COMPANY REGISTRATION NUMBER:
01266015
|
Musgraves of Windermere Limited |
|
|
Filleted Unaudited Abridged Financial Statements |
|
|
Musgraves of Windermere Limited |
|
|
Abridged Statement of Financial Position |
|
28 February 2025
Fixed assets
|
Tangible assets |
5 |
|
357,607 |
363,206 |
|
Investments |
6 |
|
64,481 |
62,422 |
|
|
--------- |
--------- |
|
|
422,088 |
425,628 |
|
|
|
|
|
Current assets
|
Stocks |
171,844 |
|
169,979 |
|
Debtors |
47,563 |
|
47,043 |
|
Cash at bank and in hand |
254,252 |
|
303,434 |
|
--------- |
|
--------- |
|
473,659 |
|
520,456 |
|
|
|
|
|
Creditors: amounts falling due within one year |
243,014 |
|
229,116 |
|
--------- |
|
--------- |
|
Net current assets |
|
230,645 |
291,340 |
|
|
--------- |
--------- |
|
Total assets less current liabilities |
|
652,733 |
716,968 |
|
|
|
|
Provisions
|
Taxation including deferred tax |
|
892 |
1,027 |
|
|
--------- |
--------- |
|
Net assets |
|
651,841 |
715,941 |
|
|
--------- |
--------- |
|
|
|
|
Capital and reserves
|
Called up share capital |
|
100 |
100 |
|
Other reserves |
|
301,466 |
301,466 |
|
Profit and loss account |
|
350,275 |
414,375 |
|
|
--------- |
--------- |
|
Shareholders funds |
|
651,841 |
715,941 |
|
|
--------- |
--------- |
|
|
|
|
These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the abridged statement of income and retained earnings has not been delivered.
For the year ending 28 February 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
The members have not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476
;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements
.
|
Musgraves of Windermere Limited |
|
|
Abridged Statement of Financial Position (continued) |
|
28 February 2025
All of the members have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 28 February 2025 in accordance with Section 444(2A) of the Companies Act 2006.
These abridged financial statements were approved by the
board of directors
and authorised for issue on
24 November 2025
, and are signed on behalf of the board by:
Company registration number:
01266015
|
Musgraves of Windermere Limited |
|
|
Notes to the Abridged Financial Statements |
|
Year ended 28 February 2025
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 23 Main Road, Windermere, Cumbria, LA23 1DX.
2.
Statement of compliance
These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis and are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires the use of estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. Any estimate that has a degree of uncertainty or where judgement has been exercised in a particular area is expressly disclosed within the relevant accounting policy.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
Freehold buildings |
- |
1% straight line |
|
Plant & machinery |
- |
40% reducing balance |
|
Fixtures & fittings |
- |
15% reducing balance |
|
|
|
|
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship (see hedge accounting policy). Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
12
(2024:
11
).
5.
Tangible assets
|
£ |
|
Cost |
|
|
At 1 March 2024 and 28 February 2025 |
539,978 |
|
--------- |
|
Depreciation |
|
|
At 1 March 2024 |
176,772 |
|
Charge for the year |
5,599 |
|
--------- |
|
At 28 February 2025 |
182,371 |
|
--------- |
|
Carrying amount |
|
|
At 28 February 2025 |
357,607 |
|
--------- |
|
At 29 February 2024 |
363,206 |
|
--------- |
|
|