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REGISTERED NUMBER: NI618660 (Northern Ireland)













WM Heslip Ltd

Unaudited Financial Statements

for the Year Ended 31 May 2023






WM Heslip Ltd (Registered number: NI618660)

Contents of the Financial Statements
for the Year Ended 31 May 2023










Page

Company information 1

Statement of financial position 2 to 3

Notes to the financial statements 4 to 7


WM Heslip Ltd

Company Information
for the Year Ended 31 May 2023







Directors: Mrs Y Heslip
Mr W Heslip





Registered office: 27 New Line
Rathfriland
Newry
Co Down
BT34 5BP





Registered number: NI618660 (Northern Ireland)





Accountants: Wylie Ruddell
Chartered Accountants
Armagh Business Centre
2 Loughgall Road
Armagh
BT61 7NH

WM Heslip Ltd (Registered number: NI618660)

Statement of Financial Position
31 May 2023

2023 2022
Notes £ £
Fixed assets
Intangible assets 4 - -
Tangible assets 5 114,388 114,153
114,388 114,153

Current assets
Stocks 6 53,427 17,779
Receivables 7 1,429 129,930
Cash at bank 8 153,687 85,876
208,543 233,585
Payables
Amounts falling due within one year 9 (96,643 ) (170,552 )
Net current assets 111,900 63,033
Total assets less current liabilities 226,288 177,186

Provisions for liabilities 10 (7,597 ) (4,665 )
Net assets 218,691 172,521

Capital and reserves
Called up share capital 11 100 100
Retained earnings 218,591 172,421
Shareholders' funds 218,691 172,521

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

WM Heslip Ltd (Registered number: NI618660)

Statement of Financial Position - continued
31 May 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of income and retained earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 26 October 2023 and were signed on its behalf by:




Mrs Y Heslip - Director



Mr W Heslip - Director


WM Heslip Ltd (Registered number: NI618660)

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


1. Statutory information

WM Heslip Ltd is a private company, limited by shares , registered in Northern Ireland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. Accounting policies

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Revenue
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2014, is being amortised evenly over its estimated useful life of five years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Property, plant and equipment
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Land and buildings freehold - 4% on cost
Plant and machinery - 20% on reducing balance
Fixtures, fittings and equipment - 25% on reducing balance

Inventories
Inventories are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the Statement of Financial Position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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

WM Heslip Ltd (Registered number: NI618660)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2023


2. Accounting policies - continued

Receivables
Short term receivables are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Payables
Short term payables are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting. Dividends on shares recognised as liabilities are recognised as expenses and classified within interest payable.

Provisions for liabilities
Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation. Provisions are charged as an expense to the Statement of Comprehensive Income in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Statement of Financial Position date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position.

3. Employees and directors

The average number of employees during the year was 2 (2022 - 2 ) .

4. Intangible fixed assets
Goodwill
£
Cost
At 1 June 2022
and 31 May 2023 100,000
Amortisation
At 1 June 2022
and 31 May 2023 100,000
Net book value
At 31 May 2023 -
At 31 May 2022 -

WM Heslip Ltd (Registered number: NI618660)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2023


5. Tangible fixed assets
Fixtures,
Land and fittings
buildings Plant and and
freehold machinery equipment Totals
£ £ £ £
Cost
At 1 June 2022 140,000 41,979 1,080 183,059
Additions - 12,429 - 12,429
At 31 May 2023 140,000 54,408 1,080 195,488
Depreciation
At 1 June 2022 50,400 17,967 539 68,906
Charge for year 5,600 6,459 135 12,194
At 31 May 2023 56,000 24,426 674 81,100
Net book value
At 31 May 2023 84,000 29,982 406 114,388
At 31 May 2022 89,600 24,012 541 114,153

6. Stocks
2023 2022
£ £
Work-in-progress 53,427 17,779

7. Receivables: amounts falling due within one year
2023 2022
£ £
Trade debtors - 102,919
Corporation tax debtor - 21,983
Other receivables 1,429 5,028
1,429 129,930

8. Cash at bank
2023 2022
£ £
Cash and cash equivalents 153,687 85,876

9. Payables: amounts falling due within one year
2023 2022
£ £
Taxation and social security 12,298 8,710
Other payables 84,345 161,842
96,643 170,552

Included within other payables is an amount of £30,816 (2022 - £64,730) repayable to the directors, Mrs Y Heslip and Mr W Heslip. The loan is interest free and repayable on demand.

WM Heslip Ltd (Registered number: NI618660)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2023


10. Provisions for liabilities
2023 2022
£ £
Deferred tax 7,597 4,665

Deferred tax
£
Balance at 1 June 2022 4,665
Charge to Statement of income and retained earnings during year 2,932
Balance at 31 May 2023 7,597

11. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £ £
100 ordinary shares 1 100 100

12. Directors' advances, credits and guarantees

The following loans to the company from the directors subsisted during the years ended 31 May 2023 and 31 May 2022:

2023 2022
£ £
Mr W Heslip and Mrs Y Heslip
Balance outstanding at start of year 64,730 103,458
Amounts advanced 30,086 33,372
Amounts repaid (64,000 ) (72,100 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 30,816 64,730