Company Registration No. 05127529 (England and Wales)
WINFIELD'S LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
PM+M Solutions for Business LLP
Chartered Accountants
New Century House
Greenbank Technology Park
Challenge Way
Blackburn
Lancashire
BB1 5QB
WINFIELD'S LIMITED
COMPANY INFORMATION
Director
Mrs J S Winfield
Secretary
Miss J Winfield
Company number
05127529
Registered office
Albert Mill
Mill Street
Haslingden
Lancashire
BB4 5JW
Auditor
PM+M Solutions for Business LLP
New Century House
Greenbank Technology Park
Challenge Way
Blackburn
Lancashire
BB1 5QB
WINFIELD'S LIMITED
CONTENTS
Page
Strategic report
1
Director's report
2 - 3
Independent auditor's report
4 - 7
Statement of income and retained earnings
8
Balance sheet
9
Notes to the financial statements
10 - 20
WINFIELD'S LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 JANUARY 2024
- 1 -

The director presents the strategic report for the year ended 31 January 2024.

Review of the business

2024 continued to be a challenging year for the company, which retails outdoor clothing and equipment, workwear, leisurewear and footwear. Despite expectations for a return to normality, consumer appetite remained low, and economic and geopolitical issues further impacted sales and revenue. The UK retail market faced significant headwinds due to rising costs and geopolitical tensions, contributing to decreased consumer spending and increased operational costs. Inflation and economic uncertainty led to cautious consumer behaviour, with many customers holding onto products purchased in a busy COVID-19 period. Additionally, there was a noticeable reduction in holidaying within the UK, with consumers either cutting back on holidays due to financial constraints or opting for international travel, negatively impacting summer sales of camping equipment and tents.

Principal risks and uncertainties

 

Economic and Geopolitical Impact:

 

 

Consumer Behavior:

 

 

Competitive Landscape:

 

Key performance indicators

The company’s turnover has decreased by 20.24% to £14,381,587 from £18,031,072 with losses before taxation of £6,723,119 (2023 - £1,309,985).

 

A provision of £6,112,219 has been made against an amount due from a related entity which is potentially irrecoverable.

 

At the end of the year the company had negative shareholders’ funds of £2,602,647 (2023 - £4,010,318 shareholders' funds).

On behalf of the board

Mrs J S Winfield
Director
25 April 2025
WINFIELD'S LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 JANUARY 2024
- 2 -

The director presents her annual report and financial statements for the year ended 31 January 2024.

Principal activities

The principal activity of the company continued to be that of the retailing of outdoor clothing and equipment, workwear, leisurewear and footwear.

Results and dividends

The results for the year are set out on page 8.

No ordinary dividends were paid. The director does not recommend payment of a final dividend.

Director

The director who held office during the year and up to the date of signature of the financial statements was as follows:

Mrs J S Winfield
Post reporting date events

Subsequent to the balance sheet date - in April 2025, an administrator was appointed to the company. The company is continuing to trade.

Auditor

The auditor, PM+M Solutions for Business LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of director's responsibilities

The director is responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless she is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to:

 

 

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. She is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

WINFIELD'S LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 3 -
Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
Mrs J S Winfield
Director
25 April 2025
WINFIELD'S LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF WINFIELD'S LIMITED
- 4 -
Opinion

We have audited the financial statements of Winfield's Limited (the 'company') for the year ended 31 January 2024 which comprise the statement of income and retained earnings, the balance sheet and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Material uncertainty related to going concern

We draw attention to Note 1.2 in the financial statements, An administrator of the company has been appointed in April 2025. The directors believe that within the group there are sufficient assets to allow the company to meet its obligations as they fall due. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.Our opinion is not modified in respect of this matter.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The director is responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

WINFIELD'S LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF WINFIELD'S LIMITED (CONTINUED)
- 5 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the director's report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of director

As explained more fully in the director's responsibilities statement, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the director is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Extent to which the audit was considered capable of detecting irregularities, including fraud

 

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

 

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

WINFIELD'S LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF WINFIELD'S LIMITED (CONTINUED)
- 6 -

Identifying and assessing potential risks related to irregularities

 

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we have considered the following:

 

 

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas: timing of recognition of commercial income, posting of unusual journals and complex transactions; and manipulating the Company's performance profit measures and other key performance indicators to meet remuneration targets and externally communicated targets. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

 

We also obtained an understanding of the legal and regulatory frameworks that the Company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included UK Companies Act, employment law, health and safety regulations, pensions legislation and tax legislation.

Audit response to risks identified

Our procedures to respond to risks identified included the following:

 

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

WINFIELD'S LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF WINFIELD'S LIMITED (CONTINUED)
- 7 -

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company's member in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's member those matters we are required to state to the member in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's member, for our audit work, for this report, or for the opinions we have formed.

