Company registration number 00189160 (England and Wales)
Ormiston Wire Limited
Financial Statements
For the year ended 31 March 2023
PAGES FOR FILING WITH REGISTRAR
Ormiston Wire Limited
Contents
Page
Balance sheet
1
Notes to the financial statements
3 - 8
Ormiston Wire Limited
Balance Sheet
As at 31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
5
1,056,018
1,071,416
Investments
6
1
1
1,056,019
1,071,417
Current assets
Stocks
220,842
188,817
Debtors
7
171,788
249,547
Investments
8
235,582
249,366
Cash at bank and in hand
791,953
875,916
1,420,165
1,563,646
Creditors: amounts falling due within one year
9
(248,151)
(258,060)
Net current assets
1,172,014
1,305,586
Total assets less current liabilities
2,228,033
2,377,003
Provisions for liabilities
(25,963)
(26,260)
Net assets
2,202,070
2,350,743
Capital and reserves
Called up share capital
10
68,435
68,435
Revaluation reserve
673,720
680,789
Profit and loss reserves
1,459,915
1,601,519
Total equity
2,202,070
2,350,743

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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

The financial statements were approved by the board of directors and authorised for issue on 29 September 2023 and are signed on its behalf by:
Mark V Ormiston
Pauline S Ormiston
Director
Director
Company Registration No. 00189160
Ormiston Wire Limited
Statement of Changes in Equity
For the year ended 31 March 2023
- 2 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 April 2021
68,435
687,858
1,561,560
2,317,853
Year ended 31 March 2022:
Profit and total comprehensive income for the year
-
-
169,760
169,760
Dividends
4
-
-
(136,870)
(136,870)
Transfers
-
(7,069)
7,069
-
Balance at 31 March 2022
68,435
680,789
1,601,519
2,350,743
Year ended 31 March 2023:
Profit and total comprehensive income for the year
-
-
125,067
125,067
Dividends
4
-
-
(273,740)
(273,740)
Transfers
-
(7,069)
7,069
-
Balance at 31 March 2023
68,435
673,720
1,459,915
2,202,070
Ormiston Wire Limited
Notes to the Financial Statements
For the year ended 31 March 2023
- 3 -
1
Accounting policies
Company information

Ormiston Wire Limited is a private company limited by shares incorporated in England and Wales. The registered office is 1 Fleming Way, Worton Road, Isleworth, Middlesex, TW7 6EU.

 

The principle activity of the company during the year continued to be that of the manufacture and wholesale supply of fine wires, wire braids, wire ropes, fittings, wire rope assemblies and wire turbulators.

1.1
Accounting convention

These financial statements have been prepared in accordance with section 1A of FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold property
2% straight line
Plant and machinery
10-15% straight line
Fixtures and fittings
15% straight line
Computer equipment
25% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Fixed asset investments

Interests in subsidiary undertakings are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

Ormiston Wire Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2023
1
Accounting policies
(Continued)
- 4 -
1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 and Section 12 of FRS 102 to all of its financial instruments.

 

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

 

Basic financial assets

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

 

Basic financial liabilities

Basic financial liabilities, which include trade and other payables and bank loans, are initially measured at transaction price and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present fair value of the future receipts discounted at a market rate of interest.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Ormiston Wire Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2023
1
Accounting policies
(Continued)
- 5 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.12
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.13
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

1.14
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

1.15

Consolidation

The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Ormiston Wire Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2023
- 6 -
3
Employees
2023
2022
Number
Number
Total
12
12
4
Dividends
2023
2022
£
£
Final paid
273,740
136,870

These are the dividends paid during the year (excluding those for which a liability existed at the end of the prior year).

