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REGISTERED NUMBER: 08357299 (England and Wales)















WT AUTOS LIMITED

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023






WT AUTOS LIMITED (REGISTERED NUMBER: 08357299)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023










Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


WT AUTOS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2023







DIRECTORS: L T Buck
P R Buck





REGISTERED OFFICE: 296 Wigan Road
Atherton
Manchester
M46 0GD





REGISTERED NUMBER: 08357299 (England and Wales)





ACCOUNTANTS: DTE Business Advisers Limited
Chartered Accountants
The Exchange
5 Bank Street
Bury
BL9 0DN

WT AUTOS LIMITED (REGISTERED NUMBER: 08357299)

STATEMENT OF FINANCIAL POSITION
31 MARCH 2023

2023 2022
Notes £    £   
FIXED ASSETS
Property, plant and equipment 4 483,411 335,232

CURRENT ASSETS
Inventories 61,500 65,000
Debtors 5 747,180 757,390
Cash at bank 75,792 92,119
884,472 914,509
CREDITORS
Amounts falling due within one year 6 (837,827 ) (885,777 )
NET CURRENT ASSETS 46,645 28,732
TOTAL ASSETS LESS CURRENT
LIABILITIES

530,056

363,964

CREDITORS
Amounts falling due after more than one
year

7

(24,705

)

(250

)

PROVISIONS FOR LIABILITIES (105,404 ) -
NET ASSETS 399,947 363,714

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 399,847 363,614
399,947 363,714

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 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.

WT AUTOS LIMITED (REGISTERED NUMBER: 08357299)

STATEMENT OF FINANCIAL POSITION - continued
31 MARCH 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 8 November 2023 and were signed on its behalf by:





L T Buck - Director


WT AUTOS LIMITED (REGISTERED NUMBER: 08357299)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023


1. STATUTORY INFORMATION

WT Autos Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 08357299 and the registered office address is 641-651 Liverpool Road, Irlam, Manchester, M44 5XD.

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.

At 31 March 2023 the company had net assets of £399,947 (2022: £363,714). The directors believe that the company has generated a profit after the year-end and continues to meet its obligations as they fall due. As such, the directors believe that it is appropriate to prepare the accounts on a going concern basis.

Significant judgements and estimates
In the application of the company's accounting policies, the directors are required to make estimates and judgements. The estimates are based on historical experience and other relevant factors. Actual results may differ from these estimates.

The estimates are continually evaluated. Revisions to accounting estimates are recognised in the period in which the estimate is revised.

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are outlined below:

Estimating the useful economic life of an asset and the anticipated residual value are considered key in calculating an appropriate depreciation charge.

In categorising leases as finance or operating leases, the directors make judgements as to whether significant risks and rewards of ownership have transferred to the company as lessee.

Revenue
Revenue comprises the aggregate of the fair value of the sale of goods provided, net of value-added tax, rebates and discounts.

Revenue is recognised on the sale of goods when the company has delivered products to the customer, the customer has accepted the products and collectability of the related receivables is fairly stated.

Service revenue is recognised as those services are provided to customers.

Property, plant and equipment
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 25% on reducing balance, 15% on reducing balance and 10% on reducing balance

The residual values, estimated useful lives and depreciation method of property, plant and equipment are reviewed, and adjusted as appropriate, at each statement of financial position date. The effects of any revision are recognised in the income statement when the change arises.

WT AUTOS LIMITED (REGISTERED NUMBER: 08357299)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


2. ACCOUNTING POLICIES - continued

Government grants
Grants are accounted for under the accruals model as permitted by FRS 102.

During the prior year the company has benefitted from the Government Coronavirus Job Retention Scheme ('Furlough'). Furlough income has been recognised in "other income" in the same period as the related wage costs.

The company has not directly benefitted from any other forms of government assistance.

Inventories
Inventories are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow-moving items. Net realisable value is selling price less costs to complete and sell.

The cost comprises of actual purchase price.

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and loans to related parties.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the income statement.

Basic financial liabilities are initially measured at transaction price and subsequently measured at amortised cost, being the transaction price less any amounts settled.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

WT AUTOS LIMITED (REGISTERED NUMBER: 08357299)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the statement of financial position. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to the income statement on a straight-line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to the income statement in the period to which they relate.

Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks and other short-term liquid investments with original maturities of three months or less.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 30 (2022 - 25 ) .

4. PROPERTY, PLANT AND EQUIPMENT
Plant and
machinery
etc
£   
COST
At 1 April 2022 793,275
Additions 192,581
At 31 March 2023 985,856
DEPRECIATION
At 1 April 2022 458,043
Charge for year 44,402
At 31 March 2023 502,445
NET BOOK VALUE
At 31 March 2023 483,411
At 31 March 2022 335,232

The net book value of assets under hire purchase agreements as at the year end is £34,546 (2022: £105,193)

WT AUTOS LIMITED (REGISTERED NUMBER: 08357299)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 684,568 663,423
Amounts owed by group undertakings 34,303 12,927
Other debtors 28,309 81,040
747,180 757,390

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts - 2,151
Hire purchase contracts (see note 8) 4,236 25,880
Trade creditors 297,587 246,640
Taxation and social security 92,739 111,448
Other creditors 443,265 499,658
837,827 885,777

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Hire purchase contracts (see note 8) 24,705 250

8. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 4,236 25,880
Between one and five years 24,705 250
28,941 26,130

Non-cancellable operating leases
2023 2022
£    £   
Within one year 8,990 8,990
Between one and five years 10,488 19,478
19,478 28,468

WT AUTOS LIMITED (REGISTERED NUMBER: 08357299)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Hire purchase contracts 28,941 26,130
Invoice discounting 425,645 488,988
454,586 515,118

Hire purchase contracts are secured over the assets to which they relate.

The invoice discounting creditor is secured over the related trade debtors.

There is a fixed and floating charge over all of the assets of the company by way of a debenture in favour of Bibby Financial Services Ltd.

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 March 2023 and 31 March 2022:

2023 2022
£    £   
L T Buck
Balance outstanding at start of year 18,553 (5,365 )
Amounts advanced 5,370 23,918
Amounts repaid (18,553 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 5,370 18,553

P R Buck
Balance outstanding at start of year 18,553 (5,365 )
Amounts advanced 5,370 23,918
Amounts repaid (18,553 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 5,370 18,553

The balances are unsecured, interest free and repayable on demand.

The maximum overdrawn balance during the year owed by L T Buck was £18,553 and P R Buck was £18,553.

There were no advances made during the year that are considered to be material.