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COMPANY REGISTRATION NUMBER: 04594188
Ian Wharton Limited
Filleted Unaudited Financial Statements
30 November 2023
Ian Wharton Limited
Statement of Financial Position
30 November 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
6
205,374
183,816
Current assets
Stocks
7,398
7,897
Debtors
7
126,729
66,573
Cash at bank and in hand
61,790
30,730
-----------
-----------
195,917
105,200
Creditors: amounts falling due within one year
8
( 96,809)
( 33,843)
-----------
-----------
Net current assets
99,108
71,357
-----------
-----------
Total assets less current liabilities
304,482
255,173
Creditors: amounts falling due after more than one year
9
( 20,000)
( 30,000)
Provisions
Taxation including deferred tax
( 33,676)
( 18,750)
-----------
-----------
Net assets
250,806
206,423
-----------
-----------
Capital and reserves
Called up share capital
10
100
100
Profit and loss account
250,706
206,323
-----------
-----------
Shareholders funds
250,806
206,423
-----------
-----------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
Ian Wharton Limited
Statement of Financial Position (continued)
30 November 2023
For the year ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 2 February 2024 , and are signed on behalf of the board by:
Mr S A Wharton
Director
Company registration number: 04594188
Ian Wharton Limited
Notes to the Financial Statements
Year ended 30 November 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Orchard House, Waterside, Waverton, Wigton, CA7 0AP.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. There were no judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies that have had any significant effect on the amounts recognised in the financial statements. Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. There were no key assumptions and other sources of estimation uncertainty that have had a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
5% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Land and Buildings
-
10% reducing balance
Plant and machinery
-
15% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2022: 2 ).
5. Intangible assets
Goodwill
£
Cost
At 1 December 2022 and 30 November 2023
25,758
---------
Amortisation
At 1 December 2022 and 30 November 2023
25,758
---------
Carrying amount
At 30 November 2023
---------
At 30 November 2022
---------
6. Tangible assets
Land and buildings
Plant and machinery
Total
£
£
£
Cost
At 1 December 2022
15,681
461,459
477,140
Additions
56,653
56,653
Disposals
( 54,863)
( 54,863)
---------
-----------
-----------
At 30 November 2023
15,681
463,249
478,930
---------
-----------
-----------
Depreciation
At 1 December 2022
6,431
286,893
293,324
Charge for the year
925
26,210
27,135
Disposals
( 46,903)
( 46,903)
---------
-----------
-----------
At 30 November 2023
7,356
266,200
273,556
---------
-----------
-----------
Carrying amount
At 30 November 2023
8,325
197,049
205,374
---------
-----------
-----------
At 30 November 2022
9,250
174,566
183,816
---------
-----------
-----------
7. Debtors
2023
2022
£
£
Trade debtors
126,536
66,573
Other debtors
193
-----------
---------
126,729
66,573
-----------
---------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
10,000
10,000
Trade creditors
53,252
15,112
Social security and other taxes
23,540
6,053
Other creditors
10,017
2,678
---------
---------
96,809
33,843
---------
---------
9. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
20,000
30,000
---------
---------
The loan mentioned above is for a term of 6 years and is at commercial bank lending rates.
10. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
-----
-----
-----
-----
11. Director's advances, credits and guarantees
The directors were not advanced any amounts during the period.
12. Related party transactions
The company was under the control of Mr S Wharton and Mrs V Wharton throughout the current year. Mr S Wharton is the managing director. No transactions with related parties were undertaken such as are required to be disclosed under the FRS102 Section 1A .