6 false false false false false false false false false false true false false false false false false No description of principal activity 2023-04-01 Sage Accounts Production Advanced 2023 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP 00523846 2023-04-01 2024-03-31 00523846 2024-03-31 00523846 2023-03-31 00523846 2022-04-01 2023-03-31 00523846 2023-03-31 00523846 2022-03-31 00523846 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 00523846 bus:Director1 2023-04-01 2024-03-31 00523846 core:LandBuildings core:OwnedOrFreeholdAssets 2023-03-31 00523846 core:PlantMachinery 2023-03-31 00523846 core:LandBuildings core:OwnedOrFreeholdAssets 2024-03-31 00523846 core:PlantMachinery 2024-03-31 00523846 core:LandBuildings core:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 00523846 core:PlantMachinery 2023-04-01 2024-03-31 00523846 core:WithinOneYear 2024-03-31 00523846 core:WithinOneYear 2023-03-31 00523846 core:ShareCapital 2024-03-31 00523846 core:ShareCapital 2023-03-31 00523846 core:CapitalRedemptionReserve 2024-03-31 00523846 core:CapitalRedemptionReserve 2023-03-31 00523846 core:RetainedEarningsAccumulatedLosses 2024-03-31 00523846 core:RetainedEarningsAccumulatedLosses 2023-03-31 00523846 core:LandBuildings core:OwnedOrFreeholdAssets 2023-03-31 00523846 core:PlantMachinery 2023-03-31 00523846 bus:SmallEntities 2023-04-01 2024-03-31 00523846 bus:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 00523846 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 00523846 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 00523846 bus:FullAccounts 2023-04-01 2024-03-31 00523846 bus:OrdinaryShareClass1 2024-03-31 00523846 bus:OrdinaryShareClass1 2023-03-31
COMPANY REGISTRATION NUMBER: 00523846
WHITTON PRECISION LTD
FILLETED UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 March 2024
WHITTON PRECISION LTD
BALANCE SHEET
31 March 2024
2024
2023
Note
£
£
£
£
Fixed assets
Tangible assets
5
103,385
96,316
Current assets
Stocks
6
61,445
51,567
Debtors
7
159,371
160,540
Cash at bank and in hand
305,069
474,432
--------
--------
525,885
686,539
Creditors: amounts falling due within one year
8
( 279,753)
( 359,533)
--------
--------
Net current assets
246,132
327,006
--------
--------
Total assets less current liabilities
349,517
423,322
Provisions
Taxation including deferred tax
( 6,458)
( 4,490)
--------
--------
Net assets
343,059
418,832
--------
--------
Capital and reserves
Called up share capital
9
4,292
4,292
Capital redemption reserve
5,708
5,708
Profit and loss account
333,059
408,832
--------
--------
Total shareholders' funds
343,059
418,832
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the profit and loss account has not been delivered.
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
WHITTON PRECISION LTD
BALANCE SHEET (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 23 January 2025 , and are signed on behalf of the board by:
J Aldridge
Director
Company registration number: 00523846
WHITTON PRECISION LTD
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Bridge Works, Durnsford Road, Wimbledon, London, SW19 8DR.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property
-
2% Straight line
Plant and machinery
-
20% Reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
Basic financial assets, including trade and other receivables and cash and bank balances, are initially recognised at transaction price, 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. Such assets are subsequently carried at amortised cost using the effective interest method. Financial assets comprise of debtors and cash. At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss. Basic financial liabilities, including trade and other payables, 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 receipts discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Financial liabilities comprise of creditors. Trade payables 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 payment is due within one year of less. If not, then they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.
Share capital
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.
Distributions to equity holders
Dividends and other distributions to the company's shareholders are recognised as a liability in the financial statements in the period in which the dividends and other distributions are approved by the shareholders. These amounts are recognised in the statement of changes in equity.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 6 (2023: 6 ).
5. Tangible assets
Freehold property
Plant and machinery
Total
£
£
£
Cost
At 1 April 2023
118,279
250,761
369,040
Additions
17,380
17,380
--------
--------
--------
At 31 March 2024
118,279
268,141
386,420
--------
--------
--------
Depreciation
At 1 April 2023
50,644
222,080
272,724
Charge for the year
2,366
7,945
10,311
--------
--------
--------
At 31 March 2024
53,010
230,025
283,035
--------
--------
--------
Carrying amount
At 31 March 2024
65,269
38,116
103,385
--------
--------
--------
At 31 March 2023
67,635
28,681
96,316
--------
--------
--------
6. Stocks
2024
2023
£
£
Raw materials and consumables
61,445
51,567
-------
-------
7. Debtors
2024
2023
£
£
Trade debtors
122,301
132,396
Other debtors
37,070
28,144
--------
--------
159,371
160,540
--------
--------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
53,876
31,885
Corporation tax
21,085
33,578
Social security and other taxes
25,435
26,570
Other creditors
179,357
267,500
--------
--------
279,753
359,533
--------
--------
9. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
4,292
4,292
4,292
4,292
------
------
------
------