Company registration number 04042062 (England and Wales)
WHETSTONE BROTHERS CONTRACT FURNISHERS LIMITED
ANNUAL REPORT AND
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 JANUARY 2025
PAGES FOR FILING WITH REGISTRAR
WHETSTONE BROTHERS CONTRACT FURNISHERS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
WHETSTONE BROTHERS CONTRACT FURNISHERS LIMITED
BALANCE SHEET
AS AT
31 JANUARY 2025
31 January 2025
- 1 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
3
493,332
533,107
Current assets
Stocks
81,917
157,320
Debtors
4
105,581
106,359
Cash at bank and in hand
39,106
102
226,604
263,781
Creditors: amounts falling due within one year
5
(315,121)
(307,892)
Net current liabilities
(88,517)
(44,111)
Total assets less current liabilities
404,815
488,996
Creditors: amounts falling due after more than one year
6
(72,224)
(101,966)
Provisions for liabilities
(26,583)
(35,652)
Net assets
306,008
351,378
Capital and reserves
Called up share capital
7
90
90
Profit and loss reserves
305,918
351,288
Total equity
306,008
351,378

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 January 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

T he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

WHETSTONE BROTHERS CONTRACT FURNISHERS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 JANUARY 2025
31 January 2025
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 10 September 2025 and are signed on its behalf by:
T W Whetstone
Director
Company registration number 04042062 (England and Wales)
WHETSTONE BROTHERS CONTRACT FURNISHERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025
- 3 -
1
Accounting policies
Company information

Whetstone Brothers Contract Furnishers Limited is a private company limited by shares incorporated in England and Wales. The registered office is 82 Manor Road, Atherstone, Warwickshire, CV9 1QY.

1.1
Basis of preparation

These financial statements have been prepared in accordance with applicable accounting standards including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.3
Tangible fixed assets

Tangible fixed assets are measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold buildings
1% on cost
Plant and machinery
15% reducing balance
Fixtures, fittings & equipment
15% reducing balance & 33% Straight Line
Motor vehicles
20% reducing balance
1.4
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

1.5
Financial instruments

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Debtors and creditors with no stated interest rate and receivable or payable within one year are measured at transaction price. Any losses arising from impairment are recognised in the profit and loss account.

WHETSTONE BROTHERS CONTRACT FURNISHERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
1
Accounting policies
(Continued)
- 4 -

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

1.6
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity.

1.7
Employee benefits

When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.

The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.

1.8
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.9
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to the profit and loss account so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to the profit and loss account on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease d asset are consumed.

WHETSTONE BROTHERS CONTRACT FURNISHERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
- 5 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
Total
21
17
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 February 2024
450,000
295,457
745,457
Disposals
-
0
(4,000)
(4,000)
At 31 January 2025
450,000
291,457
741,457
Depreciation and impairment
At 1 February 2024
59,500
152,850
212,350
Depreciation charged in the year
3,500
34,588
38,088
Eliminated in respect of disposals
-
0
(2,313)
(2,313)
At 31 January 2025
63,000
185,125
248,125
Carrying amount
At 31 January 2025
387,000
106,332
493,332
At 31 January 2024
390,500
142,607
533,107
4
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
83,048
82,084
Corporation tax recoverable
-
0
5,336
Other debtors
22,533
18,939
105,581
106,359
WHETSTONE BROTHERS CONTRACT FURNISHERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
- 6 -
5
Creditors: amounts falling due within one year
2025
2024
£
£
Bank loans and overdrafts
-
0
67,751
Trade creditors
203,388
182,555
Corporation tax
16,723
-
0
Other taxation and social security
36,132
13,221
Other creditors
58,878
44,365
315,121
307,892
6
Creditors: amounts falling due after more than one year
2025
2024
£
£
Bank loans and overdrafts
13,897
24,030
Other creditors
58,327
77,936
72,224
101,966

National Westminister Bank PLC hold a mortgage debenture dated 28/11/2000 over all freehold and leasehold properties held by the company secured on all monies due or to become due from the company to the chargee on any account whatsoever.

7
Called up share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
90
90
90
90
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