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REGISTERED NUMBER: 00690213 (England and Wales)






















Unaudited Financial Statements

for the Year Ended 30 June 2024

for

F G Whitley and Sons Co. Limited

F G Whitley and Sons Co. Limited (Registered number: 00690213)






Contents of the Financial Statements
for the year ended 30 June 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


F G Whitley and Sons Co. Limited

Company Information
for the year ended 30 June 2024







DIRECTORS: W B Whitley
W P Whitley
R G Whitley
E B Whitley



REGISTERED OFFICE: Park House
Broncoed Business Park
Wrexham Road
Mold
Flintshire
CH7 1FQ



REGISTERED NUMBER: 00690213 (England and Wales)



ACCOUNTANTS: Bennett Brooks & Co Ltd
Chartered Accountants
Suite 1, First Floor
Coachworks Arcade
Northgate Street
Chester
Cheshire
CH1 2EY



BANKERS: Barclays Bank plc
Flint Business Centre
North East Wales Group of Branches
PO Box 1330
Flintshire
CH6 5WJ



SOLICITORS: Hill Dickinson
1 St Paul's Square
Liverpool
L3 9SJ

F G Whitley and Sons Co. Limited (Registered number: 00690213)

Balance Sheet
30 June 2024

2024 2023
Notes £ £
FIXED ASSETS
Tangible assets 4 672,601 701,510
Investments 5 10,000 10,000
682,601 711,510

CURRENT ASSETS
Stocks 6 4,721,887 3,125,461
Debtors 7 3,628,454 4,773,968
Cash at bank and in hand 2,493,183 3,027,965
10,843,524 10,927,394
CREDITORS
Amounts falling due within one year 8 (506,129 ) (958,166 )
NET CURRENT ASSETS 10,337,395 9,969,228
TOTAL ASSETS LESS CURRENT
LIABILITIES

11,019,996

10,680,738

PROVISIONS FOR LIABILITIES (21,944 ) (21,944 )

PENSION LIABILITY (140,125 ) (364,375 )
NET ASSETS 10,857,927 10,294,419

CAPITAL AND RESERVES
Called up share capital 2,950,000 2,950,000
Capital redemption reserve 2,950,000 2,950,000
Retained earnings 4,957,927 4,394,419
SHAREHOLDERS' FUNDS 10,857,927 10,294,419

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 14 November 2024 and were signed on its behalf by:



W B Whitley - Director


F G Whitley and Sons Co. Limited (Registered number: 00690213)

Notes to the Financial Statements
for the year ended 30 June 2024

1. STATUTORY INFORMATION

F G Whitley and Sons Co. Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is recognised at the fair value of the consideration received or receivable for sale of goods and services in the ordinary nature of business. Turnover is shown net of Value Added Tax, of goods and services provided to customers and, in the case of long term contracts, credit is taken appropriate to the stage of completion when the outcome of the contract can be ascertained with reasonable certainty.

In respect of long-term contracts and contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts and contracts for on-going services is recognised by reference of the stage of completion.

Tangible fixed assets
Tangible fixed assets are stated at cost less accumulated depreciation. Cost includes the original purchase price of the asset and the costs attributable to bringing the asset to its working condition for its intended use.

Depreciation
Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:

Freehold property 2% on cost
Motor vehicles 30% reducing balance
Plant and machinery 20% reducing balance

Assets under construction are not depreciated until they are brought in to use.
Assets acquired during the year are depreciated proportionally from their date of acquisition.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Work in progress
Work in progress is valued on the basis of direct costs plus attributable overheads on normal level activity. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress.

Taxation
Taxation for the year comprises current 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 or deferred taxation assets and 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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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 it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

F G Whitley and Sons Co. Limited (Registered number: 00690213)

Notes to the Financial Statements - continued
for the year ended 30 June 2024

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets held under hire purchase agreements are capitalised and disclosed under tangible fixed assets at their fair value. The capital element of the future payments is treated as a liability and the interest is charged to the profit and loss account on a straight line basis.

Share capital
Ordinary shares are classed as equity.

Short term debtors and creditors
Short term debtors and creditors with no stated interest rate are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account.

Distributions to equity holders
Dividends are recognised as a liability in the financial statements in the period in which the dividends are approved by the company's shareholders. These amounts are recognised in the statement of changes in equity.

Cash and cash equivalents
Cash and cash equivalents includes cash in hand and cash held with banks.

Short term and long term contracts
Short term contracts
Work in progress in respect of short term contracts is stated at cost less foreseeable losses and progress payments received and receivable.

