Willford Japanese Art Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 11940176 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 March 2023

for

Willford Japanese Art Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

R Willford

N J Willford

REGISTERED OFFICE:

Milton Keynes Business Centre

Foxhunter Drive

Milton Keynes

Buckinghamshire

MK14 6GD

REGISTERED NUMBER:

11940176 (England and Wales)

ACCOUNTANTS:

Connolly Accountants & Business Advisors Ltd

Chartered Certified Accountants

The Stable Yard

Vicarage Road

Stony Stratford

Milton Keynes

Buckinghamshire

MK11 1BN

FIXED ASSETS

Tangible assets

4

353

1,128

Investments

5

10,559

5,633

10,912

6,761

CURRENT ASSETS

Stocks

85,379

104,832

Debtors

6

9,938

26,080

Cash at bank

96,133

94,987

191,450

225,899

CREDITORS

Amounts falling due within one year

7

167,199

186,596

NET CURRENT ASSETS

24,251

39,303

TOTAL ASSETS LESS CURRENT LIABILITIES

35,163

46,064

CREDITORS

Amounts falling due after more than one year

8

41,593

44,854

NET (LIABILITIES)/ASSETS

(6,430

)

1,210

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

(6,530

)

1,110

SHAREHOLDERS' FUNDS

(6,430

)

1,210

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 22 December 2023 and were signed on its behalf by:

R Willford - Director

1.	STATUTORY INFORMATION

Willford Japanese Art 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 as modified by the revaluation of certain assets.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

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

Fixtures and fittings

-

25% on cost

Computer equipment

-

3 years

Government grants

Covid-19 Bounce Back loan government grants are included in the 'other operating income' line item. There are no unfulfilled conditions or other contingencies attaching to these grants. The grants are recognised under the performance model and the income recognised over the period of furlough on a straight-line basis.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provision of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic Financial Assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised costs using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is a contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors and loans from related companies are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised costs, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2022

3,649

Additions

297

At 31 March 2023

3,946

DEPRECIATION

At 1 April 2022

2,521

Charge for year

1,072

At 31 March 2023

3,593

NET BOOK VALUE

At 31 March 2023

353

At 31 March 2022

1,128

5.	FIXED ASSET INVESTMENTS

Other

investments

£

COST OR VALUATION

At 1 April 2022

5,633

Additions

5,751

Disposals

(1,210

)

Revaluations

385

At 31 March 2023

10,559

NET BOOK VALUE

At 31 March 2023

10,559

At 31 March 2022

5,633

Cost or valuation at 31 March 2023 is represented by:

Other

investments

£

Valuation in 2022

5,633

Valuation in 2023

4,926

10,559

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade debtors

1,795

25,598

Other debtors

8,143

482

9,938

26,080

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Bank loans and overdrafts

3,265

4,166

Trade creditors

163,619

162,725

Taxation and social security

(760

)

5,700

Other creditors

1,075

14,005

167,199

186,596

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2023

2022

£

£

Bank loans

41,593

44,854

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

16,561

19,822

9.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2023 and 31 March 2022:

2023

2022

£

£

**UNKNOWN DIRECTOR 1**

Balance outstanding at start of year

(11,770

)

(22,552

)

Amounts advanced

60,572

61,405

Amounts repaid

(41,002

)

(50,623

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

7,800

(11,770

)

The loan is interest free and has no set repayment terms.