Company Registration No. 05127529 (England and Wales)
WINFIELD'S LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 JANUARY 2023
31 January 2023
PM+M Solutions for Business LLP
Chartered Accountants
New Century House
Greenbank Technology Park
Challenge Way
Blackburn
Lancashire
BB1 5QB
WINFIELD'S LIMITED
COMPANY INFORMATION
Director
Mrs J S Winfield
Secretary
Miss J Winfield
Company number
05127529
Registered office
Albert Mill
Mill Street
Haslingden
Lancashire
BB4 5JW
Auditor
PM+M Solutions for Business LLP
New Century House
Greenbank Technology Park
Challenge Way
Blackburn
Lancashire
BB1 5QB
WINFIELD'S LIMITED
CONTENTS
Page
Strategic report
1
Director's report
2 - 3
Independent auditor's report
4 - 7
Statement of income and retained earnings
8
Balance sheet
9
Notes to the financial statements
10 - 16
WINFIELD'S LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 JANUARY 2023
- 1 -

The director presents the strategic report for the year ended 31 January 2023.

Review of the business

Since the COVID outbreak in March 2020, the company continued to take measures to mitigate the impact upon the company and general impact upon trade. The company has experienced the perceived impact upon both buying and selling patterns on the wake of the global pandemic. This has impacted on not only supply chain issues with increased costs but also seasonality and pan-annual buying patterns of customers. It is expected that the normal pattern and mix of sales will return, albeit over the next couple of years.

Principal risks and uncertainties

The directors have assessed the main risk to the company to being the continued competition in the retail sector. The directors believe that the continued diversification and securing of exclusive brands will help mitigate the risk.

Key performance indicators

The company’s turnover has decreased by 8.98% to £18,031,072 from £19,808,978 with losses before taxation of £1,309,985 (2022 -profit £1,019,594).

 

At the end of the year the company had shareholders’ funds of £4,009,101 (2022 -£5,174,386). Accordingly, the directors believe the company’s position to be stable though not satisfactory.

On behalf of the board

Mrs J S Winfield
Director
26 October 2023
WINFIELD'S LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 JANUARY 2023
- 2 -

The director presents her annual report and financial statements for the year ended 31 January 2023.

Principal activities

The principal activity of the company continued to be that of the retailing of outdoor clothing and equipment, workwear, leisurewear and footwear.

Results and dividends

The results for the year are set out on page 8.

No ordinary dividends were paid. The director does not recommend payment of a final dividend.

Director

The director who held office during the year and up to the date of signature of the financial statements was as follows:

Mrs J S Winfield
Auditor

The auditor, PM+M Solutions for Business LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of director's responsibilities

The director is responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless she is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to:

 

 

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. She is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

WINFIELD'S LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
- 3 -
On behalf of the board
Mrs J S Winfield
Director
26 October 2023
WINFIELD'S LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF WINFIELD'S LIMITED
- 4 -
Opinion

We have audited the financial statements of Winfield's Limited (the 'company') for the year ended 31 January 2023 which comprise the statement of income and retained earnings, the balance sheet and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The director is responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

WINFIELD'S LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF WINFIELD'S LIMITED
- 5 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the director's report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of director

As explained more fully in the director's responsibilities statement, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the director is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Extent to which the audit was considered capable of detecting irregularities, including fraud

 

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

 

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

WINFIELD'S LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF WINFIELD'S LIMITED
- 6 -

Identifying and assessing potential risks related to irregularities

 

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we have considered the following:

 

 

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas: timing of recognition of commercial income, posting of unusual journals and complex transactions; and manipulating the Company's performance profit measures and other key performance indicators to meet remuneration targets and externally communicated targets. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

 

We also obtained an understanding of the legal and regulatory frameworks that the Company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included UK Companies Act, employment law, health and safety regulations, pensions legislation and tax legislation.

Audit response to risks identified

Our procedures to respond to risks identified included the following:

 

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

WINFIELD'S LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF WINFIELD'S LIMITED
- 7 -

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company's member in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's member those matters we are required to state to the member in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's member, for our audit work, for this report, or for the opinions we have formed.

