Company Registration Number 03581352 (England and Wales)
WHILTON LOCKS CARPET CO. LTD.
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
WHILTON LOCKS CARPET CO. LTD.
COMPANY INFORMATION
Directors
Mr H Wills
Mrs DE Wills
Company number
03581352
Registered office
Whilton Locks
Daventry
Northamptonshire
NN11 2NH
Accountants
Cottons Accountants LLP
1 Billing Road
Northampton
United Kingdom
NN1 5AL
WHILTON LOCKS CARPET CO. LTD.
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
WHILTON LOCKS CARPET CO. LTD.
BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
5
78,006
93,713
Current assets
Stocks
92,828
88,359
Debtors
6
20,677
21,623
Cash at bank and in hand
157,304
152,885
270,809
262,867
Creditors: amounts falling due within one year
7
(196,448)
(178,784)
Net current assets
74,361
84,083
Total assets less current liabilities
152,367
177,796
Creditors: amounts falling due after more than one year
8
(19,536)
(32,546)
Provisions for liabilities
11
(12,881)
(15,669)
Net assets
119,950
129,581
Capital and reserves
Called up share capital
12
10,000
10,000
Retained earnings
13
109,950
119,581
Total equity
119,950
129,581
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
WHILTON LOCKS CARPET CO. LTD.
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023
31 December 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 9 April 2024 and are signed on its behalf by:
Mr H Wills
Mrs DE Wills
Director
Director
Company Registration No. 03581352
WHILTON LOCKS CARPET CO. LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information
Whilton Locks Carpet Co. Ltd. is a private company limited by shares incorporated in England and Wales. The registered office is Whilton Locks, Daventry, Northamptonshire, NN11 2NH.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
20% & 33% Straight line
Fixtures and fittings
20% on Reducing balance & 33% Straight line
Computers
33% Straight line
Motor vehicles
25% on Reducing balance
1.4
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.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
WHILTON LOCKS CARPET CO. LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.6
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.7
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
10
10
WHILTON LOCKS CARPET CO. LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
3
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
9,904
Adjustments in respect of prior periods
(5,019)
Total current tax
9,904
(5,019)
Deferred tax
Origination and reversal of timing differences
(2,788)
10,828
Total tax charge
7,116
5,809
4
Dividends
2023
2022
£
£
Interim paid
40,000
60,000
5
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 January 2023
35,191
35,189
10,943
88,521
169,844
Additions
727
9,910
887
11,524
Disposals
(1,803)
(1,803)
At 31 December 2023
34,115
45,099
11,830
88,521
179,565
Depreciation and impairment
At 1 January 2023
16,114
21,271
5,172
33,574
76,131
Depreciation charged in the year
4,658
5,890
2,946
13,737
27,231
Eliminated in respect of disposals
(1,803)
(1,803)
At 31 December 2023
18,969
27,161
8,118
47,311
101,559
Carrying amount
At 31 December 2023
15,146
17,938
3,712
41,210
78,006
At 31 December 2022
19,077
13,918
5,771
54,947
93,713
WHILTON LOCKS CARPET CO. LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
5,235
840
Corporation tax recoverable
5,038
Prepayments and accrued income
15,442
15,745
20,677
21,623
7
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
5,734
5,736
Obligations under finance leases
9
7,278
7,909
Payments received on account
70,887
77,419
Trade creditors
59,127
32,385
Corporation tax
9,885
Other taxation and social security
26,599
35,476
Other creditors
13,788
17,068
Accruals and deferred income
3,150
2,791
196,448
178,784
8
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
10,990
16,722
Other creditors
8,546
15,824
19,536
32,546
9
Finance lease obligations
2023
2022
Future minimum lease payments due under finance leases:
£
£
Within one year
7,278
7,909
In two to five years
8,546
15,824
15,824
23,733
WHILTON LOCKS CARPET CO. LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
10
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
19,541
29,636
11
Provisions for liabilities
2023
2022
£
£
Deferred tax liabilities
12,881
15,669
12
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
10,000
10,000
10,000
10,000
13
Profit and loss reserves
2023
2022
£
£
At the beginning of the year
119,581
150,905
Profit for the year
30,369
28,676
Dividends declared and paid in the year
(40,000)
(60,000)
At the end of the year
109,950
119,581
14
Pension Commitments
The company paid into its defined contribution pension scheme during the year. The amount outstanding at the year end was £862 (2022: £1,846).
15
Ulitimate Controlling Party
Directors H & D Wills each own 50% of the issued share capital and therefore have control.
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