Long term contracts
Work in progress in respect of long term contracts is stated at cost, net of amounts transferred to cost of sales in repect of work reported as turnover, less foreseeable losses and progress payments not recorded as turnover Payments in excess of recorded turnover and long term contract balances are included in creditors as payments received on account on long term contracts.

No profit is recognised until the contract has advanced to a stage where the profit can be assessed with reasonable certainty. Once profit has been calculated it is assumed to accrue evenly over the contract. Provision is made in full for any foreseeable losses.

Leased assets and obligations
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives, those held under finance lease are estimated over their useful lives, whichever is shorter.

The interest element of these obligations is charged to the profit and loss account over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to the profit and loss account as incurred.

F G Whitley and Sons Co. Limited (Registered number: 00690213)

Notes to the Financial Statements - continued
for the year ended 30 June 2024

2. ACCOUNTING POLICIES - continued

Pension schemes
For defined benefit schemes the amount charged to the profit and loss account in respect of pension costs and other post retirement benefits is the estimated regular cost of providing the benefits accrued in the year adjusted to reflect variations from that cost.

Actuarial gains and losses arising from new valuations and from updating valuations to the balance sheet date are recognised in the Statement of Total Recognised Gains and Losses.

Defined benefit schemes are funded with the assets held separately from the group in separate trustee administered funds. Full actuarial valuations, by a professionally qualified actuary, are obtained at least every three years, and updated to reflect current conditions at each balance sheet date. The pension scheme assets are measured at fair value. The pension scheme liabilities are measured using the projected unit method and discounted at the current rate of return on a high quality corporate bond of equivalent term and currency. A pension scheme asset is recognised on the balance sheet only to the extent that the surplus may be recovered by reduced future contributions or to the extent that the trustees have agreed a refund from the scheme at the balance sheet date. A pension scheme liability is recognised to the extent that the group has a legal or constructive obligation to settle the liability.

The company operates a self-administered money purchase scheme for the director and a funded defined benefit scheme for its employees. The staff pension scheme was closed to future accruals from 30 March 2007.

Pension costs include contributions payable by the company to the scheme based on amounts assessed by the actuary.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 15 (2023 - 16 ) .

4. TANGIBLE FIXED ASSETS
Freehold Plant and Portable
property machinery Buildings
£ £ £
COST
At 1 July 2023 713,230 867,962 42,836
Additions - - -
At 30 June 2024 713,230 867,962 42,836
DEPRECIATION
At 1 July 2023 100,351 826,680 28,938
Charge for year 14,265 7,540 2,538
At 30 June 2024 114,616 834,220 31,476
NET BOOK VALUE
At 30 June 2024 598,614 33,742 11,360
At 30 June 2023 612,879 41,282 13,898

F G Whitley and Sons Co. Limited (Registered number: 00690213)

Notes to the Financial Statements - continued
for the year ended 30 June 2024

4. TANGIBLE FIXED ASSETS - continued

Motor Computer
vehicles equipment Totals
£ £ £
COST
At 1 July 2023 141,104 7,220 1,772,352
Additions - 4,957 4,957
At 30 June 2024 141,104 12,177 1,777,309
DEPRECIATION
At 1 July 2023 107,897 6,976 1,070,842
Charge for year 8,700 823 33,866
At 30 June 2024 116,597 7,799 1,104,708
NET BOOK VALUE
At 30 June 2024 24,507 4,378 672,601
At 30 June 2023 33,207 244 701,510

5. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£
COST
At 1 July 2023
and 30 June 2024 10,000
NET BOOK VALUE
At 30 June 2024 10,000
At 30 June 2023 10,000

6. STOCKS
2024 2023
£ £
Stocks 431,468 155,000
Work-in-progress 4,290,419 2,970,461
4,721,887 3,125,461

7. DEBTORS
2024 2023
£ £
Amounts falling due within one year:
Trade debtors 46,689 408,750
Other debtors 39,642 52,128
86,331 460,878

F G Whitley and Sons Co. Limited (Registered number: 00690213)

Notes to the Financial Statements - continued
for the year ended 30 June 2024

7. DEBTORS - continued
2024 2023
£ £
Amounts falling due after more than one year:
Amounts owed by group undertakings 3,467,197 4,240,629
Other debtors 74,926 72,461
3,542,123 4,313,090

Aggregate amounts 3,628,454 4,773,968

Amounts due from connected undertakings are unsecured, interest free and have no fixed date of repayment and are repayable on demand.

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Trade creditors 213,953 809,775
Taxation and social security 209,928 130,034
Other creditors 82,248 18,357
506,129 958,166

9. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.