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Registration number: 00346916

William Alty & Sons Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 29 February 2024

 

William Alty & Sons Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

 

William Alty & Sons Limited

Company Information

Directors

Mr R Alty

Mrs C Hill

Ms C Humphreys

Ms A Alty

Registered office

Broomfield Place
Blackburn
Lancashire
BB2 1XF

Accountants

Rotherham Taylor Limited
Chartered Accountants
21 Navigation Business Village
Navigation Way
Ashton-on-Ribble
Preston
Lancashire
PR2 2YP

 

William Alty & Sons Limited

(Registration number: 00346916)
Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

1,618,091

1,375,060

Current assets

 

Stocks

5

23,771

20,029

Debtors

6

183,550

170,086

Cash at bank and in hand

 

571,676

638,224

 

778,997

828,339

Creditors: Amounts falling due within one year

7

(318,443)

(284,653)

Net current assets

 

460,554

543,686

Total assets less current liabilities

 

2,078,645

1,918,746

Creditors: Amounts falling due after more than one year

7

(71,527)

(26,250)

Provisions for liabilities

(70,792)

(78,424)

Net assets

 

1,936,326

1,814,072

Capital and reserves

 

Called up share capital

4,200

4,200

Retained earnings

1,932,126

1,809,872

Shareholders' funds

 

1,936,326

1,814,072

For the financial year ending 29 February 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 3 October 2024 and signed on its behalf by:
 

.........................................
Mr R Alty
Director

   
     
 

William Alty & Sons Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

1

General information

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

The address of its registered office is:
Broomfield Place
Blackburn
Lancashire
BB2 1XF
UK

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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of funeral services in the ordinary course of the company’s activities. Turnover is shown net refunds 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.

 

William Alty & Sons Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Tax

The tax expense for the period comprises current and deferred 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.

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 is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

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.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Land and buildings

4% on cost

Furniture, fittings and equipment

25% on cost and 10% on cost

Motor vehicles

16.67% on cost and 6.67% on cost

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.

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.

 

William Alty & Sons Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

The cost of finished goods and work in progress 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. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

 

William Alty & Sons Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss. Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 17 (2023 - 15).

 

William Alty & Sons Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

4

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 March 2023

449,964

135,982

1,966,093

2,552,039

Additions

134,094

4,469

247,041

385,604

Disposals

-

(336)

(46,490)

(46,826)

At 29 February 2024

584,058

140,115

2,166,644

2,890,817

Depreciation

At 1 March 2023

153,928

100,605

922,446

1,176,979

Charge for the year

21,428

10,900

96,584

128,912

Eliminated on disposal

-

(336)

(32,829)

(33,165)

At 29 February 2024

175,356

111,169

986,201

1,272,726

Carrying amount

At 29 February 2024

408,702

28,946

1,180,443

1,618,091

At 28 February 2023

296,036

35,377

1,043,647

1,375,060

Included within the net book value of land and buildings above is £408,702 (2023 - £296,036) in respect of freehold land and buildings.
 

5

Stocks

2024
£

2023
£

Stocks

23,771

20,029

6

Debtors

2024
£

2023
£

Trade debtors

129,235

129,787

Prepayments

13,012

11,911

Other debtors

41,303

28,388

 

183,550

170,086

 

William Alty & Sons Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and overdrafts

8

41,365

68,494

Trade creditors

 

93,603

61,753

Taxation and social security

 

9,401

10,063

Other creditors

 

174,074

144,343

 

318,443

284,653

Due after one year

 

Loans and borrowings

8

71,527

26,250

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

71,527

26,250

8

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

59,652

-

HP and finance lease liabilities

11,875

26,250

71,527

26,250

2024
£

2023
£

Current loans and borrowings

Bank borrowings

17,562

-

Bank overdrafts

-

47,758

HP and finance lease liabilities

23,057

20,005

Director's current accounts

746

731

41,365

68,494

Director's current accounts are interest free and have no formal repayment terms