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Registered number: 07543361
Philip Webster Gunsmiths Limited
Unaudited Financial Statements
For The Year Ended 31 March 2026
Richard Day Accountants Ltd
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 07543361
2026 2025
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 5 110,807 114,960
Investment Properties 6 280,000 280,000
390,807 394,960
CURRENT ASSETS
Stocks 7 178,000 151,800
Debtors 8 190,399 139,719
Cash at bank and in hand 205,088 191,512
573,487 483,031
Creditors: Amounts Falling Due Within One Year 9 (134,480 ) (117,433 )
NET CURRENT ASSETS (LIABILITIES) 439,007 365,598
TOTAL ASSETS LESS CURRENT LIABILITIES 829,814 760,558
Creditors: Amounts Falling Due After More Than One Year 10 - (3,955 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (18,754 ) (19,328 )
NET ASSETS 811,060 737,275
CAPITAL AND RESERVES
Called up share capital 11 100 100
Revaluation reserve 12 52,235 52,235
Profit and Loss Account 758,725 684,940
SHAREHOLDERS' FUNDS 811,060 737,275
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For the year ending 31 March 2026 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Philip Webster
Director
02/10/2026
The notes on pages 3 to 6 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Philip Webster Gunsmiths Limited is a private company, limited by shares, incorporated in England & Wales, registered number 07543361 . The registered office is The Cottage, 87 Yarmouth Road, Norwich, NR7 0HF.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
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 from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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 is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold 2% straight line
Motor Vehicles 25% reducing balance
Fixtures & Fittings 25% reducing balance
2.5. Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.
2.6. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
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2.7. Taxation
Corporation tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 3 (2025: 3)
3 3
4. Intangible Assets
Goodwill
£
Cost
As at 1 April 2025 10,000
As at 31 March 2026 10,000
Amortisation
As at 1 April 2025 10,000
As at 31 March 2026 10,000
Net Book Value
As at 31 March 2026 -
As at 1 April 2025 -
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5. Tangible Assets
Land & Property
Freehold Motor Vehicles Fixtures & Fittings Total
£ £ £ £
Cost
As at 1 April 2025 123,571 10,995 14,493 149,059
As at 31 March 2026 123,571 10,995 14,493 149,059
Depreciation
As at 1 April 2025 18,293 3,092 12,714 34,099
Provided during the period 1,737 1,975 441 4,153
As at 31 March 2026 20,030 5,067 13,155 38,252
Net Book Value
As at 31 March 2026 103,541 5,928 1,338 110,807
As at 1 April 2025 105,278 7,903 1,779 114,960
6. Investment Property
2026
£
Fair Value
As at 1 April 2025 and 31 March 2026 280,000
7. Stocks
2026 2025
£ £
Finished goods 178,000 151,800
8. Debtors
2026 2025
£ £
Due within one year
Trade debtors 12,312 30,071
Prepayments and accrued income 1,583 1,227
Other debtors - 80,000
VAT 1,317 28,421
Amounts owed by associates 175,187 -
190,399 139,719
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9. Creditors: Amounts Falling Due Within One Year
2026 2025
£ £
Trade creditors 74,155 56,439
Bank loans and overdrafts 3,538 10,000
Other taxes and social security 39,534 35,848
Accruals and deferred income 5,153 5,048
Directors' loan accounts 12,100 10,098
134,480 117,433
10. Creditors: Amounts Falling Due After More Than One Year
2026 2025
£ £
Bank loans - 3,955
11. Share Capital
2026 2025
£ £
Allotted, Called up and fully paid 100 100
12. Reserves
Revaluation reserve Profit and Loss Account
£ £
As at 1 April 2025 52,235 684,940
Profit for the year and total comprehensive income - 118,785
Dividends paid - (45,000)
As at 31 March 2026 52,235 758,725
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