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Company Registration No. 04388165 (England and Wales)
Whetley Mills Limited Unaudited accounts for the year ended 31 January 2024
Whetley Mills Limited Unaudited accounts Contents
Page
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Whetley Mills Limited Company Information for the year ended 31 January 2024
Directors
Tahir Zeshan Hussain Mohammad Salman Hussain
Secretary
Tahir Zeshan Hussain
Company Number
04388165 (England and Wales)
Registered Office
Whetley Mills Business Park 370 Thornton Road Bradford BD8 8LQ England
Accountants
Shipleys Tax - Chartered Accountants 32 Park Cross Street Leeds West Yorkshire LS1 2QH
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Whetley Mills Limited Statement of financial position as at 31 January 2024
2024 
2023 
Notes
£ 
£ 
Fixed assets
Tangible assets
25,379 
29,949 
Investment property
6,828,630 
6,828,630 
6,854,009 
6,858,579 
Current assets
Debtors
206,973 
112,217 
Cash at bank and in hand
71,907 
96,354 
278,880 
208,571 
Creditors: amounts falling due within one year
(332,837)
(299,001)
Net current liabilities
(53,957)
(90,430)
Total assets less current liabilities
6,800,052 
6,768,149 
Creditors: amounts falling due after more than one year
(2,505,971)
(2,515,012)
Provisions for liabilities
Deferred tax
(14,862)
(15,494)
Net assets
4,279,219 
4,237,643 
Capital and reserves
Called up share capital
1,000 
1,000 
Revaluation reserve
1,513,000 
1,513,000 
Profit and loss account
2,765,219 
2,723,643 
Shareholders' funds
4,279,219 
4,237,643 
For the year ending 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 in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 28 October 2024 and were signed on its behalf by
Tahir Zeshan Hussain Director Company Registration No. 04388165
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Whetley Mills Limited Notes to the Accounts for the year ended 31 January 2024
1
Statutory information
Whetley Mills Limited is a private company, limited by shares, registered in England and Wales, registration number 04388165. The registered office is Whetley Mills Business Park, 370 Thornton Road, Bradford, BD8 8LQ, England.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
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 accounts.
Basis of preparation
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 fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Going concern
At the time of signing these accounts, having considered the economic climate, the Directors expectations and intentions for the next twelve months, and the availability of working capital, the Directors are of the opinion that the Company will remain viable for the foreseeable future and therefore these Financial Statements have been prepared on the Going Concern basis.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
15% on reducing balance
Motor vehicles
25% on reducing balance
Fixtures & fittings
15% on reducing balance
Computer equipment
20% on reducing balance
Investment property
Investment property is included at market fair value. Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.
Pension costs
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
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Whetley Mills Limited Notes to the Accounts for the year ended 31 January 2024
Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
Taxation
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Deferred taxation
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
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Whetley Mills Limited Notes to the Accounts for the year ended 31 January 2024
4
Tangible fixed assets
Plant & machinery 
Motor vehicles 
Fixtures & fittings 
Computer equipment 
Total 
£ 
£ 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At cost 
At cost 
At 1 February 2023
43,341 
8,089 
95,496 
1,074 
148,000 
Additions
- 
- 
- 
499 
499 
At 31 January 2024
43,341 
8,089 
95,496 
1,573 
148,499 
Depreciation
At 1 February 2023
39,440 
5,962 
72,649 
- 
118,051 
Charge for the year
585 
532 
3,408 
544 
5,069 
At 31 January 2024
40,025 
6,494 
76,057 
544 
123,120 
Net book value
At 31 January 2024
3,316 
1,595 
19,439 
1,029 
25,379 
At 31 January 2023
3,901 
2,127 
22,847 
1,074 
29,949 
5
Investment property
2024 
£ 
Fair value at 1 February 2023
6,828,630 
At 31 January 2024
6,828,630 
The market value of the company's investment properties at the valuation date of December 2020 has been incorporated in to these financial statements as the value as at 31 January 2024. The valuation was undertaken by Knight Frank Valuation & Advisory. In the opinion of the directors the difference in valuation between the two two dates is considered immaterial.
6
Debtors
2024 
2023 
£ 
£ 
Amounts falling due within one year
Trade debtors
67,452 
26,508 
Accrued income and prepayments
123,521 
69,709 
Other debtors
16,000 
16,000 
206,973 
112,217 
7
Creditors: amounts falling due within one year
2024 
2023 
£ 
£ 
Bank loans and overdrafts
33,332 
33,332 
VAT
21,368 
15,199 
Trade creditors
71,368 
57,088 
Taxes and social security
27,299 
32,580 
Other creditors
107,598 
131,409 
Loans from directors
198 
247 
Accruals
69,654 
28,458 
Deferred income
2,020 
688 
332,837 
299,001 
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Whetley Mills Limited Notes to the Accounts for the year ended 31 January 2024
8
Creditors: amounts falling due after more than one year
2024 
2023 
£ 
£ 
Bank loans
2,299,925 
2,333,257 
Other creditors
206,046 
181,755 
2,505,971 
2,515,012 
Bank loans and overdrafts are secured by means of a first legal charge over one of the company's investment properties and a debenture over the assets and undertaking of the company.
9
Deferred taxation
2024 
2023 
£ 
£ 
Accelerated capital allowances
3,709 
4,341 
Revaluation of investment property
11,153 
11,153 
14,862 
15,494 
2024 
2023 
£ 
£ 
Provision at start of year
15,494 
18,009 
Credited to the profit and loss account
(632)
(2,515)
Provision at end of year
14,862 
15,494 
10
Share capital
2024 
2023 
£ 
£ 
Allotted, called up and fully paid:
1,000 Ordinary shares of £1 each
1,000 
1,000 
11
Operating lease commitments
2024 
2023 
£ 
£ 
At 31 January 2024 the company had the following future minimum lease payments under non-cancellable operating leases for each of the following periods:
Not later than one year
125 
- 
12
Loans to directors
Brought Forward 
Advance/ credit 
Repaid 
Carried Forward 
£ 
£ 
£ 
£ 
Tahir Zeshan Hussain
63 
48,000 
48,000 
63 
Mohammad Salman Hussain
184 
72,000 
72,049 
135 
247 
120,000 
120,049 
198 
The advances are interest free and are included as 'Loans from Directors' in 'Creditors: amounts falling due within one year' at note 8 above.
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Whetley Mills Limited Notes to the Accounts for the year ended 31 January 2024
13
Average number of employees
During the year the average number of employees was 8 (2023: 9).
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