REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
FOR |
WEEKES BROTHERS (WELLING) LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
FOR |
WEEKES BROTHERS (WELLING) LIMITED |
WEEKES BROTHERS (WELLING) LIMITED (REGISTERED NUMBER: 00445443) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 | to | 3 |
Notes to the Financial Statements | 4 | to | 7 |
WEEKES BROTHERS (WELLING) LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
Norman House |
8 Burnell Road |
Sutton |
Surrey |
SM1 4BW |
WEEKES BROTHERS (WELLING) LIMITED (REGISTERED NUMBER: 00445443) |
BALANCE SHEET |
30 NOVEMBER 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
Investment property | 6 |
CURRENT ASSETS |
Debtors | 7 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 3,150 | 3,150 |
Capital redemption reserve | 9 | 2,850 | 2,850 |
Other reserves | 9 | 20,000 | 20,000 |
Non-distributable Revaluation |
Reserve | 9 | 4,664,494 | 4,372,964 |
Retained earnings | 9 | 3,599,634 | 4,177,086 |
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. |
WEEKES BROTHERS (WELLING) LIMITED (REGISTERED NUMBER: 00445443) |
BALANCE SHEET - continued |
30 NOVEMBER 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 |
WEEKES BROTHERS (WELLING) LIMITED (REGISTERED NUMBER: 00445443) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
1. | STATUTORY INFORMATION |
Weekes Brothers (Welling) Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Depreciation |
Depreciation is calculated to write down the cost, less estimated residual value, of all tangible fixed assets over their expected useful lives. The rates generally applicable are: |
Plant and fixtures | 10 - 25% straight line |
Freehold buildings | 2% - 10% straight line |
Computer equipment | 25% straight line |
Motor vehicles | 20% straight line |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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. |
WEEKES BROTHERS (WELLING) LIMITED (REGISTERED NUMBER: 00445443) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
2. | ACCOUNTING POLICIES - continued |
Debtors and creditors |
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 Income Statement. |
Fixed asset investments |
Fixed asset investments are included at market value. Gains or losses arising from disposals of fixed asset investments are treated as part of the result from ordinary activities. |
Investment income comprises interest received from redeemable cumulative preference shares declared during this accounting period. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 December 2022 |
Additions |
At 30 November 2023 |
DEPRECIATION |
At 1 December 2022 |
Charge for year |
At 30 November 2023 |
NET BOOK VALUE |
At 30 November 2023 |
At 30 November 2022 |
WEEKES BROTHERS (WELLING) LIMITED (REGISTERED NUMBER: 00445443) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
5. | FIXED ASSET INVESTMENTS |
Unlisted investments at cost and net book value: £Nil at 30 November 2023 and £300,000 at 30 November 2022. |
The investments were in 300,000 £1 preference shares issued by E.W.T. (Dartford) Limited, a company registered in England and Wales engaged in the activity of transport. |
The preference shares carried a 5% annual cumulative preference dividend payable on 30 April and 31 October each year in arrears. On a return of capital there shall be a return of nominal value and arrears of dividend in preference to the holders of ordinary shares. The preference shares have no voting rights save upon matters affecting the preference shareholders as a class. Total interest of £14,086 (2022 - £15,000) was receivable in the year from the company's investment in the redeemable preference shares. |
The investments were disposed in September 2023. |
6. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 December 2022 |
Additions |
At 30 November 2023 |
NET BOOK VALUE |
At 30 November 2023 |
At 30 November 2022 |
There was an informal valuation undertaken during the year by the Estate Agent, Strutt and Parker. |
The historical cost of the properties at 30 November 2023 was £3,072,593 (2022: £3,064,382). |
Fair value at 30 November 2023 is represented by: |
£ |
Valuation in 2020 | 1,959,192 |
Valuation in 2022 | 3,871,426 |
Cost | 3,072,593 |
8,903,211 |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Other debtors |
WEEKES BROTHERS (WELLING) LIMITED (REGISTERED NUMBER: 00445443) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
9. | RESERVES |
Capital | Non-distributable |
Retained | redemption | Other | Revaluation |
earnings | reserve | reserves | Reserve | Totals |
£ | £ | £ | £ | £ |
At 1 December 2022 | 4,177,086 | 2,850 | 20,000 | 4,372,964 | 8,572,900 |
Profit for the year |
Dividends | ( |
) | ( |
) |
Movement in reserves | (291,530 | ) | - | - | 291,530 | - |
At 30 November 2023 | 3,599,634 | 2,850 | 20,000 | 4,664,494 | 8,286,978 |