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REGISTERED NUMBER: 03387136 (England and Wales)















WILTONSIGN PROPERTIES LIMITED

GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 28TH FEBRUARY 2023






WILTONSIGN PROPERTIES LIMITED (REGISTERED NUMBER: 03387136)

CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28TH FEBRUARY 2023










Page

Company information 1

Group strategic report 2 to 4

Report of the directors 5 to 6

Report of the independent auditors 7 to 10

Consolidated income statement 11

Consolidated other comprehensive income 12

Consolidated statement of financial position 13 to 14

Company statement of financial position 15 to 16

Consolidated statement of changes in equity 17 to 18

Company statement of changes in equity 19

Consolidated statement of cash flows 20

Notes to the consolidated statement of cash flows 21 to 22

Notes to the consolidated financial statements 23 to 38


WILTONSIGN PROPERTIES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 28TH FEBRUARY 2023







Directors: R B A Childs
M J Manners
A B Childs





Secretary: M J Manners





Registered office: 5 Yeomans Court
Ware Road
Hertford
Hertfordshire
SG13 7HJ





Registered number: 03387136 (England and Wales)





Auditors: Menzies LLP
Chartered Accountants and Statutory Auditors
Richmond House
Walkern Road
Stevenage
Hertfordshire
SG1 3QP

WILTONSIGN PROPERTIES LIMITED (REGISTERED NUMBER: 03387136)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 28TH FEBRUARY 2023


The directors present their strategic report of the company and the group for the year ended 28th February 2023.

Review of business
The group carries out the following main business activities; Joinery Division (Chilfen Joinery Limited) performs the manufacturing of bespoke joinery items and the project management of interior commercial fit outs. Timber Packaging Division (Chilfen Export Packaging Limited and Trafalgar Cases Limited) performs the manufacture and supply of export packing cases and timber packaging solutions and Wiltonsign Properties Limited manages the group properties and oversees the activities of the group.

Trafalgar Cases Limited now delivers the operations of the Timber Packaging Division following the successful integration of divisional activities in 2020. Chilfen Export Packaging Limited is the holding company for the Chilfen operating business.

The group strategy is one of sustainable organic growth following continued delivery of the highest quality manufacturing and allied services delivered through innovation and modern production facilities.

In addition, the directors continue to look for expansion by way of further acquisitions that will complement the existing customer offering.

The key strategy is to co-ordinate manufacturing capacity across both divisions combined with maximising production efficiencies. This is delivered through ongoing training of our highly skilled workforce and continued investment in our manufacturing facilities. The directors are also committed to an ongoing programme of development of innovative manufacturing techniques and development of new products and services which keeps the group ahead of our competitors.

The directors remain committed to delivering excellence in service levels throughout the customer experience.


WILTONSIGN PROPERTIES LIMITED (REGISTERED NUMBER: 03387136)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 28TH FEBRUARY 2023

Principal risks and uncertainties
The principal risks facing the group are labour shortages and the war in the Ukraine. The Ukraine crisis combined with the aftermath of the pandemic has meant a shortage of materials exist in the markets and as a consequence is contributing to cost inflation in the wider economy.

Labour shortages have arisen off the back of the pandemic which combined with commodity price inflation has led to increased wage costs across the wider economy. Both wage and commodity price inflation has continued in the new financial year and is expected to remain for the medium term.

Interest rates are expected to rise until at least the end of 2023. The rising interest rates means that access to credit in the coming years may be challenging. The directors anticipate that suppliers and customers may face liquidity challenges in the coming years in light of the above.

The directors have taken swift action where required in light of the recent pandemic and pressures in the wider economy and will continue to monitor the situation carefully. To combat inflationary pressures and supply chain issues, the directors continue to drive production efficiencies through use of technology and updating the production equipment. The group also continues to implement procurement strategies to ensure goods in short supply are acquired on a timely basis to meet production schedules.

The directors continue to mitigate business risks by carefully selecting the projects and services undertaken to minimise overall exposure as far as possible. This also involves working in partnership with key suppliers and customers to ensure timely and efficient deliveries and meeting the needs of customers in line with their expectations.

Liquidity risk - the objective of the group in managing liquidity risks is to ensure that the group can meet its financial obligations as and when they fall due. The group expects to meet its financial obligations through operating cash flows. If the operating cash flows were not to cover all the financial obligations, the group has access to appropriate credit facilities as may be required.

