Wharfdale Limited 31/01/2021 iXBRL

Wharfdale Limited 31/01/2021 iXBRL

WHARFDALE LIMITED - Company Information

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Company registration number: 05010771
Wharfdale Limited
Unaudited filleted financial statements
31 January 2021
WHARFDALE LIMITED
Contents
Statement of financial position
Notes to the financial statements
WHARFDALE LIMITED
STATEMENT OF FINANCIAL POSITION
31 JANUARY 2021
2021 2020
Note £ £ £ £
Fixed assets
Tangible assets 5 2,448,388 2,447,930
_______ _______
2,448,388 2,447,930
Current assets
Debtors 6 152,159 277,316
Cash at bank and in hand - 10,683
_______ _______
152,159 287,999
Creditors: amounts falling due
within one year 7 ( 262,273) ( 352,083)
_______ _______
Net current liabilities ( 110,114) ( 64,084)
_______ _______
Total assets less current liabilities 2,338,274 2,383,846
Creditors: amounts falling due
after more than one year 8 ( 977,509) ( 1,017,877)
Provisions for liabilities ( 104,996) ( 104,568)
_______ _______
Net assets 1,255,769 1,261,401
_______ _______
Capital and reserves
Called up share capital 1 1
Revaluation reserve 9 838,832 838,832
Profit and loss account 9 416,936 422,568
_______ _______
Shareholders funds 1,255,769 1,261,401
_______ _______
For the year ending 31 January 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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 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 comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 27 October 2021 , and are signed on behalf of the board by:
D Fellows
Director
Company registration number: 05010771
WHARFDALE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 JANUARY 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 Woongarra, Lower Court Road, Newton Ferrers, Plymouth, Devon, PL8 1DG.
Principal activity
The principal activity of the company is the development of building projects.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The 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 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.Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.
Turnover
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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Tangible assets
tangible assets are initially recorded at cost, and are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves 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:
Plant and machinery - 20 % reducing balance
Motor vehicles - 25 % reducing balance
IT equipment - 33 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Investment property
Investment property is measured initially at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss. If a reliable measure of fair value is not available without undue cost or effort it shall be transferred to tangible assets and accounted for under the cost model until it is expected that fair value will be reliably measurable on an on-going basis.
Impairment
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. 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 are largely independent of the cash inflows from other assets or groups of assets.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance 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. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
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 in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company 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.
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. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2020: 2 ).
5. Tangible assets
Freehold and leasehold properties Plant and machinery Motor vehicles IT Equipment Total
£ £ £ £ £
Cost
At 1 February 2020 2,422,817 64,448 33,408 2,845 2,523,518
Additions - 5,681 - 617 6,298
_______ _______ _______ _______ _______
At 31 January 2021 2,422,817 70,129 33,408 3,462 2,529,816
_______ _______ _______ _______ _______
Depreciation
At 1 February 2020 - 51,064 21,679 2,845 75,588
Charge for the year - 2,839 2,932 69 5,840
_______ _______ _______ _______ _______
At 31 January 2021 - 53,903 24,611 2,914 81,428
_______ _______ _______ _______ _______
Carrying amount
At 31 January 2021 2,422,817 16,226 8,797 548 2,448,388
_______ _______ _______ _______ _______
At 31 January 2020 2,422,817 13,384 11,729 - 2,447,930
_______ _______ _______ _______ _______
Investment property
Included within the above is investment property as follows:
£
At 1 February 2020 and 31 January 2021 2,422,817
_______
6. Debtors
2021 2020
£ £
Trade debtors 46,810 102,495
Other debtors 105,349 174,821
_______ _______
152,159 277,316
_______ _______
7. Creditors: amounts falling due within one year
2021 2020
£ £
Bank loans and overdrafts 33,856 25,000
Trade creditors 34,971 32,471
Accruals and deferred income 2,939 2,935
Social security and other taxes 13,888 33,645
Other creditors 176,619 258,032
_______ _______
262,273 352,083
_______ _______
8. Creditors: amounts falling due after more than one year
2021 2020
£ £
Bank loans and overdrafts 977,509 1,017,500
Other creditors - 377
_______ _______
977,509 1,017,877
_______ _______
9. Reserves
Profit and loss account:This reserve records retained earnings and accumulated losses.
10. Directors advances, credits and guarantees
Directors' loans are repayable on demand and subject to interest on overdrawn balances at the official rate. At the end of the year, D Fellows , director was owed £5,199 (2020 - £191,104) by the company.
11. Going concern
The directors have carefully considered the going concern position of the company and also the impat of the Covid-19 pandemic. This event casts uncertainty and has caused disruption to the future operations of the company. The directors will look to use the support offered and implement as many of the measures the government has outlined to minimise the impact and to ensure that they have adequate financial resources to continue in existence for the foreseeable future. In making this assessment, the directors have considered a period of 12 months from the date when the financial statements are authorised for issue.