Company registration number 8912743 (England and Wales)
WHITLEY STIMPSON LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
WHITLEY STIMPSON LIMITED
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
640,453
1,086,033
Tangible assets
4
386,374
302,073
Investments
5
100
100
1,026,927
1,388,206
Current assets
Debtors
7
2,554,541
2,145,527
Cash at bank and in hand
70,713
75,335
2,625,254
2,220,862
Creditors: amounts falling due within one year
8
(3,014,171)
(2,633,203)
Net current liabilities
(388,917)
(412,341)
Total assets less current liabilities
638,010
975,865
Creditors: amounts falling due after more than one year
9
(244,644)
(219,278)
Provisions for liabilities
(1,393)
5,373
Net assets
391,973
761,960
Capital and reserves
Called up share capital
10
31
24
Profit and loss reserves
391,942
761,936
Total equity
391,973
761,960

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 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.

WHITLEY STIMPSON 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 20 September 2023 and are signed on its behalf by:
M J Anson
J M Walton
Director
Director
Company Registration No. 8912743
WHITLEY STIMPSON LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 April 2021
28
919,681
919,709
Year ended 31 March 2022:
Profit and total comprehensive income for the year
-
414,429
414,429
Dividends
-
(572,174)
(572,174)
Redemption of shares
10
(4)
-
0
(4)
Balance at 31 March 2022
24
761,936
761,960
Year ended 31 March 2023:
Profit and total comprehensive income for the year
-
535,097
535,097
Issue of share capital
10
8
-
8
Dividends
-
(905,091)
(905,091)
Redemption of shares
10
(1)
-
0
(1)
Balance at 31 March 2023
31
391,942
391,973
WHITLEY STIMPSON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 4 -
1
Accounting policies
Company information

Whitley Stimpson Limited is a private company limited by shares incorporated in England and Wales. The registered office is Penrose House, 67 Hightown Road, Banbury, Oxfordshire, OX16 9BE.

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.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

1.2
Turnover

Turnover represents amounts receivable in respect of professional services provided during the year, inclusive of recoverable expenses incurred on client assignments but excluding value added tax. Where the outcome of a transaction can be estimated reliably, turnover associated with the transaction is recognised in the profit and loss account by reference to the stage of completion at the year end, provided that a right to consideration has been obtained through performance. Consideration accrues as contract activity progresses by reference to the value of work performed.

 

Unbilled turnover on individual client assignments is included as gross amounts recoverable due from contract customers within debtors.

1.3
Intangible fixed assets - goodwill

Acquired goodwill is written off in equal annual instalments over its estimated useful economic life of between 5 and 10 years.

 

The goodwill represents the customer / client relationships taken over on incorporation, or purchased from another entity.

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:

Leasehold improvements
The remaining term of the lease
Fixtures, fittings and equipment
10% straight line
Computer equipment
20% straight line
Motor vehicles
25% straight line
WHITLEY STIMPSON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 5 -

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
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.6
Impairment of fixed assets

At each reporting period end, the company reviews the carrying value of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to eliminate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.7
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.

1.8
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.

1.9
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.

1.10
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.

WHITLEY STIMPSON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 6 -
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.

1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

 

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.

1.12
Retirement benefits

The company operates a defined contribution scheme for the benefit of some of its employees. Contributions payable are charged to the profit and loss account in the year they are payable.

1.13
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

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.

1.14

Director annuities

The company pays retiring directors an annuity for five years from the date of retirement. The cost of these annuities is recognised in the period in which the director retires, in agreement with the shareholders' agreement.

WHITLEY STIMPSON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 7 -
2
Employees

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

2023
2022
Number
Number
Total
93
87
3
Intangible fixed assets
Client list
£
Cost
At 1 April 2022
4,542,472
Additions
(11,318)
At 31 March 2023
4,531,154
Amortisation and impairment
At 1 April 2022
3,456,439
Amortisation charged for the year
434,262
At 31 March 2023
3,890,701
Carrying amount
At 31 March 2023
640,453
At 31 March 2022
1,086,033
WHITLEY STIMPSON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 8 -
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 April 2022
204,663
413,356
618,019
Additions
-
0
173,907
173,907
Disposals
-
0
(33,193)
(33,193)
At 31 March 2023
204,663
554,070
758,733
Depreciation and impairment
At 1 April 2022
88,044
227,902
315,946
Depreciation charged in the year
22,084
67,522
89,606
Eliminated in respect of disposals
-
0
(33,193)
(33,193)
At 31 March 2023
110,128
262,231
372,359
Carrying amount
At 31 March 2023
94,535
291,839
386,374
At 31 March 2022
116,619
185,454
302,073
5
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
100
100
6
Subsidiaries

Details of the company's subsidiaries at 31 March 2023 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Whitley Stimpson Services Limited
England
Ordinary
100.00

The shares in the subsidiary company are shown at cost.

