REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
FOR |
WHEAL JANE LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
FOR |
WHEAL JANE LIMITED |
WHEAL JANE LIMITED (REGISTERED NUMBER: 03885040) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
WHEAL JANE LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
The Old Carriage Works |
Moresk Road |
Truro |
Cornwall |
TR1 1DG |
SOLICITORS: |
Osprey House |
Malpas Road |
Truro |
Cornwall |
TR1 1UT |
WHEAL JANE LIMITED (REGISTERED NUMBER: 03885040) |
BALANCE SHEET |
29 FEBRUARY 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
Investments | 6 |
CURRENT ASSETS |
Debtors | 7 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
9 |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 11 |
Capital redemption reserve |
Other reserves | ( |
) | ( |
) |
Retained earnings |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
WHEAL JANE LIMITED (REGISTERED NUMBER: 03885040) |
BALANCE SHEET - continued |
29 FEBRUARY 2024 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
WHEAL JANE LIMITED (REGISTERED NUMBER: 03885040) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
1. | STATUTORY INFORMATION |
Wheal Jane Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Preparation of consolidated financial statements |
The financial statements contain information about Wheal Jane Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertakings are included by full consolidation in the consolidated financial statements of its parent, Wheal Jane Limited, . |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Turnover comprises revenue recognised by the company in respect of goods and services supplied (including management services income) during the year, exclusive of Value Added Tax and trade discounts. |
Turnover is recognised when a right to consideration has been obtained through performance under each contract reflecting the state of completion of each contract at the year end, or when performance of the service has been fully undertaken, thereby matching income with costs incurred. |
Goodwill |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Intangible assets relate to goodwill and capitalised website costs. |
Tangible fixed assets |
Plant and machinery | - |
Computer equipment | - |
No depreciation is provided in respect of freehold property as the Directors do not deem the residual value of the property to be materially different from its carrying value. |
Investments in subsidiaries |
Investments in subsidiaries are recognised at cost less impairment. |
Dividends receivable from subsidiaries are recognised when declared. |
WHEAL JANE LIMITED (REGISTERED NUMBER: 03885040) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
Classification |
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. |
All financial instruments, aside from certain loan balances with connected undertakings are classified as basic. |
Recognition and measurement |
Financial instruments are recognised in the company's statement of financial position 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, which include trade and other receivables and cash and bank balances, are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments. |
Basic financial liabilities, including trade and other payables are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Hire purchase and leasing commitments |
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. |
WHEAL JANE LIMITED (REGISTERED NUMBER: 03885040) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
2. | ACCOUNTING POLICIES - continued |
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. |
Share based payments |
The company provides share based payments to certain employees. |
Equity settled arrangements are measured at the fair value (excluding the effect on non market based vesting conditions) at the date of the grant. The fair value is expensed on a straight line basis over the vesting period. The amount recognised as an expense is adjusted to reflect the actual number of shares or options that will vest. |
Where equity settled arrangements are modified, and are of benefit to the employee, the incremental fair value is recognised over the period from the date of modification to date of vesting. Where a modification is not beneficial to an employee there is no change to the charge for share based payment. Settlements and cancellations are treated as an acceleration of vesting and the unvested amount is recognised immediately in profit and loss. |
The company has no cash settled arrangements. |
Impairment |
Financial assets are assessed for indicators of impairment at each reporting end date. |
Financial assets are impaired where there is objective evidence that, as a result or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss. |
Employee benefit trust |
The assets and liabilities of the employee benefit trust are treated as assets and liabilities of the company whenever the company has control over such assets and liabilities. Shares in the company held by the employee benefit trust are recognised as a deduction in shareholders funds until they are earmarked to employees. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 March 2023 |