Christopher Johnson FCA
Senior Statutory Auditor
For and on behalf of PM+M Solutions for Business LLP
25 April 2025
Chartered Accountants
Statutory Auditor
New Century House
Greenbank Technology Park
Challenge Way
Blackburn
Lancashire
BB1 5QB
WINFIELD'S LIMITED
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 JANUARY 2024
- 8 -
2024
2023
Notes
£
£
Turnover
3
14,381,587
18,031,072
Cost of sales
(11,414,803)
(15,484,432)
Gross profit
2,966,784
2,546,640
Distribution costs
(745,291)
(1,056,887)
Administrative expenses
(3,306,859)
(2,869,346)
Other operating income
119,266
16,310
Operating loss
4
(966,100)
(1,363,283)
Interest receivable and similar income
6
355,200
53,298
Provision against amount due from related parties and group companies
(6,112,219)
-
Loss before taxation
(6,723,119)
(1,309,985)
Tax on loss
7
110,154
145,917
Loss for the financial year
(6,612,965)
(1,164,068)
Retained earnings brought forward
4,010,317
5,174,385
Retained earnings carried forward
(2,602,648)
4,010,317

The notes on pages 10 to 20 form part of these financial statements.

WINFIELD'S LIMITED
BALANCE SHEET
AS AT
31 JANUARY 2024
31 January 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
8
54,113
463,352
Current assets
Stocks
10
2,750,504
3,481,461
Debtors
9
450,720
5,949,338
Cash at bank and in hand
356,202
9,233
3,557,426
9,440,032
Creditors: amounts falling due within one year
11
(6,214,186)
(5,782,912)
Net current (liabilities)/assets
(2,656,760)
3,657,120
Total assets less current liabilities
(2,602,647)
4,120,472
Provisions for liabilities
Deferred tax liability
13
-
0
110,154
-
(110,154)
Net (liabilities)/assets
(2,602,647)
4,010,318
Capital and reserves
Called up share capital
15
1
1
Profit and loss reserves
(2,602,648)
4,010,317
Total equity
(2,602,647)
4,010,318

The notes on pages 10 to 20 form part of these financial statements.

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved and signed by the director and authorised for issue on 25 April 2025
Mrs J S Winfield
Director
Company registration number 05127529 (England and Wales)
WINFIELD'S LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
- 10 -
1
Accounting policies
Company information

Winfield's Limited is a private company limited by shares incorporated in England and Wales. The registered office is Albert Mill, Mill Street, Haslingden, Lancashire, BB4 5JW.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

 

The financial statements of the company are consolidated in the financial statements of Winfield Holdings Limited. These consolidated financial statements are available from its registered office, Albert Mill, Mill Street, Haslingden, Lancashire, BB4 5JW.

1.2
Going concern

These financial statements are prepared on the going concern basis. The director has a reasonable expectation that the company will continue in operational existence for the foreseeable future. However, the director is aware of certain material uncertainties which may cause doubt on the company's ability to continue as a going concern.

An administrator of the company has been appointed in April 2025. The directors believe that within the group there are sufficient assets to allow the company to meet its obligations as they fall due. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

 

1.3
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.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

WINFIELD'S LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 11 -
1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
10% on cost
Fixtures, fittings and promotional equipment
Between 5% and 33% on cost
Motor vehicles
20% on cost

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.

1.5
Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

 

Cost is based on the purchase cost calculated on a first-in, first-out basis.

1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are measured at cost.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

WINFIELD'S LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 12 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

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.

Basic financial liabilities

Basic financial liabilities, including creditors, loans from fellow group companies are measured at cost.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

WINFIELD'S LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 13 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.8
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.9
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.10
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

WINFIELD'S LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 14 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

 

The principal estimates and judgements that could have a significant effect upon the company's financial results relate to the value of provisions in respect of writing stock down to its net realisable value. The stock provision is estimated by reviewing stock ageing and forecasted sales.

 

The directors do not believe there to be any other critical judgements or key sources of estimation uncertainty.

3
Turnover

Turnover is wholly attributable to the principal activity of the company and arises solely within the United Kingdom.

 

4
Operating loss
2024
2023
Operating loss for the year is stated after charging/(crediting):
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
13,150
9,167
Depreciation of owned tangible fixed assets
61,816
74,689
Loss/(profit) on disposal of tangible fixed assets
558
(2,151)
5
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Directors
1
1
Administration and warehouse
155
-
Total
156
1
WINFIELD'S LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
5
Employees
(Continued)
- 15 -
2024
2023
£
£
Wages and salaries
2,362,314
-
0
Social security costs
201,077
-
0
Pension costs
29,371
-
0
2,592,762
-
0

In the previous year, all staff were employed by a related company. As of 1 April 2023, all staff were transferred to Winfield's Limited under the Transfer of Undertakings (Protection of Employment) Regulations (TUPE).

6
Interest receivable and similar income
2024
2023
£
£
Interest income
Other interest income
355,200
53,298
7
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
-
0
(140,242)
Deferred tax
Origination and reversal of timing differences
(110,203)
(5,675)
Adjustment in respect of prior periods
49
-
0
Total deferred tax
(110,154)
(5,675)
Total tax credit
(110,154)
(145,917)

From the 1 April 2023 the Corporation Tax rate increased to 25%. During the period the effective tax rate was 24%.

