Registered number
03038242
Wilbar Associates Limited
Filleted Accounts
31 March 2023
Wilbar Associates Limited
Registered number: 03038242
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 454,346 453,930
Current assets
Debtors 4 70,466 110,476
Cash at bank and in hand 351,921 254,139
422,387 364,615
Creditors: amounts falling due within one year 5 (51,650) (59,750)
Net current assets 370,737 304,865
Net assets 825,083 758,795
Capital and reserves
Called up share capital 1,000 1,000
Capital redemption reserve 1,000 1,000
Profit and loss account 823,083 756,795
Shareholder's funds 825,083 758,795
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their 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.
Mrs P C Driver
Director
Approved by the board on 24 November 2023
Wilbar Associates Limited
Notes to the Accounts
for the year ended 31 March 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.
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 25% reducing balance basis
Motor vehicles 25% reducing balance basis
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.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 5 5
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 April 2022 423,624 130,595 66,599 620,818
Additions - 12,000 - 12,000
Disposals - - (13,399) (13,399)
At 31 March 2023 423,624 142,595 53,200 619,419
Depreciation
At 1 April 2022 - 114,159 52,729 166,888
Charge for the year - - 3,132 3,132
On disposals - 7,109 (12,056) (4,947)
At 31 March 2023 - 121,268 43,805 165,073
Net book value
At 31 March 2023 423,624 21,327 9,395 454,346
At 31 March 2022 423,624 16,436 13,870 453,930
Land and buildings consists of Freehold land and buildings .
It is recognised at cost, which is believed by the directors to be true and fair view at 31.03.2023
Freehold land and buildings: 2023 2022
£ £
Historical cost 423,624 423,624
Cumulative depreciation based on historical cost - -
423,624 423,624
4 Debtors 2023 2022
£ £
Trade debtors 50,473 84,029
Other debtors 19,993 26,447
70,466 110,476
5 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 19,338 11,325
Corporation tax 14,370 14,332
Other taxes and social security costs 7,562 24,336
Other creditors 10,380 9,757
51,650 59,750
6 Loans to (from) directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
Mrs P C Driver (9,757) - (623) (10,380)
(9,757) - (623) (10,380)
7 Related party transactions
Mr D Driver owns a share of the freehold property at Bucks Green
for which he personally receives rental income.
8 Other information
Wilbar Associates Limited is a private company limited by shares and incorporated in England. Its registered office is:
98 London Road
Bognor Regis
West Sussex
PO21 1DD
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