Registered number
00297414
M Whitfield Limited
Filleted Accounts
29 February 2024
M Whitfield Limited
Registered number: 00297414
Balance Sheet
as at 29 February 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 1,950 1,950
Tangible assets 4 1,743,625 409,267
1,745,575 411,217
Current assets
Stocks 364,466 350,784
Debtors 5 751,471 773,745
Investments held as current assets 6 - 214,162
Cash at bank and in hand 194,770 32,460
1,310,707 1,371,151
Creditors: amounts falling due within one year 7 (746,211) (596,184)
Net current assets 564,496 774,967
Total assets less current liabilities 2,310,071 1,186,184
Creditors: amounts falling due after more than one year 8 - (5,576)
Provisions for liabilities (154,472) -
Net assets 2,155,599 1,180,608
Capital and reserves
Called up share capital 280 280
Share premium 5,594 5,594
Revaluation reserve 9 1,199,607 19,842
Profit and loss account 950,118 1,154,892
Shareholder's funds 2,155,599 1,180,608
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 member has not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr PRW Grundy
Director
Approved by the board on 28 November 2024
M Whitfield Limited
Notes to the Accounts
for the year ended 29 February 2024
1 Accounting policies
Basis of preparation
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 applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative 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:
Freehold buildings 1% straight line basis per annum
Leasehold land and buildings 10 years straight line basis
Plant and machinery 10% reducing balance basis per annum
Computer equipment 5 years straight line basis
Motor vehicles 25% reducing balance basis per annum
Investments
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.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
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. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
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.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 64 67
3 Intangible fixed assets £
Goodwill:
Cost
At 1 March 2023 1,950
At 29 February 2024 1,950
Amortisation
At 29 February 2024 -
Net book value
At 29 February 2024 1,950
At 28 February 2023 1,950
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 March 2023 289,841 551,156 62,258 903,255
Additions - 1,747 - 1,747
Surplus on revaluation 1,354,079 - - 1,354,079
At 29 February 2024 1,643,920 552,903 62,258 2,259,081
Depreciation
At 1 March 2023 26,455 435,486 32,047 493,988
Charge for the year 1,449 13,977 6,042 21,468
At 29 February 2024 27,904 449,463 38,089 515,456
Net book value
At 29 February 2024 1,616,016 103,440 24,169 1,743,625
At 28 February 2023 263,386 115,670 30,211 409,267
5 Debtors 2024 2023
£ £
Trade debtors 528,988 464,016
Other debtors 222,483 309,729
751,471 773,745
6 Investments held as current assets 2024 2023
£ £
Fair value
Listed investments - 214,162
7 Creditors: amounts falling due within one year 2024 2023
£ £
Non-equity preference shares 200,000 200,000
Bank loans and overdrafts 2,081 -
Obligations under finance lease and hire purchase contracts 5,574 7,432
Trade creditors 420,627 371,356
Taxation and social security costs 17,501 12,346
Other creditors 100,428 5,050
746,211 596,184
8 Creditors: amounts falling due after one year 2024 2023
£ £
Obligations under finance lease and hire purchase contracts - 5,576
9 Revaluation reserve 2024 2023
£ £
At 1 March 2023 19,842 19,842
Change in market value 1,334,237 -
Deferred taxation arising on the revaluation of land and buildings (154,472) -
At 29 February 2024 1,199,607 19,842
10 Controlling party
The company is controlled by PRWG Holdings Limited.
11 Other information
M Whitfield Limited is a private company limited by shares and incorporated in England. Its registered office is:
St Aidans Terrace
Trimdon Station
Co Durham
TS29 6BT
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