Company registration number 09466247 (England and Wales)
WHITSON PRESTIGE LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023
PAGES FOR FILING WITH REGISTRAR
WHITSON PRESTIGE LTD
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 6
WHITSON PRESTIGE LTD
BALANCE SHEET
AS AT
28 FEBRUARY 2023
28 February 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
112,461
118,176
Current assets
Stocks
1,229,260
1,406,366
Debtors
4
64,918
330,747
Cash at bank and in hand
110,281
146,496
1,404,459
1,883,609
Creditors: amounts falling due within one year
5
(1,180,480)
(1,774,476)
Net current assets
223,979
109,133
Total assets less current liabilities
336,440
227,309
Creditors: amounts falling due after more than one year
6
(130,661)
(81,448)
Provisions for liabilities
(15,343)
(10,365)
Net assets
190,436
135,496
Capital and reserves
Called up share capital
7
125
110
Share premium account
149,985
Profit and loss reserves
40,326
135,386
Total equity
190,436
135,496
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 5 February 2024 and are signed on its behalf by:
Mr J C Collingbourne
Director
Company Registration No. 09466247
WHITSON PRESTIGE LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 2 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 March 2021
110
101,580
101,690
Year ended 28 February 2022:
Profit and total comprehensive income
-
-
84,806
84,806
Dividends
-
-
(51,000)
(51,000)
Balance at 28 February 2022
110
135,386
135,496
Year ended 28 February 2023:
Loss and total comprehensive income
-
-
(63,361)
(63,361)
Issue of share capital
7
15
149,985
-
150,000
Dividends
-
-
(31,699)
(31,699)
Balance at 28 February 2023
125
149,985
40,326
190,436
WHITSON PRESTIGE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 3 -
1
Accounting policies
Company information
Whitson Prestige Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Whitson Court, Whitson, Newport, Gwent, United Kingdom, NP18 2AY.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods 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.
1.3
Tangible fixed assets
Tangible fixed assets are measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
10 years straight line on buildings
Plant and equipment
3 years straight line
Fixtures and fittings
4 years straight line
Computers
4 years straight line
Motor vehicles
20% reducing balance
1.4
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
WHITSON PRESTIGE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
1
Accounting policies
(Continued)
- 4 -
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.7
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.8
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease.
WHITSON PRESTIGE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 5 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
4
5
3
Tangible fixed assets
Freehold land and buildings
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 March 2022
54,382
15,431
78,744
7,589
1,500
157,646
Additions
4,193
4,391
21,705
902
31,191
At 28 February 2023
58,575
19,822
100,449
8,491
1,500
188,837
Depreciation and impairment
At 1 March 2022
5,626
6,520
25,182
1,517
625
39,470
Depreciation charged in the year
5,570
5,562
23,645
1,954
175
36,906
At 28 February 2023
11,196
12,082
48,827
3,471
800
76,376
Carrying amount
At 28 February 2023
47,379
7,740
51,622
5,020
700
112,461
At 28 February 2022
48,756
8,911
53,562
6,072
875
118,176
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
38,722
321,597
Other debtors
26,196
9,150
64,918
330,747
WHITSON PRESTIGE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 6 -
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
10,000
10,000
Trade creditors
29,502
416,436
Taxation and social security
31,740
16,855
Other creditors
1,109,238
1,331,185
1,180,480
1,774,476
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
22,500
32,500
Other creditors
108,161
48,948
130,661
81,448
7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
115
100
115
100
Ordinary B of £1 each
10
10
10
10
125
110
125
110
During the year 15 ordinary shares of £1 each were issued and fully paid.