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COMPANY REGISTRATION NUMBER: 04059021
Wrights (Attleborough) Ltd
Unaudited financial statements
30 April 2023
Wrights (Attleborough) Ltd
Statement of financial position
30 April 2023
2023
2022
Note
£
£
£
£
Fixed assets
Tangible assets
5
584,653
595,451
Current assets
Stocks
761,130
788,130
Debtors
6
13,123
2,317
Cash at bank and in hand
175,855
155,775
---------
---------
950,108
946,222
Creditors: Amounts falling due within one year
7
( 11,387)
( 10,247)
---------
---------
Net current assets
938,721
935,975
-----------
-----------
Total assets less current liabilities
1,523,374
1,531,426
Provisions
Taxation including deferred tax
( 45,737)
( 36,812)
-----------
-----------
Net assets
1,477,637
1,494,614
-----------
-----------
Capital and reserves
Called up share capital
1,000
1,000
Revaluation reserve
161,864
161,162
Profit and loss account
1,314,773
1,332,452
-----------
-----------
Shareholder funds
1,477,637
1,494,614
-----------
-----------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 30 April 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Wrights (Attleborough) Ltd
Statement of financial position (continued)
30 April 2023
These financial statements were approved by the board of directors and authorised for issue on 25 August 2023 , and are signed on behalf of the board by:
E J Wright
Director
Company registration number: 04059021
Wrights (Attleborough) Ltd
Notes to the financial statements
Year ended 30 April 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is First Floor Suite, 2 Hillside Business Park, Bury St Edmunds, Suffolk, IP32 7EA. The company's trading address is Oranmore, London Road, Attleborough, NR17 2DE.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax Provision is made, under the liability method, to take account of timing differences between the treatment of certain items for accounts purposes and their treatment for tax purposes. Tax deferred or accelerated is accounted for in respect of all material timing differences.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
15% reducing balance
Fixtures and fittings
-
15% reducing balance
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss. If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of employees during the year was 2 (2022: 3 ).
5. Tangible assets
Plant and machinery
Fixtures and fittings
Investment property
Total
£
£
£
£
Cost or valuation
At 1 May 2022
109,691
2,586
515,000
627,277
Additions
795
795
Disposals
( 29,962)
( 2,586)
( 32,548)
Revaluations
10,000
10,000
---------
------
---------
---------
At 30 April 2023
80,524
525,000
605,524
---------
------
---------
---------
Depreciation
At 1 May 2022
29,337
2,489
31,826
Charge for the year
10,410
10,410
Disposals
( 18,876)
( 2,489)
( 21,365)
---------
------
---------
---------
At 30 April 2023
20,871
20,871
---------
------
---------
---------
Carrying amount
At 30 April 2023
59,653
525,000
584,653
---------
------
---------
---------
At 30 April 2022
80,354
97
515,000
595,451
---------
------
---------
---------
Included within the above is investment property as follows:
£
---------
At 1 May 2022 and 30 April 2023
332,312
---------
The properties were revalued at 30 April 2023 by the directors at their open market value.
6. Debtors
2023
2022
£
£
Other debtors
13,123
2,317
-------
------
7. Creditors: Amounts falling due within one year
2023
2022
£
£
Trade creditors
702
3,174
Social security and other taxes
9,194
4,767
Other creditors
1,491
2,306
-------
-------
11,387
10,247
-------
-------
8. Analysis of other comprehensive income
Revaluation reserve
Profit and loss account
Total
£
£
£
Year ended 30 April 2023
Reclassification from revaluation reserve to profit and loss account
702
( 702)
----
----
----
9. Directors' advances, credits and guarantees
Included within debtors at the year end is a interest free directors loan account of £13,123 (2022: £49). The maximum overdrawn balance during the year was £13,123.