Registered number
11242478
WEP Fire Protection Limited
Unaudited Filleted Accounts
31 March 2023
WEP Fire Protection Limited
Registered number: 11242478
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 3,288 4,407
Current assets
Stocks 1,200 2,446
Debtors 4 505 3,188
Cash at bank and in hand 5,155 4,904
6,860 10,538
Creditors: amounts falling due within one year 5 (2,734) (8,282)
Net current assets 4,126 2,256
Total assets less current liabilities 7,414 6,663
Provisions for liabilities (625) (837)
Net assets 6,789 5,826
Capital and reserves
Called up share capital 6 6
Profit and loss account 6,783 5,820
Shareholders' funds 6,789 5,826
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 members have 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.
Mr M Holloway
Director
Approved by the board on 26 November 2023
WEP Fire Protection 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). The financial statements are presented in sterling which is the functional currency of the company and are rounded to the nearest £.
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:
Motor vehicles 25% reducing balance
Plant and machinery over 4 years
Fixtures, fittings, tools and equipment over 4 years
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 and creditors receivable/payable within one year
Debtors and creditors with no stated interest rate and receivable and payable within one year are recorded at the transaction price. Any losses from impairment are recognised in the profit and loss account in other administrative expenses.
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.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company - -
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 April 2022 490 13,500 13,990
At 31 March 2023 490 13,500 13,990
Depreciation
At 1 April 2022 354 9,229 9,583
Charge for the year 52 1,067 1,119
At 31 March 2023 406 10,296 10,702
Net book value
At 31 March 2023 84 3,204 3,288
At 31 March 2022 136 4,271 4,407
4 Debtors 2023 2022
£ £
Trade debtors 328 2,736
Other debtors 177 452
505 3,188
5 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 310 1,887
Taxation and social security costs 2,224 1,736
Other creditors 200 4,659
2,734 8,282
6 Other information
WEP Fire Protection Limited is a private company limited by shares and incorporated in England. Its registered office is:
Creedy Centre
Unit 2, 117 High Street
Crediton
Devon
EX17 3LG
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