Company registration number 11545053 (England and Wales)
KARL WHITTAKER LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
PAGES FOR FILING WITH REGISTRAR
KARL WHITTAKER LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
KARL WHITTAKER LIMITED
BALANCE SHEET
AS AT 31 AUGUST 2024
31 August 2024
- 1 -
2024
2023
Notes
£
£
£
£
Tangible assets
3
27,426
36,440
Investment properties
4
712,310
610,490
Investments
5
240,000
739,736
886,930
Current assets
Debtors
6
63,067
25,310
Cash at bank and in hand
527,996
355,149
591,063
380,459
Creditors: amounts falling due within one year
7
(75,445)
(152,249)
Net current assets
515,618
228,210
Total assets less current liabilities
1,255,354
1,115,140
Provisions for liabilities
(6,857)
(9,110)
Net assets
1,248,497
1,106,030
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
1,248,397
1,105,930
Total equity
1,248,497
1,106,030
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
KARL WHITTAKER LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 AUGUST 2024
31 August 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 22 January 2025 and are signed on its behalf by:
Mrs N J Whittaker
Director
Company Registration No. 11545053
KARL WHITTAKER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
- 3 -
1
Accounting policies
Company information
Karl Whittaker Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Summit, Woodwater Park, Pynes Hill, Exeter, United Kingdom, EX2 5WS.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Plant and equipment
33% per annum on cost
Fixtures and fittings
33% per annum on cost
Motor vehicles
20% per annum on book value
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.
1.4
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.5
Fixed asset investments
Investments held are measured at cost and represent longer term savings balances fixed for 12 or 18 months.
Instant access balances have been included within cash at bank and in hand.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
KARL WHITTAKER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 4 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity.
1.7
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.8
Leases
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
4
4
KARL WHITTAKER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 5 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 September 2023
49,735
Additions
379
At 31 August 2024
50,114
Depreciation and impairment
At 1 September 2023
13,295
Depreciation charged in the year
9,393
At 31 August 2024
22,688
Carrying amount
At 31 August 2024
27,426
At 31 August 2023
36,440
4
Investment property
2024
£
Fair value
At 1 September 2023
610,490
Additions
101,820
At 31 August 2024
712,310
Investment property comprises one property. The fair value of the investment property was reviewed by the directors on an open market basis by reference to market evidence of transaction prices for similar properties and was concluded to have not materially changed between the purchase date on 10 May 2023 and the accounting reference date.
5
Fixed asset investments
2024
2023
£
£
Other investments other than loans
240,000
KARL WHITTAKER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
5
Fixed asset investments
(Continued)
- 6 -
Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 September 2023
240,000
Disposals
(240,000)
At 31 August 2024
-
Carrying amount
At 31 August 2024
-
At 31 August 2023
240,000
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
20,605
11,064
Other debtors
42,462
14,246
63,067
25,310
7
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
624
634
Taxation and social security
56,256
68,540
Other creditors
18,565
83,075
75,445
152,249
8
Directors' transactions
Advances or credits have been granted by the company to its directors as follows:
Description
% Rate
Opening balance
Amounts advanced
Interest charged
Amounts repaid
Closing balance
£
£
£
£
£
Two directors
2.25
(6,291)
69,624
293
(31,045)
32,581
(6,291)
69,624
293
(31,045)
32,581
The loan to the directors was unsecured and repayable on demand.