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Registered number: 09466622










MESSUMS WILTSHIRE LTD








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2023

 
MESSUMS WILTSHIRE LTD
REGISTERED NUMBER: 09466622

BALANCE SHEET
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
289,756
288,745

  
289,756
288,745

Current assets
  

Stocks
  
161,777
83,315

Debtors: amounts falling due within one year
 5 
588,683
602,214

Bank and cash balances
  
242,738
30,158

  
993,198
715,687

  

Creditors: amounts falling due within one year
 6 
(1,419,468)
(767,740)

Net current liabilities
  
 
 
(426,270)
 
 
(52,053)

Total assets less current liabilities
  
(136,514)
236,692

Creditors: amounts falling due after more than one year
 7 
(24,167)
(35,334)

Net (liabilities)/assets
  
(160,681)
201,358


Capital and reserves
  

Called up share capital 
  
100
100

Share premium account
  
249,992
249,992

Profit and loss account
  
(410,773)
(48,734)

  
(160,681)
201,358


Page 1

 
MESSUMS WILTSHIRE LTD
REGISTERED NUMBER: 09466622

BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2023

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




J Messum
Director
Date: 31 March 2024

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
MESSUMS WILTSHIRE LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.


General information

Messums Wiltshire Limited is a private company limited by share capital and incorporated in England and Wales. The address of the principal place of business is Place Farm, Court Street, Tisbury, Salisbury, SP3 6LW and 28 Cork Street, London, W1S 3NG.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Going concern

The director is satisfied that it is appropriate to prepare accounts on a going concern basis. The director is satisfied that sufficient funds will be available from shareholders and other sources to support the company's activities for at least 12 months from the date of approval of these financial statements.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 3

 
MESSUMS WILTSHIRE LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.5

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.6

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of comprehensive income in the same period as the related expenditure.

 
2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 4

 
MESSUMS WILTSHIRE LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, as follows:.

Depreciation is provided on the following basis:

Leasehold property
-
10%  straight line
Plant and machinery
-
20%  reducing balance
Website development
-
33.3% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.9

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is 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.

 
2.10

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.11

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.12

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 5

 
MESSUMS WILTSHIRE LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.13

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” 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.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.


3.


Employees

The average monthly number of employees, including directors, during the year was 29 (2022 - 27).


4.


Tangible fixed assets





Leasehold property
Plant and machinery
Website development
Total

£
£
£
£



Cost or valuation


At 1 April 2022
217,060
296,643
21,300
535,003


Additions
-
61,044
452
61,496



At 31 March 2023

217,060
357,687
21,752
596,499



Depreciation


At 1 April 2022
129,103
103,340
13,815
246,258


Charge for the year on owned assets
21,706
36,172
2,607
60,485



At 31 March 2023

150,809
139,512
16,422
306,743



Net book value



At 31 March 2023
66,251
218,175
5,330
289,756



At 31 March 2022
87,957
193,303
7,485
288,745

Page 6

 
MESSUMS WILTSHIRE LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

5.


Debtors

2023
2022
£
£


Trade debtors
316,833
258,176

Amounts owed by related undertakings
13,845
14,195

Other debtors
145,159
157,583

Prepayments and accrued income
61,551
144,455

Tax recoverable
51,295
27,805

588,683
602,214



6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank overdrafts
6,155
20,518

Bank loans
10,000
8,833

Trade creditors
983,318
580,049

Amounts owed to related undertakings
6,675
22,666

Corporation tax
52,179
27,805

Other taxation and social security
107,862
-

Other creditors
44,503
76,549

Accruals and deferred income
208,776
31,320

1,419,468
767,740



7.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
24,167
35,334

24,167
35,334


Page 7

 
MESSUMS WILTSHIRE LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

8.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year
10,000
8,833

Amounts falling due 1-2 years
10,000
8,834

Amounts falling due 2-5 years
14,167
26,500

34,167
44,167



9.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company  to the fund and amounted to £17,154 (2022 - £13,235). Contributions totalling £3,097 (2022 - £3,136) were payable to the fund at the balance sheet date and are included in creditors.


10.


Commitments under operating leases

At 31 March 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
36,000
36,000

Later than 1 year and not later than 5 years
87,000
123,000

123,000
159,000


11.


Related party transactions

During the year, sales of £205,000 (2022: £7,575) and purchases of £nil (2022: £41,374) from David Messums Fine Art Limited, a company controlled by a close family member of the director, J Messum. At the year end the Company was owed £3,107 (2022: £nil).
At the year end the Company was owed £6,675 (2022: £8,471) by Fine Art Exchange Limited, a company related by common control. 
At the year end the Company was owed £75,649 (2022: £85,555) by the director J Messum.  The amount is disclosed in other debtors. Purchases of £61,750 (2022: £nil) were made from J Messum. 
During the year the Company paid £239,258 (2022: £207,784) for rent and service charges to Fonthill Estate.  Fonthill Estate is owned by Alastair Margadale, a shareholder of the company. 

Page 8

 
MESSUMS WILTSHIRE LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

12.


Controlling party

The Company is controlled by J Messum by virtue of his majority shareholding.


Page 9