Company Registration No. 06768221 (England and Wales)
WILLOWCREST LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 JANUARY 2023
31 January 2023
PAGES FOR FILING WITH REGISTRAR
PM+M Solutions for Business LLP
Chartered Accountants
New Century House
Greenbank Technology Park
Challenge Way
Blackburn
Lancashire
BB1 5QB
WILLOWCREST LTD
COMPANY INFORMATION
Directors
Mr J O Winfield
Miss J Winfield
Secretary
Mrs J S Winfield
Company number
06768221
Registered office
Albert Mill
Mill Street
Haslingden
Lancashire
BB4 5JW
Accountants
PM+M Solutions for Business LLP
New Century House
Greenbank Technology Park
Challenge Way
Blackburn
Lancashire
BB1 5QB
WILLOWCREST LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 5
WILLOWCREST LTD
BALANCE SHEET
AS AT
31 JANUARY 2023
31 January 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
747,938
775,097
Current assets
Stocks
563,036
347,024
Debtors
4
530,368
236,310
Cash at bank and in hand
54,601
3,451,584
1,148,005
4,034,918
Creditors: amounts falling due within one year
5
(772,691)
(3,434,086)
Net current assets
375,314
600,832
Total assets less current liabilities
1,123,252
1,375,929
Provisions for liabilities
(4,583)
Net assets
1,123,252
1,371,346
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
1,123,152
1,371,246
Total equity
1,123,252
1,371,346
The notes on pages 3 to 5 form part of these financial statements.
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 January 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 members have 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.
WILLOWCREST LTD
BALANCE SHEET (CONTINUED)
AS AT
31 JANUARY 2023
31 January 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 23 October 2023 and are signed on its behalf by:
Mr J O Winfield
Director
Company Registration No. 06768221
WILLOWCREST LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
- 3 -
1
Accounting policies
Company information
Willowcrest Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Albert Mill, Mill Street, Haslingden, Lancashire, BB4 5JW.
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. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover shown in the income statement represents invoiced sales, exclusive of value added tax.
1.3
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:
Freehold land and buildings
4% over 25 years
Fixtures and fittings
20% on cost
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.
1.4
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete slow moving items.
1.5
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.
WILLOWCREST LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
1
Accounting policies
(Continued)
- 4 -
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 carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.6
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.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.7
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.8
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
WILLOWCREST LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
- 5 -
3
Tangible fixed assets
Freehold land and buildings
Fixtures and fittings
Total
£
£
£
Cost
At 1 February 2022 and 31 January 2023
1,328,572
16,849
1,345,421
Depreciation and impairment
At 1 February 2022
554,063
16,261
570,324
Depreciation charged in the year
26,571
588
27,159
At 31 January 2023
580,634
16,849
597,483
Carrying amount
At 31 January 2023
747,938
747,938
At 31 January 2022
774,509
588
775,097
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
530,368
236,310
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
736,886
3,304,045
Taxation and social security
24,580
96,283
Other creditors
11,225
33,758
772,691
3,434,086
6
Directors' transactions
Dividends totalling £0 (2022 - £0) were paid in the year in respect of shares held by the company's directors.
At the year end there were amounts owing by the directors to the company as follows: -
Mr J O Winfield £30
Miss J Winfield £2,439
These were the maximum balances owing during the period.