Whitecroft Essentials (Lydney) Limited Filleted accounts for Companies House (small and micro)

WHITECROFT ESSENTIALS (LYDNEY) LTD - Company Information

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COMPANY REGISTRATION NUMBER: 08843941

Whitecroft Essentials (Lydney) Limited

Filleted Unaudited Abridged Financial Statements

28 February 2022

Whitecroft Essentials (Lydney) Limited

Abridged Financial Statements

Year ended 28 February 2022

Contents	Page

Chartered accountants 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

Whitecroft Essentials (Lydney) Limited

Chartered Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Abridged Financial Statements of Whitecroft Essentials (Lydney) Limited

Year ended 28 February 2022

As described on the abridged statement of financial position, the directors of the company are responsible for the preparation of the abridged financial statements for the year ended 28 February 2022, which comprise the abridged statement of financial position and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these abridged financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.

HARPER SHELDON LIMITED Chartered Accountants

Midway House Staverton Technology Park Herrick Way, Staverton Cheltenham, Glos. GL51 6TQ

17 March 2022

Whitecroft Essentials (Lydney) Limited

Abridged Statement of Financial Position

28 February 2022

	2022	2021
Note	£	£

Fixed assets

Tangible assets	6	21,252	21,252

Current assets

Stocks	722,749	527,933
Debtors	550,077	352,925
Cash at bank and in hand	52,821	15,528
	------------	---------
	1,325,647	896,386

Creditors: amounts falling due within one year	453,423	146,703
	------------	---------
Net current assets	872,224	749,683
	---------	---------
Total assets less current liabilities	893,476	770,935
	---------	---------
Net assets	893,476	770,935
	---------	---------

Capital and reserves

Called up share capital	1,000	1,000
Profit and loss account	892,476	769,935
	---------	---------
Shareholders funds	893,476	770,935
	---------	---------

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 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 abridged income statement has not been delivered.

For the year ending 28 February 2022 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 .

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 28 February 2022 in accordance with Section 444(2A) of the Companies Act 2006.

Whitecroft Essentials (Lydney) Limited

Abridged Statement of Financial Position (continued)

28 February 2022

These abridged financial statements were approved by the board of directors and authorised for issue on 17 March 2022 , and are signed on behalf of the board by:

Mrs L Beddis

Director

Company registration number: 08843941

Whitecroft Essentials (Lydney) Limited

Notes to the Abridged Financial Statements

Year ended 28 February 2022

1. General information

The company is a private company limited by shares, registered in England & Wales. The address of the registered office is 2nd Floor, Building 6, Vantage Point Business Village, Mitcheldean, Gloucesterhsire, GL17 0DD.

2. Statement of compliance

These abridged 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 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.

Goodwill

Negative goodwill arising on a gain from a bargain purchase on acquisition is capitalised, classified as an intangible on the Balance Sheet and released to the profit and loss over its useful economic life. The useful economic life has been estimated not to exceed 5 years. This is reviewed at the end of each reporting period and revised if necessary, subject to the constraint of not exceeding 20 years from the date of acquisition.

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:

	Goodwill	-	25% straight line

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.

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.

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.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 20 (2021: 24 ).

5. Intangible assets

	£
Cost
At 1 March 2021 and 28 February 2022	( 848,312)
	---------
Amortisation
At 1 March 2021 and 28 February 2022	( 848,312)
	---------
Carrying amount
At 28 February 2022	–
	---------
At 28 February 2021	–
	---------

6. Tangible assets

	£
Cost
At 1 March 2021 and 28 February 2022	21,252
	--------
Depreciation
At 1 March 2021 and 28 February 2022	–
	--------
Carrying amount
At 28 February 2022	21,252
	--------
At 28 February 2021	21,252
	--------

7. Related party transactions

The company was under the control of the directors throughout the current and previous year.