Caseware UK (AP4) 2021.0.152 2021.0.152 2022-03-312022-03-31general sheet metal work and metal spinning, specialising in aluminium fabrication plant and vessels.falseThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.2021-04-01911truetrue 00637484 2021-04-01 2022-03-31 00637484 2020-04-01 2021-03-31 00637484 2022-03-31 00637484 2021-03-31 00637484 c:Director2 2021-04-01 2022-03-31 00637484 d:Buildings d:LongLeaseholdAssets 2021-04-01 2022-03-31 00637484 d:Buildings d:LongLeaseholdAssets 2022-03-31 00637484 d:Buildings d:LongLeaseholdAssets 2021-03-31 00637484 d:PlantMachinery 2021-04-01 2022-03-31 00637484 d:PlantMachinery 2022-03-31 00637484 d:PlantMachinery 2021-03-31 00637484 d:PlantMachinery d:OwnedOrFreeholdAssets 2021-04-01 2022-03-31 00637484 d:MotorVehicles 2021-04-01 2022-03-31 00637484 d:FurnitureFittings 2021-04-01 2022-03-31 00637484 d:ComputerEquipment 2021-04-01 2022-03-31 00637484 d:OwnedOrFreeholdAssets 2021-04-01 2022-03-31 00637484 d:CurrentFinancialInstruments 2022-03-31 00637484 d:CurrentFinancialInstruments 2021-03-31 00637484 d:CurrentFinancialInstruments d:WithinOneYear 2022-03-31 00637484 d:CurrentFinancialInstruments d:WithinOneYear 2021-03-31 00637484 d:ShareCapital 2022-03-31 00637484 d:ShareCapital 2021-03-31 00637484 d:RetainedEarningsAccumulatedLosses 2022-03-31 00637484 d:RetainedEarningsAccumulatedLosses 2021-03-31 00637484 c:OrdinaryShareClass1 2021-04-01 2022-03-31 00637484 c:OrdinaryShareClass1 2022-03-31 00637484 c:OrdinaryShareClass1 2021-03-31 00637484 c:OrdinaryShareClass2 2021-04-01 2022-03-31 00637484 c:OrdinaryShareClass2 2022-03-31 00637484 c:OrdinaryShareClass2 2021-03-31 00637484 c:FRS102 2021-04-01 2022-03-31 00637484 c:AuditExempt-NoAccountantsReport 2021-04-01 2022-03-31 00637484 c:FullAccounts 2021-04-01 2022-03-31 00637484 c:PrivateLimitedCompanyLtd 2021-04-01 2022-03-31 00637484 2 2021-04-01 2022-03-31 00637484 6 2021-04-01 2022-03-31 00637484 7 2021-04-01 2022-03-31 xbrli:shares iso4217:GBP xbrli:pure
Registered number: 00637484






WRAGG BROS. (METAL FABRICATORS) LTD
UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022










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WRAGG BROS. (METAL FABRICATORS) LTD
REGISTERED NUMBER:00637484

BALANCE SHEET
AS AT 31 MARCH 2022

2022
2021
Note
£
£

Fixed assets
  

Tangible assets
 4 
35,922
39,533

Investments
 5 
2
2

  
35,924
39,535

Current assets
  

Stocks
 6 
217,885
202,596

Debtors: amounts falling due within one year
 7 
90,822
113,530

Cash at bank and in hand
 8 
39,902
51,285

  
348,609
367,411

Creditors: amounts falling due within one year
 9 
(175,636)
(166,858)

Net current assets
  
 
 
172,973
 
 
200,553

Total assets less current liabilities
  
208,897
240,088

  

Net assets
  
208,897
240,088


Capital and reserves
  

Called up share capital 
 10 
288,000
288,000

Profit and loss account
  
(79,103)
(47,912)

  
208,897
240,088


Page 1

 
WRAGG BROS. (METAL FABRICATORS) LTD
REGISTERED NUMBER:00637484
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2022

The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 4 July 2022.




S Wragg
Director

Page 2

 
WRAGG BROS. (METAL FABRICATORS) LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022

1.


