REGISTERED NUMBER: 04988190 (England and Wales)

Whalley Warm and Dry Limited

Unaudited Financial Statements

for the Year Ended 31 December 2024

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr Alexander Peter David Smith

Mr Jonathan Frederic Smith

Miss Kathryn Rose Smith

SECRETARY:

Miss Kathryn Rose Smith

REGISTERED OFFICE:

The Station House

Station Road

Whalley

Lancashire

BB7 9RT

REGISTERED NUMBER:

04988190 (England and Wales)

Fixed assets

Intangible assets

4

-

3,000

Tangible assets

5

126,449

97,297

126,449

100,297

Current assets

Stocks

6

335,000

375,356

Debtors

7

15,236

18,535

Cash at bank and in hand

233,689

195,033

583,925

588,924

Creditors

Amounts falling due within one year

8

(136,924

)

(167,281

)

Net current assets

447,001

421,643

Total assets less current liabilities

573,450

521,940

Creditors

Amounts falling due after more than one year

9

(23,781

)

(15,029

)

Provisions for liabilities

(10,637

)

(2,262

)

Net assets

539,032

504,649

Capital and reserves

Called up share capital

100

100

Retained earnings

538,932

504,549

539,032

504,649

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account and Statement of Retained Earnings has not been delivered.

Approved and authorised by the Board the Board of Directors and authorised for issue on 30 September 2025 and were signed on its behalf by:

Mr Jonathan Frederic Smith - Director

1.	STATUTORY INFORMATION

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

The address of its registered office is:

The Station House

Station Road

Whalley

Lancashire

BB7 9RT

Great Britain

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.

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.

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

Goodwill

10% straight line balance

TANGIBLE FIXED 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

Furniture and fittings

25% reducing balance

Computer equipment

25% reducing balance

Motor vehicles

20% reducing balance

TAXATION

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account and Statement of Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

DEFERRED TAX

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

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.

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.

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.

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 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 balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2023 - 8 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 January 2024

and 31 December 2024

30,000

AMORTISATION

At 1 January 2024

27,000

Charge for year

3,000

At 31 December 2024

30,000

NET BOOK VALUE

At 31 December 2024

-

At 31 December 2023

3,000

5.	TANGIBLE FIXED ASSETS

Fixtures

Tenant

and

Motor

Computer

improvement

fittings

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 January 2024

64,073

26,986

42,995

23,011

157,065

Additions

-

1,250

37,518

-

38,768

At 31 December 2024

64,073

28,236

80,513

23,011

195,833

DEPRECIATION

At 1 January 2024

-

24,459

17,313

17,996

59,768

Charge for year

-

725

7,637

1,254

9,616

At 31 December 2024

-

25,184

24,950

19,250

69,384

NET BOOK VALUE

At 31 December 2024

64,073

3,052

55,563

3,761

126,449

At 31 December 2023

64,073

2,527

25,682

5,015

97,297

6.

STOCKS

2024

2023

£

£

Stocks

-

14,036

Finished goods

335,000

361,320

335,000

375,356

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Prepayments

2,986

2,285

Other debtors - Staff Loans

12,250

16,250

15,236

18,535

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Bank loans and overdrafts (see note 10)

10,148

9,898

Hire purchase contracts

7,779

-

Trade creditors

23,963

6,570

Staff pensions

683

732

Corporation tax

54,861

70,020

PAYE/NI liability

3,289

4,022

VAT

24,219

41,347

Directors' current accounts

8,716

31,546

Accrued expenses

3,266

3,146

136,924

167,281

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

£

£

Bank loans (see note 10)

4,642

15,029

Hire purchase contracts

19,139

-

23,781

15,029

10.

LOANS

An analysis of the maturity of loans is given below:

2024

2023

£

£

Amounts falling due within one year or on demand:

Bank loans

10,148

9,898

Amounts falling due between one and two years:

Bank loans - 1-2 years

4,642

15,029