The group's principal financial assets are cash, trade debtors and stock. The principal credit risk therefore arises from its trade debtors.

To manage credit risk, the directors set limits for customers based on a combination of payment history and third-party credit references. Credit limits are reviewed by the directors on a regular basis in conjunction with debt ageing and collection history.


WILTONSIGN PROPERTIES LIMITED (REGISTERED NUMBER: 03387136)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 28TH FEBRUARY 2023

Key performance indicators
The company reports on a number of key performance indicators which are included in the monthly management accounts. These include turnover, gross profit margin, overheads, net profit and a review of the group's potential sales order book.

2023 2022 Change
£ £ %
Turnover 11,536,852 9,232,522 25
Gross profit 4,145,084 3,139,734 32
Profit / (Loss) before tax
(excluding fair value gains)

1,366,784

1,317,624

4
Net current assets 1,436,854 1,917,886 -25

The results for the year ended 28 February 2023 and the financial position of the group at that date are as shown in the financial statements and show significantly improved results than the previous year. The directors consider the results achieved to be acceptable.

The business is expected to continue to operate profitably with ongoing development of sales, reductions in operating costs and improvement in margins through operational improvement programme.

On behalf of the board:





M J Manners - Director


28th November 2023

WILTONSIGN PROPERTIES LIMITED (REGISTERED NUMBER: 03387136)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 28TH FEBRUARY 2023


The directors present their report with the financial statements of the company and the group for the year ended 28th February 2023.

Dividends
No dividends will be distributed for the year ended 28th February 2023.

Directors
The directors shown below have held office during the whole of the period from 1st March 2022 to the date of this report.

R B A Childs
M J Manners
A B Childs

Disclosure in the strategic report
The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of future developments.

Statement of directors' responsibilities
The directors are responsible for preparing the Group strategic report, the Report of the directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

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

Statement as to disclosure of information to auditors
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

WILTONSIGN PROPERTIES LIMITED (REGISTERED NUMBER: 03387136)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 28TH FEBRUARY 2023


Auditors
The auditors, Menzies LLP, are deemed to be reappointed in accordance with Section 487(2) of the Companies Act 2006.

On behalf of the board:





M J Manners - Director


28th November 2023

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
WILTONSIGN PROPERTIES LIMITED


Opinion
We have audited the financial statements of Wiltonsign Properties Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 28th February 2023 which comprise the Consolidated income statement, Consolidated other comprehensive income, Consolidated statement of financial position, Company statement of financial position, Consolidated statement of changes in equity, Company statement of changes in equity, Consolidated statement of cash flows and Notes to the consolidated statement of cash flows, Notes to the financial statements, including a summary of 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:
-give a true and fair view of the state of the group's and of the parent company affairs as at 28th February 2023 and of the group's profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group 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 directors' 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 group's and the parent 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 directors with respect to going concern are described in the relevant sections of this report.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
WILTONSIGN PROPERTIES LIMITED


Other information
The directors are responsible for the other information. The other information comprises the information in the Group strategic report and the Report of the directors, but does not include the financial statements and our Report of the auditors thereon.

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.

In connection with our audit of the financial statements, 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 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 the audit:
- the information given in the Group strategic report and the Report of the directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group strategic report and the Report of the directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the Report of the directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of directors' responsibilities set out on page five, the directors are 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 directors determine 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 directors are responsible for assessing the group's and the parent 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 directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
WILTONSIGN PROPERTIES LIMITED


Auditors' 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 a Report of the auditors 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:

- We obtained an understanding of the legal and regulatory framework applicable to the company and the sector in which they operate. We determined that the following laws and regulations were most significant: the Companies Act 2006 and UK corporate taxation laws.

- We obtained an understanding of how the company is complying with those legal and regulatory frameworks by making inquiries to the management. We corroborated our inquiries through our review of board minutes and papers provided by those charged with governance.

- We assessed the susceptibility of the company's financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team include:

- identifying and assessing the design effectiveness of controls management has in place to prevent and
detect fraud;

- understanding how those charged with governance considered and addressed the potential for
override of controls or other inappropriate influence over the financial reporting process;
- challenging assumptions and judgments made by management in its significant accounting estimates;

- identifying and testing journal entries, in particular any journal entries posted with unusual account
combinations; and
- assessing the extent of compliance with the relevant laws and regulations.

