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Registration number: NI003087

Warden Brothers (Newtownards) Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 January 2024

 

Warden Brothers (Newtownards) Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Warden Brothers (Newtownards) Limited

Company Information

Directors

Ms Jane Campbell

Mr Keith Irvine

Registered office

45 - 47 High Street
Newtownards
BT23 7HS

Solicitors

Thompson Solicitors
39 Frances Street
Newtownards
Co. Down
BT23 7DW

Accountants

McKeague Morgan & Company
Chartered Accountants
27 College Gardens
Belfast
BT9 6BS

 

Warden Brothers (Newtownards) Limited

(Registration number: NI003087)
Balance Sheet as at 31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

801,535

848,788

Current assets

 

Stocks

6

786,873

694,901

Debtors

7

63,655

70,825

Other financial assets

5

961,296

924,454

Cash at bank and in hand

 

1,524,037

1,665,944

 

3,335,861

3,356,124

Creditors: Amounts falling due within one year

8

(609,147)

(722,100)

Net current assets

 

2,726,714

2,634,024

Total assets less current liabilities

 

3,528,249

3,482,812

Provisions for liabilities

(52,300)

(45,461)

Net assets

 

3,475,949

3,437,351

Capital and reserves

 

Called up share capital

30,835

30,835

Capital redemption reserve

16,666

16,666

Revaluation reserve

85,000

85,000

Profit and loss account

3,343,448

3,304,850

Total equity

 

3,475,949

3,437,351

For the financial 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.

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.

 

Warden Brothers (Newtownards) Limited

(Registration number: NI003087)
Balance Sheet as at 31 January 2024

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 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 28 October 2024 and signed on its behalf by:
 

.........................................

Ms Jane Campbell
Director

 

Warden Brothers (Newtownards) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

1

General information

The company is a private company limited by share capital, incorporated in the United Kingdom.

The address of its registered office is:
45 - 47 High Street
Newtownards
BT23 7HS

These financial statements were authorised for issue by the Board on 28 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.

 

Warden Brothers (Newtownards) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

2

Accounting policies (continued)

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

Land and buildings

2% straight line

Fixtures, fittings and equipment

20% straight line

Motor vehicles

25% straight line

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the weighted average 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.

 

Warden Brothers (Newtownards) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

2

Accounting policies (continued)

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.

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 45 (2023 - 44).

 

Warden Brothers (Newtownards) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Investment property
 £

Total
£

Cost or valuation

At 1 February 2023

552,073

364,959

15,950

395,000

1,327,982

At 31 January 2024

552,073

364,959

15,950

395,000

1,327,982

Depreciation

At 1 February 2023

155,439

307,805

15,950

-

479,194

Charge for the year

26,124

21,129

-

-

47,253

At 31 January 2024

181,563

328,934

15,950

-

526,447

Carrying amount

At 31 January 2024

370,510

36,025

-

395,000

801,535

At 31 January 2023

396,634

57,154

-

395,000

848,788

Included within the net book value of land and buildings above is £12,330 (2023 - £13,451) in respect of freehold land and buildings, £282,900 (2023 - £289,050) in respect of long leasehold land and buildings and £75,280 (2023 - £94,133) in respect of short leasehold land and buildings.

Revaluations
The Investment properties class of fixed assets were revalued on 10 March 2020 by Lindsay Fyfe and Company Estate Agents, who are external to the company. The basis of this valuation was at open market value. This class of assets has a current value of £395,000 (2022 - £395,000).
 

 

Warden Brothers (Newtownards) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

5

Other financial assets (current and non-current)

Financial assets at fair value through profit and loss
£

Total
£

Current financial assets

Cost or valuation

At 1 February 2023

924,454

924,454

Fair value adjustments

28,512

28,512

Additions

115,376

115,376

Disposals

(115,850)

(115,850)

Transfers

8,804

8,804

At 31 January 2024

961,296

961,296

Carrying amount

At 31 January 2024

961,296

961,296

6

Stocks

2024
£

2023
£

Goods for resale

786,873

694,901

7

Debtors

2024
£

2023
£

Trade debtors

4,413

13,937

Prepayments

59,242

56,888

63,655

70,825

 

Warden Brothers (Newtownards) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

8

Creditors

2024
£

2023
£

Trade creditors

144,439

150,457

Corporation tax liability

13,733

30,782

Taxation and social security

88,082

131,579

Other creditors

6,798

6,403

Loans from directors

333

571

Accruals and deferred income

355,762

402,308

609,147

722,100

9

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary of £1 each

13,334

13,334

13,334

13,334

Preference of £1 each

17,501

17,501

17,501

17,501

 

30,835

30,835

30,835

30,835

 

Warden Brothers (Newtownards) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

10

Financial instruments

Categorisation of financial instruments

2024
 £

2023
 £

Financial assets measured at fair value through profit or loss

961,296

924,454

Financial assets measured at fair value

Investment bond
The fair value has been determined from the quoted market value of the underlying securities.

The fair value is £961,296 (2023 - £924,454) and the change in value included in profit or loss is £28,513 (2023 - £(30,891)).