WHITLEY STIMPSON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 9 -
7
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
1,662,024
1,485,138
Corporation tax recoverable
37
-
0
Amounts owed by group undertakings
-
0
14,973
Other debtors
892,480
645,416
2,554,541
2,145,527
8
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
454,247
355,342
Trade creditors
178,721
167,756
Amounts owed to group undertakings
100
-
0
Corporation tax
63,891
66,350
Other taxation and social security
592,566
534,049
Other creditors
1,724,646
1,509,706
3,014,171
2,633,203

Bank loans and overdrafts are secured by National Westminster Bank plc by way of a fixed and floating charge over the assets of the company.

9
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
-
0
2,284
Other creditors
244,644
216,994
244,644
219,278

Bank loans and overdrafts are secured by National Westminster Bank plc by way of a fixed and floating charge over the assets of the company.

 

The bank loan with National Westminster Bank plc is repayable within 5 years of the balance sheet date.

WHITLEY STIMPSON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 10 -
10
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of £1 each
2
2
2
2
Ordinary B to R shares of £1 each
7
7
7
7
Ordinary A1 shares of £1 each
4
4
4
4
Ordinary A2 shares of £1 each
5
5
5
5
Ordinary A3 shares of £1 each
6
6
6
6
Ordinary A4 shares of £1 each
7
-
7
-
31
24
31
24

The ordinary A, A1, A2 and A3 shares have full voting, dividend and capital distribution (including on winding up) rights. They do not confer any rights on redemption.

 

The ordinary B to R shares have dividend rights only.

During the year to 31 March 2023 the company has purchased and cancelled 1 ordinary B share, and issued 1 ordinary R share and 7 ordinary A4 shares, after changes in directorships.

11
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
924,226
1,136,418
WHITLEY STIMPSON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 11 -
12
Directors' transactions

Dividends totalling £905,091 (2022 - £572,174) were paid in the year in respect of shares held by the company's directors.

Capital loans

The directors have advanced to the company loans that are repayable on leaving the company. The amounts advanced, and outstanding as at 31 March 2023 totalled £1,132,225 (2022 - £1,048,637) and is made up by M J Anson £225,040 (2022 - £160,000), J M Walton £205,396 (2022 - £160,000), O J Kyffin (deceased 22 February 2023) £nil (2022 - £191,722), L C Adkins £184,788 (2022 - £180,593), L K Herbert £184,575 (2022 - £180,399) I J W Parker £153,935 (2022 - £175,923) and R Craker £178,491 (2022 - £nil). These amounts are shown within creditors due within one year.

 

Interest is paid on these loans at a commercial rate, and totalled £77,819 (2022 - £54,525). The amounts paid to the directors in respect of the interest are M K Higgs (resigned 31 March 2022) £nil (2022 - £7,789), M J Anson £11,686 (2022 - £7,789), J M Walton £11,686 (2022 - £7,789), O J Kyffin (deceased 22 February 2023) £10,216 (2022 - £7,789), L C Adkins £11,685 (2022 - £7,789), L K Herbert £11,685 (2022 - £7,790), I J W Parker £11,685 (2022 - £7,790) and R Craker £9,176 (2022 - £nil).

 

Directors' loans

M J Anson has made an interest free loan to the company, which is shown within creditors due within one year. The balance outstanding at the balance sheet date was £nil (2022 - £69,801).

 

Directors' transactions

The company pays rent for one office of £101,200 (2022 - £101,200) per annum, with £20,240 (2022 - £20,240) paid to each of M K Higgs (resigned 31 March 2022), and the personal pension scheme of M J Anson. There were no amounts outstanding as at 31 March 2023 (2022 - £nil).

 

The company also paid rent for a second office of £55,000 (2022 - £55,000) per annum, with £9,167 (2022 - £9,167) paid to each of the personal pension schemes of M K Higgs (resigned 31 March 2022), J M Walton, and M J Anson. There were no amounts outstanding as at 31 March 2023 (2022 - £nil).