- We have reviewed the financial statements and considered whether they are consistent with our understanding of the entity or indicate a previously unrecognised risk of material misstatement that could be due to fraud.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
WILTONSIGN PROPERTIES LIMITED


Use of our report
This report is made solely to the company's members, as a body, 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 members those matters we are required to state to them in a Report of the auditors 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 members as a body, for our audit work, for this report, or for the opinions we have formed.




M R Hubbocks FCA (Senior Statutory Auditor)
for and on behalf of Menzies LLP
Chartered Accountants and Statutory Auditors
Richmond House
Walkern Road
Stevenage
Hertfordshire
SG1 3QP

28th November 2023

WILTONSIGN PROPERTIES LIMITED (REGISTERED NUMBER: 03387136)

CONSOLIDATED
INCOME STATEMENT
FOR THE YEAR ENDED 28TH FEBRUARY 2023

2023 2022
Notes £    £   

REVENUE 4 11,536,852 9,292,522

Cost of sales (7,391,768 ) (6,152,788 )
GROSS PROFIT 4,145,084 3,139,734

Administrative expenses (2,826,028 ) (1,883,357 )
1,319,056 1,256,377

Other operating income 68,876 88,656
OPERATING PROFIT 1,387,932 1,345,033

Interest receivable and similar income 655 21
1,388,587 1,345,054

Interest payable and similar expenses 7 (21,803 ) (27,430 )
PROFIT BEFORE TAXATION 8 1,366,784 1,317,624

Tax on profit 9 (290,365 ) (210,235 )
PROFIT FOR THE FINANCIAL YEAR 1,076,419 1,107,389
Profit attributable to:
Owners of the parent 696,565 629,313
Non-controlling interests 379,854 478,076
1,076,419 1,107,389

WILTONSIGN PROPERTIES LIMITED (REGISTERED NUMBER: 03387136)

CONSOLIDATED
OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 28TH FEBRUARY 2023

2023 2022
Notes £    £   

PROFIT FOR THE YEAR 1,076,419 1,107,389


OTHER COMPREHENSIVE INCOME
Repurchase of shares (999,010 ) -
Income tax relating to other
comprehensive income

-

-
OTHER COMPREHENSIVE INCOME FOR THE
YEAR, NET OF INCOME TAX

(999,010

)

-
TOTAL COMPREHENSIVE INCOME FOR THE
YEAR

77,409

1,107,389

Total comprehensive income attributable to:
Owners of the parent (302,445 ) 629,313
Non-controlling interests 379,854 478,076
77,409 1,107,389

WILTONSIGN PROPERTIES LIMITED (REGISTERED NUMBER: 03387136)

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
28TH FEBRUARY 2023

2023 2022
Notes £    £   
FIXED ASSETS
Intangible assets 12 51,318 75,602
Property, plant and equipment 13 3,254,133 3,081,329
Investments 14 - -
3,305,451 3,156,931

CURRENT ASSETS
Inventories 15 460,414 461,321
Debtors 16 2,309,487 1,715,070
Cash at bank and in hand 1,157,897 2,002,001
3,927,798 4,178,392
CREDITORS
Amounts falling due within one year 17 (2,490,944 ) (2,260,506 )
NET CURRENT ASSETS 1,436,854 1,917,886
TOTAL ASSETS LESS CURRENT LIABILITIES 4,742,305 5,074,817

CREDITORS
Amounts falling due after more than one
year

18

(160,802

)

(74,760

)

PROVISIONS FOR LIABILITIES 21 (155,632 ) (77,599 )
NET ASSETS 4,425,871 4,922,458

WILTONSIGN PROPERTIES LIMITED (REGISTERED NUMBER: 03387136)

CONSOLIDATED STATEMENT OF FINANCIAL POSITION - continued
28TH FEBRUARY 2023

2023 2022
Notes £    £   

CAPITAL AND RESERVES
Called up share capital 22 1,495,500 2,242,900
Capital redemption reserve 23 747,400 -
Retained earnings 23 3,132,541 3,434,986
SHAREHOLDERS' FUNDS 5,375,441 5,677,886

