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Company No: 06229354 (England and Wales)

# M.A. WITCOMBE LIMITED

### Unaudited Financial Statements
For the financial year ended 30 April 2025
Pages for filing with the registrar

M.A. WITCOMBE LIMITED

## Unaudited Financial Statements

For the financial year ended 30 April 2025

Contents

M.A. WITCOMBE LIMITED

## BALANCE SHEET

As at 30 April 2025
M.A. WITCOMBE LIMITED

## BALANCE SHEET (continued)

As at 30 April 2025

| Note | 2025 |  | 2024
|  | £ |  | £
Fixed assets |  |  |  |
Tangible assets | 3 | 173,000 |  | 158,232
|  | 173,000 |  | 158,232
Current assets |  |  |  |
Stocks | 4 | 551,932 |  | 1,074,119
Debtors | 5 | 821,632 |  | 1,094,119
|  | 1,373,564 |  | 2,168,238
Creditors: amounts falling due within one year | 6 | ( 927,405) |  | ( 1,703,240)
Net current assets |  | 446,159 |  | 464,998
Total assets less current liabilities |  | 619,159 |  | 623,230
Creditors: amounts falling due after more than one year | 7 | ( 77,795) |  | ( 121,340)
Net assets |  | 541,364 |  | 501,890
Capital and reserves |  |  |  |
Called-up share capital |  | 112 |  | 112
Profit and loss account |  | 541,252 |  | 501,778
Total shareholder's funds |  | 541,364 |  | 501,890

For the financial year ending 30 April 2025 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The member has not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
- 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; and
- These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Income and Retained Earnings has not been delivered.

The financial statements of M.A. Witcombe Limited (registered number: 06229354) were approved and authorised for issue by the Board of Directors on 31 October 2025. They were signed on its behalf by:

Martin Tribe Director |

M.A. WITCOMBE LIMITED

## NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 2025
M.A. WITCOMBE LIMITED

## NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 2025

##### 1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

##### General information and basis of accounting

M.A. Witcombe Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Unit 5 Gloucester Crescent, Heathpark Industrial Estate, Honiton, EX14 1DB, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

##### 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. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
The nature and timing of satisfaction of performance obligations and significant payment terms of the company's major sources of revenue are as set out within the construction contracts policy.

##### Construction contracts

Where the outcome of a construction contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the Balance Sheet date. This is normally measured by the proportion that contract costs incurred for work performed to date bear to the estimated total contract costs, except where this would not be representative of the stage of completion. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable.
Where the outcome of a construction contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred where it is probable they will be recoverable. Contract costs are recognised as expenses in the period in which they are incurred. When costs incurred in securing a contract are recognised as an expense in the period in which they are incurred, they are not included in contract costs if the contract is obtained in a subsequent period.
When it is probable that total contract costs will exceed total contract revenue, the expected loss is recognised as an expense immediately.

##### Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised as an expense when the Company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

##### Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

##### Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Leasehold improvements | depreciated over the life of the lease
Plant and machinery | 4 years straight line
Vehicles | 4 years straight line
Fixtures and fittings | 7 years straight line
Computer equipment | 4 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

##### Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

##### Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

##### Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

##### Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

##### Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

##### Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

##### Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

##### Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

##### Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).
When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

#### 2. Employees

| 2025 |  | 2024
| Number |  | Number
Monthly average number of persons employed by the Company during the year, including directors | 14 |  | 14

#### 3. Tangible assets

| Leasehold improve- ments |  | Plant and machinery |  | Vehicles |  | Fixtures and fittings |  | Computer equipment |  | Total
| £ |  | £ |  | £ |  | £ |  | £ |  | £
Cost |  |  |  |  |  |  |  |  |  |  |
At 01 May 2024 | 56,585 |  | 31,406 |  | 141,619 |  | 10,899 |  | 26,095 |  | 266,604
Additions | 0 |  | 3,825 |  | 57,264 |  | 2,304 |  | 7,969 |  | 71,362
Disposals | 0 |  | ( 1,904) |  | ( 6,000) |  | ( 1,522) |  | ( 3,495) |  | ( 12,921)
At 30 April 2025 | 56,585 |  | 33,327 |  | 192,883 |  | 11,681 |  | 30,569 |  | 325,045
Accumulated depreciation |  |  |  |  |  |  |  |  |  |  |
At 01 May 2024 | 26,473 |  | 16,660 |  | 38,072 |  | 6,995 |  | 20,172 |  | 108,372
Charge for the financial year | 6,822 |  | 5,474 |  | 37,561 |  | 1,475 |  | 4,228 |  | 55,560
Disposals | 0 |  | ( 1,140) |  | ( 5,998) |  | ( 1,387) |  | ( 3,362) |  | ( 11,887)
At 30 April 2025 | 33,295 |  | 20,994 |  | 69,635 |  | 7,083 |  | 21,038 |  | 152,045
Net book value |  |  |  |  |  |  |  |  |  |  |
At 30 April 2025 | 23,290 |  | 12,333 |  | 123,248 |  | 4,598 |  | 9,531 |  | 173,000
At 30 April 2024 | 30,112 |  | 14,746 |  | 103,547 |  | 3,904 |  | 5,923 |  | 158,232

#### 4. Stocks

| 2025 |  | 2024
| £ |  | £
Stocks | 85,481 |  | 81,921
Work in progress | 466,451 |  | 992,198
| 551,932 |  | 1,074,119

#### 5. Debtors

| 2025 |  | 2024
| £ |  | £
Trade debtors | 7,402 |  | 317,552
Amounts owed by Group undertakings | 385,442 |  | 352,852
Prepayments | 108,625 |  | 157,294
VAT recoverable | 16,755 |  | 23,199
Other debtors | 303,408 |  | 243,222
| 821,632 |  | 1,094,119

#### 6. Creditors: amounts falling due within one year

| 2025 |  | 2024
| £ |  | £
Bank loans and overdrafts | 132,086 |  | 163,771
Trade creditors | 474,829 |  | 826,570
Accruals | 72,109 |  | 300,361
Taxation and social security | 188,347 |  | 365,794
Obligations under finance leases and hire purchase contracts (secured) | 27,289 |  | 19,328
Other creditors | 32,745 |  | 27,416
| 927,405 |  | 1,703,240

Bank loans due within one year of £52,318 (2024: £85,835) are guaranteed by the government as part of the Coronavirus Business Interruption Scheme.
Included within bank loans and overdrafts is a bank overdraft of £79,768 (2024: £77,936), which is secured upon assets owned by the company.
Obligations under finance leases and hire purchase contracts are secured upon the assets to which the loans relate.

#### 7. Creditors: amounts falling due after more than one year

| 2025 |  | 2024
| £ |  | £
Bank loans | 0 |  | 52,083
Obligations under finance leases and hire purchase contracts (secured) | 77,795 |  | 69,257
| 77,795 |  | 121,340

Bank loans due greater than one year of £nil (2024: £52,083) are guaranteed by the government as part of the Coronavirus Business Interruption Scheme.
Obligations under finance leases and hire purchase contracts are secured upon the assets to which the loans relate.

#### 8. Financial commitments

Commitments

| 2025 |  | 2024
| £ |  | £
Total future minimum lease payments under non-cancellable operating leases | 0 |  | 8,750

#### 9. Related party transactions

Other related party transactions

| 2025 |  | 2024
| £ |  | £
Entities with control, joint control or significant influence over the company | 385,442 |  | 352,852