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REGISTERED NUMBER: 00561282 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 December 2023

for

Witley Press Limited

Witley Press Limited (Registered number: 00561282)

Contents of the Financial Statements
for the Year Ended 31 December 2023










Page

Balance Sheet 1

Notes to the Financial Statements 3


Witley Press Limited (Registered number: 00561282)

Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £ £
Fixed assets
Tangible assets 5 192,866 201,717

Current assets
Stocks 11,350 11,890
Debtors 6 23,142 49,460
Cash in hand 1,751 2,575
36,243 63,925
Creditors
Amounts falling due within one year 7 (106,219 ) (75,312 )
Net current liabilities (69,976 ) (11,387 )
Total assets less current liabilities 122,890 190,330

Creditors
Amounts falling due after more than one
year

8

(293,738

)

(291,914

)
Net liabilities (170,848 ) (101,584 )

Capital and reserves
Called up share capital 18,570 18,570
Revaluation reserve 9 146,252 149,729
Capital redemption reserve 7,430 7,430
Retained earnings (343,100 ) (277,313 )
(170,848 ) (101,584 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Witley Press Limited (Registered number: 00561282)

Balance Sheet - continued
31 December 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 23 September 2024 and were signed on its behalf by:





Mr M A Witley - Director


Witley Press Limited (Registered number: 00561282)

Notes to the Financial Statements
for the Year Ended 31 December 2023


1. Statutory information

Witley Press Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 00561282

Registered office: 24 Greevegate
Hunstanton
Norfolk
PE36 6AD

The presentation currency of the financial statements is the Pound Sterling (£).


2. Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. Accounting policies

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Critical accounting judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Freehold property - 2% straight line
Long leasehold - 10% on reducing balance
Plant and machinery - 15% p.a. reducing balance
Fixtures and fittings - 15% p.a. reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and
slow moving items. Net realisable value is calculated at the lower of cost or selling price less cost to complete.

Witley Press Limited (Registered number: 00561282)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023


3. Accounting policies - continued

Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently measured at amortised cost.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised. 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 entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Witley Press Limited (Registered number: 00561282)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023


3. Accounting policies - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Going concern
Management's assessments indicate the existence of a material uncertainty which may cast significant doubt over the company's ability to continue as a going concern. The financial statements do not include the adjustments that would result if the company was unable to continue as a going concern.

4. Employees and directors

The average number of employees during the year was 5 (2022 - 7 ) .

5. Tangible fixed assets
Fixtures
Freehold Long Plant and and
property leasehold machinery fittings Totals
£ £ £ £ £
Cost
At 1 January 2023
and 31 December 2023 243,000 6,524 803,878 94,370 1,147,772
Depreciation
At 1 January 2023 72,900 6,454 773,165 93,536 946,055
Charge for year 4,860 7 3,859 125 8,851
At 31 December 2023 77,760 6,461 777,024 93,661 954,906
Net book value
At 31 December 2023 165,240 63 26,854 709 192,866
At 31 December 2022 170,100 70 30,713 834 201,717

Witley Press Limited (Registered number: 00561282)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023


6. Debtors: amounts falling due within one year
31.12.23 31.12.22
£ £
Trade debtors 8,677 20,040
Other debtors 14,465 29,420
23,142 49,460

7. Creditors: amounts falling due within one year
31.12.23 31.12.22
£ £
Bank loans and overdrafts 35,952 23,763
Trade creditors 14,259 17,473
Taxation and social security 40,152 18,583
Other creditors 15,856 15,493
106,219 75,312

8. Creditors: amounts falling due after more than one year
31.12.23 31.12.22
£ £
Bank loans 65,735 70,070
Other creditors 228,003 221,844
293,738 291,914

9. Reserves
Revaluation
reserve
£
At 1 January 2023 149,729
Reclassification to profit and
loss account from revaluation
reserve (3,477 )

At 31 December 2023 146,252

Profit and loss account - This reserve records distributable retained earnings and accumulated losses.