Christopher Johnson FCA
Senior Statutory Auditor
For and on behalf of PM+M Solutions for Business LLP
26 October 2023
Chartered Accountants
Statutory Auditor
New Century House
Greenbank Technology Park
Challenge Way
Blackburn
Lancashire
BB1 5QB
WINFIELD'S LIMITED
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 JANUARY 2023
- 8 -
2023
2022
Notes
£
£
Turnover
3
18,031,072
19,808,978
Cost of sales
(15,484,432)
(15,366,399)
Gross profit
2,546,640
4,442,579
Distribution costs
(1,056,887)
(1,082,829)
Administrative expenses
(2,869,346)
(2,365,544)
Other operating income
16,310
25,388
Operating (loss)/profit
4
(1,363,283)
1,019,594
Interest receivable and similar income
6
53,298
-
0
(Loss)/profit before taxation
(1,309,985)
1,019,594
Tax on (loss)/profit
7
145,917
(222,335)
(Loss)/profit for the financial year
(1,164,068)
797,259
Retained earnings brought forward
5,174,385
4,377,126
Retained earnings carried forward
4,010,317
5,174,385
WINFIELD'S LIMITED
BALANCE SHEET
AS AT
31 JANUARY 2023
31 January 2023
- 9 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
8
463,352
476,160
Current assets
Stocks
9
3,481,461
2,774,158
Debtors
10
5,949,338
4,009,613
Cash at bank and in hand
9,233
810,210
9,440,032
7,593,981
Creditors: amounts falling due within one year
11
(5,782,912)
(2,779,926)
Net current assets
3,657,120
4,814,055
Total assets less current liabilities
4,120,472
5,290,215
Provisions for liabilities
Deferred tax liability
12
110,154
115,829
(110,154)
(115,829)
Net assets
4,010,318
5,174,386
Capital and reserves
Called up share capital
13
1
1
Profit and loss reserves
14
4,010,317
5,174,385
Total equity
4,010,318
5,174,386

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.true

The financial statements were approved and signed by the director and authorised for issue on 26 October 2023
Mrs J S Winfield
Director
Company registration number 05127529 (England and Wales)
WINFIELD'S LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
- 10 -
1
Accounting policies
Company information

Winfield's Limited 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.

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.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

 

The financial statements of the company are consolidated in the financial statements of Winfield Holdings Limited. These consolidated financial statements are available from its registered office, Albert Mill, Mill Street, Haslingden, Lancashire, BB4 5JW.

1.2
Going concern

Atruet the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company is owed £4.3m by a related business which is controlled by a close family relation of the director. This amount has not been repaid subsequent to the year end and the business has not yet begun trading; the related business holds stock at a cost of approximately £3.4m which would yield in excess of £6m when sold, enabling repayment of the amount due. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover represents the value of goods sold during the period, less returns received, exclusive of Value Added Tax.

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:

Plant and equipment
10% on cost
Fixtures, fittings and promotional equipment
Between 5% and 33% on cost
Motor vehicles
20% on cost
WINFIELD'S LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
1
Accounting policies
(Continued)
- 11 -

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
Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

 

Cost is based on the purchase cost calculated on a first-in, first-out basis.

1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its 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 measured at cost.

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, loans from fellow group companies are measured at cost.

 

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.

1.7
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.

WINFIELD'S LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
1
Accounting policies
(Continued)
- 12 -
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.

1.8
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.9
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
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The principal estimates and judgements that could have a significant effect upon the company's financial results relate to the value of provisions in respect of writing stock down to its net realisable value.

3
Turnover and other revenue

Turnover is wholly attributable to the principal activity of the company and arises solely within the United Kingdom.

 

2023
2022
£
£
Other revenue
Interest income
53,298
-
Grants received
-
0
19,717
WINFIELD'S LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
- 13 -
4
Operating (loss)/profit
2023
2022
Operating (loss)/profit for the year is stated after charging/(crediting):
£
£
Government grants
-
0
(19,717)
Fees payable to the company's auditor for the audit of the company's financial statements
12,650
11,700
Depreciation of owned tangible fixed assets
74,689
64,121
Profit on disposal of tangible fixed assets
(2,151)
(15,372)
5
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Directors
1
1

No salaries or wages have been paid to employees, including the directors, during the year. Staff are employed by a related company.