NON-CONTROLLING INTERESTS (949,570 ) (755,428 )
TOTAL EQUITY 4,425,871 4,922,458

The financial statements were approved by the Board of Directors and authorised for issue on 28th November 2023 and were signed on its behalf by:





M J Manners - Director


WILTONSIGN PROPERTIES LIMITED (REGISTERED NUMBER: 03387136)

COMPANY STATEMENT OF FINANCIAL POSITION
28TH FEBRUARY 2023

2023 2022
Notes £    £   
FIXED ASSETS
Intangible assets 12 - -
Property, plant and equipment 13 2,503,551 2,549,976
Investments 14 728 728
2,504,279 2,550,704

CURRENT ASSETS
Debtors 16 74,889 90,002
Cash at bank 332,636 1,258,177
407,525 1,348,179
CREDITORS
Amounts falling due within one year 17 (178,952 ) (153,274 )
NET CURRENT ASSETS 228,573 1,194,905
TOTAL ASSETS LESS CURRENT LIABILITIES 2,732,852 3,745,609

WILTONSIGN PROPERTIES LIMITED (REGISTERED NUMBER: 03387136)

COMPANY STATEMENT OF FINANCIAL POSITION - continued
28TH FEBRUARY 2023

2023 2022
Notes £    £   

CAPITAL AND RESERVES
Called up share capital 22 1,495,500 2,242,900
Capital redemption reserve 747,400 -
Retained earnings 489,952 1,502,709
SHAREHOLDERS' FUNDS 2,732,852 3,745,609

Company's (loss)/profit for the financial
year

(13,747

)

111,398

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Board of Directors and authorised for issue on 28th November 2023 and were signed on its behalf by:





R B A Childs - Director


WILTONSIGN PROPERTIES LIMITED (REGISTERED NUMBER: 03387136)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 28TH FEBRUARY 2023

Called up Capital
share Retained redemption
capital earnings reserve
£    £    £   

Balance at 1st March 2021 2,242,900 2,824,947 -

Changes in equity
Profit for the year - 629,313 -
Total comprehensive income - 629,313 -
Dividends - (19,274 ) -
Balance at 28th February 2022 2,242,900 3,434,986 -

Changes in equity
Profit for the year - 696,565 -
Other comprehensive income - (999,010 ) 747,400
Total comprehensive income - (302,445 ) 747,400
Reduction in share capital (747,400 ) - -
Balance at 28th February 2023 1,495,500 3,132,541 747,400

WILTONSIGN PROPERTIES LIMITED (REGISTERED NUMBER: 03387136)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY - continued
FOR THE YEAR ENDED 28TH FEBRUARY 2023

Non-controlling Total
Total interests equity
£    £    £   

Balance at 1st March 2021 5,067,847 (940,370 ) 4,127,477

Changes in equity
Profit for the year 629,313 478,076 1,107,389
Total comprehensive income 629,313 478,076 1,107,389
Dividends (19,274 ) (293,134 ) (312,408 )
Balance at 28th February 2022 5,677,886 (755,428 ) 4,922,458

Changes in equity
Profit for the year 696,565 379,854 1,076,419
Other comprehensive income (251,610 ) - (251,610 )
Total comprehensive income 444,955 379,854 824,809
Reduction in share capital (747,400 ) - (747,400 )
Dividends - (573,996 ) (573,996 )
Balance at 28th February 2023 5,375,441 (949,570 ) 4,425,871

WILTONSIGN PROPERTIES LIMITED (REGISTERED NUMBER: 03387136)

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 28TH FEBRUARY 2023

Called up Capital
share Retained redemption Total
capital earnings reserve equity
£    £    £    £   

Balance at 1st March 2021 2,242,900 1,410,585 - 3,653,485

Changes in equity
Profit for the year - 111,398 - 111,398
Total comprehensive income - 111,398 - 111,398
Dividends - (19,274 ) - (19,274 )
Balance at 28th February 2022 2,242,900 1,502,709 - 3,745,609

Changes in equity
Deficit for the year - (13,747 ) - (13,747 )
Other comprehensive income - (999,010 ) 747,400 (251,610 )
Total comprehensive income - (1,012,757 ) 747,400 (265,357 )
Reduction in share capital (747,400 ) - - (747,400 )
Balance at 28th February 2023 1,495,500 489,952 747,400 2,732,852

