Company Registration No. 319901 (England and Wales)
W. W. PETHERICK & SONS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
W. W. PETHERICK & SONS LIMITED
CONTENTS
Page
Balance sheet
2 - 3
Notes to the financial statements
4 - 6
W. W. PETHERICK & SONS LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF W. W. PETHERICK & SONS LIMITED FOR THE YEAR ENDED 31 MARCH 2024
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of W. W. Petherick & Sons Limited for the year ended 31 March 2024 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
This report is made solely to the board of directors of W. W. Petherick & Sons Limited, as a body, in accordance with the terms of our engagement letter dated 25 March 2021. Our work has been undertaken solely to prepare for your approval the financial statements of W. W. Petherick & Sons Limited and state those matters that we have agreed to state to the board of directors of W. W. Petherick & Sons Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than W. W. Petherick & Sons Limited and its board of directors as a body, for our work or for this report.
It is your duty to ensure that W. W. Petherick & Sons Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of W. W. Petherick & Sons Limited. You consider that W. W. Petherick & Sons Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of W. W. Petherick & Sons Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Azets
20 Western Road
Launceston
Cornwall
PL15 7BA
Date
23 September 2024
W. W. PETHERICK & SONS LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
548
Investment properties
5
181,995
74,173
182,543
74,173
Current assets
Debtors
238
Cash at bank and in hand
36,607
133,808
36,845
133,808
Creditors: amounts falling due within one year
6
(6,154)
(19,295)
Net current assets
30,691
114,513
Total assets less current liabilities
213,234
188,686
Provisions for liabilities
(6,457)
Net assets
206,777
188,686
Capital and reserves
Called up share capital
14,000
14,000
Non-distributable profits reserve
7
19,370
Distributable profit and loss reserves
173,407
174,686
Total equity
206,777
188,686
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 31 March 2024 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.
W. W. PETHERICK & SONS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 20 September 2024 and are signed on its behalf by:
Mrs S Teagle
Mr N Teagle
Director
Director
Company Registration No. 319901
W. W. PETHERICK & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
1
Accounting policies
Company information
W. W. Petherick & Sons Limited is a private company limited by shares incorporated in England and Wales. The registered office is Cove Barn, Rock, Wadebridge, Cornwall, United Kingdom, PL27 6JX.
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 and to include investment properties and certain financial instruments at fair value]. 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 and services 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.
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
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.
1.4
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
Gains and losses arising from changes in the fair value of investment properties are included in the profit or loss in the period in which they arise. Any gains are subsequently transferred to a non-distributable reserve.
W. W. PETHERICK & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
1
1
3
Dividends
2024
2023
£
£
Interim paid
28,000
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2023
Additions
548
At 31 March 2024
548
Depreciation and impairment
At 1 April 2023 and 31 March 2024
Carrying amount
At 31 March 2024
548
At 31 March 2023
5
Investment property
2024
£
Fair value
At 1 April 2023
74,173
Additions
81,995
Revaluations
25,827
At 31 March 2024
181,995
All investment properties are stated at open market value on an existing basis at 31 March 2024, as estimated by the directors. There has been no valuation of investment property by an independent valuer at this time.
W. W. PETHERICK & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
2,318
3,447
Taxation and social security
12,464
Other creditors
3,836
3,384
6,154
19,295
7
Non-distributable profits reserve
2024
2023
£
£
At the beginning of the year
-
-
Transfer of non-distributable profits relating to prior periods
19,370
-
At the end of the year
19,370
-