Registration number:
W.Martin,Limited
for the Year Ended 30 September 2022
W.Martin,Limited
Contents
Company Information |
|
Balance Sheet |
|
Notes to the Unaudited Financial Statements |
W.Martin,Limited
Company Information
Directors |
Miss SE Martin Mr JD Martin |
Company secretary |
Miss SE Martin |
Registered office |
|
Accountants |
|
W.Martin,Limited
(Registration number: 00208652)
Balance Sheet as at 30 September 2022
Note |
2022 |
2021 |
|
Fixed assets |
|||
Tangible assets |
|
|
|
Current assets |
|||
Stocks |
|
|
|
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
|
|
|
Capital redemption reserve |
|
|
|
Retained earnings |
( |
|
|
Shareholders' funds |
|
|
W.Martin,Limited
(Registration number: 00208652)
Balance Sheet as at 30 September 2022 (continued)
For the financial year ending 30 September 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
|
• |
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.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
......................................... |
W.Martin,Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2022
General information |
W.Martin,Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 00208652 and registered office address is as follows:
The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £1.
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.
Going concern
The financial statements are prepared on a going concern basis and there are no material uncertainties that cast significant doubt on the Company’s ability to continue as a going concern. The directors have considered the impact of Covid-19 as part of their going concern assessment.
W.Martin,Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2022 (continued)
2 |
Accounting policies (continued) |
Judgements
No judgements have been made in the process of applying the above accounting policies that have had a significant effect on the amounts recognised in the financial statements. |
No key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date which have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year have been made. |
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the provision of goods and services in the ordinary course of the company's activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
Sale of goods
Revenue from the sale of good is recognised when all the following conditions are satisfied:
- the Company transferred the significant risks and rewards of ownership to the buyer;
- the Company retains no continuing managerial involvement associated with ownership;
- the Company retains no effective control over the goods sold;
- the amount of revenue can be measured reliably;
- it is profitable that the Company will receive the consideration due under the transaction; and
- the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Government grants
Grants are accounted for under the accruals model permitted by FRS102. Grants relating to expenditure on tangible assets are credited to the profit and loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the profit and loss account in the same period as the related expenditure.
Finance income and costs policy
Interest income is recognised in the profit and loss account using the effective interest method.
Finance costs are charged to the profit and loss account over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
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.
W.Martin,Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2022 (continued)
2 |
Accounting policies (continued) |
Depreciation
Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Freehold property |
0% |
Plant and machinery |
15% reducing balance |
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 initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. 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.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
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 initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
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.
W.Martin,Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2022 (continued)
2 |
Accounting policies (continued) |
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Tangible assets |
Freehold Property |
Plant and equipment |
Total |
|
Cost or valuation |
|||
At 1 October 2021 |
|
|
|
At 30 September 2022 |
|
|
|
Depreciation |
|||
At 1 October 2021 |
- |
|
|
Charge for the year |
- |
|
|
At 30 September 2022 |
- |
|
|
Carrying amount |
|||
At 30 September 2022 |
|
|
|
At 30 September 2021 |
|
|
|
W.Martin,Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2022 (continued)
Stocks |
2022 |
2021 |
|
Other inventories |
|
|
Debtors |
Current |
2022 |
2021 |
Prepayments |
|
|
Creditors |
Creditors: amounts falling due within one year
2022 |
2021 |
|
Due within one year |
||
Trade creditors |
|
|
Taxation and social security |
|
|
Other creditors |
|
|
|
|