Wiltel Limited


Directors	David Carl Wilson
	Matthew Kevin Moore Wilson
	Richard Ian Wilson
	Stephen Terrence Wilson


Company Secretary	WILSON, Matthew Kevin Moore


Registered Address	Hyltons Restaurant
	Ash Street
	Bowness On Windermere
	LA23 3EB


Registered Number	00883435 (England and Wales)

Notes to the Financial Statements
for the year ended 28 February 2025

1.	Accounting policies

	Statutory information
	The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

	Basis of preparation
	The financial statements have been prepared under the historical cost convention on a going concern basis unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

	Functional and presentation currency
	The financial statements are presented in sterling and this is the functional currency of the company.

	Turnover policy
	Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and/or the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

Turnover policy

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and/or the rendering of services. 

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

	Employee benefits
	The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further obligation. Contributions to defined contribution plans are expensed in the period to which they relate. Amounts not paid are shown in accruals in the Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.

Employee benefits

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further obligation. 

Contributions to defined contribution plans are expensed in the period to which they relate.  Amounts not paid are shown in accruals in the Statement of Financial Position.  The assets of the plan are held separately from the company in independently administered funds.

	Foreign currency translation
	Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to the Income Statement

Foreign currency translation

Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to the Income Statement

	Current taxation
	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
	Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 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. Current and deferred tax assets and liabilities are not discounted.

Deferred tax

Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 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. Current and deferred tax assets and liabilities are not discounted.

	Intangible assets
	Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

	Tangible fixed assets and depreciation
	Tangible fixed assets are stated at cost or valuation less depreciation. The assets’ residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Income. Depreciation is provided on all tangible fixed assets as follows: Included within land and buildings is freehold and long leasehold property which is depreciated at 2% on a straight line basis. Also included within land and buildings is short leasehold property which is depreciated straight line over the term of the lease. Fixtures and fittings also includes depreciation of straight line over 5 years.

Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost or valuation less depreciation. 

The assets’ residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Income.

Depreciation is provided on all tangible fixed assets as follows:

Included within land and buildings is freehold and long leasehold property which is depreciated at 2% on a straight line basis. Also included within land and buildings is short leasehold property which is depreciated straight line over the term of the lease.

Fixtures and fittings also includes depreciation of straight line over 5 years.


	Reducing balance (%)	Straight line (years)
Land and buildings	-	50
Fixtures and fittings	-	6.67
Vehicles	25	-
Office Equipment	40	-

	Investments
	Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value where the difference between cost and fair value is material. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the Income Statement.

Investments

Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value where the difference between cost and fair value is material. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the Income Statement.

	Investment property
	Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate. These values are adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Income Statement.

	Stocks and work in progress
	Stocks are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete). At each date of Statement of Financial Position, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to completed the sale. The impairment loss is recognised immediately in the Income Statement.

	Trade and other debtors
	Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

Trade and other debtors

Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

	Trade and other creditors
	Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

	Financial instruments
	The company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

	Government grants or assistance
	Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income. Grants of a revenue nature are recognised in the Income Statement in the same period as the related expenditure.

Government grants or assistance

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income. 

Grants of a revenue nature are recognised in the Income Statement in the same period as the related expenditure.

2.	Average number of employees


		2025		2024
	Average number of employees during the year	80		66

3.	Intangible assets

	Goodwill	Total
	£	£
Cost or valuation
At 01 March 24	250,000	250,000
At 28 February 25	250,000	250,000
Amortisation and impairment
At 01 March 24	250,000	250,000
At 28 February 25	250,000	250,000
Net book value
At 28 February 25	-	-
At 29 February 24	-	-

4.	Tangible fixed assets

	Land & buildings	Vehicles	Fixtures & fittings	Office Equipment	Total
	£	£	£	£	£
Cost or valuation
At 01 March 24	2,807,908	94,158	1,764,384	6,201	4,672,651
Additions	-	-	-	1,667	1,667
At 28 February 25	2,807,908	94,158	1,764,384	7,868	4,674,318
Depreciation and impairment
At 01 March 24	795,968	41,195	703,130	4,923	1,545,216
Charge for year	49,511	13,241	116,630	845	180,227
At 28 February 25	845,479	54,436	819,760	5,768	1,725,443
Net book value
At 28 February 25	1,962,429	39,722	944,624	2,100	2,948,875
At 29 February 24	2,011,940	52,963	1,061,254	1,278	3,127,435

5.	Investment property
	The company acquired the properties in February and April 2018 at their market values. The 2020 valuations were made by by directors, on an open market value for existing use basis.


		£
	Fair value at 01 March 24	567,270
	At 28 February 25	567,270

6.	Fixed asset investments
	Investments in group understandings and participating interests.

	Investments in groups¹	Total
	£	£
Cost or valuation
At 01 March 24	9,500	9,500
At 28 February 25	9,500	9,500
Net book value
At 28 February 25	9,500	9,500
At 29 February 24	9,500	9,500

	Notes
	¹Investments in group undertakings and participating interests

7.	Stocks

	2025	2024
	£	£
Raw materials and consumables	66,328	56,090
Total	66,328	56,090

8.	Debtors: amounts due within one year

	2025	2024
	£	£
Amounts owed by group undertakings	537,950	534,820
Other debtors	44,116	104,129
Prepayments and accrued income	10,987	10,685
Total	593,053	649,634

9.	Creditors: amounts due within one year

	2025	2024
	£	£
Trade creditors / trade payables	167,182	192,702
Bank borrowings and overdrafts	29,046	43,564
Amounts owed to related parties	1,173,949	1,202,020
Taxation and social security	324,534	164,120
Other creditors	6,000	106,000
Accrued liabilities and deferred income	33,682	14,442
Total	1,734,393	1,722,848

10.	Creditors: amounts due after one year

	2025	2024
	£	£
Bank borrowings and overdrafts	106,449	217,102
Total	106,449	217,102

11.	Provisions for liabilities

	2025	2024
	£	£
Net deferred tax liability (asset)	294,342	317,507
Total	294,342	317,507

12.	Revaluation reserve
	The revaluation reserve represents the amount of unrealised surplus created when the freehold properties were revalued, less any deferred tax provision. The reserve represents non-distributable funds.


		£
	Reserve at 01 March 24	386,460
	At 28 February 25	386,460

13.	Parent-subsidiary relationships
	In respect of this company, the ultimate controlling party is Wiltel (Holdings) Limited, a company registered in England and Wales under company number 10383174. As part of a small group, this company is exempt from producing group accounts. These accounts are for this company alone.

	Notes	2025		2024
		£	£	£	£
Fixed assets
Tangible assets	4		2,948,875		3,127,435
Investments	6		9,500		9,500
Investment property	5		567,270		567,270
			3,525,645		3,704,205
Current assets
Stocks	7	66,328		56,090
Debtors	8	593,053		649,634
Cash at bank and on hand		299,550		126,244
		958,931		831,968
Creditors amounts falling due within one year	9	(1,734,393)		(1,722,848)
Net current assets (liabilities)			(775,462)		(890,880)
Total assets less current liabilities			2,750,183		2,813,325
Creditors amounts falling due after one year	10		(106,449)		(217,102)
Provisions for liabilities	11		(294,342)		(317,507)
Net assets			2,349,392		2,278,716
Capital and reserves
Called up share capital			3,200		3,200
Share premium			557,855		557,855
Revaluation reserve			386,460		386,460
Profit and loss account			1,401,877		1,331,201
Shareholders' funds	12		2,349,392		2,278,716