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Registration number: 03925840

White Rose Petersfield Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

White Rose Petersfield Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 10

 

White Rose Petersfield Limited

Company Information

Directors

Mr A J Baker

Mrs TA Baker

Company secretary

Mrs TA Baker

Registered office

Station Road
Petersfield
Hampshire
GU32 3DJ

Accountants

Howard Smith & Co Limited
First Floor
Bellamy House
Winton Road
Petersfield
Hampshire
GU32 3HA

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
White Rose Petersfield Limited
for the Year Ended 31 December 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of White Rose Petersfield Limited for the year ended 31 December 2023 as set out on pages 3 to 10 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of White Rose Petersfield Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of White Rose Petersfield Limited and state those matters that we have agreed to state to the Board of Directors of White Rose Petersfield Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than White Rose Petersfield Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that White Rose Petersfield Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of White Rose Petersfield Limited. You consider that White Rose Petersfield Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of White Rose Petersfield Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Howard Smith & Co Limited
First Floor
Bellamy House
Winton Road
Petersfield
Hampshire
GU32 3HA

14 March 2024

 

White Rose Petersfield Limited

(Registration number: 03925840)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

911,367

927,586

Current assets

 

Stocks

5

151,362

169,457

Debtors

6

8,825

10,130

Cash at bank and in hand

 

80,691

96,189

 

240,878

275,776

Creditors: Amounts falling due within one year

7

(140,887)

(133,830)

Net current assets

 

99,991

141,946

Total assets less current liabilities

 

1,011,358

1,069,532

Provisions for liabilities

(23,138)

(24,477)

Net assets

 

988,220

1,045,055

Capital and reserves

 

Called up share capital

8

100,000

100,000

Revaluation reserve

411,625

411,625

Retained earnings

476,595

533,430

Shareholders' funds

 

988,220

1,045,055

For the financial year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 14 March 2024 and signed on its behalf by:
 

 

White Rose Petersfield Limited

(Registration number: 03925840)
Balance Sheet as at 31 December 2023

.........................................
Mr A J Baker
Director

 

White Rose Petersfield Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Station Road
Petersfield
Hampshire
GU32 3DJ

These financial statements were authorised for issue by the Board on 14 March 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

White Rose Petersfield Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold property

1% - 2% on a straight line basis

Short term leasehold property

Over the term of the lease

Plant and machinery

10% - 20% on a reducing balance basis

Motor vehicles

25% on a reducing balance basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

White Rose Petersfield Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

White Rose Petersfield Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 14 (2022 - 14).

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2023

795,000

554,899

64,708

1,414,607

Additions

-

9,986

-

9,986

At 31 December 2023

795,000

564,885

64,708

1,424,593

Depreciation

At 1 January 2023

9,208

474,273

3,540

487,021

Charge for the year

6,500

14,905

4,800

26,205

At 31 December 2023

15,708

489,178

8,340

513,226

Carrying amount

At 31 December 2023

779,292

75,707

56,368

911,367

At 31 December 2022

785,792

80,626

61,168

927,586

Included within the net book value of land and buildings above is £779,292 (2022 - £785,792) in respect of freehold land and buildings.
 

Revaluation

The fair value of the company's Freehold property was revalued on 26 July 2021 by an independent valuer.
During the year ended 31 December 2021, the company's premises were revalued at market value on the basis of existing use.. The name and qualification of the independent valuer are Hurst, Warne & Partners Surveyors Limited, Chartered Surveyors.
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £356,803 (2022 - £363,303).

 

White Rose Petersfield Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

5

Stocks

2023
£

2022
£

Raw materials and consumables

52,958

54,166

Other inventories

98,404

115,291

151,362

169,457

6

Debtors

Current

2023
£

2022
£

Trade debtors

5,385

4,618

Prepayments

3,440

3,962

Other debtors

-

1,550

 

8,825

10,130

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

8,125

17,875

Trade creditors

 

70,061

60,024

Taxation and social security

 

35,209

31,171

Accruals and deferred income

 

7,546

4,798

Other creditors

 

19,946

19,962

 

140,887

133,830

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

"A" Ordinary of £1 each

56,400

56,400

56,400

56,400

"B" Ordinary of £1 each

43,600

43,600

43,600

43,600

 

100,000

100,000

100,000

100,000

 

White Rose Petersfield Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

9

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Hire purchase contracts

8,125

17,875

10

Dividends

   

2023

 

2022

   

£

 

£

Interim dividend of £0.72 (2022 - £0.72) per ordinary share

 

72,000

 

72,000

         

11

Related party transactions

At 31 December 2023, the company owed £9,000 (2022: £9,000) to Mr A J Baker and £9,000 (2022: £9,000) to Mrs T A Baker. These loans are unsecured.

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

19,000

19,000

Contributions paid to money purchase schemes

30,000

30,000

49,000

49,000

During the year the number of directors who were receiving benefits and share incentives was as follows:

2023
No.

2022
No.

Accruing benefits under money purchase pension scheme

1

1