Whiteleys (Leaded Lights) Limited - Period Ending 2022-07-31
Whiteleys (Leaded Lights) Limited - Period Ending 2022-07-31
Registration number:
Whiteleys (Leaded Lights) Limited
for the
Year Ended 31 July 2022
Whiteleys (Leaded Lights) Limited
Contents
Balance Sheet |
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Notes to the Unaudited Financial Statements |
Whiteleys (Leaded Lights) Limited
Balance Sheet
as at 31 July 2022
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2022 |
2021 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
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Provisions for liabilities |
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Net assets |
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Capital and reserves |
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Allotted, called up and fully paid share capital |
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Profit and loss account |
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Shareholders' funds |
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Registration number: 01731403
Whiteleys (Leaded Lights) Limited
Balance Sheet
as at 31 July 2022 (continued)
For the financial year ending 31 July 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
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Whiteleys (Leaded Lights) Limited
Notes to the Unaudited Financial Statements
for the
Year Ended 31 July 2022
General information |
The company is a private company limited by shares incorporated in England within the United Kingdom.
The company's registration number is 01731403.
The address of its registered office is:
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have been transferred to the buyer.
Whiteleys (Leaded Lights) Limited
Notes to the Unaudited Financial Statements
for the
Year Ended 31 July 2022
(continued)
2 |
Accounting policies (continued) |
Government grants
Grants relating to revenue are recognised in income on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate.
A grant that becomes 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 shall be recognised in income in the period in which it becomes receivable.
Tax
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets over their estimated useful lives as follows:
Asset class |
Depreciation method and rate |
Plant and machinery |
20% per annum on a reducing balance basis |
Fixtures, fittings and equipment |
20% per annum on a reducing balance basis |
Motor vehicles |
25% per annum on a reducing balance basis |
Whiteleys (Leaded Lights) Limited
Notes to the Unaudited Financial Statements
for the
Year Ended 31 July 2022
(continued)
2 |
Accounting policies (continued) |
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method. Provision is made for damaged, obsolete and slow-moving stock where appropriate.
Work in progress is valued on the basis of direct costs plus attributable overheads based on normal level of activity. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress.
Leases
Rentals in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to the profit and loss account on a straight-line basis over the period of the lease.
Hire purchase agreements are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are capitalised and depreciated over their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Defined contribution pension obligation
The company operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the company. The annual contributions are charged to the profit and loss account.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Whiteleys (Leaded Lights) Limited
Notes to the Unaudited Financial Statements
for the
Year Ended 31 July 2022
(continued)
Tangible assets |
Fixtures, fittings and equipment |
Motor vehicles |
Plant and machinery |
Total |
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Cost |
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At 1 August 2021 |
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Additions |
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- |
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Disposals |
( |
- |
- |
( |
At 31 July 2022 |
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Depreciation |
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At 1 August 2021 |
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Charge for the year |
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Eliminated on disposal |
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- |
- |
( |
At 31 July 2022 |
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Net book value |
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At 31 July 2022 |
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At 31 July 2021 |
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Debtors |
Current |
Note |
2022 |
2021 |
Trade debtors |
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Amounts owed by group undertakings |
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Prepayments |
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Whiteleys (Leaded Lights) Limited
Notes to the Unaudited Financial Statements
for the
Year Ended 31 July 2022
(continued)
Creditors |
2022 |
2021 |
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Due within one year |
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Bank borrowings |
8,000 |
8,000 |
HP and finance lease liabilities |
4,200 |
3,900 |
Other borrowings |
24,450 |
- |
Trade creditors |
48,775 |
40,966 |
Taxation and social security |
15,377 |
20,258 |
Other creditors |
- |
455 |
Accruals and deferred income |
5,651 |
4,882 |
Corporation tax |
16,186 |
32,622 |
122,639 |
111,083 |
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Due after one year |
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Bank borrowings |
22,667 |
30,667 |
HP and finance lease liabilities |
1,838 |
6,037 |
24,505 |
36,704 |