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Registration number: 05065320

Wisebuys (Pembroke) Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2023

 

Wisebuys (Pembroke) Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 10

 

Wisebuys (Pembroke) Limited

Company Information

Directors

Mr A R Ryan

Mr J A Ryan

Mr N C Ryan

Company secretary

Mrs H L Ryan

Registered office

19 Main Street
Pembroke
SA71 4JS

Accountants

Hargreaves Brown & Benson
Chartered Accountants
1 Bond Street
Colne
Lancashire
BB8 9DG

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Wisebuys (Pembroke) Limited
for the Year Ended 31 March 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Wisebuys (Pembroke) Limited for the year ended 31 March 2023 as set out on pages 3 to 10 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Wisebuys (Pembroke) Limited, as a body. Our work has been undertaken solely to prepare for your approval the accounts of Wisebuys (Pembroke) Limited and state those matters that we have agreed to state to the Board of Directors of Wisebuys (Pembroke) Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Wisebuys (Pembroke) Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Wisebuys (Pembroke) Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Wisebuys (Pembroke) Limited. You consider that Wisebuys (Pembroke) Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Wisebuys (Pembroke) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Hargreaves Brown & Benson
Chartered Accountants
1 Bond Street
Colne
Lancashire
BB8 9DG

22 September 2023

 

Wisebuys (Pembroke) Limited

(Registration number: 05065320)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

33,432

19,436

Current assets

 

Stocks

6

100,842

82,437

Debtors

7

71,564

55,031

Cash at bank and in hand

 

155,308

159,463

 

327,714

296,931

Creditors: Amounts falling due within one year

8

(240,635)

(206,828)

Net current assets

 

87,079

90,103

Total assets less current liabilities

 

120,511

109,539

Creditors: Amounts falling due after more than one year

8

(12,500)

(17,700)

Provisions for liabilities

(6,354)

(3,695)

Net assets

 

101,657

88,144

Capital and reserves

 

Called up share capital

100

100

Retained earnings

101,557

88,044

Shareholders' funds

 

101,657

88,144

For the financial 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.

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.

 

Wisebuys (Pembroke) Limited

(Registration number: 05065320)
Balance Sheet as at 31 March 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 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 22 September 2023 and signed on its behalf by:
 

.........................................
Mr A R Ryan
Director

.........................................
Mr J A Ryan
Director

.........................................
Mr N C Ryan
Director

 

Wisebuys (Pembroke) Limited

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

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
19 Main Street
Pembroke
SA71 4JS

These financial statements were authorised for issue by the Board on 22 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.

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

Plant and machinery

15% straight line

Fixtures and fittings

10% straight line

Motor vehicles

25% straight line

 

Wisebuys (Pembroke) Limited

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

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

Over 10 years

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.

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.

 

Wisebuys (Pembroke) Limited

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

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.

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.

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 - 21).

 

Wisebuys (Pembroke) Limited

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

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 April 2022

250,000

250,000

At 31 March 2023

250,000

250,000

Amortisation

At 1 April 2022

250,000

250,000

At 31 March 2023

250,000

250,000

Carrying amount

At 31 March 2023

-

-

 

Wisebuys (Pembroke) Limited

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

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2022

114,385

33,215

147,600

Additions

1,196

26,237

27,433

Disposals

-

(11,500)

(11,500)

At 31 March 2023

115,581

47,952

163,533

Depreciation

At 1 April 2022

105,806

22,358

128,164

Charge for the year

1,448

11,989

13,437

Eliminated on disposal

-

(11,500)

(11,500)

At 31 March 2023

107,254

22,847

130,101

Carrying amount

At 31 March 2023

8,327

25,105

33,432

At 31 March 2022

8,579

10,857

19,436

6

Stocks

2023
£

2022
£

Other inventories

100,842

82,437

7

Debtors

2023
£

2022
£

Trade debtors

68,501

52,160

Prepayments

1,820

247

Other debtors

1,243

2,624

71,564

55,031

 

Wisebuys (Pembroke) Limited

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

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

5,700

5,700

Trade creditors

 

89,176

63,957

Taxation and social security

 

15,249

28,461

Accruals and deferred income

 

14,891

3,840

Other creditors

 

115,619

104,870

 

240,635

206,828

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

12,500

17,700

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

12,500

17,700

2023
£

2022
£

Current loans and borrowings

Bank borrowings

5,700

5,700