Company registration number 13940889 (England and Wales)
WILLOW RIVER LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
PAGES FOR FILING WITH REGISTRAR
WILLOW RIVER LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
WILLOW RIVER LIMITED
BALANCE SHEET
AS AT
29 FEBRUARY 2024
29 February 2024
- 1 -
29 February 2024
28 February 2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
54,419
334
Current assets
Stocks
-
23,663
Debtors
4
10,750
10
Cash at bank and in hand
52,564
23,781
63,314
47,454
Creditors: amounts falling due within one year
5
(46,970)
(28,345)
Net current assets
16,344
19,109
Net assets
70,763
19,443
Capital and reserves
Called up share capital
6
4
4
Profit and loss reserves
70,759
19,439
Total equity
70,763
19,443
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges her 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.
The financial statements were approved and signed by the director and authorised for issue on 26 November 2024
Mrs N.A. Muthy
Director
Company registration number 13940889 (England and Wales)
WILLOW RIVER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 2 -
1
Accounting policies
Company information
Willow River Limited is a private company limited by shares incorporated in England and Wales. The registered office is 121 Woodcote Grove Road, Coulsdon, Surrey, United Kingdom, CR5 2AN.
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.
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:
Motor vehicles
25% reducing balance
Office equipment
20% straight line
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
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.
1.5
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
WILLOW RIVER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
1
Accounting policies
(Continued)
- 3 -
1.6
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.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
1.7
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.
1.8
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.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
2
1
WILLOW RIVER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 4 -
3
Tangible fixed assets
Plant and machinery etc
Office equipment
Total
£
£
£
Cost
At 1 March 2023
417
417
Additions
51,940
2,785
54,725
At 29 February 2024
51,940
3,202
55,142
Depreciation and impairment
At 1 March 2023
83
83
Depreciation charged in the year
640
640
At 29 February 2024
723
723
Carrying amount
At 29 February 2024
51,940
2,479
54,419
At 28 February 2023
334
334
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
10,750
10
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
920
Corporation tax
24,970
16,181
Other taxation and social security
13,511
4,782
Other creditors
7,569
7,382
46,970
28,345
6
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
2
2
2
2
Ordinary A shares of £1 each
1
1
1
1
Ordinary B shares of £1 each
1
1
1
1
4
4
4
4
WILLOW RIVER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 5 -
7
Directors' transactions
Description
% Rate
Opening balance
Amounts advanced
Interest charged
Amounts repaid
Closing balance
£
£
£
£
£
Mrs N.A. Muthy
2.25
(1,819)
102,382
729
(105,867)
(4,575)
(1,819)
102,382
729
(105,867)
(4,575)