15 false false false false false false false false false false true false false false false false false No description of principal activity 2022-11-01 Sage Accounts Production Advanced 2023 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP 01572281 2022-11-01 2023-10-31 01572281 2023-10-31 01572281 2022-10-31 01572281 2021-11-01 2022-10-31 01572281 2022-10-31 01572281 2021-10-31 01572281 core:PlantMachinery 2022-11-01 2023-10-31 01572281 core:FurnitureFittings 2022-11-01 2023-10-31 01572281 core:MotorVehicles 2022-11-01 2023-10-31 01572281 bus:Director1 2022-11-01 2023-10-31 01572281 core:LandBuildings 2022-10-31 01572281 core:PlantMachinery 2022-10-31 01572281 core:FurnitureFittings 2022-10-31 01572281 core:MotorVehicles 2022-10-31 01572281 core:LandBuildings 2023-10-31 01572281 core:PlantMachinery 2023-10-31 01572281 core:FurnitureFittings 2023-10-31 01572281 core:MotorVehicles 2023-10-31 01572281 core:LandBuildings 2022-11-01 2023-10-31 01572281 core:WithinOneYear 2023-10-31 01572281 core:WithinOneYear 2022-10-31 01572281 core:AfterOneYear 2023-10-31 01572281 core:AfterOneYear 2022-10-31 01572281 core:ShareCapital 2023-10-31 01572281 core:ShareCapital 2022-10-31 01572281 core:SharePremium 2023-10-31 01572281 core:SharePremium 2022-10-31 01572281 core:RevaluationReserve 2023-10-31 01572281 core:RevaluationReserve 2022-10-31 01572281 core:RetainedEarningsAccumulatedLosses 2023-10-31 01572281 core:RetainedEarningsAccumulatedLosses 2022-10-31 01572281 core:LandBuildings 2022-10-31 01572281 core:PlantMachinery 2022-10-31 01572281 core:FurnitureFittings 2022-10-31 01572281 core:MotorVehicles 2022-10-31 01572281 bus:SmallEntities 2022-11-01 2023-10-31 01572281 bus:AuditExempt-NoAccountantsReport 2022-11-01 2023-10-31 01572281 bus:SmallCompaniesRegimeForAccounts 2022-11-01 2023-10-31 01572281 bus:PrivateLimitedCompanyLtd 2022-11-01 2023-10-31 01572281 bus:FullAccounts 2022-11-01 2023-10-31
COMPANY REGISTRATION NUMBER: 01572281
Zonewhirl Limited
Filleted Unaudited Financial Statements
For the year ended
31 October 2023
Zonewhirl Limited
Financial Statements
Year ended 31 October 2023
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Zonewhirl Limited
Statement of Financial Position
31 October 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
1,850,752
1,961,044
Current assets
Stocks
1,910,000
1,610,000
Debtors
6
53,535
80,986
Cash at bank and in hand
2,730
5,675
------------
------------
1,966,265
1,696,661
Creditors: amounts falling due within one year
7
752,277
703,541
------------
------------
Net current assets
1,213,988
993,120
------------
------------
Total assets less current liabilities
3,064,740
2,954,164
Creditors: amounts falling due after more than one year
8
939,378
971,574
Provisions
Taxation including deferred tax
55,711
55,711
------------
------------
Net assets
2,069,651
1,926,879
------------
------------
Zonewhirl Limited
Statement of Financial Position (continued)
31 October 2023
2023
2022
Note
£
£
£
Capital and reserves
Called up share capital
300,175
300,175
Share premium account
419,950
419,950
Revaluation reserve
70,807
70,807
Profit and loss account
1,278,719
1,135,947
------------
------------
Shareholders funds
2,069,651
1,926,879
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- 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 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 29 November 2024 , and are signed on behalf of the board by:
Mr M B Jones
Director
Company registration number: 01572281
Zonewhirl Limited
Notes to the Financial Statements
Year ended 31 October 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Woodcraft 82, Village Farm Industrial Estate, Pyle, Nr Bridgend, Mid Glamorgan, CF33 6BJ.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of Value Added Tax and related to the principal activity of the company which is that of the running of a farm and that of builders merchants and DIY goods suppliers. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that it is probable the expenses recognised will be recovered.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant & machinery
-
15% straight line
Fixtures & fittings
-
20% reducing balance
Motor vehicles
-
25% reducing balance
Freehold Property - 2% of cost less residual value The directors believe the cost of freehold properties to be representative of market value and therefore no depreciation is actually due. Investment properties Investment properties are shown at their open market value. The surplus or deficit arising from the annual revaluation is transferred to the investment revaluation reserve unless a deficit, or its reversal, on an individual investment property is expected to be permanent, in which case it is recognised in the profit and loss account for the year. This is in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015) which, unlike the Companies Act 2006, does not require depreciation of investment properties. Investment properties are held for their investment potential and not for use by the company and so their current value is of prime importance. The departure from the provisions of the Act is required in order to give a true and fair view.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
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 entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 15 (2022: 14 ).
5. Tangible assets
Land and buildings
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 November 2022
1,621,360
1,063,529
126,712
46,513
2,858,114
Additions
450
450
Disposals
( 25,000)
( 25,000)
------------
------------
---------
--------
------------
At 31 October 2023
1,596,360
1,063,979
126,712
46,513
2,833,564
------------
------------
---------
--------
------------
Depreciation
At 1 November 2022
740,241
117,253
39,576
897,070
Charge for the year
82,116
1,892
1,734
85,742
------------
------------
---------
--------
------------
At 31 October 2023
822,357
119,145
41,310
982,812
------------
------------
---------
--------
------------
Carrying amount
At 31 October 2023
1,596,360
241,622
7,567
5,203
1,850,752
------------
------------
---------
--------
------------
At 31 October 2022
1,621,360
323,288
9,459
6,937
1,961,044
------------
------------
---------
--------
------------
6. Debtors
2023
2022
£
£
Trade debtors
41,313
59,409
Other debtors
12,222
21,577
--------
--------
53,535
80,986
--------
--------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
34,030
71,634
Trade creditors
420,886
358,281
Social security and other taxes
101,890
105,411
Other creditors
195,471
168,215
---------
---------
752,277
703,541
---------
---------
Hire purchase balances are secured on assets to which they relate.
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
846,666
826,941
Other creditors
92,712
144,633
---------
---------
939,378
971,574
---------
---------
Included within creditors: amounts falling due after more than one year is an amount of £710,665 (2022: £690,941) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
Hire purchase balances are secured on assets to which they relate.
9. Related party transactions
Included in other creditors is an amount of £96,454 (2022: £75,353) owed to Celtic Wool Insulation Limited. Celtic Wool Insulation Limited is a related party due to common directorship and ownership.