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COMPANY REGISTRATION NUMBER: 757019
Arthur Wait Limited
Filleted Unaudited Financial Statements
31 May 2024
Arthur Wait Limited
Statement of Financial Position
31 May 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
40,818
54,424
Current assets
Stocks
2,424,129
1,910,333
Debtors
6
267,724
229,390
Cash at bank and in hand
1,633
1,615
------------
------------
2,693,486
2,141,338
Creditors: amounts falling due within one year
7
( 2,724,640)
( 2,111,314)
------------
------------
Net current (liabilities)/assets
( 31,154)
30,024
--------
--------
Total assets less current liabilities
9,664
84,448
-------
--------
Net assets
9,664
84,448
-------
--------
Capital and reserves
Called up share capital
100,000
100,000
Profit and loss account
( 90,336)
( 15,552)
---------
---------
Shareholders funds
9,664
84,448
---------
---------
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 statement of income and retained earnings has not been delivered.
For the year ending 31 May 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 .
Arthur Wait Limited
Statement of Financial Position (continued)
31 May 2024
These financial statements were approved by the board of directors and authorised for issue on 10 December 2024 , and are signed on behalf of the board by:
D R Avery
Director
Company registration number: 757019
Arthur Wait Limited
Notes to the Financial Statements
Year ended 31 May 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office and principal place of business is Canons House, Burgh Heath, Tadworth, Surrey, KT20 6DP.
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, and is in accordance with applicable accounting standards. The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The directors have considered the basis of preparation of the financial statements and have concluded that it is appropriate to prepare these on the going concern basis. The Company made a loss for the year of £116,791 (2023: Loss £99,763) and had net assets of £9,664 (2023:£84,448). The company will continue to receive support from its parent and based on this the Company is considered to be able to manage its liabilities as they fall due for a period of not less than 12 months of the approval of the financial statements. The directors have reviewed the forecasts for the company and have a reasonable expectation that the company has adequate resources to continue as a going concern for the foreseeable future, being at least twelve months from the date these financial statements have been approved.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for the development of high quality residential properties net of discounts and of Value Added Tax. Revenue is recognised when the significant risks and rewards of ownership have transferred to the purchaser, which is when legal title is transferred. On a design and build contract revenue is recognised when the significant risks and rewards of ownership have transferred to the purchaser, which is when the homes are built completely and all material contractual obligations have been fulfilled.Rental income is recognised in the accounts on the accruals basis. Interest income and expense is reported on the accruals basis, using the effective interest method.
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:
Computer
-
25% straight line
Plant and Machinery
-
25% straight line
Motor vehicles
-
25% straight line
Equipment
-
20% straight line
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.
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.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Financial instruments
Financial assets Financial assets are recognised when the Company becomes a party to the contractual provisions of the financial instrument. The Company does not hold any third party financial assets. Trade receivables and other receivables that have fixed or determinable payments that are not quoted in an active market are classified as 'loans and receivables'. Loans and receivables are initially recognised at fair value and are subsequently measured using the effective interest method less provision for any impairment. Financial liabilities and equity instruments Financial liabilities and equity 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. Other financial liabilities (including borrowing and trade and other payables) are initially recognised at fair value and subsequently measured at amortised cost using the effective interest method.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Particulars of employees
The average number of persons employed by the company during the year amounted to Nil (2023: Nil).
5. Tangible assets
Computer Equipment
Plant and machinery
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 June 2023 and 31 May 2024
5,714
88,970
118,830
59,729
273,243
-------
--------
---------
--------
---------
Depreciation
At 1 June 2023
5,714
88,970
64,406
59,729
218,819
Charge for the year
13,606
13,606
-------
--------
---------
--------
---------
At 31 May 2024
5,714
88,970
78,012
59,729
232,425
-------
--------
---------
--------
---------
Carrying amount
At 31 May 2024
40,818
40,818
-------
--------
---------
--------
---------
At 31 May 2023
54,424
54,424
-------
--------
---------
--------
---------
6. Debtors
2024
2023
£
£
Trade debtors
192,800
202,102
Other debtors
74,924
27,288
---------
---------
267,724
229,390
---------
---------
Included within trade debtors are amounts recoverable on contracts of £190,421 (2023: £200,503).
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
1,875,742
1,692,759
Trade creditors
113,270
97,980
Amounts owed to group undertakings and undertakings in which the company has a participating interest
647,643
216,643
Social security and other taxes
11,155
12,804
Other creditors
76,830
91,128
------------
------------
2,724,640
2,111,314
------------
------------
The bank loans are secured by guarantees from group companies and by charges on company and group properties. The borrowings are not repayable by instalments and interest is charged at market rates. Amounts owed to group undertakings are interest free, unsecured and repayable on demand.
8. Other financial commitments
As at the reporting date, the company had no financial or other commitments or contracts for capital expenditure in place (2023: £nil).
9. Contingencies
Cross guarantees exist between certain group undertakings in respect of loan and overdraft facilities granted. At 31st May 2024 the total bank borrowings of other group undertakings amounted to £nil (2023: £nil).
10. Related party transactions
No transactions were undertaken with related parties as such that are required to be disclosed under FRS102 .
11. Controlling party
The ultimate parent undertaking is Aviary Investment Holdings Limited, a company registered in England and controlled by a director, Mr M L Sheen.