Witts Moloney Limited |
Financial statements for the year ended 29 February 2024 |
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Chartered Accountants' report to the board of directors on the preparation of the unaudited financial statements of Witts Moloney Limited for the year ended 29 February 2024 |
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In order to assist you to fulfil your duties under the Companies Act 2006 we have prepared for your approval the financial statements of Witts Moloney Limited for the year ended 29 February 2024, which comprise the Profit and Loss Account, the Balance Sheet and the related notes, from the company’s accounting records and from information and explanations you have given us. |
As a practising member firm of the Institute of Chartered Accountants in England and Wales we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/members/regulations-standards-and-guidance. |
This report is made solely to the Board of Directors of Witts Moloney Limited, as a body, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Witts Moloney Limited and state those matters that we have agreed to state to the Board of Directors of Witts Moloney Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Witts Moloney Limited and its Board of Directors, as a body, for our work or for this report. |
It is your duty to ensure that Witts Moloney Limited has kept adequate accounting records and to prepare financial statements that give a true and fair view of the assets, liabilities, financial position and profit or loss of Witts Moloney Limited. You consider that Witts Moloney Limited is exempt from the statutory audit requirement for the year. |
We have not been instructed to carry out an audit or a review of the financial statements of Witts Moloney Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial statements. |
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Cavendish Bond |
Chartered Accountants |
Bentinck House |
3 - 8 Bolsover Street |
London |
W1W 6AB |
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29 November 2024 |
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Witts Moloney Limited |
Financial statements for the year ended 29 February 2024 |
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Balance Sheet |
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Notes |
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2024 |
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2023 |
£ |
£ |
Fixed assets |
Investments |
3 |
|
|
48,941 |
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|
50,798 |
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Current assets |
Debtors |
4 |
|
22,102 |
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|
26,602 |
Cash at bank and in hand |
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|
7,721 |
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20,458 |
|
|
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29,823 |
|
|
47,060 |
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Creditors: amounts falling due within one year |
5 |
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(6,155) |
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|
(6,163) |
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Net current assets |
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|
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23,668 |
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40,897 |
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Total assets less current liabilities |
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|
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72,609 |
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91,695 |
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Provisions for liabilities |
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|
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(3,650) |
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(6,300) |
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Net assets |
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|
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68,959 |
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85,395 |
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Capital and reserves |
Called up share capital |
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|
|
10 |
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|
10 |
Profit and loss account |
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|
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68,949 |
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85,385 |
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Shareholders' funds |
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|
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68,959 |
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85,395 |
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|
|
|
|
|
|
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The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. |
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements. |
The financial statements have been prepared in accordance with the special provisions for small companies within Part 15 of the Companies Act 2006. The company's profit and loss account for the year has not been delivered to the Registrar of Companies. |
These financial statements were approved by the board on 29 November 2024 and are signed on its behalf by |
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L R Witts |
Director |
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Company registration number 09632475 |
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Witts Moloney Limited |
Financial statements for the year ended 29 February 2024 |
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Notes to the Financial Statements |
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1 |
Accounting policies |
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Basis of preparation |
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The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland, as applicable to companies subject to the small entities regime. |
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Turnover |
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Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes, from the rendering of services. Turnover is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. |
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Tangible fixed assets |
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Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
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Plant and machinery |
over 4 years |
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Investments |
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Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account. |
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Debtors |
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Short term debtors are measured at transaction price less any provision for bad and doubtful debts. Loans and other financial assets are initially recognised at fair value, taking account of any transaction costs, and are subsequently measured at amortised cost using the effective interest method, less any impairment losses. |
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Creditors |
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Short term creditors are measured at the transaction price. Loans and other financial liabilities are initially recognised at fair value, taking account of any transaction costs, and are subsequently measured at amortised cost using the effective interest method. |
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Taxation |
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A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference. |
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Provisions |
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Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
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Financial instruments |
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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 liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument those financial instruments are classified as financial liabilities and are presented as such in the balance sheet. Where the contractual terms of financial instruments do not meet the definition of a financial liability those financial instruments are classified as equity instruments. Dividends and other distributions relating to equity instruments are debited direct to equity. |
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2 |
Employees |
2024 |
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2023 |
Number |
Number |
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Average number of persons employed by the company |
- |
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- |
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3 |
Investments |
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Other |
investments |
£ |
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Fair value |
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At 1 March 2023 |
50,798 |
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Movement in fair value |
(1,857) |
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At 29 February 2024 |
48,941 |
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The fair value of the investments is measured by reference to their quoted market value at the balance sheet date. Fair value movements are charged or credited to the profit and loss account. |
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4 |
Debtors |
2024 |
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2023 |
£ |
£ |
|
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Other debtors |
22,102 |
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26,602 |
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5 |
Creditors: amounts falling due within one year |
2024 |
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2023 |
£ |
£ |
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Taxes and social security costs |
2,520 |
|
2,328 |
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Other creditors |
3,635 |
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3,835 |
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6,155 |
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6,163 |
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6 |
Related party transactions |
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At the balance sheet date £81 was owing to the company from its directors (2023: £5,081). This balance has subsequently been repaid. |
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7 |
Other information |
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Witts Moloney Limited is a private company limited by shares and incorporated in England. Its registered office is: |
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Hilltops |
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4 Stony Lane |
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Tea Green |
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Luton |
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LU2 8PT |