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Company No: 06229354 (England and Wales)

M.A. WITCOMBE LIMITED

Unaudited Financial Statements
For the financial year ended 30 April 2024
Pages for filing with the registrar

M.A. WITCOMBE LIMITED

Unaudited Financial Statements

For the financial year ended 30 April 2024

Contents

M.A. WITCOMBE LIMITED

COMPANY INFORMATION

For the financial year ended 30 April 2024
M.A. WITCOMBE LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 30 April 2024
DIRECTORS Karen Boots
Martin Tribe
REGISTERED OFFICE Unit 5 Gloucester Crescent
Heathpark Industrial Estate
Honiton
EX14 1DB
United Kingdom
COMPANY NUMBER 06229354 (England and Wales)
ACCOUNTANT Old Mill Accountancy Limited
Leeward House
Fitzroy Road
Exeter Business Park
Exeter
Devon
EX1 3LJ
M.A. WITCOMBE LIMITED

BALANCE SHEET

As at 30 April 2024
M.A. WITCOMBE LIMITED

BALANCE SHEET (continued)

As at 30 April 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 158,232 66,954
158,232 66,954
Current assets
Stocks 4 1,074,119 475,717
Debtors 5 1,094,119 1,129,969
2,168,238 1,605,686
Creditors: amounts falling due within one year 6 ( 1,703,240) ( 1,211,762)
Net current assets 464,998 393,924
Total assets less current liabilities 623,230 460,878
Creditors: amounts falling due after more than one year 7 ( 121,340) ( 137,918)
Net assets 501,890 322,960
Capital and reserves
Called-up share capital 112 112
Profit and loss account 501,778 322,848
Total shareholder's funds 501,890 322,960

For the financial year ending 30 April 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of M.A. Witcombe Limited (registered number: 06229354) were approved and authorised for issue by the Board of Directors on 20 December 2024. They were signed on its behalf by:

Martin Tribe
Director
M.A. WITCOMBE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 2024
M.A. WITCOMBE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

M.A. Witcombe Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Unit 5 Gloucester Crescent, Heathpark Industrial Estate, Honiton, EX14 1DB, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Construction contracts

Where the outcome of a construction contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the Balance Sheet date. This is normally measured by the proportion that contract costs incurred for work performed to date bear to the estimated total contract costs, except where this would not be representative of the stage of completion. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable.

Where the outcome of a construction contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred where it is probable they will be recoverable. Contract costs are recognised as expenses in the period in which they are incurred. When costs incurred in securing a contract are recognised as an expense in the period in which they are incurred, they are not included in contract costs if the contract is obtained in a subsequent period.

When it is probable that total contract costs will exceed total contract revenue, the expected loss is recognised as an expense immediately.

Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised as an expense when the Company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Exceptional item

During the prior period a loan of £98,665 owed to MA Witcombe Holdings Limited, the parent company of this entity at that point, was written off as a result of an intercompany loan waiver. This is included in the Profit and Loss Account in the comparatives.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Leasehold improvements depreciated over the life of the lease
Plant and machinery 4 years straight line
Vehicles 4 years straight line
Fixtures and fittings 7 years straight line
Computer equipment 4 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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 Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Government grants

Government grants are recognised based on the performance model and are measured at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received.

A grant that specifies performance conditions is recognised in income only when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the grant proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 14 13

3. Tangible assets

Leasehold improve-
ments
Plant and machinery Vehicles Fixtures and fittings Computer equipment Total
£ £ £ £ £ £
Cost
At 01 May 2023 53,085 27,600 35,280 9,239 24,660 149,864
Additions 3,500 6,033 109,839 1,660 2,068 123,100
Disposals 0 ( 2,227) ( 3,500) 0 ( 633) ( 6,360)
At 30 April 2024 56,585 31,406 141,619 10,899 26,095 266,604
Accumulated depreciation
At 01 May 2023 20,118 13,067 26,609 5,828 17,288 82,910
Charge for the financial year 6,355 4,988 14,963 1,167 3,373 30,846
Disposals 0 ( 1,395) ( 3,500) 0 ( 489) ( 5,384)
At 30 April 2024 26,473 16,660 38,072 6,995 20,172 108,372
Net book value
At 30 April 2024 30,112 14,746 103,547 3,904 5,923 158,232
At 30 April 2023 32,967 14,533 8,671 3,411 7,372 66,954

4. Stocks

2024 2023
£ £
Stocks 81,921 60,166
Work in progress 992,198 415,551
1,074,119 475,717

5. Debtors

2024 2023
£ £
Trade debtors 317,552 169,239
Amounts owed by Group undertakings 352,852 389,372
Prepayments 157,294 110,509
VAT recoverable 23,199 17,790
Other debtors 243,222 443,059
1,094,119 1,129,969

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans and overdrafts 163,771 281,828
Trade creditors 826,570 722,057
Accruals 300,361 11,018
Taxation and social security 365,794 158,649
Obligations under finance leases and hire purchase contracts (secured) 19,328 0
Other creditors 27,416 38,210
1,703,240 1,211,762

Bank loans due within one year of £85,835 (2023: £175,833) are guaranteed by the government as part of the Coronavirus Business Interruption Scheme.

Included within bank loans and overdrafts is a bank overdraft of £77,936 (2023: £105,995) which is secured upon assets owned by the company.

Obligations under finance leases and hire purchase contracts are secured upon the assets to which the loans relate.

7. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 52,083 137,918
Obligations under finance leases and hire purchase contracts (secured) 69,257 0
121,340 137,918

Bank loans due greater than one year of £52,083 (2023: £137,918) are guaranteed by the government as part of the Coronavirus Business Interruption Scheme.

Obligations under finance leases and hire purchase contracts are secured upon the assets to which the loans relate.

8. Financial commitments

Commitments

2024 2023
£ £
Total future minimum lease payments under non-cancellable operating lease 8,750 29,750

9. Related party transactions

Other related party transactions

2024 2023
£ £
Entities with control, joint control or significant influence over the company 352,852 389,372