Registration number:
GS and L Wheeldon Limited
for the Year Ended 31 March 2024
GS and L Wheeldon Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
GS and L Wheeldon Limited
Company Information
Directors |
Mr T J Wheeldon Mrs L Wheeldon Mr J R Wheeldon Mr T S Wheeldon |
Registered office |
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Accountants |
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GS and L Wheeldon Limited
(Registration number: 06745554)
Balance Sheet as at 31 March 2024
Note |
2024 |
2023 |
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Fixed assets |
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Tangible assets |
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Other financial assets |
10,332 |
10,332 |
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Current assets |
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Stocks |
217,606 |
217,147 |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
- |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
99 |
99 |
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Retained earnings |
1,081,699 |
1,001,792 |
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Shareholders' funds |
1,081,798 |
1,001,891 |
For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
GS and L Wheeldon Limited
(Registration number: 06745554)
Balance Sheet as at 31 March 2024 (continued)
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 and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland'.
Approved and authorised by the
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GS and L Wheeldon Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024
General information |
The company is a private company limited by share capital incorporated in England and Wales registration number: 06745554.
The address of its registered office is:
England
These financial statements were authorised for issue by the
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.
The presentation currency is £ sterling.
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 |
Buildings |
4% straight line basis |
Plant and machinery |
15% reducing balance basis |
Office equipment |
33% straight line basis |
GS and L Wheeldon Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)
2 |
Accounting policies (continued) |
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
Biological assets, living plants and animals are included at the lower of cost and estimated selling price less costs to sell. Cost is determined on a first in first out basis, net realisable value is based on estimated selling price, less any costs which may arise on realisation. Purchased livestock is valued at cost of purchase plus costs of rearing to the valuation date or to maturity, if earlier. Livestock which is homebred, farm reared or acquired some time before maturity and matured on the farm is valued at deemed cost at the following rates: cattle and sheep 60% and 75% of open market value, herds and flocks on herd basis.
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
GS and L Wheeldon Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Tangible assets |
Land and buildings |
Furniture, fittings and equipment |
Plant and machinery |
Total |
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Cost or valuation |
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At 1 April 2023 |
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Additions |
- |
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Disposals |
- |
- |
( |
( |
At 31 March 2024 |
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Depreciation |
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At 1 April 2023 |
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Charge for the year |
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Eliminated on disposal |
- |
- |
( |
( |
At 31 March 2024 |
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Carrying amount |
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At 31 March 2024 |
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At 31 March 2023 |
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Included within the net book value of land and buildings above is £9,517 (2023 - £10,338) in respect of freehold land and buildings.
GS and L Wheeldon Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)
Other financial assets (current and non-current) |
Financial assets at cost less impairment |
Total |
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Non-current financial assets |
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Cost or valuation |
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At 1 April 2023 |
10,332 |
10,332 |
At 31 March 2024 |
10,332 |
10,332 |
Impairment |
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Carrying amount |
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At 31 March 2024 |
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10,332 |
Debtors |
Current |
2024 |
2023 |
Trade debtors |
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Prepayments |
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Other debtors |
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GS and L Wheeldon Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)
Creditors |
Creditors: amounts falling due within one year
Note |
2024 |
2023 |
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Due within one year |
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Loans and borrowings |
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- |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Creditors include obligations under hire purchase contracts which are secured against the asset they relate to of £49,923 (2023 - £nil).
Creditors: amounts falling due after more than one year
Note |
2024 |
2023 |
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Due after one year |
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Loans and borrowings |
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- |
Creditors include obligations under hire purchase contracts which are secured against the asset they relate to of £61,752 (2023 - £nil).
Loans and borrowings |
Current loans and borrowings
2024 |
2023 |
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Hire purchase contracts |
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- |
Non-current loans and borrowings
2024 |
2023 |
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Hire purchase contracts |
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- |