Company registration number 01668616 (England and Wales)
WEST LONDON SHOOTING GROUNDS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
PAGES FOR FILING WITH REGISTRAR
WEST LONDON SHOOTING GROUNDS LIMITED
COMPANY INFORMATION
Directors
Mr R P Richmond-Watson
Mr C W Richmond-Watson
Secretary
Mr C W Richmond-Watson
Company number
01668616
Registered office
Showell Farm
Heythrop Road
Chipping Norton
Oxfordshire
OX7 5TH
Accountants
Ellacotts LLP
Countrywide House
23 West Bar
Banbury
Oxfordshire
England
OX16 9SA
WEST LONDON SHOOTING GROUNDS LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 7
WEST LONDON SHOOTING GROUNDS LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF WEST LONDON SHOOTING GROUNDS LIMITED FOR THE YEAR ENDED 30 APRIL 2023
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of West London Shooting Grounds Limited for the year ended 30 April 2023 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation
This report is made solely to the Board of Directors of West London Shooting Grounds Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of West London Shooting Grounds Limited and state those matters that we have agreed to state to the Board of Directors of West London Shooting Grounds Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than West London Shooting Grounds Limited and its Board of Directors as a body, for our work or for this report.
It is your duty to ensure that West London Shooting Grounds Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of West London Shooting Grounds Limited. You consider that West London Shooting Grounds Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of West London Shooting Grounds Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Ellacotts LLP
Chartered Accountants
Countrywide House
23 West Bar
Banbury
Oxfordshire
England
OX16 9SA
Date:
20 October 2023
WEST LONDON SHOOTING GROUNDS LIMITED
BALANCE SHEET
AS AT 30 APRIL 2023
30 April 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
100,738
100,195
Current assets
Stocks
83,516
84,821
Debtors
4
388,023
269,106
Cash at bank and in hand
877,283
1,227,910
1,348,822
1,581,837
Creditors: amounts falling due within one year
5
(730,062)
(898,099)
Net current assets
618,760
683,738
Total assets less current liabilities
719,498
783,933
Creditors: amounts falling due after more than one year
6
(22,114)
(31,931)
Net assets
697,384
752,002
Capital and reserves
Called up share capital
7
200
200
Profit and loss reserves
697,184
751,802
Total equity
697,384
752,002
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 30 April 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.
WEST LONDON SHOOTING GROUNDS LIMITED
BALANCE SHEET (CONTINUED)
AS AT 30 APRIL 2023
30 April 2023
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 27 September 2023 and are signed on its behalf by:
Mr R P Richmond-Watson
Director
Company Registration No. 01668616
WEST LONDON SHOOTING GROUNDS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
- 4 -
1
Accounting policies
Company information
West London Shooting Grounds Limited is a private company limited by shares incorporated in England and Wales. The registered office is given on the company information page.
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 £.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
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:
Leasehold land and buildings
0% - 10% straight line
Plant and machinery
10% - 20% straight line
Fixtures, fittings & equipment
10% - 20% straight line
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 stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
1.5
Cash at bank and in hand
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.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
WEST LONDON SHOOTING GROUNDS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
1
Accounting policies
(Continued)
- 5 -
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.
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.
1.7
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.8
Leases
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
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
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
14
15
WEST LONDON SHOOTING GROUNDS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
- 6 -
3
Tangible fixed assets
Leasehold land and buildings
Plant and machinery
Fixtures, fittings & equipment
Total
£
£
£
£
Cost
At 1 May 2022
86,869
442,718
44,758
574,345
Additions
6,041
10,500
16,541
At 30 April 2023
92,910
453,218
44,758
590,886
Depreciation and impairment
At 1 May 2022
24,941
407,198
42,011
474,150
Depreciation charged in the year
2,150
12,969
879
15,998
At 30 April 2023
27,091
420,167
42,890
490,148
Carrying amount
At 30 April 2023
65,819
33,051
1,868
100,738
At 30 April 2022
61,928
35,520
2,747
100,195
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
271,760
203,981
Other debtors
116,263
65,125
388,023
269,106
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
10,206
10,084
Trade creditors
80,452
73,179
Taxation and social security
69,865
73,268
Other creditors
569,539
741,568
730,062
898,099
The Bounce Back loan of £10,206 (2022 - £10,084) is fully guaranteed by the government.
WEST LONDON SHOOTING GROUNDS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
- 7 -
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
22,114
31,931
The Bounce Back loan of £22,114 (2022 - £31,931) is fully guaranteed by the government.
7
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
200 Ordinary of £1 each
200
200
8
Related party transactions
During the year the company received income from the tipping of soil, of which (£10,340) (2022 - £79,818) is due to the landlord as the freehold owner of the property from where the company trades. As at 30 April 2023 the company owed £250,285 (2022 - £521,251) to the landlord. The owners of the land include the directors and shareholders of the company together with related family members.