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Registration number: 00208652

W.Martin,Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 September 2023

 

W.Martin,Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

W.Martin,Limited

Company Information

Directors

Miss SE Martin

Mr JD Martin

Company secretary

Miss SE Martin

Registered office

73 Cheriton High Street
Folkestone
Kent
CT19 4HE

Accountants

Beresfords
1-2 Rhodium Point
Spindle Close
Hawkinge
Folkestone
Kent
CT18 7TQ

 

W.Martin,Limited

(Registration number: 00208652)
Balance Sheet as at 30 September 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

3,551

1,489

Current assets

 

Stocks

5

12,433

14,615

Debtors

6

470

301

Cash at bank and in hand

 

10,173

14,929

 

23,076

29,845

Creditors: Amounts falling due within one year

7

(5,344)

(6,886)

Net current assets

 

17,732

22,959

Net assets

 

21,283

24,448

Capital and reserves

 

Called up share capital

8,000

8,000

Capital redemption reserve

20,062

20,062

Retained earnings

(6,779)

(3,614)

Shareholders' funds

 

21,283

24,448

 

W.Martin,Limited

(Registration number: 00208652)
Balance Sheet as at 30 September 2023 (continued)

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.

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 11 March 2024 and signed on its behalf by:
 

.........................................
Mr JD Martin
Director

   
     
 

W.Martin,Limited

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

1

General information

W.Martin,Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 00208652 and registered office address is as follows:


73 Cheriton High Street
Folkestone
Kent
CT19 4HE

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £1.

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 are prepared on a going concern basis and there are no material uncertainties that cast significant doubt on the Company’s ability to continue as a going concern.

Judgements

No judgements have been made in the process of applying the accounting policies that have had a significant effect on the amounts recognised in the financial statements.

No key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date which have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year have been made.

 

W.Martin,Limited

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

2

Accounting policies (continued)

Revenue recognition

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

Sale of goods

Revenue from the sale of good is recognised when all the following conditions are satisfied:
- the Company transferred the significant risks and rewards of ownership to the buyer;
- the Company retains no continuing managerial involvement associated with ownership;
- the Company retains no effective control over the goods sold;
- the amount of revenue can be measured reliably;
- it is profitable 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.

Government grants

Grants are accounted for under the accruals model permitted by FRS102. Grants relating to expenditure on tangible assets are credited to the profit and 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 profit and loss account in the same period as the related expenditure.

Finance income and costs policy

Interest income is recognised in the profit and loss account using the effective interest method.

Finance costs are charged to the profit and loss account over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

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 over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold property

0%

Plant and machinery

15% reducing balance

 

W.Martin,Limited

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

2

Accounting policies (continued)

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.

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.

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.

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.

 

W.Martin,Limited

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

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2022 - 3).

4

Tangible assets

Freehold Property
£

Plant and equipment
£

Total
£

Cost or valuation

At 1 October 2022

1,237

7,207

8,444

Additions

2,100

-

2,100

At 30 September 2023

3,337

7,207

10,544

Depreciation

At 1 October 2022

-

6,955

6,955

Charge for the year

-

38

38

At 30 September 2023

-

6,993

6,993

Carrying amount

At 30 September 2023

3,337

214

3,551

At 30 September 2022

1,237

252

1,489

5

Stocks

2023
£

2022
£

Other inventories

12,433

14,615

6

Debtors

Current

2023
£

2022
£

Prepayments

470

301

 

W.Martin,Limited

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

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

3,035

5,123

Taxation and social security

918

385

Other creditors

1,391

1,378

5,344

6,886