15
false
false
false
false
false
false
false
false
false
false
true
false
false
false
false
false
false
No description of principal activity
2023-08-01
Sage Accounts Production Advanced 2024 - FRS102_2024
4,734,000
480,000
4,254,000
4,254,000
4,734,000
xbrli:pure
xbrli:shares
iso4217:GBP
01655599
2023-08-01
2024-10-31
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01655599
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01655599
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01655599
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01655599
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01655599
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01655599
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01655599
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01655599
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01655599
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01655599
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01655599
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01655599
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01655599
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01655599
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01655599
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2023-07-31
01655599
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01655599
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01655599
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01655599
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2023-07-31
01655599
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2023-08-01
2024-10-31
COMPANY REGISTRATION NUMBER:
01655599
|
WITHAM (SPECIALIST VEHICLES) LIMITED |
|
|
FILLETED UNAUDITED FINANCIAL STATEMENTS |
|
|
WITHAM (SPECIALIST VEHICLES) LIMITED |
|
|
STATEMENT OF FINANCIAL POSITION |
|
31 October 2024
|
31 Oct 24 |
31 Jul 23 |
|
Note |
£ |
£ |
£ |
|
|
|
|
Fixed assets
|
Tangible assets |
5 |
|
6,030,787 |
4,462,276 |
|
Investments |
6 |
|
4,254,000 |
4,734,000 |
|
|
--------------- |
------------- |
|
|
10,284,787 |
9,196,276 |
|
|
|
|
|
Current assets
|
Stocks |
9,816,916 |
|
9,846,556 |
|
Debtors |
7 |
14,935,797 |
|
15,130,084 |
|
Cash at bank and in hand |
9,047,960 |
|
11,018,920 |
|
--------------- |
|
--------------- |
|
33,800,673 |
|
35,995,560 |
|
|
|
|
|
|
Creditors: amounts falling due within one year |
8 |
(
1,474,897) |
|
(
4,069,993) |
|
--------------- |
|
--------------- |
|
Net current assets |
|
32,325,776 |
31,925,567 |
|
|
--------------- |
--------------- |
|
Total assets less current liabilities |
|
42,610,563 |
41,121,843 |
|
|
|
|
|
Provisions
|
Taxation including deferred tax |
|
(
35,524) |
– |
|
|
--------------- |
--------------- |
|
Net assets |
|
42,575,039 |
41,121,843 |
|
|
--------------- |
--------------- |
|
|
|
|
Capital and reserves
|
Called up share capital |
|
74 |
74 |
|
Revaluation reserve |
|
1,178,011 |
1,374,034 |
|
Profit and loss account |
|
41,396,954 |
39,747,735 |
|
|
--------------- |
--------------- |
|
Shareholder funds |
|
42,575,039 |
41,121,843 |
|
|
--------------- |
--------------- |
|
|
|
|
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the period ending 31 October 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
The member has not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476
;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
|
WITHAM (SPECIALIST VEHICLES) LIMITED |
|
|
STATEMENT OF FINANCIAL POSITION (continued) |
|
31 October 2024
These financial statements were approved by the
board of directors
and authorised for issue on
10 April 2025
, and are signed on behalf of the board by:
Company registration number:
01655599
|
WITHAM (SPECIALIST VEHICLES) LIMITED |
|
|
NOTES TO THE FINANCIAL STATEMENTS |
|
PERIOD FROM 1 AUGUST 2023 TO 31 OCTOBER 2024
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Honeypot Lane, Colsterworth, Grantham, Lincs, NG33 5LY.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The actual outcome may diverge from these estimates if other assumptions are made, or other conditions arise. - Significant judgements The judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows: (i)
Treatment of deposits The company receives deposits from customers prior to the distribution of the goods acquired. As detailed in the revenue recognition policy the Directors have had to make judgements in relation to the recognition of deposits as income where the sale does not complete.
- Key sources of estimation uncertainty Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows: (i) Stock provisions The company frequently holds stocks of equipment and vehicles for a significant length of time. As a result it is necessary to consider the recoverability of the cost of certain stock items and the associate provisioning required. When making these assessments management considers the nature and condition of the stocks as well as the prevailing market for the items
. (ii) Investment property valuation Investment property is held at fair value in accordance with FRS 102. The valuation is based upon the directors' estimate of fair value at the balance sheet date.
Revenue recognition
The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of Value Added Tax. Non-refundable deposits received from customers are initially recognised as liabilities on the balance sheet. When the obligations under the contract have been satisfied the amounts are recognised as turnover. If a period of six months has elapsed and there are no extenuating circumstances or a likelihood of litigation then the deposits are assumed to be forfeited and recognised as turnover.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all material timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Operating leases
Lease income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income.
Tangible assets
Tangible assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes the original purchase price, costs directly attributable to bringing the asset to its working condition for its intended use, dismantling and restoration costs and borrowing costs capitalised.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
Land & Buildings |
- |
2% straight line |
|
Plant & Machinery |
- |
20% straight line |
|
Fixtures & Fittings |
- |
15% reducing balance |
|
Equipment |
- |
25% straight line |
|
|
|
|
Assets in the course of construction are included at cost. Depreciation on these assets is not charged until they are brought into use and reclassified to freehold or leasehold land and buildings.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. An estimate for the costs of transportation of stock items is included by the directors.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Financial instruments
The company only holds basic financial instruments as defined in FRS 102. The financial assets and financial liabilities of the company and their measurement basis are as follows: Financial assets - trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instruments. Cash at bank is classified as a basic financial instrument and is measured at face value. Financial liabilities - trade creditors, accruals and other creditors are financial instruments, and are measured at amortised cost. Taxation and social security are not included in the financial instruments disclosure definition.
