Warners Holdings Limited 31/03/2023 iXBRL

Warners Holdings Limited 31/03/2023 iXBRL

WARNERS HOLDINGS LIMITED - Company Information

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2 31/03/2023 2023-03-31 false false false false false false false false false false true false false true false false false false false false false No description of principal activities is disclosed 2022-04-01 Sage Accounts Production 21.0 - FRS102_2021 xbrli:pure xbrli:shares iso4217:GBP 10763148 2022-04-01 2023-03-31 10763148 2023-03-31 10763148 2022-03-31 10763148 2021-04-01 2022-03-31 10763148 2022-03-31 10763148 2021-03-31 10763148 core:FurnitureFittingsToolsEquipment 2022-04-01 2023-03-31 10763148 bus:RegisteredOffice 2022-04-01 2023-03-31 10763148 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 10763148 bus:Director1 2022-04-01 2023-03-31 10763148 bus:Director3 2022-04-01 2023-03-31 10763148 core:LandBuildings core:OwnedOrFreeholdAssets 2022-03-31 10763148 core:FurnitureFittingsToolsEquipment 2022-03-31 10763148 core:LandBuildings core:OwnedOrFreeholdAssets 2023-03-31 10763148 core:FurnitureFittingsToolsEquipment 2023-03-31 10763148 core:WithinOneYear 2023-03-31 10763148 core:WithinOneYear 2022-03-31 10763148 core:ShareCapital 2023-03-31 10763148 core:ShareCapital 2022-03-31 10763148 core:RetainedEarningsAccumulatedLosses 2023-03-31 10763148 core:RetainedEarningsAccumulatedLosses 2022-03-31 10763148 bus:OrdinaryShareClass1 core:ShareCapital 2023-03-31 10763148 bus:OrdinaryShareClass1 core:ShareCapital 2022-03-31 10763148 core:LandBuildings core:OwnedOrFreeholdAssets 2022-03-31 10763148 core:FurnitureFittingsToolsEquipment 2022-03-31 10763148 bus:Director1 2022-03-31 10763148 bus:Director1 2023-03-31 10763148 bus:Director3 2022-03-31 10763148 bus:Director3 2023-03-31 10763148 bus:Director1 2021-03-31 10763148 bus:Director1 2022-03-31 10763148 bus:Director3 2021-03-31 10763148 bus:Director3 2022-03-31 10763148 bus:Director1 2021-04-01 2022-03-31 10763148 bus:Director3 2021-04-01 2022-03-31 10763148 bus:SmallEntities 2022-04-01 2023-03-31 10763148 bus:AuditExempt-NoAccountantsReport 2022-04-01 2023-03-31 10763148 bus:FullAccounts 2022-04-01 2023-03-31 10763148 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 10763148 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31
Company registration number: 10763148
Warners Holdings Limited
Unaudited filleted financial statements
31 March 2023
Warners Holdings Limited
Contents
Directors and other information
Statement of financial position
Notes to the financial statements
Warners Holdings Limited
Directors and other information
Directors Mr B Warner
Mrs A Warner
Company number 10763148
Registered office 29-31 Shoebury Road
C/o MCL Accountants
Southend on Sea
SS1 3RP
Warners Holdings Limited
Statement of financial position
31 March 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 5 708,473 707,770
_______ _______
708,473 707,770
Current assets
Debtors 6 - 915
Cash at bank and in hand 6,461 21,581
_______ _______
6,461 22,496
Creditors: amounts falling due
within one year 7 ( 679,864) ( 684,306)
_______ _______
Net current liabilities ( 673,403) ( 661,810)
_______ _______
Total assets less current liabilities 35,070 45,960
_______ _______
Net assets 35,070 45,960
_______ _______
Capital and reserves
Called up share capital 8 100 100
Profit and loss account 34,970 45,860
_______ _______
Shareholders funds 35,070 45,960
_______ _______
For the year ending 31 March 2023 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 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 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 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 statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 11 May 2023 , and are signed on behalf of the board by:
Mr B Warner Mrs A Warner
Director Director
Company registration number: 10763148
Warners Holdings Limited
Notes to the financial statements
Year ended 31 March 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 29-31 Shoebury Road, C/o MCL Accountants, Southend on Sea, SS1 3RP.
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.
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:
Fittings fixtures and equipment - 25 % 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.
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.
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. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2022: 2 ).
5. Tangible assets
Investment property Fixtures, fittings and equipment Total
£ £ £
Cost
At 1 April 2022 707,489 1,700 709,189
Additions - 1,199 1,199
_______ _______ _______
At 31 March 2023 707,489 2,899 710,388
_______ _______ _______
Depreciation
At 1 April 2022 - 1,419 1,419
Charge for the year - 496 496
_______ _______ _______
At 31 March 2023 - 1,915 1,915
_______ _______ _______
Carrying amount
At 31 March 2023 707,489 984 708,473
_______ _______ _______
At 31 March 2022 707,489 281 707,770
_______ _______ _______
Investment property comprises of rental properties. The fair value of the investment properties have been arrived at on the basis of a valuation made on an open market value basis by reference to the market evidence of transaction prices for similar properties.
6. Debtors
2023 2022
£ £
Other debtors - 915
_______ _______
7. Creditors: amounts falling due within one year
2023 2022
£ £
Corporation tax 2,322 14,739
Other creditors 677,542 669,567
_______ _______
679,864 684,306
_______ _______
8. Called up share capital
Issued, called up and fully paid
2023 2022
No £ No £
Ordinary Shares shares of £ 1.00 each 100 100 100 100
_______ _______ _______ _______
9. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mr B Warner ( 253,673) ( 5,684) - ( 259,357)
Mrs A Warner ( 413,317) ( 1,270) - ( 414,587)
_______ _______ _______ _______
( 666,990) ( 6,954) - ( 673,944)
_______ _______ _______ _______
2022
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mr B Warner ( 380,603) ( 7,370) 134,300 ( 253,673)
Mrs A Warner ( 544,602) ( 9,615) 140,900 ( 413,317)
_______ _______ _______ _______
( 925,205) ( 16,985) 275,200 ( 666,990)
_______ _______ _______ _______
10. Related party transactions
The company owes an amount of £673,944 (2022: £666,990) to the Directors which includes interest charged on Directors loans during the year. The loan is to be repayable on demand and the rate of interest charged is 1.75%.
Interest (net of tax) paid to Directors on loan values during the year amounted to:
Mrs Andrea Warner £5,738
Mr Brendan Warner £3,551
At the balance sheet date, the loan was still outstanding and is presented within creditors: amounts falling due in less than one year.