Caseware UK (AP4) 2021.0.152 2021.0.152 2021-12-312021-12-31The 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.2021-01-01falsesupply of fire retardant products74truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 12263643 2021-01-01 2021-12-31 12263643 2021-12-31 12263643 2019-10-15 2020-12-31 12263643 2020-12-31 12263643 c:Director1 2021-01-01 2021-12-31 12263643 d:Buildings d:LongLeaseholdAssets 2021-01-01 2021-12-31 12263643 d:Buildings d:LongLeaseholdAssets 2021-12-31 12263643 d:Buildings d:LongLeaseholdAssets 2020-12-31 12263643 d:LandBuildings 2021-12-31 12263643 d:LandBuildings 2020-12-31 12263643 d:PlantMachinery 2021-01-01 2021-12-31 12263643 d:PlantMachinery 2021-12-31 12263643 d:PlantMachinery 2020-12-31 12263643 d:PlantMachinery d:OwnedOrFreeholdAssets 2021-01-01 2021-12-31 12263643 d:MotorVehicles 2021-01-01 2021-12-31 12263643 d:MotorVehicles 2021-12-31 12263643 d:MotorVehicles 2020-12-31 12263643 d:MotorVehicles d:OwnedOrFreeholdAssets 2021-01-01 2021-12-31 12263643 d:OwnedOrFreeholdAssets 2021-01-01 2021-12-31 12263643 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2021-01-01 2021-12-31 12263643 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2021-12-31 12263643 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2020-12-31 12263643 d:CurrentFinancialInstruments 2021-12-31 12263643 d:CurrentFinancialInstruments 2020-12-31 12263643 d:Non-currentFinancialInstruments 2021-12-31 12263643 d:Non-currentFinancialInstruments 2020-12-31 12263643 d:CurrentFinancialInstruments d:WithinOneYear 2021-12-31 12263643 d:CurrentFinancialInstruments d:WithinOneYear 2020-12-31 12263643 d:Non-currentFinancialInstruments d:AfterOneYear 2021-12-31 12263643 d:Non-currentFinancialInstruments d:AfterOneYear 2020-12-31 12263643 d:ShareCapital 2021-12-31 12263643 d:ShareCapital 2020-12-31 12263643 d:RetainedEarningsAccumulatedLosses 2021-12-31 12263643 d:RetainedEarningsAccumulatedLosses 2020-12-31 12263643 c:OrdinaryShareClass1 2021-01-01 2021-12-31 12263643 c:OrdinaryShareClass1 2021-12-31 12263643 c:OrdinaryShareClass1 2020-12-31 12263643 c:FRS102 2021-01-01 2021-12-31 12263643 c:AuditExempt-NoAccountantsReport 2021-01-01 2021-12-31 12263643 c:FullAccounts 2021-01-01 2021-12-31 12263643 c:PrivateLimitedCompanyLtd 2021-01-01 2021-12-31 12263643 d:DevelopmentCostsCapitalisedDevelopmentExpenditure d:ExternallyAcquiredIntangibleAssets 2021-01-01 2021-12-31 12263643 d:DevelopmentCostsCapitalisedDevelopmentExpenditure d:OwnedIntangibleAssets 2021-01-01 2021-12-31 xbrli:shares iso4217:GBP xbrli:pure

Company Registration Number 12263643























WJ FIRE RETARDANT LTD





UNAUDITED
FINANCIAL STATEMENTS





 31 DECEMBER 2021























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WJ FIRE RETARDANT LTD
REGISTERED NUMBER: 12263643

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2021

2021
2020
Note
£
£

Fixed assets
  

Intangible assets
 4 
92,973
46,931

Tangible assets
 5 
590,774
642,456

  
683,747
689,387

Current assets
  

Stocks
  
174,896
102,113

Debtors: amounts falling due within one year
 6 
172,641
83,655

Cash at bank and in hand
 7 
183,496
80,076

  
531,033
265,844

Creditors: amounts falling due within one year
 8 
(132,736)
(53,113)

Net current assets
  
 
 
398,297
 
 
212,731

Total assets less current liabilities
  
1,082,044
902,118

Creditors: amounts falling due after more than one year
 9 
(519,559)
(402,151)

  

Net assets
  
562,485
499,967

Page 1

 
WJ FIRE RETARDANT LTD
REGISTERED NUMBER: 12263643

STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2021

2021
2020
Note
£
£

Capital and reserves
  

Called up share capital 
 11 
100
100

Profit and loss account
  
562,385
499,867

  
562,485
499,967


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 by: 




E M Eggleston
Director

Date: 24 August 2022

The notes on pages 3 to 10 form part of these financial statements.

