Company registration number 00575445 (England and Wales)
WILLIAM PEAT (BARNARD CASTLE) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
WILLIAM PEAT (BARNARD CASTLE) LIMITED
CONTENTS
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 6
WILLIAM PEAT (BARNARD CASTLE) LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
135,572
137,383
Investments
4
403,002
396,325
538,574
533,708
Current assets
Stocks
10,489
47,357
Debtors
5
48,266
42,871
Cash at bank and in hand
342,802
301,106
401,557
391,334
Creditors: amounts falling due within one year
6
(16,038)
(32,027)
Net current assets
385,519
359,307
Total assets less current liabilities
924,093
893,015
Creditors: amounts falling due after more than one year
7
(1)
(3)
Net assets
924,092
893,012
Capital and reserves
Called up share capital
18,000
18,000
Profit and loss reserves
906,092
875,012
Total equity
924,092
893,012
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 31 March 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.
WILLIAM PEAT (BARNARD CASTLE) LIMITED
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2024
31 March 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 9 October 2024 and are signed on its behalf by:
Mr RA Peat
Mr JR Peat
Director
Director
Company registration number 00575445 (England and Wales)
WILLIAM PEAT (BARNARD CASTLE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information
William Peat (Barnard Castle) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Oaklands, Darlington Road, Barnard Castle, County Durham, DL12 8TA.
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:
Freehold property
2% straight line
Plant and machinery
10 % / 20% reducing balance
Motor vehicles
20% / 25% 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
Fixed asset investments are measured at fair value with changes in fair value being recognised in profit or loss.
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
WILLIAM PEAT (BARNARD CASTLE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
1.6
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.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
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 statement of financial position when the company becomes party to the contractual provisions of the instrument.
1.8
Leases
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
1.9
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
Government grants relating to turnover are recognised as income over the periods when the related costs are incurred. Grants relating to an asset are recognised in income systematically over the asset's expected useful life. If part of such a grant is deferred it is recognised as deferred income rather than being deducted from the asset's carrying amount.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
3
3
WILLIAM PEAT (BARNARD CASTLE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
3
Tangible fixed assets
Freehold property
Plant and machinery
Motor vehicles
Total
£
£
£
£
Cost
At 1 April 2023
169,403
64,535
26,900
260,838
Additions
670
670
Disposals
(39,405)
(39,405)
At 31 March 2024
169,403
25,800
26,900
222,103
Depreciation and impairment
At 1 April 2023
36,731
60,042
26,682
123,455
Depreciation charged in the year
1,609
817
55
2,481
Eliminated in respect of disposals
(39,405)
(39,405)
At 31 March 2024
38,340
21,454
26,737
86,531
Carrying amount
At 31 March 2024
131,063
4,346
163
135,572
At 31 March 2023
132,672
4,493
218
137,383
4
Fixed asset investments
2024
2023
£
£
Other investments other than loans
403,002
396,325
Movements in fixed asset investments
Other
£
Cost or valuation
At 1 April 2023
396,325
Valuation changes
18,864
Disposals
(12,187)
At 31 March 2024
403,002
Carrying amount
At 31 March 2024
403,002
At 31 March 2023
396,325
WILLIAM PEAT (BARNARD CASTLE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
48,266
42,871
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
10,919
18,767
Taxation and social security
2,417
2,228
Other creditors
2,702
11,032
16,038
32,027
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
1
3
8
Directors' transactions
At the beginning and end of the year the directors' owed the company £29,792. The maximum amount the loan was overdrawn by during the year was £29,792. The loan is unsecured, interest free and repayable on demand.