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Company registration number: 03692368
D H Willacy & Son Limited
Unaudited financial statements
For the year ended
31 December 2023
D H Willacy & Son Limited
Contents
Statement of financial position
Notes to the financial statements
D H Willacy & Son Limited
Statement of financial position
31 December 2023
2023 2022
Note £ £ £ £
Fixed assets
Intangible assets 3 - -
Tangible assets 4 180,003 158,951
Investment property 472,480 472,480
________ ________
652,483 631,431
Current assets
Stocks 272,372 307,198
Debtors 5 172,528 252,173
Cash at bank and in hand 843 844
________ ________
445,743 560,215
Creditors: amounts falling due
within one year 6 ( 371,722) ( 496,021)
________ ________
Net current assets 74,021 64,194
________ ________
Total assets less current liabilities 726,504 695,625
Creditors: amounts falling due
after more than one year 7 ( 80,255) ( 68,524)
Provisions for liabilities
Deferred taxation ( 12,147) ( 8,147)
________ ________
Net assets 634,102 618,954
________ ________
Capital and reserves
Called up share capital 5,000 5,000
Capital redemption reserve 5,000 5,000
Profit and loss account 624,102 608,954
________ ________
Shareholders funds 634,102 618,954
________ ________
For the year ending 31 December 2023 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 financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 26 September 2024 , and are signed on behalf of the board by:
Mr M E Willacy
Director
Company registration number: 03692368
D H Willacy & Son Limited
Notes to the financial statements
Year ended 31 December 2023
1. Accounting policies
Company information
The company is a private company limited by shares, registered in England and Wales, registration number 03692368 . The address of the registered office is West View, Levens, Kendal, LA8 8PN.
Basis of preparation
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same financial statements.
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. It includes the relevant proportion of contract values where work is partially performed in the period.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.
Government grants are recognised using the accrual model and the performance model.
Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Deferred taxation
Deferred taxation is provided on the liability method to take account of timing differences between the treatment of certain items for accounts purposes and their treatment for tax purposes. Tax deferred or accelerated is accounted for in respect of all material timing differences.
Financial instruments
Basic financial instruments are recognised at amortised cost, except for fixed asset investments which are measured at fair value, with changes recognised in the fair value reserve.
Defined contribution plans
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in comprehensive income when due.
2. Employee numbers
The average number of persons employed by the company during the year amounted to 7 (2022: 7 ).
3. Intangible assets
Goodwill Total
£ £
Cost
At 1 January 2023 and 31 December 2023 14,702 14,702
________ ________
Amortisation
At 1 January 2023 and 31 December 2023 14,702 14,702
________ ________
Carrying amount
At 31 December 2023 - -
________ ________
At 31 December 2022 - -
________ ________
4. Tangible assets
Freehold property Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £ £
Cost
At 1 January 2023 116,073 93,206 54,601 119,639 383,519
Additions - 1,927 - 41,000 42,927
Disposals - - - ( 7,500) (7,500)
________ ________ ________ ________ ________
At 31 December 2023 116,073 95,133 54,601 153,139 418,946
________ ________ ________ ________ ________
Depreciation
At 1 January 2023 - 85,955 46,976 91,637 224,568
Charge for the year - 2,295 1,906 17,111 21,312
Disposals - - - ( 6,937) (6,937)
________ ________ ________ ________ ________
At 31 December 2023 - 88,250 48,882 101,811 238,943
________ ________ ________ ________ ________
Carrying amount
At 31 December 2023 116,073 6,883 5,719 51,328 180,003
________ ________ ________ ________ ________
At 31 December 2022 116,073 7,251 7,625 28,002 158,951
________ ________ ________ ________ ________
5. Debtors
2023 2022
£ £
Trade debtors 160,063 241,992
Other debtors 12,465 10,181
________ ________
172,528 252,173
________ ________
6. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 128,945 218,078
Trade creditors 25,869 36,599
Taxation and social security 47,611 51,137
Director loan accounts 93,823 128,598
Other creditors 75,474 61,609
________ ________
371,722 496,021
________ ________
7. Creditors: amounts falling due after more than one year
2023 2022
£ £
Bank loans and overdrafts 69,214 68,524
Other creditors 11,041 -
________ ________
80,255 68,524
________ ________