REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 28 February 2023 |
for |
John Wherritt Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 28 February 2023 |
for |
John Wherritt Limited |
John Wherritt Limited (Registered number: 00737301) |
Contents of the Financial Statements |
for the Year Ended 28 February 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
John Wherritt Limited |
Company Information |
for the Year Ended 28 February 2023 |
Directors: |
Secretary: |
Registered office: |
Registered number: |
Accountants: |
2 Belgrave Crescent |
Scarborough |
North Yorkshire |
YO11 1UB |
John Wherritt Limited (Registered number: 00737301) |
Balance Sheet |
28 February 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
Fixed assets |
Tangible assets | 4 |
Current assets |
Stocks | 5 |
Prepayments and accrued income |
Cash at bank and in hand |
Creditors |
Amounts falling due within one year | 6 |
Net current assets |
Total assets less current liabilities |
Capital and reserves |
Called up share capital | 7 |
Revaluation reserve | 8 |
Retained earnings |
Shareholders' funds |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
John Wherritt Limited (Registered number: 00737301) |
Balance Sheet - continued |
28 February 2023 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
John Wherritt Limited (Registered number: 00737301) |
Notes to the Financial Statements |
for the Year Ended 28 February 2023 |
1. | Statutory information |
John Wherritt Limited is a |
2. | Accounting policies |
Basis of preparing the financial statements |
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention modified to include certain items at fair value.The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £. |
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. |
Tangible fixed assets |
Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. |
Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows: |
Shop equipment | Reducing balance | 15% |
Computer equipment | Reducing balance | 25% |
The company adopted FRS 102 in 2017 and the directors concluded that there be a policy change whereby Land and buildings are no longer depreciated. |
Stocks |
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
John Wherritt Limited (Registered number: 00737301) |
Notes to the Financial Statements - continued |
for the Year Ended 28 February 2023 |
2. | Accounting policies - continued |
Debtors and creditors receivable / payable |
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 . |
Impairment |
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease. |
Taxation |
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that 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 balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset. |
Turnover and other income |
Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. The policies adopted for the recognition of turnover are as follows: |
Sale of goods |
Turnover from the sale of souvenir and fancy goods is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. |
3. | Employees and directors |
The average number of employees during the year was |
John Wherritt Limited (Registered number: 00737301) |
Notes to the Financial Statements - continued |
for the Year Ended 28 February 2023 |
4. | Tangible fixed assets |
Fixtures |
Freehold | and |
property | fittings | Totals |
£ | £ | £ |
Cost |
At 1 March 2022 |
and 28 February 2023 |
Depreciation |
At 1 March 2022 |
Charge for year |
At 28 February 2023 |
Net book value |
At 28 February 2023 |
At 28 February 2022 |
5. | Stocks |
2023 | 2022 |
£ | £ |
Stocks |
6. | Creditors: amounts falling due within one year |
2023 | 2022 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
7. | Called up share capital |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary Shares | £1 | 5,400 | 5,400 |
Preferred Ordinary Shares | £1 | 600 | 600 |
6,000 | 6,000 |
John Wherritt Limited (Registered number: 00737301) |
Notes to the Financial Statements - continued |
for the Year Ended 28 February 2023 |
8. | Reserves |
Revaluation |
reserve |
£ |
At 1 March 2022 |
and 28 February 2023 |
Land and buildings were restated in the 2017 accounts at the deemed cost of the 1988 revaluation of £75,000. A prior year adjustment was undertaken to remove the accumulated depreciation and bring the revaluation reserve to match the value of the property, less the original cost of £4,860, leaving the revaluation reserve at £70,140. |