Company Registration No. 03501753 (England and Wales)
WEYBURY HILDRETH LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
WEYBURY HILDRETH LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
WEYBURY HILDRETH LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
37,449
39,245
Tangible assets
4
6,108
6,185
43,557
45,430
Current assets
Stocks
842,907
728,195
Debtors
5
398,857
447,029
Cash at bank and in hand
368,031
570,611
1,609,795
1,745,835
Creditors: amounts falling due within one year
7
(218,929)
(42,025)
Net current assets
1,390,866
1,703,810
Total assets less current liabilities
1,434,423
1,749,240
Creditors: amounts falling due after more than one year
6
(2,790,903)
(3,159,718)
Net liabilities
(1,356,480)
(1,410,478)
Capital and reserves
Called up share capital
8
30,000
30,000
Share premium account
1,485,000
1,485,000
Profit and loss reserves
(2,871,480)
(2,925,478)
Total equity
(1,356,480)
(1,410,478)
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 December 2023 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.
WEYBURY HILDRETH LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2023
31 December 2023
- 2 -
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:
Ms L Y Simpson
Director
Company Registration No. 03501753
WEYBURY HILDRETH LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information
Weybury Hildreth Limited is a private company limited by shares incorporated in England and Wales. The registered office is Bay 1, Building 47, Pensnett Estate, Kingswinford, West Midlands, DY6 7UZ.
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
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:
Patents & licences
Straight line over 14 years
1.4
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:
Plant and equipment
20% reducing balance
Fixtures and fittings
20% reducing balance
Computers
30% reducing balance
WEYBURY HILDRETH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
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 or charged to profit or loss.
1.5
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.
1.6
Cash at bank and in hand
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.
1.7
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.8
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
1.9
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
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
8
10
WEYBURY HILDRETH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
3
Intangible fixed assets
Patents & licences
£
Cost
At 1 January 2023
62,267
Additions
2,802
At 31 December 2023
65,069
Amortisation and impairment
At 1 January 2023
23,022
Amortisation charged for the year
4,598
At 31 December 2023
27,620
Carrying amount
At 31 December 2023
37,449
At 31 December 2022
39,245
4
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Computers
Total
£
£
£
£
Cost
At 1 January 2023
14,049
16,983
21,825
52,857
Additions
1,870
1,870
At 31 December 2023
14,049
16,983
23,695
54,727
Depreciation and impairment
At 1 January 2023
10,193
16,143
20,336
46,672
Depreciation charged in the year
771
168
1,008
1,947
At 31 December 2023
10,964
16,311
21,344
48,619
Carrying amount
At 31 December 2023
3,085
672
2,351
6,108
At 31 December 2022
3,856
840
1,489
6,185
WEYBURY HILDRETH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
255,898
229,573
Other debtors
83,104
92,791
Prepayments and accrued income
59,855
124,665
398,857
447,029
6
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Other borrowings
2,790,903
3,159,718
7
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
2,528
11,228
Taxation and social security
8,971
16,918
Other creditors
64,912
5,927
Accruals
142,518
7,952
218,929
42,025
8
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
30,000 Ordinary of £1 each
30,000
30,000
9
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
191,472
276,574
WEYBURY HILDRETH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
10
Related party transactions
Transactions with related parties
The following amounts were outstanding at the reporting end date:
2023
2022
Amounts owed to related parties
£
£
Entities under common control
2,790,902
3,159,718
The amounts above relate solely to amounts due to Hachi Company Limited, a company registered in Hong Kong and under common control. There are no formal repayment terms, although the lender has agreed to give at least one year's notice should it seek to recover the debt.
11
Going concern
The directors consider the company a viable going concern, and continued support has been pledged by entities under common control.
Due to the challenges posed by the coronavirus pandemic and the weakening £sterling value, the company has revised its business model to include a greater percentage of online sales and also reduce overheads. Having made a profit this year, as at the approved date of the accounts, the directors are optimistic of the 2024 accounts returning another profit.