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Company No: 06505090 (England and Wales)

WILTSHIRE & SONS (FARNHAM) LTD

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 30 APRIL 2024
PAGES FOR FILING WITH THE REGISTRAR

WILTSHIRE & SONS (FARNHAM) LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 APRIL 2024

Contents

WILTSHIRE & SONS (FARNHAM) LTD

COMPANY INFORMATION

FOR THE FINANCIAL YEAR ENDED 30 APRIL 2024
WILTSHIRE & SONS (FARNHAM) LTD

COMPANY INFORMATION (continued)

FOR THE FINANCIAL YEAR ENDED 30 APRIL 2024
DIRECTORS Mrs H. Wiltshire
BJ. Wiltshire
KJ. Wiltshire
RJ. Wiltshire
SECRETARY Mrs H. Wiltshire
REGISTERED OFFICE Wey Court West
Union Road
Farnham GU9 7PT
United Kingdom
BUSINESS ADDRESS Unit 10, Farnham Trading Estate, Farnham, Surrey GU9 9NN
COMPANY NUMBER 06505090 (England and Wales)
ACCOUNTANT Shaw Gibbs Limited
Wey Court West
Union Road
Farnham
Surrey
GU9 7PT
WILTSHIRE & SONS (FARNHAM) LTD

BALANCE SHEET

AS AT 30 APRIL 2024
WILTSHIRE & SONS (FARNHAM) LTD

BALANCE SHEET (continued)

AS AT 30 APRIL 2024
Note 2024 2023
£ £
Fixed assets
Intangible assets 3 80,000 100,000
Tangible assets 4 21,173 29,070
101,173 129,070
Current assets
Stocks 5 233,857 319,856
Debtors 6 115,853 123,340
Cash at bank and in hand 7 91,396 147,863
441,106 591,059
Creditors: amounts falling due within one year 8 ( 286,266) ( 450,721)
Net current assets 154,840 140,338
Total assets less current liabilities 256,013 269,408
Creditors: amounts falling due after more than one year 9 ( 12,234) ( 22,435)
Provision for liabilities 10 ( 952) ( 2,255)
Net assets 242,827 244,718
Capital and reserves
Called-up share capital 11 101,050 101,050
Profit and loss account 141,777 143,668
Total shareholders' funds 242,827 244,718

For the financial year ending 30 April 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Wiltshire & Sons (Farnham) Ltd (registered number: 06505090) were approved and authorised for issue by the Board of Directors on 25 April 2025. They were signed on its behalf by:

Mrs H. Wiltshire
Director
WILTSHIRE & SONS (FARNHAM) LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 APRIL 2024
WILTSHIRE & SONS (FARNHAM) LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 APRIL 2024
1. Accounting policies

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.

General information and basis of accounting

Wiltshire & Sons (Farnham) 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 Wey Court West, Union Road, Farnham GU9 7PT, United Kingdom. The principal place of business is Unit 10, Farnham Trading Estate, Farnham, Surrey GU9 9NN.

The financial statements have been prepared under the historical cost convention, modified to include certain items 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 £.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement 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.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 20 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery 5 - 10 years straight line
Vehicles 4 years straight line
Fixtures and fittings 4 - 10 years straight line

Depreciation methods, useful lives and residual values are reviewed at each balance sheet date. The selection of these residual values and estimated lives requires the exercise of judgement. The directors are required to assess whether there is an indication of impairment to the carrying value of assets. In making that assessment, judgements are made in estimating value in use. The directors consider that the individual carrying values of assets are supportable by their value in use.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Provisions

Provisions are recognised when the has a present obligation (legal or constructive) as a result of a past event, it is probable that the will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 8 9

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 May 2023 400,000 400,000
At 30 April 2024 400,000 400,000
Accumulated amortisation
At 01 May 2023 300,000 300,000
Charge for the financial year 20,000 20,000
At 30 April 2024 320,000 320,000
Net book value
At 30 April 2024 80,000 80,000
At 30 April 2023 100,000 100,000

4. Tangible assets

Plant and machinery Vehicles Fixtures and fittings Total
£ £ £ £
Cost
At 01 May 2023 73,596 49,192 30,427 153,215
Additions 3,166 0 498 3,664
At 30 April 2024 76,762 49,192 30,925 156,879
Accumulated depreciation
At 01 May 2023 63,846 39,269 21,030 124,145
Charge for the financial year 5,036 5,177 1,348 11,561
At 30 April 2024 68,882 44,446 22,378 135,706
Net book value
At 30 April 2024 7,880 4,746 8,547 21,173
At 30 April 2023 9,750 9,923 9,397 29,070

5. Stocks

2024 2023
£ £
Stocks 233,857 319,856

6. Debtors

2024 2023
£ £
Trade debtors 25,491 38,606
Amounts owed by directors 78,441 74,938
Prepayments 9,368 8,532
Other debtors 2,553 1,264
115,853 123,340

7. Cash and cash equivalents

2024 2023
£ £
Cash at bank and in hand 91,396 147,863

8. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 10,204 9,953
Trade creditors 65,101 136,910
Other loans 161,755 221,923
Accruals 8,164 8,067
Taxation and social security 36,603 66,564
Obligations under finance leases and hire purchase contracts 0 4,270
Other creditors 4,439 3,034
286,266 450,721

A debenture was created on 23 January 2017 in favour of HSBC. The security is by way of a fixed and floating charge over all the company assets.

9. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 12,234 22,435

10. Provision for liabilities

2024 2023
£ £
Deferred tax 952 2,255

11. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
105,000 E ordinary shares of £ 0.01 each 1,050 1,050
100,000 A ordinary shares of £ 1.00 each 100,000 100,000
101,050 101,050

12. Related party transactions

Transactions with the entity's directors

At the balance sheet date the amount owed by the directors was £78,441 (2023 - £74,938).
During the year, dividends of £52,500 (2023 - £55,000) were paid to the directors.