Company No:
Contents
Note | 2024 | 2023 | ||
£ | £ | |||
Restated - note 2 | ||||
Fixed assets | ||||
Tangible assets | 4 |
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Investment property | 5 |
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330,000 | 315,131 | |||
Current assets | ||||
Cash at bank and in hand |
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17,419 | 12,124 | |||
Creditors: amounts falling due within one year | 6 | (
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Net current liabilities | (75,342) | (83,648) | ||
Total assets less current liabilities | 254,658 | 231,483 | ||
Creditors: amounts falling due after more than one year | 7 | (
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Provision for liabilities | (
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Net assets |
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Capital and reserves | ||||
Called-up share capital | 8 |
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Profit and loss account | 10 |
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Total shareholder's funds |
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Director's responsibilities:
These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Whitford Holdings Ltd (registered number:
B Whitford
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Whitford Holdings Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Apartment 6 Tuscany House, 34 Warwick Place, Leamington Spa, CV32 5DE, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include investment properties at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.
The director has assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
If material misstatements are found in prior year figures, then these figures are restated to show the corrected position.
Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Office equipment |
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The fair value is determined annually by the director, on an open market value for existing use basis.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
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 Company after deducting all of its liabilities.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
The company purchased an investment property in the prior year which was omitted from the accounts. The prior year balance sheet has been restated to include the investment property along with the mortgage outstanding on the property and any amounts introduced by the director. The profit and loss account has been restated to recognise any rental income received and any expenses relevant to the purchase and maintenance of the property.
As previously reported | Adjustment | As restated | ||||
Year ended 31 July 2023 | £ | £ | £ | |||
Investment property | 135,000 | 180,000 | 315,000 | |||
Mortgage | (95,152) | (132,245) | (227,397) | |||
Amounts owed to directors | (43,357) | (46,080) | (89,437) | |||
Profit and loss account | 5,065 | 1,675 | 6,740 |
2024 | 2023 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including the director |
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Office equipment | Total | ||
£ | £ | ||
Cost | |||
At 01 August 2023 |
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At 31 July 2024 |
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Accumulated depreciation | |||
At 01 August 2023 |
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Charge for the financial year |
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At 31 July 2024 |
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Net book value | |||
At 31 July 2024 |
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At 31 July 2023 |
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Investment property | |
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Valuation | |
As at 01 August 2023 |
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Fair value movement | 15,000 |
As at 31 July 2024 |
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Valuation
A market valuation of investment property was completed by the director at the statement of financial position date.
2024 | 2023 | ||
£ | £ | ||
Bank loans (secured) |
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Trade creditors |
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Amounts owed to director |
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Accruals and deferred income |
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2024 | 2023 | ||
£ | £ | ||
Bank loans (secured) |
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2024 | 2023 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
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Transactions with the entity's director
At the year-end a balance of £89,051 was owed to the director (2023 Restated: £89,437). The balance is interest free and repayable on demand.
Included within the profit and loss reserve is a non-distributable amount totalling £18,750 (2023: £10,000) representing the cumulative fair value movement of the investment property, net of the deferred tax provision.