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Registration number: 05010771

Wharfdale Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 January 2025

 

Wharfdale Limited

Contents

Statement of Financial Position

1

Notes to the Unaudited Financial Statements

2 to 6

 

Wharfdale Limited

(Registration number: 05010771)
Statement of Financial Position as at 31 January 2025

Note

2025
£

2024
£

Fixed assets

 

Tangible assets

4

1,869,948

1,876,238

Current assets

 

Debtors

5

11,470

77,582

Cash at bank and in hand

 

6,337

7,189

 

17,807

84,771

Creditors: Amounts falling due within one year

6

(328,317)

(354,376)

Net current liabilities

 

(310,510)

(269,605)

Total assets less current liabilities

 

1,559,438

1,606,633

Creditors: Amounts falling due after more than one year

6

(327,250)

(357,250)

Provisions for liabilities

(101,599)

(101,599)

Net assets

 

1,130,589

1,147,784

Capital and reserves

 

Called up share capital

1

1

Revaluation reserve

607,174

607,174

Profit and loss account

523,414

540,609

Shareholders' funds

 

1,130,589

1,147,784

For the financial year ending 31 January 2025 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 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 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 director has not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the director on 22 July 2025
 


D Fellows
Director

 

Wharfdale Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2025

1

General information

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

The address of its registered office is:
Coombe Rise
Noss Mayo
Plymouth
Devon
PL8 1EG

Principal activity

The principal activity of the company is development of building projects and property rental.

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.

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.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

Turnover

Turnover is measured at the fair value of the consideration received and services rendered, net of discounts and Value Added Tax.

 

Wharfdale Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2025 (continued)

2

Accounting policies (continued)

Tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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 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.

Tangible assets

Tangible assets are stated in the statement of financial position 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

Plant and machinery

20% reducing balance

Fittings, fixtures and equipment

15% reducing balance

Motor vehicles

25% reducing balance

IT equipment

33% straight line

If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.

Investment properties

Investment property is measured initially at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value and any changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, 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. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

Borrowings

 

Wharfdale Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2025 (continued)

2

Accounting policies (continued)

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 statement of comprehensive income 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.

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.

Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.

Defined contribution pension obligation

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis.
The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 3 (2024 - 3).

 

Wharfdale Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2025 (continued)

4

Tangible assets

Investment properties
£

Fixtures, fittings and equipment
£

Plant and machinery
£

IT equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 February 2024

1,837,465

1,971

70,705

5,745

43,228

1,959,114

Additions

-

-

-

2,245

7,000

9,245

Disposals

-

-

(40,750)

-

-

(40,750)

At 31 January 2025

1,837,465

1,971

29,955

7,990

50,228

1,927,609

Depreciation

At 1 February 2024

-

549

62,040

4,802

15,485

82,876

Charge for the year

-

213

1,294

1,646

8,754

11,907

Eliminated on disposal

-

-

(37,122)

-

-

(37,122)

At 31 January 2025

-

762

26,212

6,448

24,239

57,661

Carrying amount

At 31 January 2025

1,837,465

1,209

3,743

1,542

25,989

1,869,948

At 31 January 2024

1,837,465

1,422

8,665

943

27,743

1,876,238

Revaluation

Had this class of asset been measured on a historical cost basis, the carrying amount would have been £1,130,280 (2023 - £1,130,280)
 

5

Debtors

2025
£

2024
£

Other debtors

11,470

77,582

11,470

77,582

 

Wharfdale Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2025 (continued)

6

Creditors

Creditors: amounts falling due within one year

2025
£

2024
£

Bank loans and overdrafts

60,000

60,000

Trade creditors

 

-

3,069

Taxation and social security

 

-

3,049

Accruals and deferred income

 

9,635

2,910

Other creditors

 

258,682

285,348

 

328,317

354,376

Creditors: amounts falling due after more than one year

2025
£

2024
£

Bank loans and overdrafts

327,250

357,250

7

Related party transactions

Transactions with the director

2025

At 1 February 2024
£

Advances to director
£

Repayments by director
£

At 31 January 2025
£

(16,849)

81,581

(59,695)

5,036

         
       

 

2024

At 1 February 2023
£

Advances to director
£

Repayments by director
£

At 31 January 2024
£

(2,113)

77,424

(92,160)

(16,849)