Whistlebrook Limited Filleted accounts for Companies House (small and micro)

WHISTLEBROOK LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 03316558

Whistlebrook Limited

Filleted Unaudited Abridged Financial Statements

30 September 2019

Whistlebrook Limited

Abridged Financial Statements

Year ended 30 September 2019

Contents	Page

Chartered accountant's report to the board of directors on the preparation of the unaudited statutory abridged financial statements	1

Abridged statement of financial position	2

Notes to the abridged financial statements	4

Whistlebrook Limited

Chartered Accountant's Report to the Board of Directors on the Preparation of the Unaudited Statutory Abridged Financial Statements of Whistlebrook Limited

Year ended 30 September 2019

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the abridged financial statements of Whistlebrook Limited for the year ended 30 September 2019, which comprise the abridged statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the Board of Directors of Whistlebrook Limited, as a body, in accordance with the terms of our engagement letter dated 19 January 2017. Our work has been undertaken solely to prepare for your approval the abridged financial statements of Whistlebrook Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Whistlebrook Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Whistlebrook Limited has kept adequate accounting records and to prepare statutory abridged financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Whistlebrook Limited. You consider that Whistlebrook Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the abridged financial statements of Whistlebrook Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory abridged financial statements.

THE COOK PARTNERSHIP Chartered accountants

Unit 7 The Forum Icknield Way Tring Hertfordshire HP23 4JY

6 April 2020

Whistlebrook Limited

Abridged Statement of Financial Position

30 September 2019

	2019		2018
Note	£	£	£

Fixed assets

Intangible assets	4	11,941	7,320
Tangible assets	5	357,909	353,396
Investments	6	248,067	277,288
		---------	---------
		617,917	638,004

Current assets

Debtors	851,624	547,612
Cash at bank and in hand	516,692	708,519
	------------	------------
	1,368,316	1,256,131

Creditors: amounts falling due within one year	590,195		510,912
	------------		------------
Net current assets		778,121	745,219
		------------	------------
Total assets less current liabilities		1,396,038	1,383,223

Provisions

Taxation including deferred tax	1,294	( 951)
	------------	------------
Net assets	1,394,744	1,384,174
	------------	------------

Capital and reserves

Called up share capital	114,029	114,029
Share premium account	8,185	8,185
Other reserves	67	67
Profit and loss account	1,272,463	1,261,893
	------------	------------
Shareholders funds	1,394,744	1,384,174
	------------	------------

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 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 income statement has not been delivered.

For the year ending 30 September 2019 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 .

Whistlebrook Limited

Abridged Statement of Financial Position (continued)

30 September 2019

All of the members have consented to the preparation of the abridged income statement and the abridged statement of financial position for the year ending 30 September 2019 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 6 April 2020 , and are signed on behalf of the board by:

Mr D Webber

Director

Company registration number: 03316558

Whistlebrook Limited

Notes to the Abridged Financial Statements

Year ended 30 September 2019

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 6,The Forum, Icknield Way Industrial Estate, Icknield Way, Tring, Hertfordshire, HP23 4JY.

2. Accounting policies

Basis of preparation

The abridged financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The abridged financial statements are prepared in sterling, which is the functional currency of the entity.

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.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Intangible assets

Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are recorded at the fair value at the acquisition date.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Website	-	over 3 years

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

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 Property	-	over 50 years
Fixtures & Fittings	-	over 2-5 years
Equipment	-	over 2 years

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.

Investments in associates

Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.

Investments in joint ventures

Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the abridged statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Defined contribution plans

The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £32,051 (2018: £30,806). At the year end, the company had outstanding contributions of £6,118 (2018: £5,383) to pay into the pension scheme.

3. Employee numbers

The average number of persons employed by the company during the year amounted to 20 (2018: 19 ).

4. Intangible assets

	£
Cost
At 1 October 2018	13,176
Additions	11,350
	--------
At 30 September 2019	24,526
	--------
Amortisation
At 1 October 2018	5,856
Charge for the year	6,729
	--------
At 30 September 2019	12,585
	--------
Carrying amount
At 30 September 2019	11,941
	--------
At 30 September 2018	7,320
	--------

5. Tangible assets

	£
Cost
At 1 October 2018	594,706
Additions	12,996
Transfers	2,343
	---------
At 30 September 2019	610,045
	---------
Depreciation
At 1 October 2018	241,310
Charge for the year	8,483
Other movements	2,343
	---------
At 30 September 2019	252,136
	---------
Carrying amount
At 30 September 2019	357,909
	---------
At 30 September 2018	353,396
	---------

6. Investments

	£
Cost
At 1 October 2018 and 30 September 2019	609,514
	---------
Impairment
At 1 October 2018	332,226
Impairment losses	26,690
Other movements	2,531
	---------
At 30 September 2019	361,447
	---------
Carrying amount
At 30 September 2019	248,067
	---------
At 30 September 2018	277,288
	---------

7. Financial instruments at fair value

	2019	2018
	£	£

Financial assets measured at fair value through profit or loss

Financial assets measured at fair value through profit or loss	152,551	155,082
	---------	---------

8. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2019	2018
	£	£
Not later than 1 year	5,766	617
Later than 1 year and not later than 5 years	10,295	10,201
Later than 5 years	–	19,000
	--------	--------
	16,061	29,818
	--------	--------

9. Directors' advances, credits and guarantees

At the year end, the company owed £4,671 (2018 - £1,003) to A C Hudders, a director.

10. Related party transactions

During the year, the company charged a management fee of £72,000 (2018: £60,000) to Options Mail Order Software Limited, a subsidiary. At the balance sheet date, the amount due from Options Mail Order Software Limited was £20,400 (2018: £6,000). On 15 November 2018, the company received a short term loan of £25,000 from Options Mail Order Software Limited. This was repaid on 20 March 2019. During the year, the company recharged expenses of £4,350 (2018: £9,000) to Whistlebrook SAAS Ltd, a subsidiary. At the year end, the company owed £28,074 (2018: £28,000) to Whistlebrook SAAS Ltd. During the year, the company made a dividend payment of £5,000 and recharged the cost of the Employee Benefit Trust of £5,000 to the parent company, Whistlebrook Holdings Ltd. At the year end, the company was owed £547,038 (2018: £351,408) by Whistlebrook Holdings Ltd. During the year, the company paid rent of £20,243 (2018: £23,250) to a pension fund of which S R J Viney and A C Hudders are beneficiaries.