Company Registration No. 04388165 (England and Wales)
WHETLEY MILLS LIMITED
Unaudited accounts
for the year ended 31 January 2023
WHETLEY MILLS LIMITED
Unaudited accounts
Contents
WHETLEY MILLS LIMITED
Company Information
for the year ended 31 January 2023
Directors
Tahir Zeshan Hussain
Mohammad Salman Hussain
Secretary
Tahir Zeshan Hussain
Company Number
04388165 (England and Wales)
Registered Office
Whetley Mills Business Park
370 Thornton Road
Bradford
BD8 8LQ
England
Accountants
Shipleys Chartered Accountants
32 Park Cross Street
Leeds
West Yorkshire
LS1 2QH
WHETLEY MILLS LIMITED
Statement of financial position
as at 31 January 2023
Tangible assets
29,949
30,838
Investment property
6,828,630
6,798,530
Cash at bank and in hand
96,354
202,486
Creditors: amounts falling due within one year
(299,001)
(314,978)
Net current liabilities
(90,430)
(14,877)
Total assets less current liabilities
6,768,149
6,814,491
Creditors: amounts falling due after more than one year
(2,515,012)
(2,696,943)
Provisions for liabilities
Deferred tax
(15,494)
(18,009)
Net assets
4,237,643
4,099,539
Called up share capital
1,000
1,000
Revaluation reserve
1,513,000
1,513,000
Profit and loss account
2,723,643
2,585,539
Shareholders' funds
4,237,643
4,099,539
For the year ending 31 January 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 16 October 2023 and were signed on its behalf by
Tahir Zeshan Hussain
Director
Company Registration No. 04388165
WHETLEY MILLS LIMITED
Notes to the Accounts
for the year ended 31 January 2023
WHETLEY MILLS LIMITED is a private company, limited by shares, registered in England and Wales, registration number 04388165. The registered office is Whetley Mills Business Park, 370 Thornton Road, Bradford, BD8 8LQ, England.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
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. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
At the time of signing these accounts, having considered the economic climate, the Directors expectations and intentions for the next twelve months, and the availability of working capital, the Directors are of the opinion that the Company will remain viable for the foreseeable future and therefore these Financial Statements have been prepared on the Going Concern basis.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
15% on reducing balance
Motor vehicles
25% on reducing balance
Fixtures & fittings
15% on reducing balance
Computer equipment
20% on reducing balance
Investment property is included at market fair value. Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.
WHETLEY MILLS LIMITED
Notes to the Accounts
for the year ended 31 January 2023
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
4
Tangible fixed assets
Plant & machinery
Motor vehicles
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At cost
At 1 February 2022
42,642
8,089
92,784
-
143,515
Additions
699
-
2,712
1,074
4,485
At 31 January 2023
43,341
8,089
95,496
1,074
148,000
At 1 February 2022
38,752
5,253
68,672
-
112,677
Charge for the year
688
709
3,977
-
5,374
At 31 January 2023
39,440
5,962
72,649
-
118,051
At 31 January 2023
3,901
2,127
22,847
1,074
29,949
At 31 January 2022
3,890
2,836
24,112
-
30,838
Fair value at 1 February 2022
6,798,530
At 31 January 2023
6,828,630
The market value of the company's investment properties at the valuation date of December 2020 has been incorporated in to these financial statements as the value as at 31 January 2023. The valuation was undertaken by Knight Frank Valuation & Advisory. In the opinion of the directors the difference in valuation between the two two dates is considered immaterial.
Amounts falling due within one year
Trade debtors
26,508
1,897
Accrued income and prepayments
69,709
75,718
Other debtors
16,000
20,000
WHETLEY MILLS LIMITED
Notes to the Accounts
for the year ended 31 January 2023
7
Creditors: amounts falling due within one year
2023
2022
Bank loans and overdrafts
33,332
33,332
Trade creditors
57,088
56,479
Taxes and social security
32,580
29,710
Other creditors
131,409
150,908
Loans from directors
247
628
8
Creditors: amounts falling due after more than one year
2023
2022
Bank loans
2,333,257
2,360,577
Other creditors
181,755
336,366
Bank loans and overdrafts are secured by means of a first legal charge over one of the company's investment properties and a debenture over the assets and undertaking of the company.
9
Deferred taxation
2023
2022
Accelerated capital allowances
18,009
13,656
Revaluation of investment property
(3,012)
-
Other deferred taxation
497
4,353
Provision at start of year
18,009
13,656
(Credited)/charged to the profit and loss account
(2,515)
4,353
Provision at end of year
15,494
18,009
Allotted, called up and fully paid:
1,000 Ordinary shares of £1 each
1,000
1,000
WHETLEY MILLS LIMITED
Notes to the Accounts
for the year ended 31 January 2023
Brought
Forward
Advance/
credit
Repaid
Carried
Forward
The advances are interest free and are included as 'Loans from Directors' in 'Creditors: amounts falling due within one year' at note 8 above.
12
Average number of employees
During the year the average number of employees was 9 (2022: 9).