Company registration number 02117386 (England and Wales)
WHITEFRIARS (COACHWORKS) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
PAGES FOR FILING WITH REGISTRAR
WHITEFRIARS (COACHWORKS) LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
WHITEFRIARS (COACHWORKS) LIMITED
BALANCE SHEET
AS AT 31 JANUARY 2024
31 January 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
42,922
22,261
Investment properties
4
769,175
769,175
812,097
791,436
Current assets
Debtors
6
141,913
38,816
Investments
7
1,547,281
1,659,675
Cash at bank and in hand
1,244
41,112
1,690,438
1,739,603
Creditors: amounts falling due within one year
8
(5,474)
(56,543)
Net current assets
1,684,964
1,683,060
Total assets less current liabilities
2,497,061
2,474,496
Creditors: amounts falling due after more than one year
9
(9,335)
Net assets
2,497,061
2,465,161
Capital and reserves
Called up share capital
1,400
1,400
Share premium account
159,600
159,600
Profit and loss reserves
2,336,061
2,304,161
Total equity
2,497,061
2,465,161
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
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 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.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
WHITEFRIARS (COACHWORKS) LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 JANUARY 2024
31 January 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 29 October 2024 and are signed on its behalf by:
Mr M E Hencher
Director
Company Registration No. 02117386
WHITEFRIARS (COACHWORKS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
- 3 -
1
Accounting policies
Company information
Whitefriars (Coachworks) Limited is a private company limited by shares incorporated in England and Wales. The registered office is 4 Inglewood House, Templeton Road, Kintbury, Hungerford, Berkshire, United Kingdom, RG17 9AA.
1.1
Basis of Preparation of Financial Statements
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.
1.2
Turnover
Turnover represents amounts receivable for rent and services net of VAT. Rental income is recognised in the period to which the rent relates..
1.3
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant and equipment
15% on Reducing balance Method
Fixtures and fittings
15% on Reducing balance Method
Computers
33% on Straight Line Method
1.4
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in the profit and loss account with any accumulated surplus on fair value measurement being transferred and presented in a separate “investment property revaluation reserve” in equity.
Where fair value cannot be achieved without undue cost or effort, investment property is accounted for as tangible fixed assets.
1.5
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.
WHITEFRIARS (COACHWORKS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 4 -
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.7
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.
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
2
2
WHITEFRIARS (COACHWORKS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 5 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 February 2023
37,883
Additions
24,000
At 31 January 2024
61,883
Depreciation and impairment
At 1 February 2023
15,622
Depreciation charged in the year
3,339
At 31 January 2024
18,961
Carrying amount
At 31 January 2024
42,922
At 31 January 2023
22,261
4
Investment property
2024
£
Fair value
At 1 February 2023 and 31 January 2024
769,175
The investment properties fair value of £769,175 (2023: £769,175) was determined by the directors and they consider this to be a reasonable estimate of the current fair value when compared with similar properties in the vicinity.
5
Financial instruments
2024
2023
£
£
Carrying amount of financial assets
Instruments measured at fair value through profit or loss
1,541,317
1,645,309
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
141,913
38,816
WHITEFRIARS (COACHWORKS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 6 -
7
Current asset investments
2024
2023
£
£
Other investments
1,547,281
1,659,675
8
Creditors: amounts falling due within one year
2024
2023
£
£
Corporation tax
474
51,544
Other creditors
5,000
4,999
5,474
56,543
9
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
9,335