Company registration number 13736291 (England and Wales)
WITENAGEMOT LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
PAGES FOR FILING WITH REGISTRAR
WITENAGEMOT LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
WITENAGEMOT LTD
BALANCE SHEET
AS AT 30 NOVEMBER 2023
30 November 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
4
80,326
73,768
Current assets
Debtors
8
598,380
532,500
Cash at bank and in hand
31,734
12,070
630,114
544,570
Creditors: amounts falling due within one year
9
(50)
(100)
Net current assets
630,064
544,470
Net assets
710,390
618,238
Capital and reserves
Called up share capital
10
10
Profit and loss reserves
10
710,380
618,228
Total equity
710,390
618,238

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 30 November 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.

The financial statements were approved by the board of directors and authorised for issue on 22 January 2024 and are signed on its behalf by:
Mr M Ramsell
Director
Company Registration No. 13736291
WITENAGEMOT LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 2 -
1
Accounting policies
Company information

Witenagemot Ltd is a private company limited by shares incorporated in England and Wales. The registered office is The Potting Shed, Ashby Road, Sinope, Coalville, Leicestershire, LE67 3AY.

1.1
Reporting period

The financial statements reflect a period longer than 12 months running from 10 November 2021 to 30 November 2022 due to it being the first year from incorporation.

1.2
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.

1.3
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

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 long-term 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.

1.4
Cash and cash equivalents

Cash and cash equivalents 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.

1.5
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.

WITENAGEMOT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 3 -
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 payments 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. Amounts 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.

1.6
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.

1.7
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.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

WITENAGEMOT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 4 -
3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
2
2
4
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
110
110
Loans to group undertakings and participating interests
2,450
-
0
Other investments other than loans
77,766
73,658
80,326
73,768
Movements in fixed asset investments
Shares in subsidiaries and joint ventures
Loans to joint ventures
Other investments
Total
£
£
£
£
Cost or valuation
At 1 December 2022
110
-
73,658
73,768
Additions
-
2,450
-
2,450
Valuation changes
-
-
4,108
4,108
At 30 November 2023
110
2,450
77,766
80,326
Carrying amount
At 30 November 2023
110
2,450
77,766
80,326
At 30 November 2022
110
-
73,658
73,768
5
Subsidiaries

Details of the company's subsidiaries at 30 November 2023 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Industry Automation Limited
The Potting Shed, Ashby Road, Sinope, Coalville, England, LE67 3AY
Ordinary
100.00
6
Joint ventures

Details of the company's joint ventures at 30 November 2023 are as follows:

WITENAGEMOT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
6
Joint ventures
(Continued)
- 5 -
Name of undertaking
Registered office
Interest
% Held
held
Direct
Zugunker Limited
2 Regan Way, Beeston, Nottingham, England, NG9 6RZ
Ordinary
50.00
Joseph Arthur Homes Limited
The Firs, 4 Measham Road, Donisthorpe, Swadlincote, Derbyshire, United Kingdom, DE12 7QQ
Ordinary
50.00
7
Financial instruments
2023
2022
£
£
Carrying amount of financial assets
Instruments measured at fair value through profit or loss
77,766
73,658
8
Debtors
2023
2022
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
548,500
532,500
Other debtors
49,880
-
0
598,380
532,500
9
Creditors: amounts falling due within one year
2023
2022
£
£
Amounts owed to group undertakings and undertakings in which the company has a participating interest
50
100
10
Profit and loss reserves
2023
2022
£
£
At the beginning of the year
618,228
-
0
Profit for the year
94,152
622,228
Dividends declared and paid in the year
(2,000)
(4,000)
At the end of the year
710,380
618,228
11
Related party transactions

Included within other debtors is an amount £49,880 (2022: £nil) owing from the director Mr M Ramsell. This was the maximum outstanding during the year and interest has been charged at the official rate.

12
Parent company

There is no ultimate controlling party.

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