13 false false false false false false false false false false true false false false false false false No description of principal activity 2022-04-01 Sage Accounts Production Advanced 2023 - FRS102_2023 12,945 12,945 12,945 xbrli:pure xbrli:shares iso4217:GBP 05173643 2022-04-01 2023-03-31 05173643 2023-03-31 05173643 2022-03-31 05173643 2021-04-01 2022-03-31 05173643 2022-03-31 05173643 2021-03-31 05173643 core:PlantMachinery 2022-04-01 2023-03-31 05173643 core:FurnitureFittings 2022-04-01 2023-03-31 05173643 bus:Director1 2022-04-01 2023-03-31 05173643 bus:Director2 2022-04-01 2023-03-31 05173643 bus:Director3 2022-04-01 2023-03-31 05173643 core:PlantMachinery 2022-03-31 05173643 core:FurnitureFittings 2022-03-31 05173643 core:PlantMachinery 2023-03-31 05173643 core:FurnitureFittings 2023-03-31 05173643 core:WithinOneYear 2023-03-31 05173643 core:WithinOneYear 2022-03-31 05173643 core:AfterOneYear 2023-03-31 05173643 core:AfterOneYear 2022-03-31 05173643 core:ShareCapital 2023-03-31 05173643 core:ShareCapital 2022-03-31 05173643 core:RetainedEarningsAccumulatedLosses 2023-03-31 05173643 core:RetainedEarningsAccumulatedLosses 2022-03-31 05173643 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-03-31 05173643 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-03-31 05173643 core:PlantMachinery 2022-03-31 05173643 core:FurnitureFittings 2022-03-31 05173643 bus:Director1 2022-03-31 05173643 bus:Director1 2023-03-31 05173643 bus:Director2 2022-03-31 05173643 bus:Director2 2023-03-31 05173643 bus:Director3 2022-03-31 05173643 bus:Director3 2023-03-31 05173643 bus:Director1 2021-03-31 05173643 bus:Director1 2022-03-31 05173643 bus:Director2 2021-03-31 05173643 bus:Director2 2022-03-31 05173643 bus:Director3 2021-03-31 05173643 bus:Director3 2022-03-31 05173643 bus:Director1 2021-04-01 2022-03-31 05173643 bus:Director2 2021-04-01 2022-03-31 05173643 bus:Director3 2021-04-01 2022-03-31 05173643 bus:SmallEntities 2022-04-01 2023-03-31 05173643 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 05173643 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 05173643 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 05173643 bus:FullAccounts 2022-04-01 2023-03-31
COMPANY REGISTRATION NUMBER: 05173643
Wytech Limited
Filleted Unaudited Financial Statements
31 March 2023
Wytech Limited
Statement of Financial Position
31 March 2023
2023
2022
Note
£
£
£
Fixed assets
Intangible assets
5
12,945
12,945
Tangible assets
6
19,751
21,660
--------
--------
32,696
34,605
Current assets
Stocks
1,000
925
Debtors
7
86,126
137,544
Cash at bank and in hand
40,954
23,729
---------
---------
128,080
162,198
Creditors: amounts falling due within one year
8
111,108
124,380
---------
---------
Net current assets
16,972
37,818
--------
--------
Total assets less current liabilities
49,668
72,423
Creditors: amounts falling due after more than one year
9
32,624
31,457
Provisions
Taxation including deferred tax
3,753
4,116
--------
--------
Net assets
13,291
36,850
--------
--------
Capital and reserves
Called up share capital
2
2
Profit and loss account
13,289
36,848
--------
--------
Shareholders funds
13,291
36,850
--------
--------
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 income and retained earnings has not been delivered.
For the 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 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 .
Wytech Limited
Statement of Financial Position (continued)
31 March 2023
These financial statements were approved by the board of directors and authorised for issue on 7 July 2023 , and are signed on behalf of the board by:
Mr M Jones
Director
Company registration number: 05173643
Wytech Limited
Notes to the Financial Statements
Year ended 31 March 2023
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is Lyndhurst, 1 Cranmer Street, Long Eaton, Nottingham, NG10 1NJ.
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 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.
Taxation
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 losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.
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
-
20% reducing balance
Fixtures and fittings
-
15% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
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. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 13 (2022: 12 ).
5. Intangible assets
Development costs
£
Cost
At 1 April 2022 and 31 March 2023
12,945
--------
Amortisation
At 1 April 2022 and 31 March 2023
--------
Carrying amount
At 31 March 2023
12,945
--------
At 31 March 2022
12,945
--------
6. Tangible assets
Plant and machinery
Fixtures and fittings
Total
£
£
£
Cost
At 1 April 2022
41,968
3,024
44,992
Additions
4,232
227
4,459
Disposals
( 11,153)
( 2,500)
( 13,653)
--------
-------
--------
At 31 March 2023
35,047
751
35,798
--------
-------
--------
Depreciation
At 1 April 2022
21,248
2,084
23,332
Charge for the year
4,392
158
4,550
Disposals
( 9,995)
( 1,840)
( 11,835)
--------
-------
--------
At 31 March 2023
15,645
402
16,047
--------
-------
--------
Carrying amount
At 31 March 2023
19,402
349
19,751
--------
-------
--------
At 31 March 2022
20,720
940
21,660
--------
-------
--------
7. Debtors
2023
2022
£
£
Trade debtors
25,171
44,353
Other debtors
60,955
93,191
--------
---------
86,126
137,544
--------
---------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
16,557
35,162
Trade creditors
34,780
40,218
Corporation tax
17,197
6,161
Social security and other taxes
24,560
20,998
Other creditors
18,014
21,841
---------
---------
111,108
124,380
---------
---------
9. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
32,624
31,457
--------
--------
10. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Mr M Jones
35,741
23,532
( 35,941)
23,332
Mr P Stanynought
30,188
23,360
( 35,741)
17,807
Mr D White
23,957
14,117
( 23,957)
14,117
--------
--------
--------
--------
89,886
61,009
( 95,639)
55,256
--------
--------
--------
--------
2022
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Mr M Jones
23,564
48,727
( 36,550)
35,741
Mr P Stanynought
20,530
42,400
( 32,742)
30,188
Mr D White
13,901
33,128
( 23,072)
23,957
--------
---------
--------
--------
57,995
124,255
( 92,364)
89,886
--------
---------
--------
--------
The directors' loans are interest free and repayable on demand.