Company registration number 02776639 (England and Wales)
THE SIDINGS (WHALLEY) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
Ridehalgh Limited
Chartered Accountants
Guardian House
42 Preston New Road
Blackburn
Lancashire
BB2 6AH
THE SIDINGS (WHALLEY) LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
THE SIDINGS (WHALLEY) LIMITED
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
114,689
137,172
Investment property
4
3,500,000
3,500,000
3,614,689
3,637,172
Current assets
Debtors
5
669,715
51,321
Cash at bank and in hand
2,199
22,855
671,914
74,176
Creditors: amounts falling due within one year
6
(765,159)
(209,336)
Net current liabilities
(93,245)
(135,160)
Total assets less current liabilities
3,521,444
3,502,012
Creditors: amounts falling due after more than one year
7
(1,766,843)
(1,779,471)
Provisions for liabilities
(44,041)
(48,256)
Net assets
1,710,560
1,674,285
Capital and reserves
Called up share capital
20,000
20,000
Capital redemption reserve
85,000
85,000
Profit and loss reserves
1,605,560
1,569,285
Total equity
1,710,560
1,674,285
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
THE SIDINGS (WHALLEY) LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2023
31 March 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 3 October 2023 and are signed on its behalf by:
MN Hindle
Director
Company registration number 02776639 (England and Wales)
THE SIDINGS (WHALLEY) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -
1
Accounting policies
Company information
The Sidings (Whalley) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Haydock House, Pleckgate Road, Blackburn, BB1 8QW.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of investment properties at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
The turnover shown in the profit and loss account represents rents, service charges and other sales receivable. Rental income is recognised over the lease term. Service charges are recognised in accordance with the period of consumption.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures, fittings and equipment
15% per annum, reducing balance
Motor vehicles
25% per annum, reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
THE SIDINGS (WHALLEY) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 4 -
1.7
Financial instruments
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are recognised at transaction price.
Classification of financial liabilities
Financial liabilities and equity instruments are classified 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.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans and loans from fellow group companies are recognised at transaction price.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
THE SIDINGS (WHALLEY) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 5 -
1.10
Provisions
Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
3
Tangible fixed assets
Fixtures, fittings and equipment
Motor vehicles
Total
£
£
£
Cost
At 1 April 2022
208,800
58,226
267,026
Additions
2,733
2,733
At 31 March 2023
211,533
58,226
269,759
Depreciation and impairment
At 1 April 2022
115,297
14,557
129,854
Depreciation charged in the year
14,299
10,917
25,216
At 31 March 2023
129,596
25,474
155,070
Carrying amount
At 31 March 2023
81,937
32,752
114,689
At 31 March 2022
93,503
43,669
137,172
THE SIDINGS (WHALLEY) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 6 -
4
Investment property
2023
£
Fair value
At 1 April 2022 and 31 March 2023
3,500,000
The fair value of the investment property has been arrived at on the basis of a valuation carried out at the year end by the directors. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
22,995
50,754
Amounts owed by group undertakings
646,720
Prepayments and accrued income
567
669,715
51,321
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
550,000
Trade creditors
21,866
12,515
Amounts owed to group undertakings
100,000
100,000
Corporation tax
15,081
14,001
Other taxation and social security
14,236
24,347
Other creditors
28,990
47,036
Accruals and deferred income
34,986
11,437
765,159
209,336
The bank borrowings are secured by the company.
7
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Bank loans
1,575,000
1,575,000
Amounts owed to group undertakings
191,843
204,471
1,766,843
1,779,471
The bank borrowings are secured by the company.
THE SIDINGS (WHALLEY) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 7 -
8
Related party transactions
Transactions with related parties
During the year the company has continued to receive loan finance from its parent company, Whalley Holdings Limited. The maximum amount of the loan during the year was £304,471 and the amount outstanding at 31 March 2023 was £291,843. Interest has been charged at a rate of 4% per annum amounting to £10,244.
During the year the company has provided loan finance to a fellow group company, Primrose Studios (Clitheroe) Limited. The maximum amount of the loan during the year was £646,720 and the amount outstanding at 31 March 2023 was £646,720. No iinterest has been charged on the loan.
9
Parent company
The company is a wholly owned subsidiary of Whalley Holdings Limited, a company controlled by the director, Mr M.N. Hindle. The address of the registered office of Whalley Holdings Limited is Haydock House, Pleckgate Road, Blackburn, Lancashire, BB1 8QW.