Company Registration No. 00415620 (England and Wales)
T.Saville Whittle Limited
Financial Statements
For the year ended 30 November 2023
Pages for filing with the registrar
T.Saville Whittle Limited
Contents
Page
Balance sheet
1
Notes to the financial statements
2 - 10
T.Saville Whittle Limited
Balance sheet
As at 30 November 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
4
72,171
56,497
Tangible assets
5
1,196,791
835,089
1,268,962
891,586
Current assets
Stocks
409,092
382,191
Debtors
6
1,149,631
1,079,789
Cash at bank and in hand
26,901
89,302
1,585,624
1,551,282
Creditors: amounts falling due within one year
7
(1,428,712)
(1,395,804)
Net current assets
156,912
155,478
Total assets less current liabilities
1,425,874
1,047,064
Creditors: amounts falling due after more than one year
8
(10,479)
(14,482)
Provisions for liabilities
(73,988)
(45,090)
Net assets
1,341,407
987,492
Capital and reserves
Called up share capital
9
10,000
10,000
Revaluation reserve
10
785,137
395,137
Profit and loss reserves
546,270
582,355
Total equity
1,341,407
987,492
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
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 30 August 2024 and are signed on its behalf by:
Mr A W Whittle
Director
Company registration number 00415620 (England and Wales)
T.Saville Whittle Limited
Notes to the financial statements
For the year ended 30 November 2023
- 2 -
1
Accounting policies
Company information
T.Saville Whittle Limited is a private company limited by shares incorporated in England and Wales. The registered office is Albion Bridge Works, Vickers Street, Manchester, M40 8EF.
1.1
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. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
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.
1.3
Research and development expenditure
Research and development costs are written off to the profit and loss account during the year in which they are incurred.
1.4
Intangible fixed assets - goodwill
Acquired goodwill is initially recorded at cost and then written off in equal annual instalments over the period of its estimated useful economic life of 25 years.
For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.
T.Saville Whittle Limited
Notes to the financial statements (continued)
For the year ended 30 November 2023
1
Accounting policies
(Continued)
- 3 -
1.5
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
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; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
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:
Development Costs
1.6
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
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
2% straight line
Plant and machinery
4% straight line
Fixtures, fittings & equipment
20% reducing balance (computers 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 to the profit and loss account.
1.7
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 the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
T.Saville Whittle Limited
Notes to the financial statements (continued)
For the year ended 30 November 2023
1
Accounting policies
(Continued)
- 4 -
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.8
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement 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.
1.9
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.
1.10
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.
T.Saville Whittle Limited
Notes to the financial statements (continued)
For the year ended 30 November 2023
1
Accounting policies
(Continued)
- 5 -
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.
1.11
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.
1.12
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
T.Saville Whittle Limited
Notes to the financial statements (continued)
For the year ended 30 November 2023
1
Accounting policies
(Continued)
- 6 -
1.13
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.
1.14
Retirement benefits
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable.
1.15
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
1.16
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
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.
3
Employees
2023
2022
Number
Number
Total
16
16
T.Saville Whittle Limited
Notes to the financial statements (continued)
For the year ended 30 November 2023
- 7 -
4
Intangible fixed assets
Goodwill
Development costs
Total
£
£
£
Cost
At 1 December 2022
200,000
200,000
Additions
24,635
24,635
At 30 November 2023
200,000
24,635
224,635
Amortisation and impairment
At 1 December 2022
143,503
143,503
Amortisation charged for the year
8,961
8,961
At 30 November 2023
152,464
152,464
Carrying amount
At 30 November 2023
47,536
24,635
72,171
At 30 November 2022
56,497
56,497
5
Tangible fixed assets
Freehold land and buildings
Plant and machinery
Fixtures, fittings & equipment
Total
£
£
£
£
Cost or valuation
At 1 December 2022
610,000
557,277
296,106
1,463,383
Additions
6,639
2,543
9,182
Revaluation
390,000
390,000
At 30 November 2023
1,000,000
563,916
298,649
1,862,565
Depreciation and impairment
At 1 December 2022
19,189
343,459
265,646
628,294
Depreciation charged in the year
7,927
19,649
9,904
37,480
At 30 November 2023
27,116
363,108
275,550
665,774
Carrying amount
At 30 November 2023
972,884
200,808
23,099
1,196,791
At 30 November 2022
590,811
213,818
30,460
835,089
Land and buildings with a carrying amount of £972,884 were revalued at 18 April 2023 by CDT Consulting, independent valuers not connected with the company on the basis of market value. The valuation conforms to International Valuation Standards and was based on recent market transactions on arm's length terms for similar properties. The director is of the opinion that there has not been a significant change in property valuations since the date of the professional valuation.
T.Saville Whittle Limited
Notes to the financial statements (continued)
For the year ended 30 November 2023
5
Tangible fixed assets
(Continued)
- 8 -
The below details the historical cost information on revalued assets. As noted above the land and buildings have been revalued in 2023.
Land and buildings
2023
2022
£
£
Cost
317,883
317,883
Accumulated depreciation
(147,492)
(142,036)
Carrying value
170,391
175,847
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
435,884
432,724
Corporation tax recoverable
16,188
31,074
Amounts owed by group undertakings
60,533
39,090
Other debtors
556,201
546,626
Prepayments and accrued income
80,825
30,275
1,149,631
1,079,789
7
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
488,876
372,557
Obligations under finance leases
4,073
5,195
Other borrowings
10,379
104,580
Trade creditors
634,059
664,962
Amounts owed to group undertakings
215,956
139,616
Corporation tax
17,422
Other taxation and social security
61,254
71,623
Accruals and deferred income
14,115
19,849
1,428,712
1,395,804
T.Saville Whittle Limited
Notes to the financial statements (continued)
For the year ended 30 November 2023
7
Creditors: amounts falling due within one year
(Continued)
- 9 -
Bank loans and overdrafts are secured by a fixed and floating charge over the assets of the company.
A loan in the sum of £10,379 (2022 :£104,580) is secured by a fixed charge over the company's premises at Vickers Street.
Hire purchase liabilities are secured on the assets to which they relate.
8
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
10,479
14,482
Hire purchase liabilities totalling £10,479 are secured on the assets to which they relate.
9
Called up share capital
2023
2022
£
£
Ordinary share capital
Authorised
10,000 Ordinary shares of £1 each
10,000
10,000
Issued and fully paid
10,000 ordinary shares of £1 each
10,000
10,000
10
Revaluation reserve
2023
2022
£
£
At the beginning of the year
395,137
403,417
Revaluation surplus arising in the year
390,000
Transfer to retained earnings
(8,280)
At the end of the year
785,137
395,137
11
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
T.Saville Whittle Limited
Notes to the financial statements (continued)
For the year ended 30 November 2023
11
Audit report information
(Continued)
- 10 -
Senior Statutory Auditor:
Candice Beynon FCCA
Statutory Auditor:
DJH Audit Limited
Date of audit report:
30 August 2024
12
Operating lease commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
24,193
83,316
13
Related party transactions
During the year, the company paid £106,296 (2022: £124,864) to the pension scheme of which two of the directors of the holding company are also trustees. The loan is repayable in instalments and has an annual interest rate of 4.25% pa. At 30 November 2023 £10,379 (2022: £104,379) was owed to the pension scheme.
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