Company Registration No. 11913384 (England and Wales)
WRT Solutions Limited
Unaudited accounts
for the year ended 31 March 2023
WRT Solutions Limited
Unaudited accounts
Contents
WRT Solutions Limited
Company Information
for the year ended 31 March 2023
Directors
T W Dryden
W B Dryden
R L Evans
Company Number
11913384 (England and Wales)
Registered Office
Uni1 North Road
Bridgend Industrial Estate
Bridgend
Wales
CF31 3TP
Accountants
Cadre Advisory Ltd
Embassy Offices, Stangate House
Stanwell Road
Penarth
CF64 2AA
WRT Solutions Limited
Statement of financial position
as at 31 March 2023
Intangible assets
579,009
627,260
Tangible assets
87,235
117,145
Cash at bank and in hand
148,793
319,310
Creditors: amounts falling due within one year
(123,001)
(191,249)
Net current assets
72,618
262,107
Total assets less current liabilities
738,862
1,006,512
Creditors: amounts falling due after more than one year
(90,015)
(137,500)
Provisions for liabilities
Deferred tax
(7,358)
(6,664)
Net assets
641,489
862,348
Called up share capital
1,000
1,000
Revaluation reserve
699,761
699,761
Profit and loss account
(59,272)
161,587
Shareholders' funds
641,489
862,348
For the year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 25 July 2023 and were signed on its behalf by
T W Dryden
Director
Company Registration No. 11913384
WRT Solutions Limited
Notes to the Accounts
for the year ended 31 March 2023
WRT Solutions Limited is a private company, limited by shares, registered in England and Wales, registration number 11913384. The registered office is Uni1 North Road, Bridgend Industrial Estate, Bridgend, Wales, CF31 3TP.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Land & buildings
25% straight line basis
Plant & machinery
25% reducing balance basis
Motor vehicles
25% reducing balance basis
Fixtures & fittings
25% reducing balance basis
Computer equipment
25% reducing balance basis
Stock and work in progress
Stocks and work in progress have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
WRT Solutions Limited
Notes to the Accounts
for the year ended 31 March 2023
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation. The directors are of the opinion that the purchased goodwill is fairly and accurately valued at its original cost value and therefore no amortisation is necessary
4
Intangible fixed assets
Goodwill
Charge for the year
48,251
5
Tangible fixed assets
Land & buildings
Plant & machinery
Motor vehicles
Fixtures & fittings
Total
Cost or valuation
At cost
At cost
At cost
At cost
At 1 April 2022
4,432
16,790
127,001
5,131
153,354
At 31 March 2023
4,432
16,790
127,001
5,131
153,354
At 1 April 2022
2,493
9,444
21,386
2,886
36,209
Charge for the year
1,108
1,837
26,404
561
29,910
At 31 March 2023
3,601
11,281
47,790
3,447
66,119
At 31 March 2023
831
5,509
79,211
1,684
87,235
At 31 March 2022
1,939
7,346
105,615
2,245
117,145
WRT Solutions Limited
Notes to the Accounts
for the year ended 31 March 2023
Amounts falling due within one year
Trade debtors
27,085
9,494
Accrued income and prepayments
-
18,190
Other debtors
4,681
93,533
7
Creditors: amounts falling due within one year
2023
2022
Bank loans and overdrafts
30,487
25,853
Obligations under finance leases and hire purchase contracts
16,056
15,327
Trade creditors
11,835
27,325
Taxes and social security
18,166
50,905
Loans from directors
17,056
-
8
Creditors: amounts falling due after more than one year
2023
2022
Obligations under finance leases and hire purchase contracts
23,429
36,518
Allotted, called up and fully paid:
700 A Ordinary shares of £1 each
700
700
300 B Ordinary shares of £1 each
300
300
Brought
Forward
Advance/
credit
Repaid
Carried
Forward
Directors Loan
2,578
-
2,578
-
Directors Loan
51,459
-
51,459
-
Directors Loan
2,692
-
2,692
-
WRT Solutions Limited
Notes to the Accounts
for the year ended 31 March 2023
11
Average number of employees
During the year the average number of employees was 17 (2022: 24).