5
Tangible fixed assets
Freehold property
Plant and machinery
Fixtures and fittings
Computer equipment
Total
£
£
£
£
£
Cost
At 1 April 2022
1,160,000
228,641
20,712
10,458
1,419,811
Additions
-
0
216
6,240
2,401
8,857
At 31 March 2023
1,160,000
228,857
26,952
12,859
1,428,668
Depreciation and impairment
At 1 April 2022
107,661
213,823
19,512
7,399
348,395
Depreciation charged in the year
15,380
5,535
905
2,435
24,255
At 31 March 2023
123,041
219,358
20,417
9,834
372,650
Carrying amount
At 31 March 2023
1,036,959
9,499
6,535
3,025
1,056,018
At 31 March 2022
1,052,339
14,818
1,200
3,059
1,071,416
6
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
1
1
Ormiston Wire Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2023
- 7 -
7
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
167,890
231,912
Other debtors
3,898
17,635
171,788
249,547
8
Current asset investments
2023
2022
£
£
Listed investments at fair value
235,582
249,366
9
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
54,667
22,325
Corporation tax
29,909
43,900
Other taxation and social security
139,389
143,663
Other creditors
24,186
48,172
248,151
258,060
10
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
68,435
68,435
68,435
68,435
11
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Richard Hattrell BA FCA
Statutory Auditor:
Gilberts Chartered Accountants
Ormiston Wire Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2023
- 8 -
12
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
53,177
62,316
2023-03-312022-04-01false29 September 2023CCH SoftwareCCH Accounts Production 2023.300No description of principal activityThis audit opinion is unqualifiedMark V OrmistonNigel P V FitzhughPauline S OrmistonPeter R Hildebrand CAPauline S Ormistonfalse001891602022-04-012023-03-31001891602023-03-31001891602022-03-3100189160core:LandBuildingscore:OwnedOrFreeholdAssets2023-03-3100189160core:PlantMachinery2023-03-3100189160core:FurnitureFittings2023-03-3100189160core:ComputerEquipment2023-03-3100189160core:LandBuildingscore:OwnedOrFreeholdAssets2022-03-3100189160core:PlantMachinery2022-03-3100189160core:FurnitureFittings2022-03-3100189160core:ComputerEquipment2022-03-3100189160core:CurrentFinancialInstrumentscore:WithinOneYear2023-03-3100189160core:CurrentFinancialInstrumentscore:WithinOneYear2022-03-3100189160core:CurrentFinancialInstruments2023-03-3100189160core:CurrentFinancialInstruments2022-03-3100189160core:ShareCapital2023-03-3100189160core:ShareCapital2022-03-3100189160core:RevaluationReserve2023-03-3100189160core:RevaluationReserve2022-03-3100189160core:RetainedEarningsAccumulatedLosses2023-03-3100189160core:RetainedEarningsAccumulatedLosses2022-03-3100189160core:ShareCapital2021-03-3100189160core:RevaluationReserve2021-03-3100189160core:RetainedEarningsAccumulatedLosses2021-03-3100189160bus:Director12022-04-012023-03-3100189160bus:CompanySecretaryDirector12022-04-012023-03-3100189160core:RetainedEarningsAccumulatedLosses2021-04-012022-03-31001891602021-04-012022-03-3100189160core:RetainedEarningsAccumulatedLosses2022-04-012023-03-3100189160core:RevaluationReserve2021-04-012022-03-3100189160core:RevaluationReserve2022-04-012023-03-3100189160core:LandBuildingscore:OwnedOrFreeholdAssets2022-04-012023-03-3100189160core:PlantMachinery2022-04-012023-03-3100189160core:FurnitureFittings2022-04-012023-03-3100189160core:ComputerEquipment2022-04-012023-03-3100189160core:LandBuildingscore:OwnedOrFreeholdAssets2022-03-3100189160core:PlantMachinery2022-03-3100189160core:FurnitureFittings2022-03-3100189160core:ComputerEquipment2022-03-31001891602022-03-3100189160core:WithinOneYear2023-03-3100189160core:WithinOneYear2022-03-3100189160bus:PrivateLimitedCompanyLtd2022-04-012023-03-3100189160bus:SmallCompaniesRegimeForAccounts2022-04-012023-03-3100189160bus:FRS1022022-04-012023-03-3100189160bus:Audited2022-04-012023-03-3100189160bus:Director22022-04-012023-03-3100189160bus:Director32022-04-012023-03-3100189160bus:Director42022-04-012023-03-3100189160bus:CompanySecretary12022-04-012023-03-3100189160bus:FullAccounts2022-04-012023-03-31xbrli:purexbrli:sharesiso4217:GBP