4.
Employee numbers
The average number of persons employed by the company during the period amounted to
15
(2023:
15
).
5.
Tangible assets
|
Land and buildings |
Plant and machinery |
Fixtures and fittings |
Equipment |
Total |
|
£ |
£ |
£ |
£ |
£ |
|
Cost |
|
|
|
|
|
|
At 1 August 2023 |
4,559,609 |
681,089 |
89,420 |
40,369 |
5,370,487 |
|
Additions |
1,614,651 |
77,435 |
45,375 |
– |
1,737,461 |
|
Disposals |
– |
(
82,646) |
– |
– |
(
82,646) |
|
------------- |
---------- |
---------- |
--------- |
------------- |
|
At 31 October 2024 |
6,174,260 |
675,878 |
134,795 |
40,369 |
7,025,302 |
|
------------- |
---------- |
---------- |
--------- |
------------- |
|
Depreciation |
|
|
|
|
|
|
At 1 August 2023 |
374,893 |
426,973 |
75,665 |
30,680 |
908,211 |
|
Charge for the period |
32,457 |
84,566 |
10,263 |
2,423 |
129,709 |
|
Disposals |
– |
(
43,405) |
– |
– |
(
43,405) |
|
------------- |
---------- |
---------- |
--------- |
------------- |
|
At 31 October 2024 |
407,350 |
468,134 |
85,928 |
33,103 |
994,515 |
|
------------- |
---------- |
---------- |
--------- |
------------- |
|
Carrying amount |
|
|
|
|
|
|
At 31 October 2024 |
5,766,910 |
207,744 |
48,867 |
7,266 |
6,030,787 |
|
------------- |
---------- |
---------- |
--------- |
------------- |
|
At 31 July 2023 |
4,184,716 |
254,116 |
13,755 |
9,689 |
4,462,276 |
|
------------- |
---------- |
---------- |
--------- |
------------- |
|
|
|
|
|
|
Included in freehold property is land not subject to depreciation amounting to £3,103,945 (2023 - £3,103,945).
6.
Investments
|
Investment properties |
|
£ |
|
Cost |
|
|
At 1 August 2023 |
4,734,000 |
|
Disposals |
(
480,000) |
|
------------- |
|
At 31 October 2024 |
4,254,000 |
|
------------- |
|
Impairment |
|
|
At 1 August 2023 and 31 October 2024 |
– |
|
------------- |
|
|
|
Carrying amount |
|
|
At 31 October 2024 |
4,254,000 |
|
------------- |
|
At 31 July 2023 |
4,734,000 |
|
------------- |
|
|
In accordance with accounting standards the investment properties are stated at open market value. The valuations were performed by a Director of the company based on the fair value of those properties. No formal valuation by an independent valuer holding a recognised and relevant professional qualification has been performed.
The historical cost of the properties are £3,075,989 (2023 - £3,359,966).
7.
Debtors
|
31 Oct 24 |
31 Jul 23 |
|
£ |
£ |
|
Trade debtors |
9,029 |
9,500 |
|
Amounts owed by group undertakings and undertakings in which the company has a participating interest |
13,806,255 |
13,806,255 |
|
Deferred tax asset |
– |
398,235 |
|
Other debtors |
1,120,513 |
916,094 |
|
--------------- |
--------------- |
|
14,935,797 |
15,130,084 |
|
--------------- |
--------------- |
|
|
|
8.
Creditors:
amounts falling due within one year
|
31 Oct 24 |
31 Jul 23 |
|
£ |
£ |
|
Bank loans and overdrafts |
2,336 |
2,336 |
|
Trade creditors |
174,601 |
55,988 |
|
Accruals and deferred income |
639,612 |
1,762,204 |
|
Social security and other taxes |
150,004 |
1,487,850 |
|
Director loan accounts |
– |
44,784 |
|
Other creditors |
508,344 |
716,831 |
|
------------- |
------------- |
|
1,474,897 |
4,069,993 |
|
------------- |
------------- |
|
|
|
Other creditors relates to deposits received from customers. The company has an overdraft facility with Natwest Bank plc who hold security over land and buildings owned by the company.
9.
Directors' advances, credits and guarantees
During the period the directors entered into the following advances and credits with the company:
|
31 Oct 24 |
|
|
Balance brought forward |
Advances/ (credits) to the directors |
Amounts repaid |
Balance outstanding |
|
|
£ |
£ |
£ |
£ |
|
C M P Knight |
39,693 |
347,537 |
(
265,538) |
121,692 |
|
|
--------- |
---------- |
---------- |
---------- |
|
|
|
|
|
|
|
31 Jul 23 |
|
|
Balance brought forward |
Advances/ (credits) to the directors |
Amounts repaid |
Balance outstanding |
|
|
£ |
£ |
£ |
£ |
|
C M P Knight |
– |
39,693 |
– |
39,693 |
|
|
---- |
--------- |
---- |
--------- |
|
|
|
|
|
|
10.
Related party transactions
The company is a wholly owned subsidiary of Witham (Specialist Vehicles) Holdings Ltd a company which has common Directors.
Two directors of this company are also directors and shareholders of SARL Witham France. At the year end an amount of £481,218 (2023 - £481,218) was owed to Witham Specialist Vehicles Limited. There is no fixed repayment date for this loan and no interest is charged.
No other transactions with related parties were undertaken such as are required to be disclosed under FRS 102 (Section 1A).
11.
Controlling party
The company is a wholly owned subsidiary of
Witham (Specialist Vehicles) Holdings Ltd
. There is no individual controlling party though the group is under the control of the Directors.