Company No:
Contents
DIRECTORS | H J Parente |
I Goodwin | |
O Stubbins |
REGISTERED OFFICE | Portland Estate Office Cavendish House |
Welbeck | |
Worksop | |
S80 3LL | |
United Kingdom |
COMPANY NUMBER | 05846333 (England and Wales) |
AUDITOR | Dixon Wilson Audit Services LLP |
22 Chancery Lane | |
London | |
WC2A 1LS |
Note | 2022 | 2021 | ||
£ | £ | |||
Fixed assets | ||||
Tangible assets | 3 |
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97,534 | 110,675 | |||
Current assets | ||||
Stocks |
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Debtors | 4 |
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Cash at bank and in hand |
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157,925 | 160,001 | |||
Creditors | ||||
Amounts falling due within one year | 5 | (
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Net current liabilities | (1,032,975) | (1,076,843) | ||
Total assets less current liabilities | (935,441) | (966,168) | ||
Provision for liabilities | 6 | (
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Net liabilities | (
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Capital and reserves | ||||
Called-up share capital |
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Profit and loss account | (
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Total shareholders' deficit | (
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The financial statements of The Welbeck Farm Shop Limited (registered number:
I Goodwin
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
The Welbeck Farm Shop Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Portland Estate Office Cavendish House, Welbeck, Worksop, S80 3LL, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.
The company is dependent upon the financial support of The Welbeck Estates Company Limited, the parent company, to meet its day to day working capital requirements through a guaranteed overdraft facility and to provide additional funds to meet liabilities as and when they fall due. The accounts have been prepared on a going concern basis reflecting this continuing support.
Under an agreement between companies within the group, a company that surrenders tax losses for group relief is entitled to receive the compensation from the claimant company equal to the amount of relief in terms of tax saving generated from the loss relief claim. The compensation is recognised in the period to which the loss relief claim relates and is recorded as a tax credit (in the case of the surrendering company) and a tax expense (in the case of the claimant company).
Deferred tax
Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but are not reversed by the balance sheet date, except as required by FRS 102, or as stated in the Accounting Policies.
Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and laws that have been enacted or substantively enacted by the reporting date.
A deferred tax asset has not been recognised in respect of trading tax losses and fixed asset timing differences because the timing and level of future profits is uncertain.
The company operates a loyalty points scheme. Customers can accrue points when they make purchases from the company and use those points as payment towards future purchases from the company. The obligation in respect of the points which have accrued to customers but have not been spent is recognised as a provision in the financial statements. The provision is calculated based on the estimated expected cost to the company of the outstanding points.
Plant and machinery |
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Fixtures and fittings |
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Office equipment |
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The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
Rentals payable under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis.
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Government grants are recognised in other operating income in the period in which the company is entitled to receive payment.
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss over the period of the relevant borrowing.
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.
2022 | 2021 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
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Plant and machinery | Fixtures and fittings | Office equipment | Total | ||||
£ | £ | £ | £ | ||||
Cost | |||||||
At 01 April 2021 |
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Additions |
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Disposals | (
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At 31 March 2022 |
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Accumulated depreciation | |||||||
At 01 April 2021 |
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Charge for the financial year |
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Disposals | (
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At 31 March 2022 |
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Net book value | |||||||
At 31 March 2022 |
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At 31 March 2021 |
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2022 | 2021 | ||
£ | £ | ||
Trade debtors |
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Other debtors |
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2022 | 2021 | ||
£ | £ | ||
Bank overdrafts (secured) |
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Trade creditors |
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Amounts owed to Group undertakings (note 8) |
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Other taxation and social security |
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Other creditors |
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Other | Total | ||
£ | £ | ||
At 01 April 2021 |
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18,132 | |
Loyalty points granted to customers |
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10,753 | |
Loyalty points redeemed by customers | (
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( 9,214) | |
At 31 March 2022 |
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19,671 | |
Commitments
2022 | 2021 | ||
£ | £ | ||
Total future minimum lease payments under non-cancellable operating lease |
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Transactions with related parties or connected persons
Summary of transactions with parent
During the year the company made the following related party transactions:
The Welbeck Estates Company Limited (the 'parent') owns 89% of the ordinary shares of the company and 100% of the preference shares of the company. The parent has provided a guarantee of up to £300,000 to Svenska Handelsbanken AB as security for the company's bank overdraft. The company paid a guarantee fee to the parent of 1% per annum amounting to £3,000 (2021: £3,000). In addition, the parent charged loan interest to the company of £4,218 (2021: £4,218) and paid various expenses on behalf of the company during the year. At the balance sheet date the amount due to The Welbeck Estates Company Limited was £746,837 (2021: £808,256). The amount due to the parent is unsecured and repayable on demand.
The audit report was signed by Gregory Smye-Rumsby on behalf of Dixon Wilson Audit Services LLP.
Parent Company:
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Portland Estate Office Cavendish House Welbeck Worksop Nottinghamshire S80 3LL |