Peter Whiting Limited - Accounts to registrar (filleted) - small 18.2

PETER WHITING LIMITED

Unaudited Financial Statements

for the Year Ended 31 July 2021

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Directors:

J M Whiting

D J Griffiths

Secretary:

J M Whiting

Registered office:

8 Barb Mews

Hammersmith

London

W6 7PA

Registered number:

01381190 (England and Wales)

Accountants:

Haines Watts

Chartered Accountants

178 Buckingham Avenue

Slough

Berkshire

SL1 4RD

Bankers:

Lloyds Bank plc

21-25 King Street

Hammersmith

London

W6 9HW

Fixed assets

Tangible assets

4

424,896

425,159

Investments

5

5,000

5,000

429,896

430,159

Current assets

Stocks

378,670

407,660

Debtors

6

457,801

513,582

Cash at bank

463,900

332,382

1,300,371

1,253,624

Creditors

Amounts falling due within one year

7

(707,633

)

(698,525

)

Net current assets

592,738

555,099

Total assets less current liabilities

1,022,634

985,258

Creditors

Amounts falling due after more than one year

8

(41,667

)

-

Net assets

980,967

985,258

Capital and reserves

Called up share capital

9

220,000

220,000

Retained earnings

10

760,967

765,258

Shareholders' funds

980,967

985,258

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2021 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 6 April 2022 and were signed on its behalf by:

J M Whiting - Director

1.	Statutory information

Peter Whiting 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.

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.

Going Concern

The financial statements have been prepared on a going concern basis. The Directors have reviewed and

considered relevant information, including financial forecasts in making their assessment. The information prepared shows that the company will have sufficient profits and cash flows to meet its obligations as they fall due.

Preparation of consolidated financial statements

The financial statements contain information about Peter Whiting Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Significant judgements and estimates

Preparation of the financial statements requires management to make significant judgements and estimates in determining the carrying amounts of certain assets and liabilities. Management makes assumptions of the effects of uncertain future events on those assets and liabilities at the balance sheet date. The management's estimates and assumptions are based on historical experience and expectation of future events and are reviewed periodically. This disclosure excludes uncertainty over future events and judgement in respect of measuring financial instruments.

There is estimation uncertainty in calculating bad debt provisions. A full review of trade debtors is carried out by management regularly. Whilst every attempt is made to ensure that the bad debt provisions are as accurate as possible, there remains a risk that the provision do not match the level of debts which ultimately prove to be uncollectable.

There is also estimation uncertainty in calculating stock provisions. Slow moving and obsolete stocks are monitored during the year. A line by line review of stock provisions is carried out at the year-end and slow-moving stock put forward for provision. Whilst every attempt is made to ensure that the stock provisions are as accurate as possible, there remains a risk that the provisions do not match the ultimate realised value of stock held.

There are no further significant judgements or estimates.

Turnover

Turnover comprises revenue recognised on an invoiced basis by the company in respect of goods supplied during the year, exclusive of Value Added Tax and trade discounts.

Tangible fixed assets

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

Freehold property

-

2% on cost

Fixtures and fittings

-

at varying rates on cost

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

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 Income Statement, 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.

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.

Financial instruments

Financial assets and financial liabilities are recognised in the balance sheet when the company becomes a party to the contractual provisions of the instrument.

Trade and other debtors and creditors are classified as basic financial instruments and measured at initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the company will not be able to collect all amounts due.

Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank which are an integral part of the company's cash management.

Financial liabilities and equity instruments issued by the company are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument.

An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.

3.	Employees and directors

The average number of employees during the year was 4 (2020 - 4 ) .

4.	Tangible fixed assets

Fixtures

Freehold

and

property

fittings

Totals

£

£

£

Cost

At 1 August 2020

466,055

29,196

495,251

Additions

-

3,895

3,895

At 31 July 2021

466,055

33,091

499,146

Depreciation

At 1 August 2020

40,896

29,196

70,092

Charge for year

3,408

750

4,158

At 31 July 2021

44,304

29,946

74,250

Net book value

At 31 July 2021

421,751

3,145

424,896

At 31 July 2020

425,159

-

425,159

5.	Fixed asset investments

Shares in

group

undertakings

£

Cost

At 1 August 2020

and 31 July 2021

5,000

Net book value

At 31 July 2021

5,000

At 31 July 2020

5,000

6.

Debtors: amounts falling due within one year

2021

2020

£

£

Trade debtors

353,655

277,443

Amounts owed by group undertakings

102,183

134,289

Deferred tax asset

1,963

4,331

Prepayments and accrued income

-

97,519

457,801

513,582

7.

Creditors: amounts falling due within one year

2021

2020

£

£

Bank loans

8,333

-

Trade creditors

430,173

348,657

Social security and other taxes

225,620

254,437

Other creditors

20,000

20,000

Accruals and deferred income

23,507

75,431

707,633

698,525

8.

Creditors: amounts falling due after more than one year

2021

2020

£

£

Bank loans - 2-5 years

41,667

-

9.	Called up share capital

Allotted, issued and fully paid:

Number:

Class:

Nominal

2021

2020

value:

£

£

20,000

Ordinary

£1

20,000

20,000

100,000

9% Preference

£1

100,000

100,000

100,000

Preference A

£1

100,000

100,000

220,000

220,000

10.

Reserves

Retained

earnings

£

At 1 August 2020

765,258

Deficit for the year

(4,291

)

At 31 July 2021

760,967

11.	Related party disclosures

During the year the company made purchases of £42,637 (2020: £47,613) from a related company. Additionally, cost recharges from the related company were £25,000 (2020: £40,000). The balance owed by the related company at the year end amounted to £102,183 (2020: £134,289).

Included within other creditors is a balance owed to a director amounting to £20,000 (2020: £20,000).