Company registration number 01233254 (England and Wales)
WHEELHOUSE WAREHOUSING LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023
PAGES FOR FILING WITH REGISTRAR
WHEELHOUSE WAREHOUSING LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
WHEELHOUSE WAREHOUSING LIMITED
BALANCE SHEET
AS AT
28 FEBRUARY 2023
28 February 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
3
103
103
Current assets
Debtors
4
2,256,500
3,538,566
Cash at bank and in hand
150,003
1,067,649
2,406,503
4,606,215
Creditors: amounts falling due within one year
5
(1,543,021)
(2,612,010)
Net current assets
863,482
1,994,205
Total assets less current liabilities
863,585
1,994,308
Creditors: amounts falling due after more than one year
6
(473,834)
(473,834)
Provisions for liabilities
7
(537,689)
(1,638,689)
Net liabilities
(147,938)
(118,215)
Capital and reserves
Called up share capital
8
5
5
Profit and loss reserves
(147,943)
(118,220)
Total equity
(147,938)
(118,215)
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges her 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.
WHEELHOUSE WAREHOUSING LIMITED
BALANCE SHEET (CONTINUED)
AS AT
28 FEBRUARY 2023
28 February 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 22 November 2023 and are signed on its behalf by:
A Moretto
Director
Company Registration No. 01233254
WHEELHOUSE WAREHOUSING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 3 -
1
Accounting policies
Company information
Wheelhouse Warehousing Limited is a private company limited by shares incorporated in England and Wales. The registered office is 166 College Road, Harrow, Middlesex, HA1 1RA.
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.
1.2
Fixed asset investments
Interests in subsidiaries are 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.
1.3
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 transaction price including transaction costs. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors and preference shares that are classified as debt, are recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities are not amortised.
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. If not, they are presented as non-current liabilities.
1.4
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.
WHEELHOUSE WAREHOUSING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
1
Accounting policies
(Continued)
- 4 -
1.5
Taxation
The tax expense represents the sum of the tax currently payable.
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.
1.6
Cumulative redeemable preference shares
Redeemable preference shares are classified as liabilities in accordance with section 22 (liabilities and equity) as they are redeemable at the option of the issuer and do carry a right to a return. The preference dividend is charged in arriving at the interest cost in the profit and loss account.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
1
1
3
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
103
103
Fair value of financial assets carried at amortised cost
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
2,256,500
3,538,566
WHEELHOUSE WAREHOUSING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 5 -
5
Creditors: amounts falling due within one year
2023
2022
£
£
Amounts owed to group undertakings and undertakings in which the company has a participating interest
1,483,209
2,584,209
Other creditors
59,812
27,801
1,543,021
2,612,010
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
5% Redeemable Preference shares
473,834
560,000
Redemption of prefrence shares
(86,166)
473,834
473,834
7
Provisions for liabilities
2023
2022
£
£
Pension obligations
537,689
1,638,689
Movements on provisions:
£
At 1 March 2022
1,638,689
Pension paid during the year
(1,101,000)
At 28 February 2023
537,689
The company has entered into agreements and is contractually obliged to expend fixed sums in the future to provide retirement benefits to senior employees under the terms of their pension agreements.
8
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
2
2
2
2
Ordinary Redeemable shares of £1 each
3
3
3
3
5
5
5
5
WHEELHOUSE WAREHOUSING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 6 -
9
Related party transactions
Included in other debtors is an amount of £182,412 (2022: £182,412) due from Hilda Holdings 2 Ltd, in which shareholder Mr D Wheelhouse has common control.
Included in other debtors is an amount of £2,073,487 (2022: £2,163,839) due from Hilda Holdings Ltd, in which shareholder Mr D Wheelhouse has common control.
Included in other creditors is an amount of £9,699 (2022: £1,191,715 due to) due from the shareholder, Mr D Wheelhouse.