and 29 February 2024 |
AMORTISATION |
At 1 March 2023 |
and 29 February 2024 |
NET BOOK VALUE |
At 29 February 2024 |
At 28 February 2023 |
WHEAL JANE LIMITED (REGISTERED NUMBER: 03885040) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
5. | TANGIBLE FIXED ASSETS |
Freehold | Plant and | Motor | Computer |
property | machinery | vehicles | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 March 2023 |
Additions |
Disposals | ( |
) | ( |
) |
Reclassification/transfer | ( |
) |
At 29 February 2024 |
DEPRECIATION |
At 1 March 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
Reclassification/transfer | ( |
) |
At 29 February 2024 |
NET BOOK VALUE |
At 29 February 2024 |
At 28 February 2023 |
Included in cost of land and buildings is freehold land of £ 526,220 (2023 - £ 526,220 ) which is not depreciated. |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Plant and |
machinery |
£ |
COST |
Additions |
At 29 February 2024 |
DEPRECIATION |
Charge for year |
At 29 February 2024 |
NET BOOK VALUE |
At 29 February 2024 |
WHEAL JANE LIMITED (REGISTERED NUMBER: 03885040) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
6. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 March 2023 |
Impairments | ( |
) |
At 29 February 2024 |
NET BOOK VALUE |
At 29 February 2024 |
At 28 February 2023 |
Market value of listed investments at 29 February 2024 - £ 2,000 . |
The company's investments at the Balance Sheet date in the share capital of companies include the following: |
Registered office: Old Mine Offices, Wheal Jane, Baldhu, Truro, Cornwall, TR3 6EE |
Nature of business: |
% |
Class of shares: | holding |
Registered office: Old Mine Offices, Wheal Jane, Baldhu, Truro, Cornwall, TR3 6EE |
Nature of business: |
% |
Class of shares: | holding |
Wheal Jane Enterprises Limited - The principle activity of Wheal Jane Enterprises Limited is the provision of contracting and consultancy services. This company is in liquidation, with the cost of the investment being written down to £nil. |
Wheal Jane Services Limited - The principle activity of Wheal Jane Services Limited is the provision of laboratory services. |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Amounts owed by participating interests | 1,120,138 | - |
Other debtors |
Directors' loan accounts | 180,241 | 573 |
Prepayments |
WHEAL JANE LIMITED (REGISTERED NUMBER: 03885040) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Hire purchase contracts |
Trade creditors |
Amounts owed to group undertakings |
Tax |
Social security and other taxes |
VAT | 370,577 | 258,356 |
Other creditors |
Directors' loan accounts | - | 73,884 |
Accrued expenses |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Hire purchase contracts |
10. | SECURED DEBTS |
The following secured debts are included within creditors: |
2024 | 2023 |
£ | £ |
Hire purchase contracts | 85,750 | - |
11. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | .01 | 14,299 | 16,956 |
12. | CAPITAL COMMITMENTS |
2024 | 2023 |
£ | £ |
Contracted but not provided for in the |
financial statements |
In the previous year the company was committed to acquire certain plant. |
13. | RELATED PARTY DISCLOSURES |
At the balance sheet date the company was owed £180,241 (2023 - £10,568) by certain directors. |
WHEAL JANE LIMITED (REGISTERED NUMBER: 03885040) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
14. | SHARE-BASED PAYMENTS |
The company set up a share-option scheme on 17 March 2017. The options are granted with a fixed exercise price, are exercisable six years after the date of grant (or earlier in the event of a sale) and expire ten years after the date of grant. Employee are ot entitled to dividends until the shares are exercised. Employees are required to remain in employment with the company until exercise, or else the options will lapse. |
On exercise of the options by the employees the group issues shares previously held as treasury shares by the Employee Benefit Trust. |
During the year: |
- No (2023 - No) options were granted to five employees. |
- No (2023 - No) options have lapsed. |
- 160,000 (2023 - 160,000) options remain outstanding at the balance sheet date. |
The exercise price of the options in £1.99. |
The company is unable to measure the fair value of employee services received. Instead the fair value of shares options granted during the year is determined using the Black-Scholes model. The model is internationally recognised as being appropriate to value employee share schemes similar to this scheme. |
No charge has been recognised in profit and loss in the current year. |
15. | EMPLOYEE BENEFIT TRUST |
The company operates a share incentive plan via an employee benefit trust for the employees. |
Included in cash at bank is £1,398 (2023 - £2,619) which relates to funds held by the EBT which have been consolidated into the accounts of Wheal Jane Limited in accordance with UK GAAP. |
As at 28 February 2024 350,105.(2023 - 418,967) shares are held by the employee benefit trust. |
In the year to 28 February 2023 the decision was taken to cease the employee benefit trust. |