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Registration number: 13822421

The Wittering Group Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

The Wittering Group Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3

Notes to the Unaudited Financial Statements

4 to 9

 

The Wittering Group Limited

Company Information

Directors

Mr D R W Gaunt

Mr D E Morgan

Mr A J Steer

Registered office

The Wittering
Cakeham Road
West Wittering
West Sussex
PO20 8AD

Accountants

Blue Spire Limited
Cawley Priory
South Pallant
Chichester
West Sussex
PO19 1SY

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
The Wittering Group Limited
for the Year Ended 31 December 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of The Wittering Group Limited for the year ended 31 December 2023 as set out on pages 3 to 9 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of The Wittering Group Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of The Wittering Group Limited and state those matters that we have agreed to state to the Board of Directors of The Wittering Group Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than The Wittering Group Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that The Wittering Group Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of The Wittering Group Limited. You consider that The Wittering Group Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of The Wittering Group Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Blue Spire Limited
Cawley Priory
South Pallant
Chichester
West Sussex
PO19 1SY

16 July 2024

 

The Wittering Group Limited

(Registration number: 13822421)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

53,033

59,533

Tangible assets

5

86,026

115,667

Debtors

7

19,500

19,500

 

158,559

194,700

Current assets

 

Stocks

6

17,490

11,007

Debtors

7

11,159

11,868

Cash at bank and in hand

 

24,433

100,323

 

53,082

123,198

Creditors: Amounts falling due within one year

8

(107,976)

(112,777)

Net current (liabilities)/assets

 

(54,894)

10,421

Total assets less current liabilities

 

103,665

205,121

Creditors: Amounts falling due after more than one year

8

(502,950)

(489,000)

Net liabilities

 

(399,285)

(283,879)

Capital and reserves

 

Called up share capital

9

150

100

Retained earnings

(399,435)

(283,979)

Shareholders' deficit

 

(399,285)

(283,879)

For the financial year ending 31 December 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 16 July 2024 and signed on its behalf by:
 

.........................................
Mr D R W Gaunt
Director

.........................................
Mr D E Morgan
Director

 
     
 

The Wittering Group Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
The Wittering
Cakeham Road
West Wittering
West Sussex
PO20 8AD

These financial statements were authorised for issue by the Board on 16 July 2024.

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 have been prepared on a going concern basis.

Revenue recognition

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

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

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, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

3 Years straight line

Fixtures and fittings

4 Years straight line

Crockery and equipment

3 Years straight line

Plant and machinery

20% Reducing balance

Leasehold

10 Years straight line

 

The Wittering Group Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

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.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. 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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

The Wittering Group Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 26 (2022 - 27).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 January 2023

65,000

65,000

At 31 December 2023

65,000

65,000

Amortisation

At 1 January 2023

5,467

5,467

Amortisation charge

6,500

6,500

At 31 December 2023

11,967

11,967

Carrying amount

At 31 December 2023

53,033

53,033

At 31 December 2022

59,533

59,533

 

The Wittering Group Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 January 2023

5,763

137,978

143,741

Additions

-

2,886

2,886

At 31 December 2023

5,763

140,864

146,627

Depreciation

At 1 January 2023

485

27,589

28,074

Charge for the year

576

31,951

32,527

At 31 December 2023

1,061

59,540

60,601

Carrying amount

At 31 December 2023

4,702

81,324

86,026

At 31 December 2022

5,278

110,389

115,667

Included within the net book value of land and buildings above is £4,702 (2022 - £5,278) in respect of long leasehold land and buildings.
 

6

Stocks

2023
£

2022
£

Other inventories

17,490

11,007

7

Debtors

Current

2023
£

2022
£

Trade debtors

1,119

1,147

Prepayments

10,040

10,721

 

11,159

11,868

Non-current

2023
£

2022
£

Other debtors

19,500

19,500

 

19,500

19,500

 

The Wittering Group Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

10

4,500

-

Trade creditors

 

73,950

67,840

Taxation and social security

 

18,195

32,040

Accruals and deferred income

 

10,072

9,361

Other creditors

 

1,259

3,536

 

107,976

112,777

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

10

19,500

117,367

Owed to related parties

 

483,450

371,633

 

502,950

489,000

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

150

150

100

100

         

10

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Other borrowings

19,500

117,367

2023
£

2022
£

Current loans and borrowings

Other borrowings

4,500

-

 

The Wittering Group Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

11

Related party transactions

Transactions with directors

2023

At 1 January 2023
£

Advances to director
£

Other payments made to company by director
£

At 31 December 2023
£

Mr D E Morgan

Balance owed to director

277,267

-

3,700

280,967

         
       

Mr D R W Gaunt

Balance owed to director

94,367

-

7,400

101,767

         
       

Mr A J Steer

Balance owed to director

-

(50)

100,767

100,717

         
       

 

2022

At 30 December 2021
£

Advances to director
£

Other payments made to company by director
£

At 31 December 2022
£

Mr D E Morgan

Balance owed to director

-

(336)

277,603

277,267

         
       

Mr D R W Gaunt

Balance owed to director

-

(50)

94,417

94,367