6
Interest receivable and similar income
2023
2022
£
£
Interest income
Other interest income
53,298
-
0
7
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
(140,242)
197,529
Deferred tax
Origination and reversal of timing differences
(5,675)
24,806
Total tax (credit)/charge
(145,917)
222,335
WINFIELD'S LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
7
Taxation
(Continued)
- 14 -

The actual (credit)/charge for the year can be reconciled to the expected (credit)/charge for the year based on the profit or loss and the standard rate of tax as follows:

2023
2022
£
£
(Loss)/profit before taxation
(1,309,985)
1,019,594
Expected tax (credit)/charge based on the standard rate of corporation tax in the UK of 19.00% (2022: 19.00%)
(248,897)
193,723
Tax effect of expenses that are not deductible in determining taxable profit
817
1,014
Effect of change in corporation tax rate
(1,362)
27,799
Group relief
109,093
(201)
Fixed asset differences
(5,568)
-
0
Taxation (credit)/charge for the year
(145,917)
222,335
8
Tangible fixed assets
Plant and equipment
Fixtures, fittings and promotional equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 February 2022
14,775
840,904
64,769
920,448
Additions
-
0
46,985
25,411
72,396
Disposals
-
0
(11,660)
(11,100)
(22,760)
At 31 January 2023
14,775
876,229
79,080
970,084
Depreciation and impairment
At 1 February 2022
8,319
392,034
43,935
444,288
Depreciation charged in the year
1,220
61,420
12,049
74,689
Eliminated in respect of disposals
-
0
(1,145)
(11,100)
(12,245)
At 31 January 2023
9,539
452,309
44,884
506,732
Carrying amount
At 31 January 2023
5,236
423,920
34,196
463,352
At 31 January 2022
6,456
448,870
20,834
476,160
9
Stocks
2023
2022
£
£
Finished goods
3,481,461
2,774,158
WINFIELD'S LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
- 15 -
10
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
261,368
9,094
Corporation tax recoverable
2,713
-
0
Other debtors
5,226,502
3,764,563
Prepayments and accrued income
458,755
235,956
5,949,338
4,009,613
11
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
1,797,398
-
0
Trade creditors
2,243,385
1,690,791
Amounts owed to group undertakings
871,028
445,857
Corporation tax
-
0
197,529
Other taxation and social security
215,460
29,603
Other creditors
609,126
356,164
Accruals and deferred income
46,515
59,982
5,782,912
2,779,926

The bank overdraft is secured by a guarantee from the parent company.

 

The loan to group is interest free and repayable on demand.

12
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2023
2022
Balances:
£
£
Accelerated capital allowances
110,154
115,829
2023
Movements in the year:
£
Liability at 1 February 2022
115,829
Credit to profit or loss
(5,675)
Liability at 31 January 2023
110,154
WINFIELD'S LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
- 16 -
13
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
1
1
1
1
14
Profit and loss reserves

Within retained profits is an amount of £339,298 (2022 - £102,990) relating to non-distributable reserves, being the net effect of fair value gains and losses on investment properties Both figures reported are net of deferred tax at 25%.

15
Financial commitments, guarantees and contingent liabilities

The company has guaranteed the bank borrowings of its parent company. At the year end liabilities covered by those guarantees amounted to £471,779 (2022 - £554,216).

 

The company is a member of a VAT group and is jointly and severally liable for any VAT debts of the group. At 31 January 2023, the VAT liability of other members of the VAT group was £166,160 (2022 - £166,031).

16
Related party transactions

During the year the company purchased services amounting to £2,904,420 (2022 - £2,525,280) from a company controlled by the director. At the balance sheet date £237,764 (2021 - £200,000) was owed to that company.

 

During the year, the company sold goods amounting to £2,513,402 (2022 - £1,492,887) to five (2022 - two) companies and purchased goods of £289,495 (2022 - nil) controlled by close family members of the director. At the balance sheet date £4,901,189 (2022 - £3,349,558) was due from those companies.

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