Page 2

 
WJ FIRE RETARDANT LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

1.


General information

The company is a private limited company incorporated in England and Wales with a  registered number of 12263643. Its registered office is 3 Burma Drive, Marfleet Industrial Estate, Hull, East Yorkshire, HU9 5SD. The principal activity of the company is the supply of fire retardant products.
 

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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Income and Retained Earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 3

 
WJ FIRE RETARDANT LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

2.Accounting policies (continued)

 
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.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Leased assets: the Company as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

 
2.5

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

Page 4

 
WJ FIRE RETARDANT LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

2.Accounting policies (continued)

 
2.6

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.

 
2.7

Finance costs

Finance costs are charged to profit or loss 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.

 
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 Statement of Financial Position. 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 reporting 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 reporting 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 reporting date.

Page 5

 
WJ FIRE RETARDANT LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

2.Accounting policies (continued)

 
2.10

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Development expenditure
-
3 to 5 years

 
2.11

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, using the straight-line method.

Depreciation is provided on the following basis:

Long-term leasehold property
-
10%
Straight line basis
Plant and machinery
-
20%
Straight line basis

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.

 
2.12

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 reporting 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 6

 
WJ FIRE RETARDANT LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

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

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.


3.


Employees

The average monthly number of employees, including directors, during the Year was 7 (2020 - 4).


4.


Intangible assets




Development expenditure

£



Cost


At 1 January 2021
53,616


Additions
59,439



At 31 December 2021

113,055



Amortisation


At 1 January 2021
6,685


Charge for the Year on owned assets
13,397



At 31 December 2021

20,082



Net book value



At 31 December 2021
92,973



At 31 December 2020
46,931



Page 7

 
WJ FIRE RETARDANT LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

5.


Tangible fixed assets





Long-term leasehold property
Plant and machinery
Motor vehicles
Total

£
£
£
£



Cost or valuation


At 1 January 2021
203,940
487,450
834
692,224


Additions
13,518
14,541
-
28,059


Disposals
-
(4,237)
-
(4,237)



At 31 December 2021

217,458
497,754
834
716,046



Depreciation


At 1 January 2021
12,317
36,617
834
49,768


Charge for the Year on owned assets
22,422
53,578
-
76,000


Disposals
-
(496)
-
(496)



At 31 December 2021

34,739
89,699
834
125,272



Net book value



At 31 December 2021
182,719
408,055
-
590,774



At 31 December 2020
191,623
450,833
-
642,456




The net book value of land and buildings may be further analysed as follows:


2021
2020
£
£

Long leasehold
182,719
191,623

182,719
191,623


Page 8

 
WJ FIRE RETARDANT LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

6.


Debtors

2021
2020
£
£


Trade debtors
158,774
72,188

Other debtors
6,312
6,000

Prepayments and accrued income
7,555
5,467

172,641
83,655



7.


Cash and cash equivalents

2021
2020
£
£

Cash at bank and in hand
183,496
80,076

Less: bank overdrafts
(98,585)
-

84,911
80,076



8.


Creditors: Amounts falling due within one year

2021
2020
£
£

Bank overdrafts
98,586
-

Trade creditors
7,022
12,437

Other taxation and social security
13,684
23,228

Other creditors
170
-

Accruals and deferred income
13,274
17,448

132,736
53,113


The bank overdraft is secured by a fixed and floating charge over the assets and undertaking of the company.


9.


Creditors: Amounts falling due after more than one year

2021
2020
£
£

Due to related companies
519,559
402,151

519,559
402,151


Page 9

 
WJ FIRE RETARDANT LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

10.


Deferred taxation


11.


Share capital

2021
2020
£
£
Allotted, called up and fully paid



100 (2020 - 100) Ordinary shares of £1.00 each
100
100



12.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost  represents contributions payable by the Company to the fund and amounted to £17,154 (2020 - £14,847). Contributions totalling £170 (2020 - £162) were payable to the fund at the balance sheet date and are included in creditors.


13.


Related party transactions

All transactions with related parties were carried out under normal market conditions and therefore are
not required for disclosure under FRS102 Section 1A.


Page 10