2023-03-012024-02-292024-02-29false00883435Wiltel 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Wiltel Limited

Registered Number
00883435
(England and Wales)

Unaudited Financial Statements for the Year ended
29 February 2024

Wiltel Limited
Company Information
for the year from 1 March 2023 to 29 February 2024

Directors

David Carl Wilson
Matthew Kevin Moore Wilson
Richard Ian Wilson
Stephen Terrence Wilson

Company Secretary

WILSON, Matthew Kevin Moore

Registered Address

Hyltons Restaurant
Ash Street
Bowness On Windermere
LA23 3EB

Registered Number

00883435 (England and Wales)
Wiltel Limited
Statement of Financial Position
29 February 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets53,127,4353,043,086
Investments79,5009,500
Investment property6567,270567,270
3,704,2053,619,856
Current assets
Stocks856,09068,837
Debtors9642,999612,201
Cash at bank and on hand126,24436,015
825,333717,053
Creditors amounts falling due within one year10(1,716,213)(1,805,890)
Net current assets (liabilities)(890,880)(1,088,837)
Total assets less current liabilities2,813,3252,531,019
Creditors amounts falling due after one year11(217,102)-
Provisions for liabilities12(317,507)(279,478)
Net assets2,278,7162,251,541
Capital and reserves
Called up share capital3,2003,200
Share premium557,855557,855
Revaluation reserve386,460386,460
Profit and loss account1,331,2011,304,026
Shareholders' funds132,278,7162,251,541
The financial statements were approved and authorised for issue by the Board of Directors on 1 August 2024, and are signed on its behalf by:
Matthew Kevin Moore Wilson
Director
Registered Company No. 00883435
Wiltel Limited
Notes to the Financial Statements
for the year ended 29 February 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Basis of preparation
The financial statements have been prepared under the historical cost convention on a going concern basis unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and/or the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Employee benefits
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further obligation. Contributions to defined contribution plans are expensed in the period to which they relate. Amounts not paid are shown in accruals in the Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.
Current taxation
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Intangible assets
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. The assets’ residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Income. Depreciation is provided on all tangible fixed assets as follows: Included within land and buildings is freehold and long leasehold property which is depreciated at 2% on a straight line basis. Also included within land and buildings is short leasehold property which is depreciated straight line over the term of the lease. Fixtures and fittings also includes depreciation of straight line over 5 years.

Reducing balance (%)Straight line (years)
Land and buildings-50
Fixtures and fittings-6.67
Vehicles25-
Office Equipment40-
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value where the difference between cost and fair value is material. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the Income Statement.
Investment property
Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate. These values are adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Income Statement.
Stocks and work in progress
Stocks are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete). At each date of Statement of Financial Position, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to completed the sale. The impairment loss is recognised immediately in the Income Statement.
Financial instruments
The company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Government grants or assistance
Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income. Grants of a revenue nature are recognised in the Income Statement in the same period as the related expenditure.
2.Average number of employees

20242023
Average number of employees during the year6666
3.Prior period adjustment
Please note the 2023 column in restated due to a prior year adjustment.
4.Intangible assets

Goodwill

Total

££
Cost or valuation
At 01 March 23250,000250,000
At 29 February 24250,000250,000
Amortisation and impairment
At 01 March 23250,000250,000
At 29 February 24250,000250,000
Net book value
At 29 February 24--
At 28 February 23--
5.Tangible fixed assets

Land & buildings

Vehicles

Fixtures & fittings

Office Equipment

Total

£££££
Cost or valuation
At 01 March 232,807,90894,1581,607,2964,6834,514,045
Additions--157,0881,518158,606
At 29 February 242,807,90894,1581,764,3846,2014,672,651
Depreciation and impairment
At 01 March 23746,45723,540696,2794,6831,470,959
Charge for year49,51117,6556,85124074,257
At 29 February 24795,96841,195703,1304,9231,545,216
Net book value
At 29 February 242,011,94052,9631,061,2541,2783,127,435
At 28 February 232,061,45170,618911,017-3,043,086
6.Investment property
The company acquired the properties in February and April 2018 at their market values. The 2020 valuations were made by by directors, on an open market value for existing use basis.

£
Fair value at 01 March 23567,270
At 29 February 24567,270
7.Fixed asset investments
Investments in group understandings and participating interests.

Investments in groups1

Total

££
Cost or valuation
At 01 March 239,5009,500
At 29 February 249,5009,500
Net book value
At 29 February 249,5009,500
At 28 February 239,5009,500

Notes

1Investments in group undertakings and participating interests
8.Stocks

2024

2023

££
Raw materials and consumables56,09068,837
Total56,09068,837
9.Debtors: amounts due within one year

2024

2023

££
Amounts owed by group undertakings534,820471,436
Other debtors97,494124,934
Prepayments and accrued income10,68515,831
Total642,999612,201
10.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables192,702388,095
Bank borrowings and overdrafts43,564-
Amounts owed to related parties1,202,0201,272,488
Taxation and social security157,48220,397
Other creditors106,000114,053
Accrued liabilities and deferred income14,44510,857
Total1,716,2131,805,890
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
11.Creditors: amounts due after one year

2024

2023

££
Bank borrowings and overdrafts217,102-
Total217,102-
12.Provisions for liabilities

2024

2023

££
Net deferred tax liability (asset)317,507279,478
Total317,507279,478
13.Revaluation reserve
The revaluation reserve represents the amount of unrealised surplus created when the freehold properties were revalued, less any deferred tax provision. The reserve represents non-distributable funds.

£
Reserve at 01 March 23386,460
At 29 February 24386,460
14.Parent-subsidiary relationships
In respect of this company, the ultimate controlling party is Wiltel (Holdings) Limited, a company registered in England and Wales under company number 10383174. As part of a small group, this company is exempt from producing group accounts. These accounts are for this company alone.