WILTONSIGN PROPERTIES LIMITED (REGISTERED NUMBER: 03387136)

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 28TH FEBRUARY 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 908,381 818,556
Interest paid (21,803 ) (27,430 )
Tax paid (310,957 ) -
Net cash from operating activities 575,621 791,126

Cash flows from investing activities
Purchase of intangible fixed assets - (40,000 )
Purchase of tangible fixed assets (385,948 ) (21,568 )
Sale of tangible fixed assets 24,460 1,456,643
Interest received 655 21
Net cash from investing activities (360,833 ) 1,395,096

Cash flows from financing activities
New loans in year 112,802 -
Loan repayments in year - (398,661 )
Amount introduced by directors 401,312 7,460
Company repurchase of shares (999,010 ) -
Equity dividends paid - (19,274 )
Dividends to non controlling interest (573,996 ) (293,134 )
Net cash from financing activities (1,058,892 ) (703,609 )

(Decrease)/increase in cash and cash equivalents (844,104 ) 1,482,613
Cash and cash equivalents at beginning of
year

2

2,002,001

519,388

Cash and cash equivalents at end of year 2 1,157,897 2,002,001

WILTONSIGN PROPERTIES LIMITED (REGISTERED NUMBER: 03387136)

NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 28TH FEBRUARY 2023


1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
2023 2022
£    £   
Profit before taxation 1,366,784 1,317,624
Depreciation charges 231,446 234,134
Profit on disposal of fixed assets (18,478 ) (418,336 )
Finance costs 21,803 27,430
Finance income (655 ) (21 )
1,600,900 1,160,831
Decrease/(increase) in inventories 907 (142,625 )
Increase in trade and other debtors (594,417 ) (497,235 )
(Decrease)/increase in trade and other creditors (99,009 ) 297,585
Cash generated from operations 908,381 818,556

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of cash flows in respect of cash and cash equivalents are in respect of these Statement of financial position amounts:

Year ended 28th February 2023
28.2.23 1.3.22
£    £   
Cash and cash equivalents 1,157,897 2,002,001
Year ended 28th February 2022
28.2.22 1.3.21
£    £   
Cash and cash equivalents 2,002,001 519,388


WILTONSIGN PROPERTIES LIMITED (REGISTERED NUMBER: 03387136)

NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 28TH FEBRUARY 2023


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.3.22 Cash flow At 28.2.23
£    £    £   
Net cash
Cash at bank and in hand 2,002,001 (844,104 ) 1,157,897
2,002,001 (844,104 ) 1,157,897
Debt
Finance leases (104,885 ) (112,802 ) (217,687 )
(104,885 ) (112,802 ) (217,687 )
Total 1,897,116 (956,906 ) 940,210

WILTONSIGN PROPERTIES LIMITED (REGISTERED NUMBER: 03387136)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28TH FEBRUARY 2023


1. STATUTORY INFORMATION

Wiltonsign Properties Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Basis of consolidation
The group consolidated financial statement include the financial statements of the company and all of its subsidiary undertakings made up to 28 February 2023. A subsidiary is an entity controlled by the group. Control is power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. Where a subsidiary has different accounting policies to the group, adjustments are made to those subsidiary financial statement to apply the group's accounting policies when preparing the consolidated financial statements.

Non-controlling interests
Non-controlling interests at the statement of financial position date, being the portion of the net assets of subsidiaries attributable to equity interests that are not owned by the company, whether directly or indirectly through subsidiaries, are presented in the consolidated statement of financial position separately from liabilities and shareholders' equity. Non-controlling interests in the results of the group for the year are also separately presented in the consolidated statement of comprehensive income.

Significant judgements and estimates
No significant judgements or estimates have had to be made by the directors in preparing these financial statements.

WILTONSIGN PROPERTIES LIMITED (REGISTERED NUMBER: 03387136)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28TH FEBRUARY 2023


3. ACCOUNTING POLICIES - continued

Revenue
Revenue is recognised at the fair value of the consideration 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 future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and regards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Property, plant and equipment
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Long leasehold - over the life of the lease and 50 years straight line
Improvements to property - 10% on cost
Plant and machinery - 25% on reducing balance, 15% on reducing balance and 10% on cost
Computer equipment - 33% on reducing balance, 33% on cost and 20% on cost

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

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Tax
Tax for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred tax assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.


