Company No:
Contents
| Note | 2024 | 2023 | ||
| £ | £ | |||
| Fixed assets | ||||
| Tangible assets | 4 |
|
|
|
| 82,378 | 68,133 | |||
| Current assets | ||||
| Stocks |
|
|
||
| Debtors | 5 |
|
|
|
| Cash at bank and in hand |
|
|
||
| 528,724 | 544,238 | |||
| Creditors: amounts falling due within one year | 6 | (
|
(
|
|
| Net current assets | 274,310 | 292,561 | ||
| Total assets less current liabilities | 356,688 | 360,694 | ||
| Creditors: amounts falling due after more than one year | 7 | (
|
(
|
|
| Provision for liabilities | (
|
(
|
||
| Net assets |
|
|
||
| Capital and reserves | ||||
| Called-up share capital |
|
|
||
| Capital redemption reserve |
|
|
||
| Profit and loss account |
|
|
||
| Total shareholders' funds |
|
|
Director's responsibilities:
The financial statements of Blyth & Wright Limited (registered number:
|
Mr C C Wright
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.
Blyth & Wright Limited is a company limited by shares incorporated in England within the United Kingdom, registration number 04329225. The registered office is 34-40 Station Road, Sheringham, Norfolk, NR26 8RQ.
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.
The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.
The following principal accounting policies have been applied.
Sales of goods
Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
- the Company has transferred the significant risks and rewards of ownership to the buyer;
- the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
- the amount of revenue can be measured reliably;
- it is probable that the Company will receive the consideration due under the transaction; and
- the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate of the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.
Deferred tax
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting data, except that:
- The recognition of deferred tax assets is limited to the extent that it is
probably that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
- Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
All borrowing costs are recognised in the profit or loss in the year in which they are incurred.
Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.
Rentals paid under operating leases are charged to profit or loss on straight-line basis over the lease term.
Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the
lessee's benefit from the use of the leased asset.
| Goodwill |
|
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance or straight line basis.
Depreciation is provided on the following basis:
| Land and buildings |
|
| Vehicles |
|
| Fixtures and fittings |
|
| Office equipment |
|
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
The Company only enters into basis financial instrument transactions, that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investment in ordinary shares.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Statement of financial position.
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders. Dividends on shares recognised as liabilities are recognised as expenses and classified within the interest payable.
A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the reporting date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at this reporting date.
| 2024 | 2023 | ||
| Number | Number | ||
| Monthly average number of persons employed by the Company during the year, including the director |
|
|
| Goodwill | Total | ||
| £ | £ | ||
| Cost | |||
| At 01 January 2024 |
|
|
|
| At 31 December 2024 |
|
|
|
| Accumulated amortisation | |||
| At 01 January 2024 |
|
|
|
| At 31 December 2024 |
|
|
|
| Net book value | |||
| At 31 December 2024 |
|
|
|
| At 31 December 2023 |
|
|
| Land and buildings | Vehicles | Fixtures and fittings | Office equipment | Total | |||||
| £ | £ | £ | £ | £ | |||||
| Cost | |||||||||
| At 01 January 2024 |
|
|
|
|
|
||||
| Additions |
|
|
|
|
|
||||
| Disposals |
|
(
|
|
|
(
|
||||
| At 31 December 2024 |
|
|
|
|
|
||||
| Accumulated depreciation | |||||||||
| At 01 January 2024 |
|
|
|
|
|
||||
| Charge for the financial year |
|
|
|
|
|
||||
| Disposals |
|
(
|
|
|
(
|
||||
| At 31 December 2024 |
|
|
|
|
|
||||
| Net book value | |||||||||
| At 31 December 2024 |
|
|
|
|
|
||||
| At 31 December 2023 |
|
|
|
|
|
Motor vehicles net book values on HP £39,985 ( 2023 - £24,160 )
| 2024 | 2023 | ||
| £ | £ | ||
| Trade debtors |
|
|
|
| Prepayments |
|
|
|
| S455 |
|
|
|
| Other debtors |
|
|
|
|
|
|
| 2024 | 2023 | ||
| £ | £ | ||
| Bank loans (secured) |
|
|
|
| Trade creditors |
|
|
|
| Amounts owed to director |
|
|
|
| Accruals |
|
|
|
| Corporation tax |
|
|
|
| Other taxation and social security |
|
|
|
| Obligations under finance leases and hire purchase contracts |
|
|
|
| Other creditors |
|
|
|
|
|
|
| 2024 | 2023 | ||
| £ | £ | ||
| Bank loans |
|
|
|
| Obligations under finance leases and hire purchase contracts |
|
|
|
| Other creditors |
|
|
|
|
|
|
Other financial commitments
| 2024 | 2023 | ||
| £ | £ | ||
| Commitments in respect of leases |
|
|
There is a lease on the property until December 2024, which has an annual rent of £80,000. The director is considering the options for the renewal of the lease of the property, in which the director has a joint ownership.
Pensions
The Company operates a defined contribution pension scheme for the director and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund amounted to £10,290 ( 2023 - £9,571 ). Contributions totalling £4,124 ( 2023 - £3,860 ) were payable to the fund at the reporting date
| 2024 | 2023 | ||
| £ | £ | ||
| Unpaid contributions due to the fund (inc. in other creditors) |
|
|
Within other creditors after one year is an amount of £200,000 in respect of non redeemable preference shares, owned by the directors. Barns owned personally by the director are also provided to the company for use with no rent charged.