General information

Wragg Bros. (Metal Fabricators) Ltd is a private company limited by shares, incorporated in England and Wales. Its registered office is Millhouse, 32-38 East Street, Rochford, Essex, SS4 1DB.
The principal activity of the company continued to be that of general sheet metal work and metal spinning, specialising in aluminium fabrication plant and vessels. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Going concern

The Directors have considered the possible effects on the company of the impacts of the pandemic caused by the coronavirus (Covid-19).  Taking into account a period exceeding 12 months from the date of approval of these financial statements, the Directors have a reasonable expectation that it has adequate resources to continue in operational existence for the foreseeable future, and for this reason will continue to adopt the going concern basis in the preparation of its financial statements.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the company has transferred the significant risks and rewards of ownership to the buyer;
the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable 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.

 
2.4

Operating leases: the company as lessee

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

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

Page 3

 
WRAGG BROS. (METAL FABRICATORS) LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022

2.Accounting policies (continued)

 
2.5

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or 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 statement of income and retained earnings in the same period as the related expenditure.

 
2.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.7

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.8

Pensions

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

 
2.9

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Page 4

 
WRAGG BROS. (METAL FABRICATORS) LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022

2.Accounting policies (continued)

 
2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis and straight line method.

Depreciation is provided on the following basis:

Long-term leasehold property
-
2%
Straight line
Plant and machinery
-
10%
Reducing balance
Motor vehicles
-
25%
Reducing balance
Fixtures and fittings
-
25%
Reducing balance
Computer equipment
-
35%
Reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.11

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the statement of income and retained earnings for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

 
2.12

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is 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.

 
2.13

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 5

 
WRAGG BROS. (METAL FABRICATORS) LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022

2.Accounting policies (continued)

 
2.14

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.15

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.16

Holiday pay accrual

A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the balance sheet date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the balance sheet date.

 
2.17

Provisions for liabilities

Provisions are made where an event has taken place that gives the company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the balance sheet.


3.


Employees

The average monthly number of employees, including directors, during the year was 9 (2021 - 11).

Page 6

 
WRAGG BROS. (METAL FABRICATORS) LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022

4.


Tangible fixed assets





Long-term leasehold property
Plant and machinery
Total

£
£
£



Cost or valuation


At 1 April 2021
200,000
129,544
329,544



At 31 March 2022

200,000
129,544
329,544



Depreciation


At 1 April 2021
184,361
105,650
290,011


Charge for the year on owned assets
543
3,068
3,611



At 31 March 2022

184,904
108,718
293,622



Net book value



At 31 March 2022
15,096
20,826
35,922



At 31 March 2021
15,639
23,894
39,533

Page 7

 
WRAGG BROS. (METAL FABRICATORS) LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022

5.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 April 2021
2



At 31 March 2022
2





6.


Stocks

2022
2021
£
£

Raw materials and consumables
186,782
196,596

Work in progress (goods to be sold)
31,103
6,000

217,885
202,596



7.


Debtors

2022
2021
£
£


Trade debtors
32,139
52,872

Prepayments and accrued income
58,683
58,683

Deferred taxation
-
1,975

90,822
113,530



8.


Cash and cash equivalents

2022
2021
£
£

Cash at bank and in hand
39,902
51,285

Less: bank overdrafts
(9,591)
-

30,311
51,285


Page 8

 
WRAGG BROS. (METAL FABRICATORS) LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022

9.


Creditors: Amounts falling due within one year

2022
2021
£
£

Bank overdrafts
9,591
-

Trade creditors
94,109
91,176

Amounts owed to group undertakings
2
2

Other taxation and social security
15,732
16,170

Other creditors
52,952
55,338

Accruals and deferred income
3,250
4,172

175,636
166,858



10.


Share capital

2022
2021
£
£
Allotted, called up and fully paid



90,000 (2021 - 90,000) Ordinary shares of £1.00 each
90,000
90,000
1,980,000 (2021 - 1,980,000) Preference shares shares of £0.10 each
198,000
198,000

288,000

288,000


 
Page 9