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COMPANY REGISTRATION NUMBER: 12597962
B WOOLWICH LIMITED
Filleted Unaudited Financial Statements
30 May 2023
B WOOLWICH LIMITED
Statement of Financial Position
30 May 2023
30 May 23
31 May 22
Note
£
£
Current assets
Stocks
13,964,146
12,223,440
Debtors
4
70
1,823
Cash at bank and in hand
24,728
29,837
-------------
-------------
13,988,944
12,255,100
Creditors: amounts falling due within one year
5
14,051,157
12,293,812
-------------
-------------
Net current liabilities
62,213
38,712
--------
--------
Total assets less current liabilities
( 62,213)
( 38,712)
--------
--------
Net liabilities
( 62,213)
( 38,712)
--------
--------
Capital and reserves
Called up share capital
7
200
200
Profit and loss account
( 62,413)
( 38,912)
--------
--------
Shareholders deficit
( 62,213)
( 38,712)
--------
--------
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.
For the period ending 30 May 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 financial statements for the period in question in accordance with section 476 ;
- The directors acknowledge their 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 20 March 2024 , and are signed on behalf of the board by:
Mr Peter Vincent Young
Director
Company registration number: 12597962
B WOOLWICH LIMITED
Notes to the Financial Statements
Period from 1 June 2022 to 30 May 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 10 Orange Street, Haymarket, London, WC2H 7DQ, England.
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.
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
Disclosure exemptions
The entity satisfies the criteria of being a qualifying small entity as defined in FRS 102. As such, advantage has been taken of the following disclosure exemptions available under section 1A of FRS 102: (a) No cash flow statement has been presented for the company. (b) Disclosures in respect of financial instruments have not been presented.
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
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Debtors
30 May 23
31 May 22
£
£
Other debtors
70
1,823
----
-------
5. Creditors: amounts falling due within one year
30 May 23
31 May 22
£
£
Trade creditors
52,563
103,170
Other creditors
13,998,594
12,190,642
-------------
-------------
14,051,157
12,293,812
-------------
-------------
6. 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.
7. Called up share capital
Issued, called up and fully paid
30 May 23
31 May 22
No.
£
No.
£
Ordinary shares of £ 0.01 each
20,000
200
20,000
200
--------
----
--------
----
Shares issued and fully paid
30 May 23
31 May 22
No.
£
No.
£
Ordinary shares of £ 0.01 each
20,000
200
20,000
200
--------
----
--------
----
Shares issued and partly paid
30 May 23
31 May 22
No.
£
No.
£
8. Related party transactions
Other creditors include amounts loaned by the shareholders totalling £3,500,379 (2022: £1,947,892). These amounts are interest free with no fixed repayment date.