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COMPANY REGISTRATION NUMBER: 10595287
Willoughby (610) Limited
Filleted Unaudited Financial Statements
31 March 2024
Willoughby (610) Limited
Financial Statements
Year ended 31 March 2024
Contents
Page
Officers and professional advisers
1
Accountants report to the director on the preparation of the unaudited statutory financial statements
2
Statement of financial position
3
Notes to the financial statements
5
Willoughby (610) Limited
Officers and Professional Advisers
Director
Mr R Uppal
Registered office
15 Barnsdale
Great Easton
Market Harborough
Leicestershire
England
LE16 8SG
Accountants
A Plus Accountants Limited
Accountants
10 Canberra House
Corbygate Business Park
Corby
Northants
NN17 5JG
Willoughby (610) Limited
Accountants Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of Willoughby (610) Limited
Year ended 31 March 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Willoughby (610) Limited for the year ended 31 March 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 Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the director of Willoughby (610) Limited in accordance with the terms of our engagement letter dated 24 July 2017. Our work has been undertaken solely to prepare for your approval the financial statements of Willoughby (610) Limited and state those matters that we have agreed to state to you in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Willoughby (610) Limited and its director for our work or for this report.
It is your duty to ensure that Willoughby (610) 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 Willoughby (610) Limited. You consider that Willoughby (610) 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 Willoughby (610) 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.
A Plus Accountants Limited Accountants
10 Canberra House Corbygate Business Park Corby Northants NN17 5JG
25 March 2025
Willoughby (610) Limited
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
5
985,599
1,067,477
Current assets
Stocks
6,376
6,376
Debtors
6
175,594
36,169
Cash at bank and in hand
1,311
2,355
---------
--------
183,281
44,900
Creditors: amounts falling due within one year
7
2,316,237
1,961,980
------------
------------
Net current liabilities
2,132,956
1,917,080
------------
------------
Total assets less current liabilities
( 1,147,357)
( 849,603)
------------
---------
Net liabilities
( 1,147,357)
( 849,603)
------------
---------
Capital and reserves
Called up share capital
1
1
Profit and loss account
( 1,147,358)
( 849,604)
------------
---------
Shareholders deficit
( 1,147,357)
( 849,603)
------------
---------
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 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Willoughby (610) Limited
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 25 March 2025 , and are signed on behalf of the board by:
Mr R Uppal
Director
Company registration number: 10595287
Willoughby (610) Limited
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 15 Barnsdale, Great Easton, Market Harborough, Leicestershire, LE16 8SG, England.
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, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
These accounts have been prepared on the going concern basis, on the understanding that the directors will continue to financially support the company.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer; 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.
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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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
Property improvements
-
10% straight line
Fixtures and fittings
-
20% straight line
Catering Equipment
-
25% straight line
Office equipment
-
33% 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. 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
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
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. Employee numbers
The average number of persons employed by the company during the year amounted to 14 (2023: 29 ).
5. Tangible assets
Freehold property
Plant and machinery
Fixtures and fittings
Catering equipment
Office equipment
Total
£
£
£
£
£
£
Cost
At 1 Apr 2023
573,608
530,084
263,046
1,366,738
Additions
34,415
9,309
1,817
45,541
Transfers
73,952
(85,233)
11,281
---------
---------
--------
---------
--------
------------
At 31 Mar 2024
573,608
564,499
83,261
179,630
11,281
1,412,279
---------
---------
--------
---------
--------
------------
Depreciation
At 1 Apr 2023
34,661
131,484
133,116
299,261
Charge for the year
11,472
53,295
15,392
44,263
2,997
127,419
Transfers
27,442
(35,035)
7,593
---------
---------
--------
---------
--------
------------
At 31 Mar 2024
46,133
184,779
42,834
142,344
10,590
426,680
---------
---------
--------
---------
--------
------------
Carrying amount
At 31 Mar 2024
527,475
379,720
40,427
37,286
691
985,599
---------
---------
--------
---------
--------
------------
At 31 Mar 2023
538,947
398,600
129,930
1,067,477
---------
---------
--------
---------
--------
------------
6. Debtors
2024
2023
£
£
Trade debtors
912
1,964
Amounts owed by group undertakings and undertakings in which the company has a participating interest
45,359
34,192
Other debtors
129,323
13
---------
--------
175,594
36,169
---------
--------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
115,955
78,615
Amounts owed to group undertakings and undertakings in which the company has a participating interest
685,629
432,263
Corporation tax
400
100
Social security and other taxes
2,450
60,129
Other creditors
1,511,803
1,390,873
------------
------------
2,316,237
1,961,980
------------
------------
8. Related party transactions
The company has availed itself of the exemption contained within FRS 102 Section 33 Related Party Disclosures not to disclose details of transactions with fellow group entities. Mr R Uppal is also a director of Bybrook Builders Limited, Willoughby (608) Limited, Bybrook Finance Solutions Limited & No.23 (Uppingham) Limited. During the year the Company received advances from Bybrook Builders Limited of £11,738 (2023: £13,672). The amount outstanding at the year end included within other creditors is £79,504 (2023: £67,766). This amount is interest free and repayable on demand. During the year the Company received advances from Willoughby (608) Limited of £168 (2023: £0). The amount outstanding at the year end included within other creditors is £46,824 (2023: £46,657). This amount is interest free and repayable on demand. During the year the Company received advances from Bybrook Finance Solutions Limited of £84,433 (2023: £51,750). The amount outstanding at the year end included within other creditors is £318,609 (2023: £234,177). This amount is interest free and repayable on demand. During the year the Company received advances from No.23 (Uppingham) Limited of £2,474 (2023: £0). The amount outstanding at the year end included within other creditors is £2,474 (2023: £0). This amount is interest free and repayable on demand.