Registration number: 02729805

Wills Ridley Limited

Contents

Company Information	1
Balance Sheet	2
Notes to the Unaudited Financial Statements	3 to 8

Wills Ridley Limited

Company Information

Directors

Mr MR Kitchener Mr P Kitchener Mr Ryan Kitchener

Company secretary

Mr MR Kitchener

Registered office

Unit 1 Kernick Business Park Annear Road Penryn Cornwall TR10 9EW

Accountants

GW & Co. Limited Chartered Certified AccountantsWaterside Court Falmouth Road Penryn Cornwall TR10 8AW

Wills Ridley Limited

(Registration number: 02729805)
Balance Sheet as at 31 October 2024

	Note	2024 £	2023 £
Fixed assets
Tangible assets	4	57,533	66,769
Current assets
Stocks	5	256,119	203,780
Debtors	6	59,148	29,179
Cash at bank and in hand		324,014	291,568
		639,281	524,527
Creditors: Amounts falling due within one year	7	(154,073)	(60,719)
Net current assets		485,208	463,808
Total assets less current liabilities		542,741	530,577
Creditors: Amounts falling due after more than one year	7	(27,151)	(45,873)
Provisions for liabilities		(15,800)	(15,800)
Net assets		499,790	468,904
Capital and reserves
Called up share capital	8	15,000	15,000
Retained earnings		484,790	453,904
Shareholders' funds		499,790	468,904

For the financial year ending 31 October 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 accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 26 March 2025 and signed on its behalf by:
 

......................................... Mr MR Kitchener Company secretary and director

......................................... Mr P Kitchener Director

Wills Ridley Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

1	General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Unit 1
Kernick Business Park
Annear Road Penryn
Cornwall
TR10 9EW

These financial statements were authorised for issue by the Board on 26 March 2025.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Wills Ridley Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Fixtures & fittings	20% reducing balance
Plant & machinery	20% reducing balance
Motor vehicles	20% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Wills Ridley Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 13 (2023 - 13).

Wills Ridley Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

4	Tangible assets

	Fixtures and fittings £	Plant and machinery £	Motor vehicles  £	Total £
Cost or valuation
At 1 November 2023	45,642	269,450	7,999	323,091
Additions	5,343	-	-	5,343
At 31 October 2024	50,985	269,450	7,999	328,434
Depreciation
At 1 November 2023	37,761	212,677	5,884	256,322
Charge for the year	2,801	11,355	423	14,579
At 31 October 2024	40,562	224,032	6,307	270,901
Carrying amount
At 31 October 2024	10,423	45,418	1,692	57,533
At 31 October 2023	7,881	56,773	2,115	66,769

5

Stocks

	2024 £	2023 £
Raw materials and consumables	150,297	144,209
Work in progress	105,822	59,571
	256,119	203,780

6

Debtors

Current	2024 £	2023 £
Trade debtors	47,879	18,605
Prepayments	11,269	6,021
Other debtors	-	4,553
	59,148	29,179

Wills Ridley Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

7

Creditors

Creditors: amounts falling due within one year

	Note	2024 £	2023 £
Due within one year
Loans and borrowings	9	19,611	18,386
Trade creditors		107,627	23,443
Taxation and social security		17,886	3,725
Accruals and deferred income		6,671	10,044
Other creditors		2,278	5,121
		154,073	60,719

Creditors: amounts falling due after more than one year

	Note	2024 £	2023 £
Due after one year
Loans and borrowings	9	27,151	45,873

8	Share capital

Allotted, called up and fully paid shares

	2024		2023
	No.	£	No.	£
Ordinary shares of £1 each	15,000	15,000	15,000	15,000

9	Loans and borrowings

Non-current loans and borrowings

	2024 £	2023 £
Bank borrowings	11,834	21,593
Hire purchase contracts	15,317	24,280
	27,151	45,873

Wills Ridley Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

Current loans and borrowings

	2024 £	2023 £
Bank borrowings	10,648	9,972
Hire purchase contracts	8,963	8,414
	19,611	18,386