Caseware UK (AP4) 2021.0.152 2021.0.152 2021-12-312021-12-31The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.2021-01-01falseSupply of roof trusses and floor joists5047truetrue 06359106 2021-01-01 2021-12-31 06359106 2021-12-31 06359106 2020-01-01 2020-12-31 06359106 2020-12-31 06359106 2020-01-01 06359106 c:Director1 2021-01-01 2021-12-31 06359106 d:Buildings d:ShortLeaseholdAssets 2021-01-01 2021-12-31 06359106 d:Buildings d:ShortLeaseholdAssets 2021-12-31 06359106 d:Buildings d:ShortLeaseholdAssets 2020-12-31 06359106 d:LandBuildings 2021-12-31 06359106 d:LandBuildings 2020-12-31 06359106 d:PlantMachinery 2021-01-01 2021-12-31 06359106 d:PlantMachinery 2021-12-31 06359106 d:PlantMachinery 2020-12-31 06359106 d:PlantMachinery d:OwnedOrFreeholdAssets 2021-01-01 2021-12-31 06359106 d:MotorVehicles 2021-01-01 2021-12-31 06359106 d:MotorVehicles 2021-12-31 06359106 d:MotorVehicles 2020-12-31 06359106 d:MotorVehicles d:OwnedOrFreeholdAssets 2021-01-01 2021-12-31 06359106 d:OwnedOrFreeholdAssets 2021-01-01 2021-12-31 06359106 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2021-01-01 2021-12-31 06359106 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2021-12-31 06359106 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2020-12-31 06359106 d:CurrentFinancialInstruments 2021-12-31 06359106 d:CurrentFinancialInstruments 2020-12-31 06359106 d:Non-currentFinancialInstruments 2021-12-31 06359106 d:Non-currentFinancialInstruments 2020-12-31 06359106 d:CurrentFinancialInstruments d:WithinOneYear 2021-12-31 06359106 d:CurrentFinancialInstruments d:WithinOneYear 2020-12-31 06359106 d:Non-currentFinancialInstruments d:AfterOneYear 2021-12-31 06359106 d:Non-currentFinancialInstruments d:AfterOneYear 2020-12-31 06359106 d:ShareCapital 2021-12-31 06359106 d:ShareCapital 2020-12-31 06359106 d:RetainedEarningsAccumulatedLosses 2021-12-31 06359106 d:RetainedEarningsAccumulatedLosses 2020-12-31 06359106 c:OrdinaryShareClass1 2021-01-01 2021-12-31 06359106 c:OrdinaryShareClass1 2020-12-31 06359106 c:FRS102 2021-01-01 2021-12-31 06359106 c:AuditExempt-NoAccountantsReport 2021-01-01 2021-12-31 06359106 c:FullAccounts 2021-01-01 2021-12-31 06359106 c:PrivateLimitedCompanyLtd 2021-01-01 2021-12-31 06359106 d:AcceleratedTaxDepreciationDeferredTax 2021-12-31 06359106 d:AcceleratedTaxDepreciationDeferredTax 2020-12-31 06359106 d:DevelopmentCostsCapitalisedDevelopmentExpenditure d:ExternallyAcquiredIntangibleAssets 2021-01-01 2021-12-31 06359106 2 2021-01-01 2021-12-31 06359106 d:DevelopmentCostsCapitalisedDevelopmentExpenditure d:OwnedIntangibleAssets 2021-01-01 2021-12-31 xbrli:shares iso4217:GBP xbrli:pure

Company Registration Number 06359106























W J COMPONENTS LIMITED





UNAUDITED
FINANCIAL STATEMENTS





 31 DECEMBER 2021























img4c1f.png

 
W J COMPONENTS LIMITED
REGISTERED NUMBER: 06359106

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2021

2021
2020
Note
£
£

Fixed assets
  

Intangible assets
 4 
392,199
303,483

Tangible assets
 5 
884,159
372,880

  
1,276,358
676,363

Current assets
  

Stocks
  
460,846
239,500

Debtors: amounts falling due after more than one year
 6 
635,155
333,475

Debtors: amounts falling due within one year
 6 
932,949
380,998

Bank and cash balances
  
289,237
220,680

  
2,318,187
1,174,653

Creditors: amounts falling due within one year
 7 
(1,762,604)
(1,041,302)

Net current assets
  
 
 
555,583
 
 
133,351

Total assets less current liabilities
  
1,831,941
809,714

Creditors: amounts falling due after more than one year
 8 
(692,594)
(60,768)

Provisions for liabilities
  

Deferred tax
 9 
(36,073)
(27,673)

  
 
 
(36,073)
 
 
(27,673)

Net assets
  
1,103,274
721,273

Page 1

 
W J COMPONENTS LIMITED
REGISTERED NUMBER: 06359106

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

2021
2020
Note
£
£

Capital and reserves
  

Called up share capital 
 10 
100
100

Profit and loss account
  
1,103,174
721,173

  
1,103,274
721,273


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 12 form part of these financial statements.

