Relics of Witney Limited 04196200 false 2023-05-01 2024-04-30 2024-04-30 The principal activity of the company is the retail of specialist interior supplies Digita Accounts Production Advanced 6.30.9574.0 true true 04196200 2023-05-01 2024-04-30 04196200 2024-04-30 04196200 core:CurrentFinancialInstruments 2024-04-30 04196200 core:CurrentFinancialInstruments core:WithinOneYear 2024-04-30 04196200 core:FurnitureFittingsToolsEquipment 2024-04-30 04196200 core:LandBuildings 2024-04-30 04196200 bus:SmallEntities 2023-05-01 2024-04-30 04196200 bus:AuditExemptWithAccountantsReport 2023-05-01 2024-04-30 04196200 bus:FullAccounts 2023-05-01 2024-04-30 04196200 bus:SmallCompaniesRegimeForAccounts 2023-05-01 2024-04-30 04196200 bus:RegisteredOffice 2023-05-01 2024-04-30 04196200 bus:Director1 2023-05-01 2024-04-30 04196200 bus:Director3 2023-05-01 2024-04-30 04196200 bus:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 04196200 core:Goodwill 2023-05-01 2024-04-30 04196200 core:FurnitureFittings 2023-05-01 2024-04-30 04196200 core:FurnitureFittingsToolsEquipment 2023-05-01 2024-04-30 04196200 core:LandBuildings 2023-05-01 2024-04-30 04196200 countries:EnglandWales 2023-05-01 2024-04-30 04196200 2023-04-30 04196200 core:FurnitureFittingsToolsEquipment 2023-04-30 04196200 core:LandBuildings 2023-04-30 04196200 2022-05-01 2023-04-30 04196200 2023-04-30 04196200 core:CurrentFinancialInstruments 2023-04-30 04196200 core:CurrentFinancialInstruments core:WithinOneYear 2023-04-30 04196200 core:FurnitureFittingsToolsEquipment 2023-04-30 04196200 core:LandBuildings 2023-04-30 iso4217:GBP xbrli:pure

Registration number: 04196200

Relics of Witney Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 April 2024

 

Relics of Witney Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Relics of Witney Limited

Company Information

Directors

Mr Stephen James Hall

Mrs Sharon Margaret Hall

Registered office

The Old Works
Corn Street
WITNEY
Oxon
OX28 6BZ

Accountants

ReesRussell LLP
Chartered Accountants
37 Market Square
Witney
Oxfordshire
OX28 6RE

 

Relics of Witney Limited

(Registration number: 04196200)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

47,385

52,980

Current assets

 

Stocks

6

143,432

135,733

Debtors

7

32,271

24,379

Cash at bank and in hand

 

120,303

120,838

 

296,006

280,950

Creditors: Amounts falling due within one year

8

(87,176)

(109,072)

Net current assets

 

208,830

171,878

Total assets less current liabilities

 

256,215

224,858

Provisions for liabilities

(11,668)

(10,066)

Net assets

 

244,547

214,792

Capital and reserves

 

Called up share capital

76

76

Capital redemption reserve

24

24

Retained earnings

244,447

214,692

Shareholders' funds

 

244,547

214,792

For the financial year ending 30 April 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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 9 October 2024 and signed on its behalf by:
 

 

Relics of Witney Limited

(Registration number: 04196200)
Balance Sheet as at 30 April 2024

.........................................
Mr Stephen James Hall
Director

.........................................
Mrs Sharon Margaret Hall
Director

 

Relics of Witney Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

1

General information

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

The address of its registered office is:
The Old Works
Corn Street
WITNEY
Oxon
OX28 6BZ

These financial statements were authorised for issue by the Board on 9 October 2024.

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.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates 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.

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.

 

Relics of Witney Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

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

Fixtures and fittings

25% reducing balance

Leasehold land and buildings

Over 9 years

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

Written off

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.

Trade 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.

 

Relics of Witney Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

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 inventories 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.

Trade 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.

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.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 10 (2023 - 11).

 

Relics of Witney Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

4

Profit before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

15,556

12,585

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 May 2023

15,044

133,013

148,057

Additions

-

9,961

9,961

At 30 April 2024

15,044

142,974

158,018

Depreciation

At 1 May 2023

13,397

81,680

95,077

Charge for the year

1,647

13,909

15,556

At 30 April 2024

15,044

95,589

110,633

Carrying amount

At 30 April 2024

-

47,385

47,385

At 30 April 2023

1,647

51,333

52,980

Included within the net book value of land and buildings above is £Nil (2023 - £1,647) in respect of freehold land and buildings.
 

6

Stocks

2024
£

2023
£

Other inventories

143,432

135,733

 

Relics of Witney Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

7

Debtors

Current

2024
£

2023
£

Trade debtors

29,991

22,099

Prepayments

2,280

2,280

 

32,271

24,379

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Trade creditors

 

52,981

86,681

Taxation and social security

 

14,658

9,598

Other creditors

 

19,537

12,793

 

87,176

109,072