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Tytherington Water Company Limited

Annual Report and Unaudited Financial Statements
Year Ended 31 March 2023

Registration number: 03938029

 

Tytherington Water Company Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Tytherington Water Company Limited

Company Information

Directors

Mr V E Sidford

Mr R C Osborne

Mr C J Blunt

Mrs R J Osborne

Company secretary

Mr R C Osborne

Registered office

Hitchcock House
Hilltop Park
Devizes Road
Salisbury
Wiltshire
SP3 4UF

Accountants

Francis Clark LLP
Hitchcock House
Hilltop Park
Devizes Road
Salisbury
Wiltshire
SP3 4UF

 

Tytherington Water Company Limited

Balance Sheet

31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

12,103

14,386

Current assets

 

Debtors

6

4,420

5,459

Cash at bank and in hand

 

39,579

28,531

 

43,999

33,990

Creditors: Amounts falling due within one year

7

(4,135)

(4,251)

Net current assets

 

39,864

29,739

Total assets less current liabilities

 

51,967

44,125

Provisions for liabilities

(2,009)

(2,442)

Net assets

 

49,958

41,683

Capital and reserves

 

Called up share capital

2

2

Profit and loss account

49,956

41,681

Shareholders' funds

 

49,958

41,683

 

Tytherington Water Company Limited

Balance Sheet

31 March 2023

For the financial year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 27 September 2023 and signed on its behalf by:
 

.........................................
Mr R C Osborne
Director

Company Registration Number: 03938029

 

Tytherington Water Company Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Hitchcock House
Hilltop Park
Devizes Road
Salisbury
Wiltshire
SP3 4UF

The principal place of business is:
174 Tytherington
Warminster
Wiltshire
BA12 7AD

These financial statements were authorised for issue by the Board on 27 September 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

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 Section 1A, and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts and after eliminating sales within the company.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Tytherington Water Company Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2023

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold land and buildings

nil

Plant and machinery

20% reducing balance

Solar equipment

10% straight line

 

Tytherington Water Company Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2023

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.


 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 1 (2022 - 1).

 

Tytherington Water Company Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2023

4

Taxation

Tax charged/(credited) in the profit and loss account

2023
 £

2022
 £

Current taxation

UK corporation tax

2,376

2,258

Deferred taxation

Arising from origination and reversal of timing differences

(433)

(475)

Tax expense in the income statement

1,943

1,783

Deferred tax

Deferred tax assets and liabilities

2023

Liability
£

2,009

   

2022

Liability
£

2,442

   

An increase in the long-term UK corporation tax rate from 19% to 25% (effective 1 April 2023) was substantively enacted on 24 May 2021, which is after the year-end. Deferred tax balances will be remeasured next year to reflect this higher long-term rate, with differences recognised in next year’s tax charge.

 

Tytherington Water Company Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2023

5

Tangible assets

Land and buildings
£

Solar panels
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 April 2022

1,531

14,198

28,583

44,312

At 31 March 2023

1,531

14,198

28,583

44,312

Depreciation

At 1 April 2022

-

5,661

24,265

29,926

Charge for the year

-

1,419

864

2,283

At 31 March 2023

-

7,080

25,129

32,209

Carrying amount

At 31 March 2023

1,531

7,118

3,454

12,103

At 31 March 2022

1,531

8,537

4,318

14,386

Included within the net book value of land and buildings above is £1,531 (2022 - £1,531) in respect of freehold land and buildings.
 

6

Debtors

2023
£

2022
£

Trade debtors

656

1,567

Prepayments

3,760

3,585

Other debtors

4

307

4,420

5,459

 

Tytherington Water Company Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2023

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Corporation tax

2,376

2,258

Taxation and social security

-

67

Other creditors

-

350

Accruals and deferred income

1,759

1,576

4,135

4,251