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Registration number: 11388536

Wild & Westbrooke Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 September 2023

 

Wild & Westbrooke Limited

(Registration number: 11388536)
Balance Sheet as at 30 September 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

6,104

10,467

Current assets

 

Stocks

5

184,319

183,739

Debtors

6

22,007

41,491

Cash at bank and in hand

 

4,483

2,817

 

210,809

228,047

Creditors: Amounts falling due within one year

7

(214,007)

(251,362)

Net current liabilities

 

(3,198)

(23,315)

Total assets less current liabilities

 

2,906

(12,848)

Creditors: Amounts falling due after more than one year

7

-

(17,825)

Provisions for liabilities

(1,160)

-

Net assets/(liabilities)

 

1,746

(30,673)

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

1,646

(30,773)

Shareholders' funds/(deficit)

 

1,746

(30,673)

For the financial year ending 30 September 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.

Approved and authorised by the Board on 27 March 2024 and signed on its behalf by:
 

.........................................
L E Stirk
Director

 

Wild & Westbrooke Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 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:
3 Stonegate
YORK
YO1 8AN

These financial statements were authorised for issue by the Board on 27 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.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

Wild & Westbrooke Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

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.

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

Fixtures and fittings

20% straight line

Plant and machinery

25% straight line

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.

 

Wild & Westbrooke Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

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.

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.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 6 (2022 - 5).

 

Wild & Westbrooke Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 October 2022

23,203

23,203

Additions

292

292

Disposals

(8,717)

(8,717)

At 30 September 2023

14,778

14,778

Depreciation

At 1 October 2022

12,736

12,736

Charge for the year

2,947

2,947

Eliminated on disposal

(7,009)

(7,009)

At 30 September 2023

8,674

8,674

Carrying amount

At 30 September 2023

6,104

6,104

At 30 September 2022

10,467

10,467

5

Stocks

2023
£

2022
£

Other inventories

184,319

183,739

6

Debtors

Current

2023
£

2022
£

Trade debtors

4,886

-

Prepayments

16,556

22,275

Other debtors

565

19,216

 

22,007

41,491

 

Wild & Westbrooke Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

-

4,813

Trade creditors

 

45,198

93,664

Taxation and social security

 

3,209

96

Accruals and deferred income

 

4,280

2,083

Other creditors

 

161,320

150,706

 

214,007

251,362

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

-

17,825

8

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary A of £1 each

50

50

50

50

Ordinary B of £1 each

25

25

25

25

Ordinary C of £1 each

25

25

25

25

100

100

100

100

9

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

-

17,825

Current loans and borrowings

2023
£

2022
£

Bank borrowings

-

4,813

 

Wild & Westbrooke Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

10

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2023
£

2022
£

Not later than one year

60,000

60,000

Later than one year and not later than five years

240,000

240,000

Later than five years

201,667

261,667

501,667

561,667

The amount of non-cancellable operating lease payments recognised as an expense during the year was £60,000 (2022 - £28,748).

11

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2023
£

2022
£

Not later than one year

60,000

60,000

Later than one year and not later than five years

240,000

240,000

Later than five years

201,667

261,667

501,667

561,667

The amount of non-cancellable operating lease payments recognised as an expense during the year was £60,000 (2022 - £28,748).

12

Related party transactions

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

27,300

40,170

Loans from related parties

 

Wild & Westbrooke Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

2023

Key management
£

Total
£

At start of period

150,706

150,706

Repaid

(8,451)

(8,451)

At end of period

142,255

142,255

2022

Key management
£

Total
£

At start of period

102,293

102,293

Advanced

48,413

48,413

At end of period

150,706

150,706

Terms of loans from related parties

Key management comprises the directors. No interest is charged on the director loan accounts.