Wortham Jaques Limited - Period Ending 2024-09-30

Registration number: 03617399

Wortham Jaques Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 September 2024

Wortham Jaques Limited

Contents

Company Information	1
Balance Sheet	2
Notes to the Unaudited Financial Statements	3 to 12

Wortham Jaques Limited

Company Information

Director

Mrs C L Chapman Gibbs

Registered office

130A High Street
Crediton
Devon
EX17 3LQ

Wortham Jaques Limited

(Registration number: 03617399)
Balance Sheet as at 30 September 2024

	Note	2024 £	2023 £
Fixed assets
Tangible assets	5	4,372	3,559
Current assets
Stocks	6	60,761	60,943
Debtors	7	58,676	33,849
Cash at bank and in hand		9,041	19,400
		128,478	114,192
Creditors: Amounts falling due within one year	8	(89,298)	(98,170)
Net current assets		39,180	16,022
Total assets less current liabilities		43,552	19,581
Creditors: Amounts falling due after more than one year	8	(6,692)	(18,805)
Provisions for liabilities		(734)	(676)
Net assets		36,126	100
Capital and reserves
Called up share capital	9	100	100
Retained earnings		36,026	-
Shareholders' funds		36,126	100

For the financial year ending 30 September 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 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 director acknowledges her 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 and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 20 June 2025

.........................................
Mrs C L Chapman Gibbs
Director

Wortham Jaques Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

1	General information

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

The address of its registered office is:
130A High Street
Crediton
Devon
EX17 3LQ
ENGLAND

These financial statements were authorised for issue by the director on 20 June 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.

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.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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 taxable income.

Wortham Jaques Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

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 charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Office equipment	25% reducing balance basis

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class	Amortisation method and rate
Purchased goodwill	20% straight line

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 initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. 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.

Wortham Jaques Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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 initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

Wortham Jaques Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

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 the director) during the year, was 6 (2023 - 6).

Wortham Jaques Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

4	Intangible assets

Goodwill
£

Total
£

Cost or valuation

At 1 October 2023

379,200

379,200

At 30 September 2024

379,200

379,200

Amortisation

At 1 October 2023

379,200

379,200

At 30 September 2024

379,200

379,200

Carrying amount

At 30 September 2024

-

-

5

Tangible assets

Furniture, fittings and equipment
£

Total
£

Cost or valuation

At 1 October 2023

12,108

12,108

Additions

(2,271)

(2,271)

At 30 September 2024

9,837

9,837

Depreciation

At 1 October 2023

4,007

4,007

Charge for the year

1,458

1,458

At 30 September 2024

5,465

5,465

Carrying amount

At 30 September 2024

4,372

4,372

At 30 September 2023

3,559

3,559

6

Stocks

2024
£

2023
£

Work in progress

60,761

60,943

Wortham Jaques Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

7

Debtors

Current	2024 £	2023 £
Trade debtors	29,204	17,196
Prepayments	671	632
Other debtors	28,801	16,021
	58,676	33,849

Wortham Jaques Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

8

Creditors

Creditors: amounts falling due within one year

	Note	2024 £	2023 £
Due within one year
Loans and borrowings	10	12,671	33,529
Trade creditors		3,754	3,014
Taxation and social security		70,417	53,589
Accruals and deferred income		345	350
Other creditors		2,111	7,688
		89,298	98,170

Creditors: amounts falling due after more than one year

	Note	2024 £	2023 £
Due after one year
Loans and borrowings	10	6,692	18,805

9	Share capital

Wortham Jaques Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

10	Loans and borrowings

Non-current loans and borrowings

	2024 £	2023 £

Bank borrowings	6,692	16,763
Other borrowings	-	2,042
	6,692	18,805

Current loans and borrowings

	2024 £	2023 £

Bank borrowings	10,648	10,648
Other borrowings	2,023	22,881
	12,671	33,529

11

Dividends

Interim dividends paid

	2024 £	2023 £
Interim dividend of £Nil (2023 - £1,064.56) per each Ordinary A £1	-	36,195
Interim dividend of £645.18 per each Ordinary B £1	32,904	32,904
Interim dividend of £1,353.60 per each Ordinary B £1	20,304	20,304
	53,208	89,403

Wortham Jaques Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

Director's remuneration

The director's remuneration for the year was as follows:

	2024 £	2023 £
Remuneration	9,096	9,096
Contributions paid to money purchase schemes	776	775
	9,872	9,871

Dividends paid to the director

2024
£

2023
£

D A Jaques

Dividends paid to director

-

36,195

Mrs C L Chapman Gibbs

Dividends paid to director

32,904

32,904

13

Parent and ultimate parent undertaking

The ultimate controlling party is the company's directors.

2024	At 1 October 2023 £	Advances to director £	Repayments by director £	Written off £	At 30 September 2024 £
D A Jaques
Directors' loan account	(15,958)	(39,000)	10,200	15,957	(28,801)


Mrs C L Chapman Gibbs
Directors' loan account	7,270	(48,166)	40,966	-	69

2023	At 1 October 2022 £	Advances to director £	Repayments by director £	Written off £	At 30 September 2023 £
D A Jaques
Directors' loan account	(14,749)	(52,154)	36,195	14,750	(15,958)


Mrs C L Chapman Gibbs
Directors' loan account	3,856	(38,586)	42,000	-	7,270

	Goodwill £	Total £
Cost or valuation
At 1 October 2023	379,200	379,200
At 30 September 2024	379,200	379,200
Amortisation
At 1 October 2023	379,200	379,200
At 30 September 2024	379,200	379,200
Carrying amount
At 30 September 2024	-	-

	Furniture, fittings and equipment £	Total £
Cost or valuation
At 1 October 2023	12,108	12,108
Additions	(2,271)	(2,271)
At 30 September 2024	9,837	9,837
Depreciation
At 1 October 2023	4,007	4,007
Charge for the year	1,458	1,458
At 30 September 2024	5,465	5,465
Carrying amount
At 30 September 2024	4,372	4,372
At 30 September 2023	3,559	3,559