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REGISTERED NUMBER: 04988190 (England and Wales)










Whalley Warm and Dry Limited

Unaudited Financial Statements

for the Year Ended 31 December 2023






Whalley Warm and Dry Limited (Registered number: 04988190)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Whalley Warm and Dry Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: Mr A P D Smith
Mr J F Smith
Miss K Smith





SECRETARY: Miss K Smith





REGISTERED OFFICE: The Station House
Station Road
Whalley
Lancashire
BB7 9RT





REGISTERED NUMBER: 04988190 (England and Wales)






Whalley Warm and Dry Limited (Registered number: 04988190)

Balance Sheet
31 December 2023

2023 2022
Notes £    £   
FIXED ASSETS
Intangible assets 4 3,000 6,000
Tangible assets 5 97,297 103,304
100,297 109,304

CURRENT ASSETS
Stocks 6 375,356 361,320
Debtors 7 18,535 3,141
Cash at bank and in hand 195,033 117,215
588,924 481,676
CREDITORS
Amounts falling due within one year 8 (167,281 ) (177,602 )
NET CURRENT ASSETS 421,643 304,074
TOTAL ASSETS LESS CURRENT
LIABILITIES

521,940

413,378

CREDITORS
Amounts falling due after more than one
year

9

(15,029

)

(25,170

)

PROVISIONS FOR LIABILITIES (2,262 ) (1,852 )
NET ASSETS 504,649 386,356

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 504,549 386,256
504,649 386,356

Whalley Warm and Dry Limited (Registered number: 04988190)

Balance Sheet - continued
31 December 2023


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account and Statement of Retained Earnings has not been delivered.

Approved and authorised by the Board the Board of Directors and authorised for issue on 29 November 2024 and were signed on its behalf by:





Mr J F Smith - Director


Whalley Warm and Dry Limited (Registered number: 04988190)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
The Station House
Station Road
Whalley
Lancashire
BB7 9RT
Great Britain

2. ACCOUNTING POLICIES

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND KEY ACCOUNTING ESTIMATES
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

STATEMENT OF COMPLIANCE
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

BASIS OF PREPARATION
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

REVENUE RECOGNITION
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

GOODWILL
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

AMORTISATION
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class Amortisation method and rate
Goodwill 10% straight line balance

Whalley Warm and Dry Limited (Registered number: 04988190)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

TANGIBLE FIXED ASSETS
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

DEPRECIATION
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset classDepreciation method and rate
Furniture and fittings 25% reducing balance
Computer equipment25% reducing balance
Motor vehicles20% reducing balance

TAXATION
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account and Statement of Retained Earnings, 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.

CASH AND CASH EQUIVALENTS
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

TRADE DEBTORS
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Whalley Warm and Dry Limited (Registered number: 04988190)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

STOCK
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

TRADE CREDITORS
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

BORROWINGS
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

SHARE CAPITAL
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

DIVIDENDS
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2022 - 6 ) .

Whalley Warm and Dry Limited (Registered number: 04988190)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 January 2023
and 31 December 2023 30,000
AMORTISATION
At 1 January 2023 24,000
Charge for year 3,000
At 31 December 2023 27,000
NET BOOK VALUE
At 31 December 2023 3,000
At 31 December 2022 6,000

5. TANGIBLE FIXED ASSETS
Fixtures
Tenant and Motor Computer
improvement fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 January 2023 64,073 26,986 42,995 20,247 154,301
Additions - - - 2,764 2,764
At 31 December 2023 64,073 26,986 42,995 23,011 157,065
DEPRECIATION
At 1 January 2023 - 23,617 10,892 16,488 50,997
Charge for year - 842 6,421 1,508 8,771
At 31 December 2023 - 24,459 17,313 17,996 59,768
NET BOOK VALUE
At 31 December 2023 64,073 2,527 25,682 5,015 97,297
At 31 December 2022 64,073 3,369 32,103 3,759 103,304

6. STOCKS
2023 2022
£    £   
Stocks 14,036 -
Finished goods 361,320 361,320
375,356 361,320

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Prepayments 2,285 2,141
Other debtors - Staff Loans 16,250 1,000
18,535 3,141

Whalley Warm and Dry Limited (Registered number: 04988190)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts (see note 10) 9,898 9,648
Trade creditors 6,570 4,609
Staff pensions 732 381
Tax 70,020 48,626
PAYE/NI liability 4,022 1,915
VAT 41,347 31,220
Directors' current accounts 31,546 78,265
Accrued expenses 3,146 2,938
167,281 177,602

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans (see note 10) 15,029 25,170

10. LOANS

An analysis of the maturity of loans is given below:

2023 2022
£    £   
Amounts falling due within one year or on demand:
Bank loans 9,898 9,648

Amounts falling due between one and two years:
Bank loans - 1-2 years 15,029 25,170