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Registration number: 06076724

WARE POWER & LIGHTING LIMITED

Unaudited Filleted Financial Statements

for the Year Ended 28 February 2023

 

WARE POWER & LIGHTING LIMITED

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

 

WARE POWER & LIGHTING LIMITED

Company Information

Director

MR PHILIP JOHN FARRAR

Company secretary

MISS MICHELLE TURNER

Registered office

64 CHELMSFORD ROAD
HOLLAND ON SEA
ESSEX
CO15 5DJ

Bankers

HSBC
72 HIGH STREET
WARE
Hertfordshire
SG12 9AH

Accountants

Jacques and Associates Ltd ICPA

64 CHELMSFORD ROAD
HOLLAND ON SEA
ESSEX
CO15 5DJ

 

WARE POWER & LIGHTING LIMITED

(Registration number: 06076724)
Balance Sheet as at 28 February 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

5,824

7,528

Current assets

 

Debtors

5

94,418

56,493

Cash at bank and in hand

 

150,593

189,729

 

245,011

246,222

Creditors: Amounts falling due within one year

6

(61,757)

(53,877)

Net current assets

 

183,254

192,345

Total assets less current liabilities

 

189,078

199,873

Creditors: Amounts falling due after more than one year

6

(40,493)

(50,000)

Net assets

 

148,585

149,873

Capital and reserves

 

Called up share capital

7

10

10

Retained earnings

148,575

149,863

Shareholders' funds

 

148,585

149,873

For the financial year ending 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 23 November 2023
 

.........................................
MR PHILIP JOHN FARRAR
Director

 

WARE POWER & LIGHTING LIMITED

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
64 CHELMSFORD ROAD
HOLLAND ON SEA
ESSEX
CO15 5DJ

The principal place of business is:
134 KING GEORGE ROAD
WARE
Hertfordshire
SG12 7DP

These financial statements were authorised for issue by the director on 23 November 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

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

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

WARE POWER & LIGHTING LIMITED

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant & machinery

25% Reducing balance

Fixtures & fittings

25% Reducing balance

Motor vehicles

25% Reducing balance

I.T. equipment

25% Reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

 

WARE POWER & LIGHTING LIMITED

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 4 (2022 - 2).

 

WARE POWER & LIGHTING LIMITED

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 March 2022

23,843

9,500

33,343

Additions

235

-

235

At 28 February 2023

24,078

9,500

33,578

Depreciation

At 1 March 2022

16,716

9,099

25,815

Charge for the year

1,839

100

1,939

At 28 February 2023

18,555

9,199

27,754

Carrying amount

At 28 February 2023

5,523

301

5,824

At 28 February 2022

7,127

401

7,528

5

Debtors

Current

2023
£

2022
£

Trade debtors

93,785

52,499

Other debtors

633

3,994

 

94,418

56,493

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

639

1,702

Trade creditors

 

8,112

4,425

Taxation and social security

 

1,132

11,864

Accruals and deferred income

 

370

310

Other creditors

 

51,504

35,576

 

61,757

53,877

Creditors: amounts falling due after more than one year

 

WARE POWER & LIGHTING LIMITED

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

40,493

50,000

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

10

10

10

10

         

8

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

40,493

50,000

2023
£

2022
£

Current loans and borrowings

Bank overdrafts

639

1,702

9

Dividends

   

2023

 

2022

   

£

 

£

Interim dividend of £Nil (2022 - £2,880.00) per ordinary share

 

-

 

28,800

         

10

Related party transactions

 

WARE POWER & LIGHTING LIMITED

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

Director's remuneration

The director's remuneration for the year was as follows:

2023
£

2022
£

Remuneration

14,743

13,875

Contributions paid to money purchase schemes

256

229

14,999

14,104