REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 30 June 2024 |
for |
H Wightman & Son Ltd |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 30 June 2024 |
for |
H Wightman & Son Ltd |
H Wightman & Son Ltd (Registered number: 00868999) |
Contents of the Financial Statements |
for the Year Ended 30 June 2024 |
Page |
Balance Sheet | 1 |
Notes to the Financial Statements | 3 |
H Wightman & Son Ltd (Registered number: 00868999) |
Balance Sheet |
30 June 2024 |
2024 | 2023 |
Notes | £ | £ |
Fixed assets |
Tangible assets | 5 |
Investment property | 6 |
Current assets |
Stocks |
Debtors | 7 |
Cash at bank and in hand |
Creditors |
Amounts falling due within one year | 8 | ( |
) | ( |
) |
Net current assets |
Total assets less current liabilities |
Provisions for liabilities | ( |
) | ( |
) |
Net assets |
Capital and reserves |
Called up share capital |
Retained earnings |
Shareholders' funds |
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. |
H Wightman & Son Ltd (Registered number: 00868999) |
Balance Sheet - continued |
30 June 2024 |
The financial statements were approved by the Board of Directors and authorised for issue on |
H Wightman & Son Ltd (Registered number: 00868999) |
Notes to the Financial Statements |
for the Year Ended 30 June 2024 |
1. | Statutory information |
H Wightman & Son Ltd is a |
Registered number: |
Registered office: |
2. | Statement of compliance |
3. | Accounting policies |
Basis of preparing the financial statements |
As explained in the report of the directors, the retail shop operated by the company closed on 30 June 2024. At the balance sheet date, the company has several contracts to fulfil and hence the directors consider it appropriate to prepare the financial statements on the basis that the company is a going concern. |
Critical accounting judgements and key sources of estimation uncertainty |
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
H Wightman & Son Ltd (Registered number: 00868999) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2024 |
3. | Accounting policies - continued |
Tangible fixed assets |
Tangible fixed 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 is provided at the following annual rates so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset: |
Plant and machinery etc - 33% on cost, 25% p.a. reducing balance and 15% p.a. reducing balance. |
Freehold property is not depreciated. |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
Inventories |
Inventories have been valued at the lower of cost and net estimated selling price, less costs to sell. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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. |
H Wightman & Son Ltd (Registered number: 00868999) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2024 |
3. | Accounting policies - continued |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
4. | Employees and directors |
The average number of employees during the year was |
5. | Tangible fixed assets |
Fixtures |
and | Motor | Computer |
fittings | vehicles | equipment | Totals |
£ | £ | £ | £ |
Cost |
At 1 July 2023 |
and 30 June 2024 |
Depreciation |
At 1 July 2023 |
Charge for year |
At 30 June 2024 |
Net book value |
At 30 June 2024 |
At 30 June 2023 |
6. | Investment property |
Total |
£ |
Fair value |
At 1 July 2023 |
and 30 June 2024 |
Net book value |
At 30 June 2024 |
At 30 June 2023 |
7. | Debtors: amounts falling due within one year |
2024 | 2023 |
£ | £ |
Trade debtors |
Other debtors |
H Wightman & Son Ltd (Registered number: 00868999) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2024 |
8. | Creditors: amounts falling due within one year |
2024 | 2023 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |