William Whiteley & Sons (Sheff) Ltd - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: 03312910 (England and Wales)

Unaudited Financial Statements for the Year Ended 30 June 2022

for

William Whiteley & Sons

(Sheffield) Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

J L Ward

Mrs S E Ward

REGISTERED OFFICE:

Unit 1 Lakeside

Rother Valley Way

Holbrook Industrial Estate

Sheffield

South Yorkshire

S20 3RW

REGISTERED NUMBER:

03312910 (England and Wales)

ACCOUNTANTS:

Morgan Griffiths LLP

Chartered Accountants

Cross Chambers

9 High Street

Newtown

Powys

SY16 2NY

FIXED ASSETS

Tangible assets

4

313,599

173,434

CURRENT ASSETS

Stocks

642,412

530,585

Debtors

5

139,056

158,390

Cash at bank and in hand

181

200,222

781,649

889,197

CREDITORS

Amounts falling due within one year

6

401,537

465,701

NET CURRENT ASSETS

380,112

423,496

TOTAL ASSETS LESS CURRENT LIABILITIES

693,711

596,930

CREDITORS

Amounts falling due after more than one year

7

(75,793

)

(76,568

)

PROVISIONS FOR LIABILITIES

(40,407

)

(31,471

)

NET ASSETS

577,511

488,891

CAPITAL AND RESERVES

Called up share capital

101

101

Retained earnings

577,410

488,790

577,511

488,891

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2022 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 18 October 2022 and were signed on its behalf by:

J L Ward - Director

Mrs S E Ward - Director

1.	STATUTORY INFORMATION

William Whiteley & Sons (Sheffield) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc - 10% on reducing balance, 33% on cost, 20% on cost and straight line over 6 years

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 14 (2021 - 14 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 July 2021

565,467

Additions

199,045

At 30 June 2022

764,512

DEPRECIATION

At 1 July 2021

392,033

Charge for year

58,880

At 30 June 2022

450,913

NET BOOK VALUE

At 30 June 2022

313,599

At 30 June 2021

173,434

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

etc

£

COST

At 1 July 2021

86,493

Additions

24,300

At 30 June 2022

110,793

DEPRECIATION

At 1 July 2021

15,882

Charge for year

2,836

At 30 June 2022

18,718

NET BOOK VALUE

At 30 June 2022

92,075

At 30 June 2021

70,611

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.6.22

30.6.21

£

£

Trade debtors

122,685

125,976

Other debtors

16,371

32,414

139,056

158,390

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.6.22

30.6.21

£

£

Bank loans and overdrafts

169,350

200,639

Hire purchase contracts (see note 8)

19,458

18,432

Trade creditors

127,568

44,685

Taxation and social security

46,908

61,587

Other creditors

38,253

140,358

401,537

465,701

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.6.22

30.6.21

£

£

Hire purchase contracts (see note 8)

26,482

27,257

Other creditors

49,311

49,311

75,793

76,568

8.	LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

30.6.22

30.6.21

£

£

Gross obligations repayable:

Within one year

22,438

21,392

Between one and five years

29,603

31,548

52,041

52,940

Finance charges repayable:

Within one year

2,980

2,960

Between one and five years

3,121

4,291

6,101

7,251

Net obligations repayable:

Within one year

19,458

18,432

Between one and five years

26,482

27,257

45,940

45,689