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COMPANY REGISTRATION NUMBER: 04059021
Wrights (Attleborough) Limited
Unaudited financial statements
30 April 2022
Wrights (Attleborough) Limited
Statement of financial position
30 April 2022
2022
2021
Note
£
£
£
£
Fixed assets
Tangible assets
5
595,451
522,302
Current assets
Stocks
788,130
835,925
Debtors
6
2,317
13,682
Cash at bank and in hand
155,775
186,118
---------
-----------
946,222
1,035,725
Creditors: Amounts falling due within one year
7
( 10,247)
( 54,754)
---------
-----------
Net current assets
935,975
980,971
-----------
-----------
Total assets less current liabilities
1,531,426
1,503,273
Creditors: Amounts falling due after more than one year
8
( 42,500)
Provisions
Taxation including deferred tax
( 36,812)
( 22,866)
-----------
-----------
Net assets
1,494,614
1,437,907
-----------
-----------
Capital and reserves
Called up share capital
1,000
1,000
Revaluation reserve
161,162
161,162
Profit and loss account
1,332,452
1,275,745
-----------
-----------
Shareholder funds
1,494,614
1,437,907
-----------
-----------
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.
For the year ending 30 April 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The member has 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 .
Wrights (Attleborough) Limited
Statement of financial position (continued)
30 April 2022
These financial statements were approved by the board of directors and authorised for issue on 19 August 2022 , and are signed on behalf of the board by:
E J Wright
Director
Company registration number: 04059021
Wrights (Attleborough) Limited
Notes to the financial statements
Year ended 30 April 2022
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is First Floor Suite, 2 Hillside Business Park, Bury St Edmunds, Suffolk, United Kingdom, IP32 7EA. The company's trading address is Maurice Gaymer Road, Attleborough, Norfolk, NR17 2QZ.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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.
Revenue recognition
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.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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 Provision is made, under the liability method, to take account of timing differences between the treatment of certain items for accounts purposes and their treatment for tax purposes. Tax deferred or accelerated is accounted for in respect of all material timing differences.
Tangible assets
Tangible assets are initially recorded at cost, and 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 equity, 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity 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:
Plant and machinery
-
15% reducing balance
Fixtures and fittings
-
15% reducing balance
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of employees during the year was 3 (2021: 4 ).
5. Tangible assets
Plant and machinery
Fixtures and fittings
Investment property
Total
£
£
£
£
Cost
At 1 May 2021
65,916
21,286
515,000
602,202
Additions
88,677
88,677
Disposals
( 44,902)
( 18,700)
( 63,602)
---------
-------
---------
---------
At 30 April 2022
109,691
2,586
515,000
627,277
---------
-------
---------
---------
Depreciation
At 1 May 2021
61,058
18,842
79,900
Charge for the year
10,500
15
10,515
Disposals
( 42,221)
( 16,368)
( 58,589)
---------
-------
---------
---------
At 30 April 2022
29,337
2,489
31,826
---------
-------
---------
---------
Carrying amount
At 30 April 2022
80,354
97
515,000
595,451
---------
-------
---------
---------
At 30 April 2021
4,858
2,444
515,000
522,302
---------
-------
---------
---------
The properties were revalued at 30 April 2022 by the director at their open market value.
6. Debtors
2022
2021
£
£
Trade debtors
1,332
Other debtors
2,317
12,350
------
-------
2,317
13,682
------
-------
7. Creditors: Amounts falling due within one year
2022
2021
£
£
Bank loans and overdrafts
7,500
Trade creditors
3,174
6,493
Social security and other taxes
4,767
31,743
Other creditors
2,306
9,018
-------
-------
10,247
54,754
-------
-------
8. Creditors: Amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
42,500
----
-------
Included within creditors: amounts falling due after more than one year is an amount of £Nil (2021: £3,334) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
9. Directors' advances, credits and guarantees
Included within debtors at the year end is a interest free directors loan account of £49 (2021: £7,249). The maximum overdrawn balance during the year was £7,249.