Company registration number 563361 (England and Wales)
R.F. WHITWORTH & CO LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 JANUARY 2024
PAGES FOR FILING WITH REGISTRAR
11 De Grey Square
De Grey Road
Colchester
Essex
CO4 5YQ
R.F. WHITWORTH & CO LIMITED
CONTENTS
Page
Company information
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 8
R.F. WHITWORTH & CO LIMITED
COMPANY INFORMATION
- 1 -
Directors
Mr A Whitworth
Mr B Whitworth
Miss L Whitworth
Company number
563361
Registered office
Wix Lodge
Colchester Rd
Wix
Manningtree
CO11 2RP
Accountants
TC Group
11 De Grey Square
De Grey Road
Colchester
Essex
CO4 5YQ
R.F. WHITWORTH & CO LIMITED
BALANCE SHEET
AS AT
31 JANUARY 2024
31 January 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
326,501
311,676
Investments
4
1
1
326,502
311,677
Current assets
Stocks
165,598
166,052
Debtors
5
57,931
43,244
Cash at bank and in hand
156,786
222,600
380,315
431,896
Creditors: amounts falling due within one year
6
(67,656)
(75,006)
Net current assets
312,659
356,890
Total assets less current liabilities
639,161
668,567
Creditors: amounts falling due after more than one year
7
(10,372)
(20,000)
Provisions for liabilities
(68,948)
(74,498)
Net assets
559,841
574,069
Capital and reserves
Called up share capital
8,000
8,000
Share premium account
7,000
7,000
Capital redemption reserve
5,000
5,000
Profit and loss reserves
539,841
554,069
Total equity
559,841
574,069
R.F. WHITWORTH & CO LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 JANUARY 2024
31 January 2024
- 3 -

For the financial year ended 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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 Companies Act 2006 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.

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 17 October 2024 and are signed on its behalf by:
Mr B Whitworth
Director
Company registration number 563361 (England and Wales)
R.F. WHITWORTH & CO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
- 4 -
1
Accounting policies
Company information

R.F. Whitworth & Co Limited is a private company limited by shares incorporated in England and Wales. The registered office is Wix Lodge, Colchester Rd, Wix, Manningtree, CO11 2RP.

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. 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
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:

Property improvements
20% on cost
Plant and equipment
20% reducing balance

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.

1.4
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

R.F. WHITWORTH & CO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 5 -
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.

 

1.6
Cash and cash equivalents

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
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

R.F. WHITWORTH & CO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 6 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
5
5
R.F. WHITWORTH & CO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 7 -
3
Tangible fixed assets
Property improvements
Plant and equipment
Total
£
£
£
Cost
At 1 February 2023
74,701
784,365
859,066
Additions
-
0
51,500
51,500
Disposals
-
0
(6,250)
(6,250)
At 31 January 2024
74,701
829,615
904,316
Depreciation and impairment
At 1 February 2023
61,401
485,989
547,390
Depreciation charged in the year
700
35,975
36,675
Eliminated in respect of disposals
-
0
(6,250)
(6,250)
At 31 January 2024
62,101
515,714
577,815
Carrying amount
At 31 January 2024
12,600
313,901
326,501
At 31 January 2023
13,300
298,376
311,676
4
Fixed asset investments
2024
2023
£
£
Other investments
1
1
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
40,106
27,258
Other debtors
9,610
15,986
49,716
43,244
R.F. WHITWORTH & CO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
5
Debtors
(Continued)
- 8 -
2024
2023
Amounts falling due after more than one year:
£
£
Deferred tax asset
8,215
-
0
Total debtors
57,931
43,244
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
15,077
2,131
Taxation and social security
755
7,791
Other creditors
51,824
65,084
67,656
75,006

Other creditors include hire purchase liabilities of £30,372 which are secured against the assets to which they relate.

7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
10,372
20,000

Other creditors include hire purchase liabilities of £10,372 which are secured against the assets to which they relate.

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