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Registration number: 04735662

Wayland Sheet Metal & Fabrications Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 May 2023

 

Wayland Sheet Metal & Fabrications Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Wayland Sheet Metal & Fabrications Limited

Company Information

Directors

MJ Booth

LE Booth

Registered office

Premier Iron Works
Rochdale Road
Heywood
Lancs
OL10 1AD

Accountants

The Moffatts Partnership LLP
Suite 1.1, First Floor
Jackson House
Sibson Road
Sale
M33 7RR

 

Wayland Sheet Metal & Fabrications Limited

(Registration number: 04735662)
Balance Sheet as at 31 May 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

538,411

492,508

Current assets

 

Stocks

5

177,956

110,656

Debtors

6

234,203

207,508

Cash at bank and in hand

 

242,116

97,430

 

654,275

415,594

Creditors: Amounts falling due within one year

7

(596,422)

(429,616)

Net current assets/(liabilities)

 

57,853

(14,022)

Total assets less current liabilities

 

596,264

478,486

Creditors: Amounts falling due after more than one year

7

(57,899)

(63,239)

Provisions for liabilities

(69,007)

(57,098)

Net assets

 

469,358

358,149

Capital and reserves

 

Called up share capital

8

1,004

1,004

Revaluation reserve

139,306

141,806

Retained earnings

329,048

215,339

Shareholders' funds

 

469,358

358,149

For the financial year ending 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

Wayland Sheet Metal & Fabrications Limited

(Registration number: 04735662)
Balance Sheet as at 31 May 2023

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 28 September 2023 and signed on its behalf by:
 

.........................................
LE Booth
Director

   
     
 

Wayland Sheet Metal & Fabrications Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

1

General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
Premier Iron Works
Rochdale Road
Heywood
Lancs
OL10 1AD
England

These financial statements were authorised for issue by the Board on 28 September 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The directors have a reasonable expectation that the company will have adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis on preparing its financial statements.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts. The company recognises revenue when: The amount of revenue can be reliably measured; it is probable that future economic benefits will flow to the entity; and specific criteria have been met for each of the company's activities.

Government grants

Government grants are recognised on the accruals basis.

Tax

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

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 taxable income.

 

Wayland Sheet Metal & Fabrications Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold Property

2% Straight Line Basis

Plant and machinery

20% Straight Line Basis

Motor Vehicles

20% Straight Line Basis

Fixtures and fittings

10% Straight Line Basis

Office Equipment

33% Straight Line Basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

 

Wayland Sheet Metal & Fabrications Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Wayland Sheet Metal & Fabrications Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 19 (2022 - 20).

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 June 2022

342,788

1,245,741

44,988

1,633,517

Additions

-

115,637

-

115,637

At 31 May 2023

342,788

1,361,378

44,988

1,749,154

Depreciation

At 1 June 2022

47,992

1,067,389

25,628

1,141,009

Charge for the year

6,856

53,880

8,998

69,734

At 31 May 2023

54,848

1,121,269

34,626

1,210,743

Carrying amount

At 31 May 2023

287,940

240,109

10,362

538,411

At 31 May 2022

294,796

178,352

19,360

492,508

Included within the net book value of land and buildings above is £287,940 (2022 - £294,796) in respect of freehold land and buildings.
 

Revaluation

The fair value of the company's Freehold Property was revalued on 1 June 2015. An independent valuer was not involved.
The fair value of the property is based on an independent valuation provided by the directors.
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £113,194 (2022 - £116,960).

 

Wayland Sheet Metal & Fabrications Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

5

Stocks

2023
£

2022
£

Work in progress

92,501

50,000

Other inventories

85,455

60,656

177,956

110,656

6

Debtors

2023
£

2022
£

Trade debtors

219,908

193,932

Other debtors

5,792

5,792

Prepayments

8,503

7,784

234,203

207,508

7

Creditors

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

10

102,618

170,849

Trade creditors

 

398,139

143,436

Taxation and social security

 

77,648

93,415

Accruals and deferred income

 

2,215

2,781

Other creditors

 

15,802

19,135

 

596,422

429,616

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

10

57,899

63,239

 

Wayland Sheet Metal & Fabrications Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

1,000

1,000

1,000

1,000

Ordinary B shares of £1 each

4

4

4

4

 

1,004

1,004

1,004

1,004

9

Reserves

The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:

Revaluation reserve
£

Retained earnings
£

Surplus/deficit on property, plant and equipment revaluation

(2,500)

2,500

The changes to each component of equity resulting from items of other comprehensive income for the prior year were as follows:

Revaluation reserve
£

Retained earnings
£

Surplus/deficit on property, plant and equipment revaluation

(2,500)

2,500

10

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

20,000

44,823

Hire purchase contracts

37,899

18,416

57,899

63,239

2023
£

2022
£

Current loans and borrowings

Bank borrowings

24,823

44,465

Hire purchase contracts

32,951

20,363

Other borrowings

44,844

106,021

102,618

170,849