Company No:
Contents
| Note | 2025 | 2024 | ||
| £ | £ | |||
| Restated - note 2 | ||||
| Fixed assets | ||||
| Investment property | 4 |
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| 400,000 | 472,935 | |||
| Current assets | ||||
| Debtors | 5 |
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| Cash at bank and in hand |
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| 77,557 | 276,807 | |||
| Creditors: amounts falling due within one year | 6 | (
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| Net current liabilities | (46,132) | (104,074) | ||
| Total assets less current liabilities | 353,868 | 368,861 | ||
| Provision for liabilities | (
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| Net assets |
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| Capital and reserves | ||||
| Called-up share capital | 7 |
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| Fair value reserve |
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| Profit and loss account |
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| Total shareholder's funds |
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Directors' responsibilities:
The financial statements of W Daniels 2004 Limited (registered number:
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Mr W M Daniels
Director |
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.
W Daniels 2004 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 L Wallsend Industrial Estate, Cattedown, Plymouth, PL4 0RW, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and 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 £.
During the preparation of the current year’s financial statements, it was identified that income relating to container rentals had been incorrectly recognised in the prior year. The error has been corrected by restating the comparative figures, with the adjustment processed through the intercompany account.
As a result of the reduced income, the corporation tax charge for the prior year has also been restated to reflect the revised taxable profit. This adjustment has been reflected in the comparative tax figures and has no impact on the current year’s tax charge or net assets.
£94,139 Sales
(£94,139) Amounts owed to connected companies
£24,947 Corporation tax liability
(£24,947) Corporation tax charge
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 tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.
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.
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.
During the preparation of the current year’s financial statements, it was identified that income relating to container rentals had been incorrectly recognised in the prior year. The error has been corrected by restating the comparative figures, with the adjustment processed through the intercompany account.
As a result of the reduced income, the corporation tax charge for the prior year has also been restated to reflect the revised taxable profit. This adjustment has been reflected in the comparative tax figures and has no impact on the current year’s tax charge or net assets.
| As previously reported | Adjustment | As restated | ||||
| Year ended 31 March 2024 | £ | £ | £ | |||
| Sales | (160,825) | 94,139 | (66,686) | |||
| Amounts owed to connected companies | (272,030) | (94,139) | (366,169) | |||
| Taxation and social security | (38,609) | 24,947 | (13,662) | |||
| Tax on profit | 38,609 | (24,947) | 13,662 |
| 2025 | 2024 | ||
| Number | Number | ||
| Monthly average number of persons employed by the Company during the year, including directors |
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| Investment property | |
| £ | |
| Valuation | |
| As at 01 April 2024 |
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| Fair value movement | (72,935) |
| As at 31 March 2025 |
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Valuation
The directors reviewed the previous valuations of the investment properties during the year, against the market values of comparable real estate and have adjusted for the fair value as required.
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| £ | £ | ||
| Corporation tax |
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| £ | £ | ||
| Amounts owed to connected companies |
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| Taxation and social security |
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| Other creditors |
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| 2025 | 2024 | ||
| £ | £ | ||
| Allotted, called-up and fully-paid | |||
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