Registered number
12696027
WIGHT CONTRACTORS LIMITED
Filleted Accounts
30 June 2023
WIGHT CONTRACTORS LIMITED
Registered number: 12696027
Balance Sheet
as at 30 June 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 230,214 149,632
Current assets
Stocks and work in progress 2,900 -
Debtors 4 42,232 82,196
Cash at bank and in hand 22,204 11,915
67,336 94,111
Creditors: amounts falling due within one year 5 (112,357) (71,908)
Net current (liabilities)/assets (45,021) 22,203
Total assets less current liabilities 185,193 171,835
Creditors: amounts falling due after more than one year 6 (82,820) (62,797)
Net assets 102,373 109,038
Capital and reserves
Called up share capital 2 2
Profit and loss account 102,371 109,036
Shareholders' funds 102,373 109,038
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr T Barclay Roper
Director
Approved by the board on 21 November 2023
WIGHT CONTRACTORS LIMITED
Notes to the Accounts
for the year ended 30 June 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 15% reducing balance basis
Motor vehicles 10% reducing balance basis
Office equipment 10% reducing balance basis
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 11 10
3 Tangible fixed assets
Motor vehicles Plant and machinery etc Leashold improvements Total
£ £ £ £
Cost
At 1 July 2022 49,307 126,775 - 176,082
Additions 73,298 30,842 1,086 105,226
At 30 June 2023 122,605 157,617 1,086 281,308
Depreciation
At 1 July 2022 8,172 18,278 - 26,450
Charge for the year 6,135 18,509 - 24,644
At 30 June 2023 14,307 36,787 - 51,094
Net book value
At 30 June 2023 108,298 120,830 1,086 230,214
At 30 June 2022 41,135 108,497 - 149,632
4 Debtors 2023 2022
£ £
Trade debtors 40,206 76,477
Other debtors 2,026 5,719
42,232 82,196
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 5,244 8,100
Obligations under finance lease and hire purchase contracts 44,029 31,726
Trade creditors 24,867 23,582
Taxation and social security costs 26,465 7,011
Other creditors 11,752 1,489
112,357 71,908
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans - 3,965
Obligations under finance lease and hire purchase contracts 82,820 58,832
82,820 62,797
7 Controlling party
The controlling party is Mr T Barclay Roper and Mr B Barclay, directors.
8 Other information
WIGHT CONTRACTORS LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
Lower Yard Office Week Farm
Whitwell Road
Ventnor
Isle of Wight
PO38 2AA
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