 in respect of financial instruments as it has only basic financial instruments. |
a) Basic financial assets |
Trade and other debtors, amounts owed by related undertakings and bank balances, which are due within one year are initially recognised at transaction price and subsequently carried at amortised cost being the transaction price less any amounts settled and any impairment losses. |
At the end of each reporting period basic financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss. |
If there is decrease in the impairment loss arising from an event occurring after the impairment was recognised the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss. |
A financial asset is derecognised only when the contractual rights to cash flows expire or are settled, or substantially all the risks and rewards of ownership are transferred to another party, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party. |
b) Basic financial liabilities and equity |
Financial liabilities are classified as liabilities and equity instruments according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. |
Trade creditors, and other creditors are initially recognised at transaction price and subsequently carried at amortised cost, being transaction price less any amounts settled. |
Basic financial liabilities are derecognised when the contractual obligation is discharged, cancelled or expired. |
Current tax |
Taxation for the year comprises current and deferred tax. 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 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. |
WITANHURST CONSTRUCTION MANAGEMENT |
LIMITED (REGISTERED NUMBER: 06683589) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2022 |
1. | ACCOUNTING POLICIES - continued |
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. |
Cash and cash equivalents |
Cash and cash equivalents in the balance sheet comprise cash at bank and in hand and short term deposits with an original maturity date of three months or less. |
Share capital |
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds. |
Dividends and other distributions to the company's shareholders are recognised as a liability in the financial statements in the period in which the dividends and other distributions are approved by the shareholders. These amounts are recognised in the statement of changes in equity. |
2. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
3. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
Tax |
Prepayments and accrued income |
Amounts owed by related undertakings are interest free, unsecured and repayable on demand. |
4. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Trade creditors |
Social security and other taxes |
Accruals and deferred income |
WITANHURST CONSTRUCTION MANAGEMENT |
LIMITED (REGISTERED NUMBER: 06683589) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2022 |
5. | RELATED PARTY DISCLOSURES |
Novus Finitor (UK) Limited |
A company that is a subsidiary of Latymer Management Limited, of which the director J R Hall is a shareholder. |
During the year the company lent Novus Finitor (UK) Limited £7,000 (2021: £16,000), received repayments of £232,000 (2021: £181,000) and made a provision of £1,725,000 (2021: £650,000). At the year end the balance owed by Novus Finitor (UK) Limited is £nil (2021:£1,950,000). The loan is interest free and repayable on demand. |
Latymer Management Limited |
J R Hall is a shareholder and director of Latymer Management Limited. |
During the year the company lent Latymer Management Limited £442 (2021: £nil), received repayments of £40 (2021: £nil) and made a provision of £402 (2021: £nil). At the year end the balance owed by Latymer Management Limited is £nil (2021:£nil). The loan is interest free and repayable on demand. |
Ridley Management Services Limited |
J R Hall is a shareholder and director of Ridley Management Services Limited. |
During the year the company lent Ridley Management Services Limited £100,000 (2021: £nil), received repayments of £7,200 (2021: £nil) and made a provision of £92,800 (2021: £nil). At the year end the balance owed by Ridley Management Services Limited is £nil (2021:£nil). The loan is interest free and repayable on demand. |
Legal & Financial Services Limited |
J R Hall is a shareholder and director of Legal & Financial Services Limited. |
During the year Legal and Financial services Limited charged the company £nil (2021: £nil) for directors fees. At the year end the amount owed in respect of the above and shown within accruals is £150,000 (2021: £150,000). |
6. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party is |