 

The company pays rent for the third office of £50,000 (2022 - £50,000) per annum with £3,333 (2022 - £3,333) paid to each of O J Kyffin (deceased 22 February 2023), and the personal pension schemes of J M Walton, and M J Anson. There were no amounts outstanding as at 31 March 2023 (2022 - £nil).

 

The company owns 100% of the shares of Whitley Stimpson Services Limited. During the year services of a total of £10,000 (2022 - £6,500) were provided from Whitley Stimpson Services Limited and as at 31 March 2023 there was an amount outstanding of £100 (2022 - £nil). Whitley Stimpson Limited loaned an amount of £64,089 to Whitley Stimpson Services Limited, and at the year end a balance of £nil (2022 - £14,973) was outstanding.

2023-03-312022-04-01false20 September 2023CCH SoftwareCCH Accounts Production 2023.300No description of principal activityL AdkinsM AnsonL K HerbertO KyffinJ WaltonI J W ParkerR CrackerV H MarzanaL D WisemanN E HicksF CartwrightM LucasH Hymersfalse89127432022-04-012023-03-3189127432023-03-3189127432022-03-318912743core:NetGoodwill2023-03-318912743core:NetGoodwill2022-03-318912743core:LandBuildings2023-03-318912743core:OtherPropertyPlantEquipment2023-03-318912743core:LandBuildings2022-03-318912743core:OtherPropertyPlantEquipment2022-03-318912743core:CurrentFinancialInstrumentscore:WithinOneYear2023-03-318912743core:CurrentFinancialInstrumentscore:WithinOneYear2022-03-318912743core:Non-currentFinancialInstrumentscore:AfterOneYear2023-03-318912743core:Non-currentFinancialInstrumentscore:AfterOneYear2022-03-318912743core:CurrentFinancialInstruments2023-03-318912743core:CurrentFinancialInstruments2022-03-318912743core:Non-currentFinancialInstruments2023-03-318912743core:Non-currentFinancialInstruments2022-03-318912743core:ShareCapital2023-03-318912743core:ShareCapital2022-03-318912743core:RetainedEarningsAccumulatedLosses2023-03-318912743core:RetainedEarningsAccumulatedLosses2022-03-318912743core:ShareCapital2021-03-318912743core:RetainedEarningsAccumulatedLosses2021-03-318912743core:ShareCapitalOrdinaryShares2023-03-318912743core:ShareCapitalOrdinaryShares2022-03-318912743bus:Director22022-04-012023-03-318912743bus:Director52022-04-012023-03-318912743core:RetainedEarningsAccumulatedLosses2021-04-012022-03-3189127432021-04-012022-03-318912743core:RetainedEarningsAccumulatedLosses2022-04-012023-03-318912743core:ShareCapital2021-04-012022-03-318912743core:ShareCapital2022-04-012023-03-318912743core:Goodwill2022-04-012023-03-318912743core:LeaseholdImprovements2022-04-012023-03-318912743core:FurnitureFittings2022-04-012023-03-318912743core:ComputerEquipment2022-04-012023-03-318912743core:MotorVehicles2022-04-012023-03-318912743core:NetGoodwill2022-03-318912743core:NetGoodwill2022-04-012023-03-318912743core:LandBuildings2022-03-318912743core:OtherPropertyPlantEquipment2022-03-3189127432022-03-318912743core:LandBuildings2022-04-012023-03-318912743core:OtherPropertyPlantEquipment2022-04-012023-03-318912743core:WithinOneYear2023-03-318912743core:WithinOneYear2022-03-318912743bus:PrivateLimitedCompanyLtd2022-04-012023-03-318912743bus:SmallCompaniesRegimeForAccounts2022-04-012023-03-318912743bus:FRS1022022-04-012023-03-318912743bus:AuditExempt-NoAccountantsReport2022-04-012023-03-318912743bus:Director12022-04-012023-03-318912743bus:Director32022-04-012023-03-318912743bus:Director42022-04-012023-03-318912743bus:Director62022-04-012023-03-318912743bus:Director72022-04-012023-03-318912743bus:Director82022-04-012023-03-318912743bus:Director92022-04-012023-03-318912743bus:Director102022-04-012023-03-318912743bus:Director112022-04-012023-03-318912743bus:Director122022-04-012023-03-318912743bus:Director132022-04-012023-03-318912743bus:FullAccounts2022-04-012023-03-31xbrli:purexbrli:sharesiso4217:GBP