Registered number |
Registered number: | |||||||
Balance Sheet | |||||||
as at |
|||||||
Notes | 2023 | 2022 | |||||
£ | £ | ||||||
Fixed assets | |||||||
Tangible assets | 3 | ||||||
Creditors: amounts falling due within one year | 4 | ( |
( |
||||
Net current liabilities | ( |
( |
|||||
Net assets | |||||||
Capital and reserves | |||||||
Called up share capital | |||||||
Profit and loss account | |||||||
Shareholder's funds | |||||||
Peter Lymn | |||||||
Director | |||||||
Approved by the board on |
|||||||
Notes to the Accounts | ||||||||
for the year ended |
||||||||
1 | Accounting policies | |||||||
Basis of preparation | ||||||||
Turnover | ||||||||
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods) , the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably. Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered . |
||||||||
Research and development expenditure | ||||||||
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated . |
||||||||
Intangible fixed assets | ||||||||
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably. Amortisation 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: |
||||||||
Patents & licences | 5% straight line | |||||||
Tangible fixed assets | ||||||||
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: |
||||||||
Freehold buildings | No depreciation | |||||||
Leasehold land and buildings | over the lease term | |||||||
Plant and machinery | 20% straight line | |||||||
Fixtures, fittings, tools and equipment | 30% straight line | |||||||
Motor vehicles | 20% straight line | |||||||
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss. | ||||||||
Fixed asset investments | ||||||||
A subsidiary is an entity controlled by the company . Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities. An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a longterm interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate. Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities. |
||||||||
Impairment of fixed assets | ||||||||
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which theasset belongs. | ||||||||
Stocks | ||||||||
Stocks held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential. At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss. |
||||||||
Cash at bank and in hand | ||||||||
Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. | ||||||||
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. |
||||||||
Basic financial assets | ||||||||
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised. | ||||||||
Classification of financial liabilities | ||||||||
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. | ||||||||
Basic financial liabilities | ||||||||
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. |
||||||||
Equity instruments | ||||||||
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company. | ||||||||
Employee benefits | ||||||||
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets. The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received. Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits. |
||||||||
Retirement benefits | ||||||||
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due. | ||||||||
Debtors | ||||||||
Creditors | ||||||||
Taxation | ||||||||
Provisions | ||||||||
Foreign currency translation | ||||||||
Leases | ||||||||
Pensions | ||||||||
2 | Employees | 2023 | 2022 | |||||
Number | Number | |||||||
Average number of persons employed by the company | ||||||||
3 | Tangible fixed assets | |||||||
Land and buildings | ||||||||
£ | ||||||||
Cost | ||||||||
At 1 January 2023 | ||||||||
At 31 December 2023 | ||||||||
Depreciation | ||||||||
At 31 December 2023 | - | |||||||
Net book value | ||||||||
At 31 December 2023 | ||||||||
At 31 December 2022 | ||||||||
4 | Creditors: amounts falling due within one year | 2023 | 2022 | |||||
£ | £ | |||||||
Other creditors | ||||||||
5 | Other information | |||||||
WHY HOLDINGS LIMITED is a private company limited by shares and incorporated in England. Its registered office is: | ||||||||
Old Lime Works | ||||||||
Kiln Lane | ||||||||
Buriton | ||||||||
Hampshire | ||||||||
GU31 5SJ |