Registration number:
Till and Whitehead Limited
for the Year Ended 31 March 2025
Till and Whitehead Limited
Contents
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Statement of Financial Position |
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Notes to the Financial Statements |
Till and Whitehead Limited
(Registration number: 00046963)
Statement of Financial Position as at 31 March 2025
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Note |
2025 |
2024 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
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Provisions for liabilities |
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Net assets |
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Capital and reserves |
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Called up share capital |
175,000 |
175,000 |
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Revaluation reserve |
353,798 |
168,310 |
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Retained earnings |
341,291 |
281,397 |
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Shareholders' funds |
870,089 |
624,707 |
Till and Whitehead Limited
(Registration number: 00046963)
Statement of Financial Position as at 31 March 2025
For the financial year ending 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
Approved and authorised by the
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Till and Whitehead Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
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General information |
The company is a private company limited by share capital, incorporated in England.
The address of its registered office is:
These financial statements were authorised for issue by the
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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 financual 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.
Going concern
The company has made a profit for the year. The company has an invoice discounting facility for working capital and a mortgage facility for its buildings, and is fully able to work within these facilities. The Directors expect the company to continue to generate positive cash flows on its own account for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the annual financial statements.
Key sources of estimation uncertainty
In the application of the company's accounting policies the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of revision and future periods if the revision affects both current and future periods.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
Till and Whitehead Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
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.
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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used.
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, to net realisable value over their estimated useful lives, as follows:
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Asset class |
Depreciation method and rate |
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Plant and machinery |
10% reducing balance |
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Fixtures and fittings |
10% reducing balance |
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General equipment |
20% or 33% on cost |
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Freehold property |
1% on cost |
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.
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.
Till and Whitehead Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
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 Statement of Income and Retained Earnings 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 are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Statement of Financial Position as a finance lease obligation.
Lease payments are apportioned between finance costs in the Statement of Inome and Retained Earnings and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
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.
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Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Till and Whitehead Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
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Tangible assets |
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Land and buildings |
Furniture, fittings and equipment |
Total |
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Cost or valuation |
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At 1 April 2024 |
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Revaluations |
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Additions |
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At 31 March 2025 |
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Depreciation |
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At 1 April 2024 |
- |
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Charge for the year |
- |
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At 31 March 2025 |
- |
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Carrying amount |
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At 31 March 2025 |
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At 31 March 2024 |
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Included within the net book value of land and buildings above is £2,075,000 (2024 - £1,627,738) in respect of freehold land and buildings.
The properties were revalued by the directors during the year, based on market evidence of recent comparable sales, resulting in a carrying amount of £2,075,000. They consider the value at 31 March 2025 to be similar and therefore no depreciation has been charged. Had no revaluations been undertaken, the carrying amount under the historical cost convention would have been £1,260,680.
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Debtors |
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2025 |
2024 |
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Trade debtors |
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Prepayments |
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Other debtors |
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At 31 March 2025 the amount of debt subject to invoice discounting included within trade debtors was £981,325 (2024 - £959,468). The amount owed to invoice discounters at the year end was £798,736 (2024 - £819,451).
Till and Whitehead Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
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Creditors |
Creditors: amounts falling due within one year
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Note |
2025 |
2024 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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The balances advanced under invoice discounting are secured over various book debts as set out in the debtors note.
Creditors: amounts falling due after more than one year
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Note |
2025 |
2024 |
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Due after one year |
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Loans and borrowings |
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Loans and borrowings |
Non-current loans and borrowings
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2025 |
2024 |
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Bank borrowings |
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Other borrowings |
- |
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HP and finance lease liabilities |
10,380 |
- |
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Till and Whitehead Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
Current loans and borrowings
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2025 |
2024 |
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Bank borrowings |
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Bank overdrafts |
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- |
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Hire purchase contracts |
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- |
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Financial commitments, guarantees and contingencies |
Amounts not provided for in the statement of financial position
The total amount of financial commitments not included in the statement of financial position is £