Page 2

 
W J COMPONENTS LIMITED
 

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

1.


General information

WJ Components Limited is a private company limited by shares incorporated in England and Wales with a registered number of 06359106. 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 roof trusses, floor joists and timber treatments for new-build housing and the holiday home industry.

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

 
W J COMPONENTS LIMITED
 

 
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.

 
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.

 
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

Interest income

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

Page 4

 
W J COMPONENTS LIMITED
 

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

2.Accounting policies (continued)

 
2.8

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.

 
2.9

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.

 
2.10

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.

 
2.11

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
-
5
years

Page 5

 
W J COMPONENTS LIMITED
 

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

2.Accounting policies (continued)

 
2.12

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:

S/Term Leasehold Property
-
5%
on cost
Plant and machinery
-
20%
on cost
Motor vehicles
-
20%
on cost

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.

 
2.13

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.

 
2.14

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.

 
2.15

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.

 
2.16

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.

Page 6

 
W J COMPONENTS LIMITED
 

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

2.Accounting policies (continued)

 
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 reporting 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 Statement of Financial Position.

 
2.18

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.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.


3.


Employees

The average monthly number of employees, including directors, during the year was 50 (2020 - 47).

Page 7

 
W J COMPONENTS LIMITED
 

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

4.


Intangible assets




Development expenditure

£



Cost


At 1 January 2021
369,181


Additions
162,553



At 31 December 2021

531,734



Amortisation


At 1 January 2021
65,698


Charge for the year on owned assets
73,837



At 31 December 2021

139,535



Net book value



At 31 December 2021
392,199



At 31 December 2020
303,483



Page 8

 
W J COMPONENTS LIMITED
 

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

5.


Tangible fixed assets





S/Term Leasehold Property
Plant and machinery
Motor vehicles
Total

£
£
£
£



Cost or valuation


At 1 January 2021
172,201
599,050
179,990
951,241


Additions
320,488
329,947
60,810
711,245


Disposals
(172,201)
(35,400)
(31,673)
(239,274)



At 31 December 2021

320,488
893,597
209,127
1,423,212



Depreciation


At 1 January 2021
128,169
339,107
111,085
578,361


Charge for the year on owned assets
51,066
95,809
32,444
179,319


Disposals
(172,201)
(23,726)
(22,700)
(218,627)



At 31 December 2021

7,034
411,190
120,829
539,053



Net book value



At 31 December 2021
313,454
482,407
88,298
884,159



At 31 December 2020
44,032
259,943
68,905
372,880




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


2021
2020
£
£

Short leasehold
313,454
44,032

313,454
44,032


Page 9

 
W J COMPONENTS LIMITED
 

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

6.


Debtors

2021
2020
£
£

Due after more than one year

Due from related companies
635,155
333,475

635,155
333,475


2021
2020
£
£

Due within one year

Trade debtors
678,798
296,160

Other debtors
185,587
36,434

Prepayments and accrued income
68,564
48,404

932,949
380,998



7.


Creditors: Amounts falling due within one year

2021
2020
£
£

Trade creditors
1,123,882
365,030

Corporation tax
29,197
10,000

Other taxation and social security
111,090
141,889

Obligations under finance lease and hire purchase contracts
137,072
330,195

Other creditors
249,407
150,790

Accruals and deferred income
111,956
43,398

1,762,604
1,041,302


The bank advance on factored debts is secured by a fixed and floating charge over the company's assets and undertaking. Hire purchase and finance lease creditors are secured on the assets being financed.


8.


Creditors: Amounts falling due after more than one year

2021
2020
£
£

Net obligations under finance leases and hire purchase contracts
294,324
60,768

Amounts owed to related companies
398,270
-

692,594
60,768


Hire purchase and finance lease creditors are secured on the assets being financed.

Page 10

 
W J COMPONENTS LIMITED
 

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

9.


Deferred taxation




2021
2020


£

£






At beginning of year
(27,673)
(27,673)


Charged to profit or loss
(8,400)
-



At end of year
(36,073)
(27,673)

The provision for deferred taxation is made up as follows:

2021
2020
£
£


Accelerated capital allowances
(36,073)
(27,673)

(36,073)
(27,673)


10.


Share capital

2021
2020
£
£
Allotted, called up and fully paid



100 Ordinary shares of £1.00 each
100
100



11.


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 £45,473 (2020 - £37,963). Contributions totalling £3,410 (2020 - £5,587) were payable to the fund at the balance sheet date and are included in creditors.


12.


Transactions with directors

At the year end the company was owed £185,587 (2020 - £36,434) by E M Eggleston. Interest of £2,741 has been charged on the loan, which is repayable on demand.


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 11

 
W J COMPONENTS LIMITED
 

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

14.


Controlling party

The company is a wholly owned subsidiary of WJC Holdings Limited, a company incorporated in England and Wales. By virtue of shareholding in the parent company, the ultimate controlling parties are E M Eggleston & H C Eggleston. 


Page 12