Company registration number 12421890 (England and Wales)
S O WALLACE FENCING LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
PAGES FOR FILING WITH REGISTRAR
S O WALLACE FENCING LIMITED
BALANCE SHEET
AS AT
31 JANUARY 2023
31 January 2023
1
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
43,849
46,657
Current assets
Debtors
5
50,205
17,458
Cash at bank and in hand
13,269
17,558
63,474
35,016
Creditors: amounts falling due within one year
6
(16,374)
(24,673)
Net current assets
47,100
10,343
Total assets less current liabilities
90,949
57,000
Creditors: amounts falling due after more than one year
7
(41,741)
(40,078)
Provisions for liabilities
(8,331)
(8,865)
Net assets
40,877
8,057
Capital and reserves
Called up share capital
8
5
5
Profit and loss reserves
40,872
8,052
Total equity
40,877
8,057
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 January 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
S O WALLACE FENCING LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 JANUARY 2023
31 January 2023
2
The financial statements were approved by the board of directors and authorised for issue on 26 October 2023 and are signed on its behalf by:
Mr SO Wallace
Director
Company Registration No. 12421890
S O WALLACE FENCING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
3
1
Accounting policies
Company information
S O Wallace Fencing Limited is a private company limited by shares incorporated in England and Wales. The registered office is 25 Hursley Road, Chandler's Ford, Eastleigh, Hampshire, SO53 2FS.
1.1
Accounting convention
These financial statements have been prepared in accordance with 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. 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.
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:
Plant and equipment
25% Straight line
Motor vehicles
25% Reducing balance
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
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.
S O WALLACE FENCING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
1
Accounting policies (Continued)
4
1.5
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.
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.
1.6
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
3
3
S O WALLACE FENCING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
5
3
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
14,658
855
Adjustments in respect of prior periods
211
Total current tax
14,869
855
Deferred tax
Origination and reversal of timing differences
(534)
Other adjustments
8,865
Total deferred tax
(534)
8,865
Total tax charge
14,335
9,720
4
Tangible fixed assets
Plant and equipment
Motor vehicles
Total
£
£
£
Cost
At 1 February 2022
848
47,000
47,848
Additions
3,750
6,339
10,089
At 31 January 2023
4,598
53,339
57,937
Depreciation and impairment
At 1 February 2022
212
979
1,191
Depreciation charged in the year
495
12,402
12,897
At 31 January 2023
707
13,381
14,088
Carrying amount
At 31 January 2023
3,891
39,958
43,849
At 31 January 2022
636
46,021
46,657
S O WALLACE FENCING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
6
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
33,988
6,324
Other debtors
16,217
11,134
50,205
17,458
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
960
9,277
Corporation tax
14,658
855
Other creditors
756
14,541
16,374
24,673
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
41,741
40,078
8
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
2 Ordinary shares of £1 each
4
4
4
4
1 Ordinary A share of £1 each
1
1
1
1
5
5
5
5