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Company No: 04329225 (England and Wales)

BLYTH & WRIGHT LIMITED

Unaudited Financial Statements
For the financial year ended 31 December 2024
Pages for filing with the registrar

BLYTH & WRIGHT LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2024

Contents

BLYTH & WRIGHT LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 December 2024
BLYTH & WRIGHT LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 December 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 4 82,378 68,133
82,378 68,133
Current assets
Stocks 441,751 482,198
Debtors 5 48,288 31,774
Cash at bank and in hand 38,685 30,266
528,724 544,238
Creditors: amounts falling due within one year 6 ( 254,414) ( 251,677)
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 ( 231,241) ( 215,706)
Provision for liabilities ( 7,919) ( 6,263)
Net assets 117,528 138,725
Capital and reserves
Called-up share capital 85 85
Capital redemption reserve 15 15
Profit and loss account 117,428 138,625
Total shareholders' funds 117,528 138,725

For the financial year ending 31 December 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of Blyth & Wright Limited (registered number: 04329225) were approved and authorised for issue by the Director. They were signed on its behalf by:

Mr C C Wright
Director

30 April 2025

BLYTH & WRIGHT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2024
BLYTH & WRIGHT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 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

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.

Turnover

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliable measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, values added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

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.

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Finance costs

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.

Taxation

Current tax
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.

Borrowing costs

All borrowing costs are recognised in the profit or loss in the year in which they are incurred.

Pensions

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.

Operating leases: the Company as lessee

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.

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 0 - 20 years straight line
Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combinations and the acquirer's interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the income statement over its useful economic life.

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.

Tangible fixed assets

Tangible fixed assets under the cost model are state at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost included expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

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 15 years straight line
Vehicles 25 % reducing balance
Fixtures and fittings 25 % reducing balance
Office equipment 25 % reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Stocks

Stocks are stated at the lower of cost and net realisable value, being the cost of purchase.

Trade and other debtors

Short-term debtors are measured at transaction price, less any impairment. Loan receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Trade and other creditors

Short-term creditors are measured at their transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised costs using the effective interest method.

Financial instruments

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

Provisions are made where an even has taken place that gives the Company, a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.

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.

Dividends

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.

Holiday pay accrual

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.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 19 20

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 January 2024 187,152 187,152
At 31 December 2024 187,152 187,152
Accumulated amortisation
At 01 January 2024 187,152 187,152
At 31 December 2024 187,152 187,152
Net book value
At 31 December 2024 0 0
At 31 December 2023 0 0

4. Tangible assets

Land and buildings Vehicles Fixtures and fittings Office equipment Total
£ £ £ £ £
Cost
At 01 January 2024 293,089 91,972 61,549 47,846 494,456
Additions 0 44,259 2,167 0 46,426
Disposals 0 ( 35,550) 0 0 ( 35,550)
At 31 December 2024 293,089 101,056 63,716 47,846 505,707
Accumulated depreciation
At 01 January 2024 269,284 67,594 51,196 38,249 426,323
Charge for the financial year 5,302 9,182 2,862 2,400 19,746
Disposals 0 ( 22,740) 0 0 ( 22,740)
At 31 December 2024 274,586 54,036 54,058 40,649 423,329
Net book value
At 31 December 2024 18,503 47,020 9,658 7,197 82,378
At 31 December 2023 23,805 24,378 10,353 9,597 68,133

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:

Motor vehicles net book values on HP £39,985 ( 2023 - £24,160 )

5. Debtors

2024 2023
£ £
Trade debtors 19,530 17,189
Prepayments 13,439 6,856
S455 1,844 1,844
Other debtors 13,475 5,885
48,288 31,774

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans (secured) 10,129 10,127
Trade creditors 182,268 168,410
Amounts owed to director 931 0
Accruals 9,940 9,082
Corporation tax 0 7,742
Other taxation and social security 40,934 32,082
Obligations under finance leases and hire purchase contracts 6,046 20,372
Other creditors 4,166 3,862
254,414 251,677

The bank loans and overdrafts are secured against a personal asset of the director. Net obligations under hire purchase contracts are secured upon the assets to which they relate.

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

2024 2023
£ £
Bank loans 5,705 15,706
Obligations under finance leases and hire purchase contracts 25,536 0
Other creditors 200,000 200,000
231,241 215,706

8. Financial commitments

Other financial commitments

2024 2023
£ £
Commitments in respect of leases 0 80,000

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) 4,124 3,862

9. Related party transactions

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.