Wandahome (Knottingley) Limited Filleted accounts for Companies House (small and micro)

WANDAHOME(KNOTTINGLEY)LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 00641608

Wandahome (Knottingley) Limited

Filleted Financial Statements

31 October 2021

Wandahome (Knottingley) Limited

Statement of Financial Position

31 October 2021

	2021		2020
Note	£	£	£

Fixed assets

Tangible assets	5		2,258,654	1,737,368

Current assets

Stocks		1,031,751	903,721
Debtors	6	132,914	170,784
Cash at bank and in hand		2,162,790	1,993,076
		------------	------------
		3,327,455	3,067,581

Creditors: amounts falling due within one year	7	1,865,926		1,608,625
		------------		------------
Net current assets			1,461,529	1,458,956
			------------	------------
Total assets less current liabilities			3,720,183	3,196,324

Creditors: amounts falling due after more than one year	8		946,374	796,570

Provisions

Taxation including deferred tax	15,267	17,701
	------------	------------
Net assets	2,758,542	2,382,053
	------------	------------

Capital and reserves

Called up share capital	1,846	1,846
Profit and loss account	2,756,696	2,380,207
	------------	------------
Shareholders funds	2,758,542	2,382,053
	------------	------------

These 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 statement of income and retained earnings has not been delivered.

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.

These financial statements were approved by the board of directors and authorised for issue on 26 July 2022 , and are signed on behalf of the board by:

Mr R Hay
Director

Company registration number: 00641608

Wandahome (Knottingley) Limited

Notes to the Financial Statements

Year Ended 31 October 2021

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Great North Road, Knottingley, West Yorkshire, WF11 0AE.

2. Statement of compliance

These 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. The financial statements 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 management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

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.

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.

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	-	2% reducing balance
Fixtures & Fittings	-	10% reducing balance
Motor Vehicles	-	25% reducing balance
Plant & Machinery	-	15% reducing balance

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.

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.

Government grants

Government grants are recognised using the accrual model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.

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 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.

Financial instruments

Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit and loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit and loss. The company holds the following financial assets and liabilities: Cash Short-term trade and other debtors and creditors, including amounts due to manufacturers stocking plans. Cash in the balance sheet comprises cash at banks and in hand. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account before operating profit.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 28 (2020: 31 ).

5. Tangible assets

	Land and buildings	Fixtures and fittings	Motor vehicles	Equipment	Total
	£	£	£	£	£
Cost
At 1 November 2020	1,766,583	61,785	24,735	109,200	1,962,303
Additions	584,810	–	–	–	584,810
Disposals	( 6,299)	–	–	( 5,473)	( 11,772)
	------------	--------	--------	---------	------------
At 31 October 2021	2,345,094	61,785	24,735	103,727	2,535,341
	------------	--------	--------	---------	------------
Depreciation
At 1 November 2020	99,369	47,614	22,350	55,602	224,935
Charge for the year	44,927	1,410	596	7,536	54,469
Disposals	( 605)	–	–	( 2,112)	( 2,717)
	------------	--------	--------	---------	------------
At 31 October 2021	143,691	49,024	22,946	61,026	276,687
	------------	--------	--------	---------	------------
Carrying amount
At 31 October 2021	2,201,403	12,761	1,789	42,701	2,258,654
	------------	--------	--------	---------	------------
At 31 October 2020	1,667,214	14,171	2,385	53,598	1,737,368
	------------	--------	--------	---------	------------

6. Debtors

	2021	2020
	£	£
Trade debtors	11,730	52,786
Other debtors	121,184	117,998
	---------	---------
	132,914	170,784
	---------	---------

7. Creditors: amounts falling due within one year

	2021	2020
	£	£
Bank loans and overdrafts	98,964	70,007
Trade creditors	1,407,615	1,063,353
Corporation tax	56,881	58,869
Social security and other taxes	35,269	217,410
Other creditors	267,197	198,986
	------------	------------
	1,865,926	1,608,625
	------------	------------

Included in trade creditors is £878,892 (2020 £857,860) outstanding in respect of manufacturers stocking plans. These liabilities are secured on relevant stocks, legal title to which does not pass to the company until full payment has been made to the supplier.

8. Creditors: amounts falling due after more than one year

	2021	2020
	£	£
Bank loans and overdrafts	946,374	796,570
	---------	---------

9. Operating leases

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

	2021	2020
	£	£
Not later than 1 year	8,896	9,155
Later than 1 year and not later than 5 years	14,340	23,236
	--------	--------
	23,236	32,391
	--------	--------

10. Summary audit opinion

The auditor's report for the year dated 26 July 2022 was unqualified .

The senior statutory auditor was Michael Flanagan , for and on behalf of Holmes Beaumont & Holroyd Limited .