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.
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 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.
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.
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.
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.
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.
The average monthly number of persons (including directors) employed by the company during the year was:
Details of the company's subsidiaries at 31 March 2023 are as follows:
The shares in the subsidiary company are shown at cost.
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.
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.
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.
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
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.