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COMPANY REGISTRATION NUMBER: 08375695
Willoughby (607) Limited
Filleted Unaudited Financial Statements
31 March 2024
Willoughby (607) Limited
Financial Statements
Year ended 31 March 2024
Contents
Page
Officers and professional advisers
1
Accountants report to the board of directors on the preparation of the unaudited statutory financial statements
2
Statement of financial position
3
Notes to the financial statements
5
Willoughby (607) Limited
Officers and Professional Advisers
The board of directors
Mr R Uppal
Miss E Uppal
Mrs T Uppal
Registered office
15 Barnsdale
Great Easton
Market Harborough
Leicestershire
LE16 8SG
Accountants
A Plus Accountants Limited
Accountants
10 Canberra House
Corbygate Business Park
Corby
Northants
NN17 5JG
Willoughby (607) Limited
Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Willoughby (607) 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 (607) 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 Board of Directors of Willoughby (607) Limited, as a body, in accordance with the terms of our engagement letter dated 18 February 2013. Our work has been undertaken solely to prepare for your approval the financial statements of Willoughby (607) Limited and state those matters that we have agreed to state to you, as a body, 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 (607) Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Willoughby (607) 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 (607) Limited. You consider that Willoughby (607) 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 (607) 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 (607) Limited
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
38,682
49,901
Investments
7
4
3
--------
--------
38,686
49,904
Current assets
Stocks
310,208
310,058
Debtors
8
3,956,695
3,372,213
Cash at bank and in hand
163,455
3,110
------------
------------
4,430,358
3,685,381
Creditors: amounts falling due within one year
9
3,126,017
2,261,387
------------
------------
Net current assets
1,304,341
1,423,994
------------
------------
Total assets less current liabilities
1,343,027
1,473,898
Creditors: amounts falling due after more than one year
10
24,636
63,646
------------
------------
Net assets
1,318,391
1,410,252
------------
------------
Capital and reserves
Called up share capital
1,600,002
1,600,002
Profit and loss account
( 281,611)
( 189,750)
------------
------------
Shareholders funds
1,318,391
1,410,252
------------
------------
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 income statement 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 .
Willoughby (607) 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: 08375695
Willoughby (607) 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.
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.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
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:
Fixtures & Fittings
-
20% straight line
Motor Vehicles
-
25% reducing balance
Catering Equipment
-
33% straight line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
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
Cash and cash equivalents in the balance sheet comprise cash at banks and in hand and short term deposits with an original maturity date of three months or less. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the statement of comprehensive income under administrative expenses. Financial liabilities and equity instruments 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 entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity. 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.
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 4 (2023: 6 ).
5. Tangible assets
Fixtures and fittings
Motor vehicles
Catering equipment
Total
£
£
£
£
Cost
At 1 April 2023
1,496
70,292
3,085
74,873
Additions
701
1,709
2,410
-------
--------
-------
--------
At 31 March 2024
2,197
70,292
4,794
77,283
-------
--------
-------
--------
Depreciation
At 1 April 2023
70
23,461
1,441
24,972
Charge for the year
416
11,708
1,505
13,629
-------
--------
-------
--------
At 31 March 2024
486
35,169
2,946
38,601
-------
--------
-------
--------
Carrying amount
At 31 March 2024
1,711
35,123
1,848
38,682
-------
--------
-------
--------
At 31 March 2023
1,426
46,831
1,644
49,901
-------
--------
-------
--------
6. Hire purchase secured liability
The following secured debts are included within creditors:
2024
2023
£
£
Hire Purchase agreements not later than 1 year
42,201
42,201
Hire Purchase agreements later than 1 year and not later than 5 years
24,636
63,646
--------
---------
66,837
105,847
--------
---------
Hire purchase and lease agreements are secured on the assets to which they relate.
7. Investments
Shares in group undertakings
£
Cost
At 1 April 2023
3
Additions
1
----
At 31 March 2024
4
----
Impairment
At 1 April 2023 and 31 March 2024
----
Carrying amount
At 31 March 2024
4
----
At 31 March 2023
3
----
Willoughby (607) Limited holds 100% of the share capital of 1 £1 ordinary share of The Sun Inn Great Easton Limited, which was incorporated in England and Wales.
Willoughby (607) Limited holds 100% of the share capital of 1 £1 ordinary share of The Nevill Arms (Medbourne) Limited, which was incorporated in England and Wales.
Willoughby (607) Limited holds 100% of the share capital of 1 £1 ordinary share of Willoughby (610) Limited, which was incorporated in England and Wales.
Willoughby (607) Limited holds 100% of the share capital of 1 £1 ordinary share of The Three Goats Services Limited, which was incorporated in England and Wales.
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
8. Debtors
2024
2023
£
£
Trade debtors
58,819
Amounts owed by group undertakings
3,955,283
3,288,640
Prepayments and accrued income
642
24,754
Other debtors
770
------------
------------
3,956,695
3,372,213
------------
------------
9. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
10,780
1,804
Accruals and deferred income
24,896
1,713
Corporation tax
200
100
Social security and other taxes
38,284
32,811
Obligations under finance leases and hire purchase contracts
42,201
42,201
Director loan accounts
260,247
310,247
Other creditors
2,749,409
1,872,511
------------
------------
3,126,017
2,261,387
------------
------------
Including within director loan accounts is an amount totalling £260,242 owed to Mrs T Uppal . This amount is secured, interest free and repayable on demand.
10. Creditors: amounts falling due after more than one year
2024
2023
£
£
Obligations under finance leases and hire purchase contracts
24,636
63,646
--------
--------
11. 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 Finance Solutions Limited & No.23 (Uppingham) Limited. During the period the Company received advances of £739,000 (2023: £642,433) from Bybrook Finance Solutions Limited. The amount outstanding at the period end included within other creditors is £1,923,535 (2023: £1,184,535). This amount is interest free, secured and repayable on demand. During the period the Company received advances of £0 (2023: £125,457) from No.23 (Uppingham) Limited. The Company has repaid £112,103 during the period (2023: £0). The amount outstanding at the period end included within other creditors is £13,354 (2023: £125,457). This amount is interest free, secured and repayable on demand.