Registered number
05122892
R & M Wheildon Limited
Unaudited Filleted Accounts
For the Year Ended
31 May 2024
R & M Wheildon Limited
Registered number: 05122892
Balance Sheet
as at 31 May 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 - 4,500
Tangible assets 4 39,405 51,608
39,405 56,108
Current assets
Stocks 27,000 27,000
Debtors 5 154,622 179,860
Cash at bank and in hand 147,695 92,517
329,317 299,377
Creditors: amounts falling due within one year 6 (156,976) (132,483)
Net current assets 172,341 166,894
Total assets less current liabilities 211,746 223,002
Creditors: amounts falling due after more than one year 7 (15,912) (26,021)
Provisions for liabilities (7,487) (9,806)
Net assets 188,347 187,175
Capital and reserves
Called up share capital 300 300
Profit and loss account 188,047 186,875
Shareholders' funds 188,347 187,175
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 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.
S Parker
Director
Approved by the board on 10 January 2025
R & M Wheildon Limited
Notes to the Accounts
for the year ended 31 May 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 over 50 years
Motor Vehicles 25% reducing balance
Plant & Machinery 15-33.3% reducing balance
Display Stock 33.3% straight line
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 9 9
3 Intangible fixed assets £
Goodwill:
Cost
At 1 June 2023 90,000
At 31 May 2024 90,000
Amortisation
At 1 June 2023 85,500
Provided during the year 4,500
At 31 May 2024 90,000
Net book value
At 31 May 2024 -
At 31 May 2023 4,500
Goodwill is being written off in equal annual instalments over its estimated economic life of 20 years.
4 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 June 2023 52,363 84,495 83,841 220,699
Additions 1,067 - - 1,067
At 31 May 2024 53,430 84,495 83,841 221,766
Depreciation
At 1 June 2023 49,738 76,457 42,896 169,091
Charge for the year 1,731 1,302 10,237 13,270
At 31 May 2024 51,469 77,759 53,133 182,361
Net book value
At 31 May 2024 1,961 6,736 30,708 39,405
At 31 May 2023 2,625 8,038 40,945 51,608
5 Debtors 2024 2023
£ £
Trade debtors 32,955 54,273
Other debtors 121,667 125,587
154,622 179,860
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 9,867 9,626
Trade creditors 91,425 78,608
Taxation and social security costs 43,067 31,684
Other creditors 12,617 12,565
156,976 132,483
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 15,912 26,021
8 Related party transactions
The company paid rent to M Wheildon, director, amounting to £7,998 during the year ended 31st May 2024 (2023 - £7,998.00)
9 Controlling party
There is no overall controlling party.
10 Other information
R & M Wheildon Limited is a private company limited by shares and incorporated in England. Its registered office is:
Greenhead Office
Off Cross Lane
Low Bentham
Lancaster
LA2 7ES
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