WINFIELD'S LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
7
Taxation
(Continued)
- 16 -

The actual credit for the year can be reconciled to the expected credit for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Loss before taxation
(6,723,119)
(1,309,985)
Expected tax credit based on the standard rate of corporation tax in the UK of 24.03% (2023: 19.00%)
(1,615,565)
(248,897)
Tax effect of expenses that are not deductible in determining taxable profit
155,462
817
Effect of change in corporation tax rate
(58,180)
(1,362)
Group relief
36,515
109,093
Deferred tax adjustments in respect of prior years
49
-
0
Fixed asset differences
5
(5,568)
Deferred tax asset not recognised
1,371,560
-
0
Taxation credit for the year
(110,154)
(145,917)

A deferred tax asset of £1,371,560 has not been recognised. The asset arises due to the availability of tax losses but has not been recognised as there uncertainty as to when these losses would be relieved.

The losses amount to £5,486,240.

WINFIELD'S LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 17 -
8
Tangible fixed assets
Plant and equipment
Fixtures, fittings and promotional equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 February 2023
14,775
876,229
79,080
970,084
Additions
-
0
1,677
-
0
1,677
Disposals
-
0
(11,118)
(25,411)
(36,529)
Transfers
-
0
(484,604)
-
0
(484,604)
At 31 January 2024
14,775
382,184
53,669
450,628
Depreciation and impairment
At 1 February 2023
9,539
452,309
44,884
506,732
Depreciation charged in the year
918
53,932
6,966
61,816
Eliminated in respect of disposals
-
0
(1,887)
(5,082)
(6,969)
Transfers
-
0
(165,064)
-
0
(165,064)
At 31 January 2024
10,457
339,290
46,768
396,515
Carrying amount
At 31 January 2024
4,318
42,894
6,901
54,113
At 31 January 2023
5,236
423,920
34,196
463,352
9
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
164,170
261,368
Corporation tax recoverable
140,242
2,713
Other debtors
500
5,226,502
Prepayments and accrued income
145,808
458,755
450,720
5,949,338

Included in other debtors are amounts due from related parties totalling £nil (2023 - £5,183,826). The loans with related parties and group companies are interest free and repayable on demand.

10
Stocks
2024
2023
£
£
Finished goods and goods for resale
2,750,504
3,481,461
WINFIELD'S LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 18 -
11
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Bank loans and overdrafts
12
1,896,770
1,797,398
Trade creditors
1,627,228
2,243,385
Amounts owed to group undertakings
1,201,080
871,028
Taxation and social security
838,673
215,460
Other creditors
557,317
609,126
Accruals and deferred income
93,118
46,515
6,214,186
5,782,912

The bank overdraft is secured by a guarantee from the parent company.

Included in other creditors are amounts due to related parties totalling £430,821 (2023 - £540,561). The loans with related parties and group companies are interest free and repayable on demand.

12
Loans and overdrafts
2024
2023
£
£
Bank overdrafts
1,896,770
1,797,398
Payable within one year
1,896,770
1,797,398

The bank overdraft is secured by a guarantee from the parent company.

13
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
10,701
110,154
Tax losses
(10,701)
-
-
110,154
WINFIELD'S LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
13
Deferred taxation
(Continued)
- 19 -
2024
Movements in the year:
£
Liability at 1 February 2023
110,154
Credit to profit or loss
(110,154)
Liability at 31 January 2024
-
14
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
29,371
-

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

15
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
1
1
1
1
16
Financial commitments, guarantees and contingent liabilities

The company has guaranteed the bank borrowings of its parent company. At the year end liabilities covered by those guarantees amounted to £386,394 (2023 - £471,779.

 

The company is a member of a VAT group and is jointly and severally liable for any VAT debts of the group. At 31 January 2024, the VAT liability of other members of the VAT group was £nil (2023 - £166,160).

17
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2024
2023
£
£
Within one year
51,438
9,372
Between two and five years
183,333
1,438
234,771
10,810
WINFIELD'S LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 20 -
18
Events after the reporting date

Subsequent to the balance sheet date - in April 2025, an administrator was appointed to the company. The company is continuing to trade.

19
Related party transactions

During the year the group purchased services amounting to £550,094 (2023 - £2,904,420) from a company controlled by a director. At the balance sheet date £12,088 (2023 - £237,764) was owed to that company.

 

During the year, the group sold goods and services amounting to £355,200 (2023 - £2,513,402) to and purchased goods of £nil (2023 - £289,495) from companies controlled by directors. At the balance sheet date £5,472,477 (2023 - £4,901,189) was due from those companies.

 

During the year, an amount of £5,691,596 (2023: £nil) was provided against as an irrecoverable amount due from companies under common control. This has been recognised as an exceptional item within the profit and loss account.

20
Ultimate controlling party

The company is controlled by its parent company Winfield Holdings Limited. The financial statements of Winfield Holdings Limited can be obtained from Companies House.

 

Winfield Holdings Limited controls 100% of the company's issued share capital and is the direct parent company.

 

The ultimate controlling party of the company is June Winfield.

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