WILTONSIGN PROPERTIES LIMITED (REGISTERED NUMBER: 03387136)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28TH FEBRUARY 2023


3. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all material timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
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 charge to profit and loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals paid under operating leases are charged to the income statement on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to the income statement in the period to which they relate.

Fixed asset investments
Equity investments are measured at fair value through profit or loss, except for those equity investment that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

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

4. REVENUE

The revenue and profit before taxation are attributable to the one principal activity of the group.

WILTONSIGN PROPERTIES LIMITED (REGISTERED NUMBER: 03387136)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28TH FEBRUARY 2023


5. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 3,374,525 2,647,703
Social security costs 7,998 11,335
Other pension costs 172,383 149,177
3,554,906 2,808,215

The average number of employees during the year was as follows:
2023 2022

Management 6 6
Administration 18 20
Production 55 53
79 79

6. DIRECTORS' EMOLUMENTS
2023 2022
£    £   
Directors' remuneration 171,135 121,914
Directors' pension contributions to money purchase schemes 62,904 56,314

7. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Bank interest 3 5,684
Invoice financing interest 15,505 16,723
Hire purchase interest 6,295 5,023
21,803 27,430

WILTONSIGN PROPERTIES LIMITED (REGISTERED NUMBER: 03387136)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28TH FEBRUARY 2023


8. PROFIT BEFORE TAXATION

The profit is stated after charging/(crediting):

2023 2022
£    £   
Hire of plant and machinery 30,997 46,362
Other operating leases 142,862 126,807
Depreciation - owned assets 207,162 217,749
Profit on disposal of fixed assets (18,478 ) (418,336 )
Goodwill amortisation 24,284 16,385
Auditors' remuneration 24,271 23,375

9. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2023 2022
£    £   
Current tax:
UK corporation tax 212,332 310,957
Adjustment to prior year tax - (1,611 )
Total current tax 212,332 309,346

Deferred tax 78,033 (99,111 )
Tax on profit 290,365 210,235

UK corporation tax was charged at 19 %) in 2022.

WILTONSIGN PROPERTIES LIMITED (REGISTERED NUMBER: 03387136)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28TH FEBRUARY 2023


9. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2023 2022
£    £   
Profit before tax 1,366,784 1,317,624
Profit multiplied by the standard rate of corporation tax in the UK of 19
% (2022 - 19 %)

259,689

250,349

Effects of:
Expenses not deductible for tax purposes 45,055 232
Capital allowances in excess of depreciation (92,412 ) (43,684 )
Utilisation of tax losses - (20,000 )
Adjustments to tax charge in respect of previous periods - (1,611 )
Deferred tax 78,033 (99,111 )
Chargeable gains - 124,060
Total tax charge 290,365 210,235

Tax effects relating to effects of other comprehensive income

2023
Gross Tax Net
£    £    £   
Repurchase of shares (999,010 ) - (999,010 )

10. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income statement of the parent company is not presented as part of these financial statements.


11. DIVIDENDS
2023 2022
£    £   
Ordinary A shares of £1 each
Interim - 19,274

WILTONSIGN PROPERTIES LIMITED (REGISTERED NUMBER: 03387136)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28TH FEBRUARY 2023


12. INTANGIBLE FIXED ASSETS

Group
Goodwill
£   
Cost
At 1st March 2022
and 28th February 2023 120,000
Amortisation
At 1st March 2022 44,398
Amortisation for year 24,284
At 28th February 2023 68,682
Net book value
At 28th February 2023 51,318
At 28th February 2022 75,602

13. PROPERTY, PLANT AND EQUIPMENT

Group
Improvements
Freehold Long to
property leasehold property
£    £    £   
Cost or valuation
At 1st March 2022 2,700,000 - 26,995
Additions - 14,467 22,037
Disposals - - -
At 28th February 2023 2,700,000 14,467 49,032
Depreciation
At 1st March 2022 150,024 - 24,495
Charge for year 46,425 1,089 2,190
Eliminated on disposal - - -
At 28th February 2023 196,449 1,089 26,685
Net book value
At 28th February 2023 2,503,551 13,378 22,347
At 28th February 2022 2,549,976 - 2,500

WILTONSIGN PROPERTIES LIMITED (REGISTERED NUMBER: 03387136)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28TH FEBRUARY 2023


