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Registration number: 00128275

W H Munsey Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 August 2024

 

W H Munsey Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

W H Munsey Limited

(Registration number: 00128275)
Balance Sheet as at 31 August 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

359,848

377,418

Investment property

5

9,820,849

9,820,849

Investments

6

47,284

47,284

 

10,227,981

10,245,551

Current assets

 

Debtors

7

14,778

13,240

Cash at bank and in hand

 

205,002

308,059

 

219,780

321,299

Creditors: Amounts falling due within one year

8

(880,800)

(553,395)

Net current liabilities

 

(661,020)

(232,096)

Total assets less current liabilities

 

9,566,961

10,013,455

Creditors: Amounts falling due after more than one year

8

-

(475,000)

Provisions for liabilities

(1,180,955)

(1,182,808)

Net assets

 

8,386,006

8,355,647

Capital and reserves

 

Called up share capital

9

12,500

12,500

Capital redemption reserve

40,701

40,701

Other reserves

1,000

1,000

Retained earnings

8,331,805

8,301,446

Shareholders' funds

 

8,386,006

8,355,647

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

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.

 

W H Munsey Limited

(Registration number: 00128275)
Balance Sheet as at 31 August 2024

Approved and authorised by the Board on 19 May 2025 and signed on its behalf by:
 

.........................................
Mr A H Munsey
Director

 

W H Munsey Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Osney Mill House
Mill Street
Osney
Oxford
OX2 0AN

These financial statements were authorised for issue by the Board on 19 May 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Group accounts not prepared

The company is part of a small group. The company has taken advantage of the exemption provided by Section 398 of the Companies Act 2006 and has not prepared group accounts..

Going concern

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

W H Munsey Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

Tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or receive more, tax.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is provided at rates calculated to write off the cost or valuation less residual value of each asset over its expected useful life, as follows:

Asset class

Depreciation method and rate

Freehold Properties used as business premises

2% Straight line

Fixtures and fittings

33 1/3% Straight line

Investment property

Investment properties are included in the accounts at fair value. The fair value is determined by the directors after taking appropriate advice. Changes in fair value are recognised in profit or loss in the year.

Investments

Fixed asset investments are stated at historical cost less provision for any diminution in value.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised at the transaction price. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised at the transaction price.

 

W H Munsey Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

Borrowings

Interest-bearing borrowings are recorded at fair value, net of transaction costs.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2023 - 2).

 

W H Munsey Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 September 2023

362,354

352,710

715,064

At 31 August 2024

362,354

352,710

715,064

Depreciation

At 1 September 2023

111,537

226,109

337,646

Charge for the year

7,110

10,460

17,570

At 31 August 2024

118,647

236,569

355,216

Carrying amount

At 31 August 2024

243,707

116,141

359,848

At 31 August 2023

250,817

126,601

377,418

5

Investment properties

£

At 1 September 2023 and 31st August 2024

9,820,849


The Investment properties class of fixed assets was revalued on 31 August 2024 by the Directors who are internal to the company. The basis of this valuation was professional advice obtained in January 2017 regarding their open market value.
This class of assets has a carrying amount at historical cost of £4,280,975 (2023 - £4,280,975).The depreciation on this historical cost is £nil (2023 - £nil).

 

W H Munsey Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

6

Investments

2024
£

2023
£

Investments in subsidiaries

47,284

47,284

Subsidiaries

£

Cost or valuation

At 1 September 2023

47,284

At 31 August 2024

47,284

Carrying amount

At 31 August 2024

47,284

At 31 August 2023

47,284

7

Debtors

2024
£

2023
£

Trade debtors

175

90

Prepayments

14,603

13,150

14,778

13,240

 

W H Munsey Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

200,000

-

Trade creditors

 

4,135

33,147

Amounts owed to related parties

12

415,325

382,386

Taxation and social security

 

80,633

27,152

Accruals and deferred income

 

180,559

110,710

Other creditors

 

148

-

 

880,800

553,395

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

-

475,000

Creditor amounts falling due after more than one year includes the following liabilities, on which security has been given by the company:

Bank loan 1: £nil (2023: £475,000)

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

12,000

12,000

12,000

12,000

Ordinary B shares of £1 each

500

500

500

500

12,500

12,500

12,500

12,500

 

W H Munsey Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

10

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

-

475,000

11

Dividends

Final dividends paid

2024
£

2023
£

Final dividend of £500.00 (2023 - £Nil) per each B shares

25,000

-

 

 

Interim dividends paid

2024
£

2023
£

Interim dividend of £13.45 per each Ordinary shares

161,400

161,400

 

 

12

Related party transactions

Other related party transactions

Clarks (Wantage) Limited
 At the balance sheet date the amount due to Clarks (Wantage) Limited was £415,325 (2023 - £382,226)
 

13

Parent and ultimate parent undertaking

The ultimate controlling party is W P Munsey, Director.