Company registration number 13513638 (England and Wales)
WILLITTS FAMILY COMMERCIAL LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
PAGES FOR FILING WITH REGISTRAR
WILLITTS FAMILY COMMERCIAL LIMITED
COMPANY INFORMATION
Directors
Mr L N W Willitts
Mrs H Willitts
Company number
13513638
Registered office
West Point, Second Floor
Mucklow Office Park
Mucklow Hill
Halesowen
West Midlands
England
B62 8DY
Accountants
Jerroms GCN Limited
West Point, Second Floor
Mucklow Office Park
Mucklow Hill
Halesowen
B62 8DY
WILLITTS FAMILY COMMERCIAL LIMITED
CONTENTS
Page
Accountants' report
1
Statement of financial position
2 - 3
Notes to the financial statements
4 - 6
WILLITTS FAMILY COMMERCIAL LIMITED
REPORT TO THE DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY ACCOUNTS OF WILLITTS FAMILY COMMERCIAL LIMITED
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Willitts Family Commercial Limited for the year ended 31 July 2024 which comprise, the statement of financial position and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/gb/en/member/standards/rules-and-standards/rulebook.html.
This report is made solely to the board of directors of Willitts Family Commercial Limited, as a body, in accordance with the terms of our engagement letter dated 1 May 2023. Our work has been undertaken solely to prepare for your approval the financial statements of Willitts Family Commercial Limited and state those matters that we have agreed to state to the board of directors of Willitts Family Commercial Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at https://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Willitts Family Commercial Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Willitts Family Commercial Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Willitts Family Commercial Limited. You consider that Willitts Family Commercial Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Willitts Family Commercial Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Jerroms GCN Limited
Chartered Certified Accountants
West Point, Second Floor
Mucklow Office Park
Mucklow Hill
Halesowen
B62 8DY
27 January 2025
WILLITTS FAMILY COMMERCIAL LIMITED
STATEMENT OF FINANCIAL POSITION
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
3
305
50
Current assets
Debtors
4
12,028
12,028
Cash at bank and in hand
6,291
7,011
18,319
19,039
Creditors: amounts falling due within one year
5
(20,925)
(20,670)
Net current liabilities
(2,606)
(1,631)
Net liabilities
(2,301)
(1,581)
Capital and reserves
Called up share capital
6
100
100
Profit and loss reserves
(2,401)
(1,681)
Total equity
(2,301)
(1,581)
WILLITTS FAMILY COMMERCIAL LIMITED
STATEMENT OF FINANCIAL POSITION (CONTINUED)
- 3 -
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 31 July 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 members have 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.
The financial statements were approved by the board of directors and authorised for issue on 27 January 2025 and are signed on its behalf by:
Mr L N W Willitts
Director
Company registration number 13513638 (England and Wales)
WILLITTS FAMILY COMMERCIAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
- 4 -
1
Accounting policies
Company information
Willitts Family Commercial Limited is a private company limited by shares incorporated in England and Wales. The registered office is West Point, Second Floor, Mucklow Office Park, Mucklow Hill, Halesowen, West Midlands, England, B62 8DY.
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
Going concern
The financial statements have been prepared on the going concern basis following assurance from the directors of continued financial support. true
1.3
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
1.4
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.
Current tax
Current or deferred taxation assets or 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 statement of financial position date.
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
WILLITTS FAMILY COMMERCIAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 5 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
2
2
3
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
305
50
Movements in fixed asset investments
Shares in associates
£
Cost or valuation
At 1 August 2023
50
Additions
255
At 31 July 2024
305
Carrying amount
At 31 July 2024
305
At 31 July 2023
50
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by undertakings in which the company has a participating interest
12,028
12,028
Amounts owed by related parties do not bear interest, are unsecured and are repayable on demand.
5
Creditors: amounts falling due within one year
2024
2023
£
£
Other creditors
20,205
19,950
Accruals and deferred income
720
720
20,925
20,670
WILLITTS FAMILY COMMERCIAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 6 -
6
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A of £1 each
20
20
20
20
Ordinary B of £1 each
20
20
20
20
Ordinary C of £1 each
20
20
20
20
Ordinary D of £1 each
20
20
20
20
Ordinary E of £1 each
20
20
20
20
100
100
100
100