13. PROPERTY, PLANT AND EQUIPMENT - continued

Group

Plant and Motor Computer
machinery vehicles equipment Totals
£    £    £    £   
Cost or valuation
At 1st March 2022 3,071,209 6,708 268,072 6,072,984
Additions 340,083 - 9,361 385,948
Disposals (198,123 ) - - (198,123 )
At 28th February 2023 3,213,169 6,708 277,433 6,260,809
Depreciation
At 1st March 2022 2,580,324 - 236,812 2,991,655
Charge for year 136,192 2,208 19,058 207,162
Eliminated on disposal (192,141 ) - - (192,141 )
At 28th February 2023 2,524,375 2,208 255,870 3,006,676
Net book value
At 28th February 2023 688,794 4,500 21,563 3,254,133
At 28th February 2022 490,885 6,708 31,260 3,081,329

Included in cost or valuation of land and buildings is freehold land of £378,726 (2022 - £378,726) which is not depreciated.

Cost or valuation at 28th February 2023 is represented by:

Improvements
Freehold Long to
property leasehold property
£    £    £   
Valuation in 2012 (192,026 ) - -
Valuation in 2015 (33,726 ) - -
Valuation in 2019 1,075,000 - -
Cost 1,850,752 14,467 49,032
2,700,000 14,467 49,032

WILTONSIGN PROPERTIES LIMITED (REGISTERED NUMBER: 03387136)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28TH FEBRUARY 2023


13. PROPERTY, PLANT AND EQUIPMENT - continued

Group

Plant and Motor Computer
machinery vehicles equipment Totals
£    £    £    £   
Valuation in 2012 - - - (192,026 )
Valuation in 2015 - - - (33,726 )
Valuation in 2019 - - - 1,075,000
Cost 3,213,169 6,708 277,433 5,411,561
3,213,169 6,708 277,433 6,260,809

If freehold property had not been revalued it would have been included at the following historical cost:

2023 2022
£    £   
Cost 1,850,752 1,850,752
Aggregate depreciation 117,761 88,320

Value of land in freehold land and buildings 378,726 378,726

Freehold property was valued on on an open market basis on 28th February 2019 by an external professional valuer .

Company
Freehold Plant and
property machinery Totals
£    £    £   
Cost or valuation
At 1st March 2022
and 28th February 2023 2,700,000 220,255 2,920,255
Depreciation
At 1st March 2022 150,024 220,255 370,279
Charge for year 46,425 - 46,425
At 28th February 2023 196,449 220,255 416,704
Net book value
At 28th February 2023 2,503,551 - 2,503,551
At 28th February 2022 2,549,976 - 2,549,976

WILTONSIGN PROPERTIES LIMITED (REGISTERED NUMBER: 03387136)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28TH FEBRUARY 2023


13. PROPERTY, PLANT AND EQUIPMENT - continued

Company

Included in cost or valuation of land and buildings is freehold land of £ 378,726 (2022 - £ 378,726 ) which is not depreciated.

Cost or valuation at 28th February 2023 is represented by:

Freehold Plant and
property machinery Totals
£    £    £   
Valuation in 2012 (192,026 ) - (192,026 )
Valuation in 2015 (33,726 ) - (33,726 )
Valuation in 2019 1,075,000 - 1,075,000
Cost 1,850,752 220,255 2,071,007
2,700,000 220,255 2,920,255

If freehold property had not been revalued it would have been included at the following historical cost:

2023 2022
£    £   
Cost 1,850,752 1,850,752
Aggregate depreciation 117,761 88,320

Value of land in freehold land and buildings 378,726 378,726

Freehold property was valued on an open market basis on 28th February 2019 by an external professional valuer .

