W H Munsey Limited - Period Ending 2023-08-31
W H Munsey Limited - Period Ending 2023-08-31
Registration number:
W H Munsey Limited
for the Year Ended 31 August 2023
W H Munsey Limited
(Registration number: 00128275)
Balance Sheet as at 31 August 2023
Note |
2023 |
2022 |
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Fixed assets |
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Tangible assets |
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Investment property |
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Investments |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current (liabilities)/assets |
( |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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|
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Capital and reserves |
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Called up share capital |
12,500 |
12,000 |
|
Capital redemption reserve |
40,701 |
40,701 |
|
Other reserves |
1,000 |
1,000 |
|
Retained earnings |
8,301,446 |
7,874,584 |
|
Shareholders' funds |
8,355,647 |
7,928,285 |
For the financial year ending 31 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
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• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
W H Munsey Limited
(Registration number: 00128275)
Balance Sheet as at 31 August 2023
Approved and authorised by the
.........................................
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W H Munsey Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023
General information |
The company is a private company limited by share capital, incorporated in England.
The address of its registered office is:
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Group accounts not prepared
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or receive more, tax.
W H Munsey Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is provided at rates calculated to write off the cost or valuation less residual value of each asset over its expected useful life, as follows:
Asset class |
Depreciation method and rate |
Freehold Properties used as business premises |
2% Straight line |
Fixtures and fittings |
33 1/3% Straight line |
Investment property
Investments
Fixed asset investments are stated at historical cost less provision for any diminution in value.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised at the transaction price. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised at the transaction price.
W H Munsey Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023
Borrowings
Interest-bearing borrowings are recorded at fair value, net of transaction costs.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
W H Munsey Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023
Tangible assets |
Land and buildings |
Furniture, fittings and equipment |
Total |
|
Cost or valuation |
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At 1 September 2022 |
362,354 |
352,710 |
715,064 |
At 31 August 2023 |
362,354 |
352,710 |
715,064 |
Depreciation |
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At 1 September 2022 |
104,427 |
215,436 |
319,863 |
Charge for the year |
7,110 |
10,673 |
17,783 |
At 31 August 2023 |
111,537 |
226,109 |
337,646 |
Carrying amount |
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At 31 August 2023 |
250,817 |
126,601 |
377,418 |
At 31 August 2022 |
257,927 |
137,274 |
395,201 |
Investment properties |
£ |
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At 1 September 2022 and 31st August 2023 |
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The Investment properties class of fixed assets was revalued on 31 August 2023 by the Directors who are internal to the company. The basis of this valuation was professional advice obtained in January 2017 regarding their open market value.
This class of assets has a carrying amount at historical cost of £4,280,975 (2022 - £4,280,975).The depreciation on this historical cost is £nil (2022 - £nil).
W H Munsey Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023
Investments |
2023 |
2022 |
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Investments in subsidiaries |
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Subsidiaries |
£ |
Cost or valuation |
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At 1 September 2022 |
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Disposals |
( |
At 31 August 2023 |
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Carrying amount |
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At 31 August 2023 |
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At 31 August 2022 |
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Debtors |
2023 |
2022 |
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Trade debtors |
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Prepayments |
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W H Munsey Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023
Creditors |
Creditors: amounts falling due within one year
Note |
2023 |
2022 |
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Due within one year |
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Trade creditors |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
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Taxation and social security |
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Accruals and deferred income |
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Creditors: amounts falling due after more than one year
Note |
2023 |
2022 |
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Due after one year |
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Loans and borrowings |
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Creditor amounts falling due after more than one year includes the following liabilities, on which security has been given by the company:
Bank loan 1: £475,000 (2022: £1,475,000)
Share capital |
Allotted, called up and fully paid shares
2023 |
2022 |
|||
No. |
£ |
No. |
£ |
|
|
|
12,000 |
|
12,000 |
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|
500 |
- |
- |
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W H Munsey Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023
Loans and borrowings |
Non-current loans and borrowings
2023 |
2022 |
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Bank borrowings |
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Dividends |
2023 |
2022 |
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£ |
£ |
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Interim dividend of £ |
161,400 |
161,400 |
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Related party transactions |
Other related party transactions
Parent and ultimate parent undertaking |
The ultimate controlling party is