| REGISTERED NUMBER: |
| WENBAN-SMITH LIMITED |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 MARCH 2023 |
| REGISTERED NUMBER: |
| WENBAN-SMITH LIMITED |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 MARCH 2023 |
| WENBAN-SMITH LIMITED (REGISTERED NUMBER: 00233418) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 MARCH 2023 |
| 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 2023 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| 56 West Street |
| Shoreham by Sea |
| West Sussex |
| BN43 5WG |
| 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 2023 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. |
| Chartered Accountants |
| 56 West Street |
| Shoreham by Sea |
| West Sussex |
| BN43 5WG |
| WENBAN-SMITH LIMITED (REGISTERED NUMBER: 00233418) |
| STATEMENT OF FINANCIAL POSITION |
| 31 MARCH 2023 |
| 2023 | 2022 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 5 |
| Investments | 6 |
| Investment property | 7 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 8 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 9 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| PROVISIONS FOR LIABILITIES |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Capital redemption reserve | 11 |
| Fair value reserve | 11 |
| Retained earnings | 11 |
| SHAREHOLDERS' FUNDS |
| 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 2023 |
| 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 |
| WENBAN-SMITH LIMITED (REGISTERED NUMBER: 00233418) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 MARCH 2023 |
| 1. | GENERAL INFORMATION |
| Wenban-Smith Limited is a |
| The financial statements are presented in Sterling, which is the functional currency of the company. |
| 2. | STATEMENT OF COMPLIANCE |
| 3. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| 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 |
| Freehold property | - |
| Short leasehold | - |
| Plant and machinery | - |
| Motor vehicles | - |
| Computer equipment | - |
| 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 2023 |
| 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 2023 |
| 4. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 5. | TANGIBLE FIXED ASSETS |
| Freehold | Short | Plant and |
| property | leasehold | machinery |
| £ | £ | £ |
| COST |
| At 1 April 2022 |
| Additions |
| Disposals |
| At 31 March 2023 |
| DEPRECIATION |
| At 1 April 2022 |
| Charge for year |
| Eliminated on disposal |
| At 31 March 2023 |
| NET BOOK VALUE |
| At 31 March 2023 |
| At 31 March 2022 |
| Fixtures |
| and | Motor | Computer |
| fittings | vehicles | equipment | Totals |
| £ | £ | £ | £ |
| COST |
| At 1 April 2022 |
| Additions |
| Disposals | ( |
) | ( |
) |
| At 31 March 2023 |
| DEPRECIATION |
| At 1 April 2022 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) |
| At 31 March 2023 |
| NET BOOK VALUE |
| At 31 March 2023 |
| At 31 March 2022 |
| WENBAN-SMITH LIMITED (REGISTERED NUMBER: 00233418) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2023 |
| 6. | FIXED ASSET INVESTMENTS |
| Other |
| investments |
| £ |
| COST |
| At 1 April 2022 |
| and 31 March 2023 |
| NET BOOK VALUE |
| At 31 March 2023 |
| At 31 March 2022 |
| 7. | INVESTMENT PROPERTY |
| Total |
| £ |
| FAIR VALUE |
| At 1 April 2022 |
| Disposals | ( |
) |
| Revaluations | 108,302 |
| At 31 March 2023 |
| NET BOOK VALUE |
| At 31 March 2023 |
| At 31 March 2022 |
| Fair value at 31 March 2023 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 |
| Valuation in 2023 | 108,302 |
| Cost | 485,524 |
| 830,000 |
| If investment property had not been revalued it would have been included at the following historical cost: |
| 2023 | 2022 |
| £ | £ |
| Cost | 485,524 | 389,748 |
| Aggregate depreciation | (2,419 | ) | (2,419 | ) |
| Investment property was valued on an open market basis on 30 November 2022 by Fox and Sons . |
| WENBAN-SMITH LIMITED (REGISTERED NUMBER: 00233418) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2023 |
| 8. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2023 | 2022 |
| £ | £ |
| Trade debtors |
| Other debtors |
| 9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2023 | 2022 |
| £ | £ |
| Payments on account |
| Trade creditors |
| Taxation and social security |
| Other creditors |
| 10. | LEASING AGREEMENTS |
| Minimum lease payments under non-cancellable operating leases fall due as follows: |
| 2023 | 2022 |
| £ | £ |
| Within one year |
| Between one and five years |
| 11. | RESERVES |
| Capital | Fair |
| Retained | redemption | value |
| earnings | reserve | reserve | Totals |
| £ | £ | £ | £ |
| At 1 April 2022 | 3,962,189 |
| Profit for the year |
| Dividends | ( |
) | ( |
) |
| Transfer between reserves | (69,340 | ) | - | 69,340 | - |
| At 31 March 2023 | 4,021,989 |
| Fair value reserves represent the unrealised gain net of deferred taxation on the investment property. |
| WENBAN-SMITH LIMITED (REGISTERED NUMBER: 00233418) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2023 |
| 12. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
| The following advances and credits to directors subsisted during the years ended 31 March 2023 and 31 March 2022: |
| 2023 | 2022 |
| £ | £ |
| Balance outstanding at start of year |
| Amounts advanced |
| Amounts repaid |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year |
| Balance outstanding at start of year |
| Amounts advanced |
| Amounts repaid |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year |
| 13. | RELATED PARTY DISCLOSURES |
| During the year, total dividends of £36,000 were paid to the directors . |
| A loan of £341,542 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 was repaid during the year. |
| During the year Woodpecker Rural Developments Limited paid Wenban-Smith Limited interest of £2,523. |
| During the year an advance was paid to B A Kemp-Potter (shareholder) for £3,784 which was not repaid in the year and is included in other debtors (note 8). |