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Registration number: 06544358

Willtom Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2024

 

Willtom Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Willtom Limited

Company Information

Directors

Mr C G Dop

Mrs L Dop

Registered office

Unit A7 The Arena
9 Nimrod Way
Ferndown
Wimborne
Dorset
BH21 7UH

Accountants

Elysium
Charterted Accountants
Unit A7 The Arena
9 Nimrod Way
Wimborne
Dorset
BH21 7UH

 

Willtom Limited

(Registration number: 06544358)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

1,065

1,253

Investment property

6

365,000

365,000

 

366,065

366,253

Current assets

 

Debtors

7

1,509

-

Cash at bank and in hand

 

28,516

27,581

 

30,025

27,581

Creditors: Amounts falling due within one year

8

(23,291)

(29,207)

Net current assets/(liabilities)

 

6,734

(1,626)

Total assets less current liabilities

 

372,799

364,627

Creditors: Amounts falling due after more than one year

8

(280,000)

(280,000)

Provisions for liabilities

(12,905)

(12,905)

Net assets

 

79,894

71,722

Capital and reserves

 

Called up share capital

9

4

4

Revaluation reserve

38,716

38,716

Retained earnings

41,174

33,002

Shareholders' funds

 

79,894

71,722

For the financial year ending 31 March 2024 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.

Approved and authorised by the Board on 23 August 2024 and signed on its behalf by:
 

 

Willtom Limited

(Registration number: 06544358)
Balance Sheet as at 31 March 2024

.........................................
Mrs L Dop
Director

 

Willtom Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

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

The address of its registered office is:
Unit A7 The Arena
9 Nimrod Way
Ferndown
Wimborne
Dorset
BH21 7UH

The principal place of business is:
2 Albion Way
Verwood
Dorset
BH31 7LR

These financial statements were authorised for issue by the Board on 23 August 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.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Willtom Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax has been provided in respect of the revalued element of the investment property. This has been provided at 25%.

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.

Investment property

Investment property is shown at fair value

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.

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.

 

Willtom Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

4

Profit before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

188

221

 

Willtom Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 April 2023

2,159

2,159

At 31 March 2024

2,159

2,159

Depreciation

At 1 April 2023

906

906

Charge for the year

188

188

At 31 March 2024

1,094

1,094

Carrying amount

At 31 March 2024

1,065

1,065

At 31 March 2023

1,253

1,253

6

Investment properties

2024
£

At 1 April

365,000

At 31 March

365,000

Mr C G Dop, a director of the company, is a Chartered Surveyor.

Mr C G Dop is of the opinion that the property valuations are fairly stated.

7

Debtors

Current

2024
£

2023
£

Prepayments

1,509

-

 

1,509

-

 

Willtom Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

8

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Taxation and social security

2,257

1,256

Accruals and deferred income

1,080

2,320

Other creditors

19,954

25,631

23,291

29,207

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

280,000

280,000

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary £1 "A" of £1 each

1

1

1

1

Ordinary £1 "B" of £1 each

1

1

1

1

Ordinary £1 "C" of £1 each

1

1

1

1

Ordinary £1 "D" of £1 each

1

1

1

1

4

4

4

4

10

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Other borrowings

280,000

280,000

 

Willtom Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

11

Dividends

Interim dividends paid

 

2024
£

2023
£

Interim dividend of £1,000 (2023 - £2,000) per each Ordinary £1 "A" share

1,000

2,000

Interim dividend of £0 (2023 - £3,500) per each Ordinary £1 "B" share

-

3,500

Interim dividend of £0 (2023 - £1,000) per each Ordinary £1 "C" share

-

1,000

Interim dividend of £0 (2023 - £1,000) per each Ordinary £1 "D" share

-

1,000

 

1,000

7,500