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REGISTERED NUMBER: 00420115 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2024

FOR

W S PETTIT & CO LIMITED

W S PETTIT & CO LIMITED (REGISTERED NUMBER: 00420115)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 January 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


W S PETTIT & CO LIMITED

COMPANY INFORMATION
for the Year Ended 31 January 2024







DIRECTORS: P J Pettit
Mrs S Pettit
P Pettit





REGISTERED OFFICE: 4 High Street
Mexborough
South Yorkshire
S64 9AW





REGISTERED NUMBER: 00420115 (England and Wales)





ACCOUNTANTS: Hodgson & Oldfield
Aizlewood's Mill
Nursery Street
Sheffield
S3 8GG

W S PETTIT & CO LIMITED (REGISTERED NUMBER: 00420115)

BALANCE SHEET
31 January 2024

31.1.24 31.1.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 486,633 609,542
Investments 5 1 1
486,634 609,543

CURRENT ASSETS
Stocks 174,866 204,182
Debtors 6 15,006 14,268
Cash in hand 372 372
190,244 218,822
CREDITORS
Amounts falling due within one year 7 356,035 465,022
NET CURRENT LIABILITIES (165,791 ) (246,200 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

320,843

363,343

CREDITORS
Amounts falling due after more than one
year

8

(137,513

)

(168,538

)

PROVISIONS FOR LIABILITIES (7,506 ) (7,341 )
NET ASSETS 175,824 187,464

W S PETTIT & CO LIMITED (REGISTERED NUMBER: 00420115)

BALANCE SHEET - continued
31 January 2024

31.1.24 31.1.23
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 4,400 4,400
Revaluation reserve 10 145,985 143,481
Retained earnings 25,439 39,583
SHAREHOLDERS' FUNDS 175,824 187,464

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 10 October 2024 and were signed on its behalf by:





P Pettit - Director


W S PETTIT & CO LIMITED (REGISTERED NUMBER: 00420115)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 January 2024

1. STATUTORY INFORMATION

W S Pettit & Co Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


Monetary amounts in these financial statements are rounded to the nearest £.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 1% on cost
Fixtures & improvements - 15% on cost
Motor vehicles - 25% on cost and 10% on cost
Computer equipment - 25% on cost

Investments in subsidiaries
Investment in subsidiaries are measured at fair value with changes in fair value being recognised in the profit and loss account.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


W S PETTIT & CO LIMITED (REGISTERED NUMBER: 00420115)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 January 2024

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Consolidation
Exemption has been taken from preparing group financial statements as the group qualifies as a small size group.

The financial statements present information about the company as an individual undertaking.


3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 34 (2023 - 33 ) .

W S PETTIT & CO LIMITED (REGISTERED NUMBER: 00420115)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 January 2024

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST OR VALUATION
At 1 February 2023 595,364 483,793 1,079,157
Additions - 10,564 10,564
Disposals (118,444 ) (22,750 ) (141,194 )
Revaluations 4,019 - 4,019
At 31 January 2024 480,939 471,607 952,546
DEPRECIATION
At 1 February 2023 50,667 418,948 469,615
Charge for year 4,019 5,549 9,568
Eliminated on disposal - (13,270 ) (13,270 )
At 31 January 2024 54,686 411,227 465,913
NET BOOK VALUE
At 31 January 2024 426,253 60,380 486,633
At 31 January 2023 544,697 64,845 609,542

Included in cost or valuation of land and buildings is freehold land of £ 59,222 (2023 - £ 177,666 ) which is not depreciated.

Cost or valuation at 31 January 2024 is represented by:

Plant and
Land and machinery
buildings etc Totals
£    £    £   
Valuation in 2024 163,107 - 163,107
Cost 317,832 471,607 789,439
480,939 471,607 952,546

W S PETTIT & CO LIMITED (REGISTERED NUMBER: 00420115)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 January 2024

4. TANGIBLE FIXED ASSETS - continued

If Freehold property had not been revalued they would have been included at the following historical cost:

31.1.24 31.1.23
£    £   
Cost 317,832 436,276

Value of land in freehold land and buildings 59,222 177,666

Freehold property was valued on an open market basis on 31 January 2024 by the directors .

Should the freehold properties be disposed of at their revalued amounts, it is estimated that no material tax liability would arise on the sale.

The net book value of fixed assets on hire purchase is £48,566, (2023: £63,351).

5. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 February 2023
and 31 January 2024 1
NET BOOK VALUE
At 31 January 2024 1
At 31 January 2023 1

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.24 31.1.23
£    £   
Trade debtors 5,843 5,105
Other debtors 9,163 9,163
15,006 14,268

W S PETTIT & CO LIMITED (REGISTERED NUMBER: 00420115)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 January 2024

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.24 31.1.23
£    £   
Bank loans and overdrafts 72,101 129,520
Hire purchase contracts 7,194 12,709
Trade creditors 187,256 226,951
Taxation and social security 66,572 58,031
Other creditors 22,912 37,811
356,035 465,022

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
31.1.24 31.1.23
£    £   
Bank loans 103,118 124,059
Hire purchase contracts 34,395 44,479
137,513 168,538

Amounts falling due in more than five years:

Repayable by instalments
Bank Loan > 5 Years 24,765 39,304

9. SECURED DEBTS

The following secured debts are included within creditors:

31.1.24 31.1.23
£    £   
Bank overdrafts 51,161 109,181
Bank loans 124,058 144,398
Hire purchase contracts 41,589 57,188
216,808 310,767

The bank hold a legal charge and a debenture over the property and other assets of the company.

The H P companies hold a charge over the individual assets financed.

W S PETTIT & CO LIMITED (REGISTERED NUMBER: 00420115)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 January 2024

10. RESERVES
Revaluation
reserve
£   
At 1 February 2023 143,481
Revaluation reserve 2,504

At 31 January 2024 145,985

11. RELATED PARTY DISCLOSURES

During the year, total dividends of £55,500 (2023 - £76,800) were paid to the directors .

12. ULTIMATE CONTROLLING PARTY

The company is owned by the directors who own 100% of the issued share capital.