WILTONSIGN PROPERTIES LIMITED (REGISTERED NUMBER: 03387136)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28TH FEBRUARY 2023


14. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
Cost
At 1st March 2022
and 28th February 2023 728
Net book value
At 28th February 2023 728
At 28th February 2022 728

The group or the company's investments at the Statement of financial position date in the share capital of companies include the following:

Subsidiaries

Chilfen Export Packaging Limited
Registered office: Unit 1 Flint Road, Letchworth Garden City SG6 1HJ
Nature of business: Production and sale of transport boxes
%
Class of shares: holding
Ordinary A 52.00

Chilfen Joinery Limited
Registered office: Unit 1 Flint Road, Letchworth Garden City SG6 1HJ
Nature of business: Production and sales of bespoke furnishings
%
Class of shares: holding
Ordinary 52.00
Ordinary A 52.00

Chilfen Contracting Limited
Registered office: Unit 1 Flint Road, Letchworth Garden City SG6 1HJ
Nature of business: Production and sale of bespoke furniture
%
Class of shares: holding
Ordinary 52.00

WILTONSIGN PROPERTIES LIMITED (REGISTERED NUMBER: 03387136)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28TH FEBRUARY 2023


14. FIXED ASSET INVESTMENTS - continued

Trafalgar Cases Limited
Registered office: Unit 1 Flint Road, Letchworth Garden City SG6 1HJ
Nature of business: Production and sales of transport boxes
%
Class of shares: holding
Ordinary 52.00


15. STOCKS

Group
2023 2022
£    £   
Stocks 460,414 461,321

16. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Trade debtors 1,962,788 1,399,078 - -
Amounts owed by group undertakings - - 63,922 83,695
Amounts recoverable on contract 224,601 164,457 - -
Other debtors 36,386 77,952 133 1,030
Deferred tax asset - - 5,579 5,277
Prepayments and accrued income 85,712 73,583 5,255 -
2,309,487 1,715,070 74,889 90,002

WILTONSIGN PROPERTIES LIMITED (REGISTERED NUMBER: 03387136)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28TH FEBRUARY 2023


17. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Hire purchase contracts (see note 19) 56,885 30,125 - -
Trade creditors 1,115,231 1,246,249 423 2,001
Amounts owed to group undertakings - - 48,941 50,689
Corporation tax 212,332 310,957 6,422 71,797
Social security and other taxes 66,746 48,702 4,743 -
VAT 131,118 163,401 11,370 7,732
Other creditors 345,263 310,788 167 -
Directors' current accounts 432,751 31,439 94,267 8,421
Accruals and deferred income 130,618 118,845 12,619 12,634
2,490,944 2,260,506 178,952 153,274

18. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Group
2023 2022
£    £   
Hire purchase contracts (see note 19) 160,802 74,760

19. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 56,885 30,125
Between one and five years 160,802 74,760
217,687 104,885

WILTONSIGN PROPERTIES LIMITED (REGISTERED NUMBER: 03387136)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28TH FEBRUARY 2023


19. LEASING AGREEMENTS - continued

Group
Non-cancellable operating leases
2023 2022
£    £   
Within one year 167,369 171,384
Between one and five years 507,659 514,198
In more than five years 4,091 88
679,119 685,670

20. SECURED DEBTS

The following secured debts are included within creditors:

Group
2023 2022
£    £   
Hire purchase contracts 217,687 104,885

Amounts due under hire purchase contracts are secured against the assets concerned.

21. PROVISIONS FOR LIABILITIES

Group
2023 2022
£    £   
Deferred tax
Accelerated capital allowances 155,632 77,599

Group
Deferred
tax
£   
Balance at 1st March 2022 77,599
Provided during year 78,033
Balance at 28th February 2023 155,632

WILTONSIGN PROPERTIES LIMITED (REGISTERED NUMBER: 03387136)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28TH FEBRUARY 2023


21. PROVISIONS FOR LIABILITIES - continued

Company
Deferred
tax
£   
Balance at 1st March 2022 (5,277 )
Credit to Income statement during year (302 )
Balance at 28th February 2023 (5,579 )

22. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
496,256 Ordinary £1 1,495,266 1,495,266
NIL Ordinary A £1 - 747,400
234 Ordinary B £1 234 234
1,495,500 2,242,900

On 18 February 2022, 234 Ordinary A £1 shares were re-designated as Ordinary B £1 shares with no consideration.

23. RESERVES

Group
Capital
Retained redemption
earnings reserve Totals
£    £    £   

At 1st March 2022 3,434,986 - 3,434,986
Profit for the year 696,565 696,565
Purchase of own shares (999,010 ) 747,400 (251,610 )
At 28th February 2023 3,132,541 747,400 3,879,941


WILTONSIGN PROPERTIES LIMITED (REGISTERED NUMBER: 03387136)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28TH FEBRUARY 2023


24. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.