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 |
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: |
Secretary: |
Registered office: |
Registered number: |
Auditors: |
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: |
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. |
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: |
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. |
for and on behalf of |
Chartered Accountants and Statutory Auditors |
Richmond House |
Walkern Road |
Stevenage |
Hertfordshire |
SG1 3QP |
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 |
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 |
Investments | 14 |
CURRENT ASSETS |
Debtors | 16 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 17 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
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 |
Capital redemption reserve |
Retained earnings |
SHAREHOLDERS' FUNDS |
Company's (loss)/profit for the financial year |
(13,747 |
) |
111,398 |
The financial statements were approved by the Board of Directors and authorised for issue on |
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 |
Changes in equity |
Profit for the year | - | 111,398 | - | 111,398 |
Total comprehensive income | - |
Dividends | - | ( |
) | - | ( |
) |
Balance at 28th February 2022 |
Changes in equity |
Deficit for the year | - | (13,747 | ) | - | (13,747 | ) |
Other comprehensive income | - | (999,010 | ) | (251,610 | ) |
Total comprehensive income | - | ( |
) | ( |
) |
Reduction in share capital | (747,400 | ) | - | - | (747,400 | ) |
Balance at 28th February 2023 |
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 |
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 |
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 |
Long leasehold | - |
Improvements to property | - |
Plant and machinery | - |
Computer equipment | - |
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 |
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 |
Depreciation |
At 1st March 2022 |
Charge for year |
At 28th February 2023 |
Net book value |
At 28th February 2023 |
At 28th February 2022 |
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 |
Net book value |
At 28th February 2023 |
At 28th February 2022 |
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 | - | - |
Amounts recoverable on contract | 224,601 | 164,457 |
Other debtors | 36,386 | 77,952 |
Deferred tax asset | - | - | 5,579 | 5,277 |
Prepayments and accrued income | 85,712 | 73,583 |
2,309,487 | 1,715,070 |
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 |
Amounts owed to group undertakings | - | - |
Corporation tax | 212,332 | 310,957 |
Social security and other taxes | 66,746 | 48,702 |
VAT | 131,118 | 163,401 | 11,370 | 7,732 |
Other creditors | 345,263 | 310,788 |
Directors' current accounts | 432,751 | 31,439 | 94,267 | 8,421 |
Accruals and deferred income | 130,618 | 118,845 |
2,490,944 | 2,260,506 |
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 | ( |
) |
Credit to Income statement during year | ( |
) |
Balance at 28th February 2023 | ( |
) |
22. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £1 | 1,495,266 | 1,495,266 |
NIL | Ordinary A | £1 | - | 747,400 |
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. |