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REGISTERED NUMBER: 01578127 (England and Wales)















WILBAR COMPONENTS LIMITED

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023






WILBAR COMPONENTS LIMITED (REGISTERED NUMBER: 01578127)

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










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


WILBAR COMPONENTS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JULY 2023







DIRECTORS: J Williams
L J Williams
G A Williams
A P Barker





SECRETARY: L J Williams





REGISTERED OFFICE: Martindale
Hawks Green
Cannock
Staffordshire
WS11 7XN





REGISTERED NUMBER: 01578127 (England and Wales)

WILBAR COMPONENTS LIMITED (REGISTERED NUMBER: 01578127)

BALANCE SHEET
31 JULY 2023

2023 2022
Notes £    £   
FIXED ASSETS
Tangible assets 4 1,369,209 1,425,865
Investments 5 78 78
1,369,287 1,425,943

CURRENT ASSETS
Stocks 6 190,408 240,000
Debtors 7 231,557 239,568
Cash at bank and in hand 63,258 65,718
485,223 545,286
CREDITORS
Amounts falling due within one year 8 (589,554 ) (498,189 )
NET CURRENT (LIABILITIES)/ASSETS (104,331 ) 47,097
TOTAL ASSETS LESS CURRENT LIABILITIES 1,264,956 1,473,040

CREDITORS
Amounts falling due after more than one
year

9

(67,762

)

(244,848

)

PROVISIONS FOR LIABILITIES (159,773 ) (161,292 )
NET ASSETS 1,037,421 1,066,900

WILBAR COMPONENTS LIMITED (REGISTERED NUMBER: 01578127)

BALANCE SHEET - continued
31 JULY 2023

2023 2022
Notes £    £   
CAPITAL AND RESERVES
Called up share capital 11 978 978
Revaluation reserve 12 397,073 397,073
Capital redemption reserve 22 22
Retained earnings 639,348 668,827
SHAREHOLDERS' FUNDS 1,037,421 1,066,900

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

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

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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 21 November 2023 and were signed on its behalf by:





G A Williams - Director


WILBAR COMPONENTS LIMITED (REGISTERED NUMBER: 01578127)

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


1. STATUTORY INFORMATION

Wilbar Components Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

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

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

Turnover
Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. The policies adopted for the recognition of turnover are as follows:

Sale of goods
Turnover from the sale of hydraulic couplings and specialised components is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on dispatch of the goods.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - not provided
Plant and machinery - 10% on reducing balance
Fixtures and fittings - 33.3% on cost and 20% on reducing balance
Motor vehicles - 25% on reducing balance

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Stocks
Stocks are stated 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 stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.


WILBAR COMPONENTS LIMITED (REGISTERED NUMBER: 01578127)

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


2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Leases
Assets acquired under finance leases are capitalised and depreciated over the shorter of the lease term and the expected useful life of the asset. Minimum lease payments are apportioned between the finance charge and the reduction of the outstanding lease liability using the effective interest method. The related obligations, net of future finance charges, are included in creditors.

Rentals payable and receivable under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.

Employee benefits
When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.

The company operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable.

Debtors and creditors receivable / payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 17 (2022 - 17 ) .

WILBAR COMPONENTS LIMITED (REGISTERED NUMBER: 01578127)

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


4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST OR VALUATION
At 1 August 2022 725,000 1,906,542 2,631,542
Additions - 22,223 22,223
Disposals - (20,787 ) (20,787 )
At 31 July 2023 725,000 1,907,978 2,632,978
DEPRECIATION
At 1 August 2022 - 1,205,677 1,205,677
Charge for year - 77,625 77,625
Eliminated on disposal - (19,533 ) (19,533 )
At 31 July 2023 - 1,263,769 1,263,769
NET BOOK VALUE
At 31 July 2023 725,000 644,209 1,369,209
At 31 July 2022 725,000 700,865 1,425,865

Cost or valuation at 31 July 2023 is represented by:

Plant and
Land and machinery
buildings etc Totals
£    £    £   
Valuation in 2012 325,448 - 325,448
Valuation in 2021 105,000 - 105,000
Cost 294,552 1,907,978 2,202,530
725,000 1,907,978 2,632,978

If freehold land and buildings had not been revalued they would have been included at the following historical cost:

2023 2022
£    £   
Cost 294,552 294,552

WILBAR COMPONENTS LIMITED (REGISTERED NUMBER: 01578127)

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


4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST OR VALUATION
At 1 August 2022
and 31 July 2023 495,195
DEPRECIATION
At 1 August 2022 131,202
Charge for year 36,400
At 31 July 2023 167,602
NET BOOK VALUE
At 31 July 2023 327,593
At 31 July 2022 363,993

5. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1 August 2022
and 31 July 2023 78
NET BOOK VALUE
At 31 July 2023 78
At 31 July 2022 78

6. STOCKS
2023 2022
£    £   
Raw materials 22,156 25,168
Work-in-progress 101,063 164,250
Finished goods 67,189 50,582
190,408 240,000

WILBAR COMPONENTS LIMITED (REGISTERED NUMBER: 01578127)

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


7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 215,819 225,337
Prepayments 15,738 14,231
231,557 239,568

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 152,960 152,914
Hire purchase contracts 59,086 95,329
Trade creditors 135,969 134,668
Amounts owed to group undertakings 14,831 975
Corporation tax 14,374 38,681
Social security and other taxes 6,284 5,866
VAT 32,005 35,255
Other creditors 23,269 23,179
Directors' current accounts 137,640 112
Accruals and deferred income 13,136 11,210
589,554 498,189

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans - 1-2 years 16,000 20,000
Bank loans - 2-5 years - 60,000
Bank loans more than 5 years
by instalments - 51,000
Hire purchase contracts 51,762 113,848
67,762 244,848

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more than 5 years
by instalments - 51,000
- 51,000

WILBAR COMPONENTS LIMITED (REGISTERED NUMBER: 01578127)

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


10. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank overdrafts 137,960 132,914
Bank loans 31,000 151,000
Hire purchase contracts 110,848 209,177
279,808 493,091

Bank loans and overdrafts totalling £168,960 (2022 - £283,914) are secured on the property known as 10A Martindale, Hawkes Green, Cannock, Staffordshire, WS11 7XN.

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

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
380 Ordinary A £1 380 380
598 Ordinary B £1 598 598
978 978

12. RESERVES
Revaluation
reserve
£   
At 1 August 2022
and 31 July 2023 397,073

13. OTHER FINANCIAL COMMITMENTS

Total financial commitments, guarantees and contingencies which are not included in the balance sheet amount to £10,608 (2022: £6,439).