Company registration number 01198754 (England and Wales)
WHEELHOUSE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2024
PAGES FOR FILING WITH REGISTRAR
WHEELHOUSE LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
WHEELHOUSE LIMITED
BALANCE SHEET
AS AT
28 FEBRUARY 2024
28 February 2024
- 1 -
2024
2023
Notes
£
£
£
£
Current assets
Debtors
3
1,454,534
1,483,809
Creditors: amounts falling due within one year
4
(18,271)
(28,520)
Net current assets
1,436,263
1,455,289
Provisions for liabilities
5
(2,043,002)
(2,061,092)
Net liabilities
(606,739)
(605,803)
Capital and reserves
Called up share capital
7
3
3
Profit and loss reserves
(606,742)
(605,806)
Total equity
(606,739)
(605,803)
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 28 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 his 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 by the board of directors and authorised for issue on 27 November 2024 and are signed on its behalf by:
D Wheelhouse
Director
Company Registration No. 01198754
WHEELHOUSE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 2 -
1
Accounting policies
Company information
Wheelhouse Limited is a private company limited by shares incorporated in England and Wales. The registered office is 166 College Road, Harrow, Middlesex, HA1 1RA.
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
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 are measured at transaction price including transaction costs. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors that are classified as debt, are recognised at transaction price unless the arrangement constitutes a financing transaction. Financial liabilities classified as payable within one year are not amortised.
1.3
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.
1.4
Retirement benefits
The company provides pension benefits for senior employees. Under the terms of the pension contracts entered into with the senior employees, fixed sums are provided for now in order to provide pension benefits to the individuals upon their retirement. The pension contracts allow for an annual increase in respect of indexation over and above the initial contracted amount.
Although under section 28 of FRS 102 this pension arrangement is regarded as being a defined benefit scheme, the directors consider that it does not bear any of the hallmarks of a defined benefit scheme as the company’s contributions are fixed until the point of retirement at which point any further contributions of annual increases cease. Further information can be found in note 7 to the financial statements.
WHEELHOUSE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 3 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
1
1
3
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
1,383,209
1,483,209
Other debtors
71,325
600
1,454,534
1,483,809
4
Creditors: amounts falling due within one year
2024
2023
£
£
Other creditors
18,271
28,520
5
Provisions for liabilities
2024
2023
£
£
Pension obligations
2,043,002
2,061,092
Movements on provisions:
Pension obligations
£
At 1 March 2023
2,061,092
Pension paid during the year
(18,090)
At 28 February 2024
2,043,002
The company has entered into agreements and is contractually obliged to expend fixed sums in the future to provide retirement benefits to senior employees under the terms of their pension agreements.
WHEELHOUSE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 4 -
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
3
3
3
3
8
Parent company
The company is under the control of its ultimate parent company, Wheelhouse Warehousing Limited whose registered office address is: 166 College Road, Harrow, Middlesex, HA1 1RA.
9
Related party transactions
Included in other debtors is an amount of £71,152 (2023: due from £8,833) due to from Hilda Holdings Limited, in which shareholder Mr D Wheelhouse has common control.
Included in other creditors is an amount of £15,293 (2023: £15,293) due to Monica Ltd, in which shareholder Mr D Wheelhouse has common control.