1 false false false false false false false false false false true false false false false false false No description of principal activity 2022-03-01 Sage Accounts Production Advanced 2023 - FRS102_2023 8,333 1,667 1,666 3,333 5,000 6,666 xbrli:pure xbrli:shares iso4217:GBP 11845154 2022-03-01 2023-02-28 11845154 2023-02-28 11845154 2022-02-28 11845154 2021-03-01 2022-02-28 11845154 2022-02-28 11845154 2021-02-28 11845154 core:PlantMachinery 2022-03-01 2023-02-28 11845154 core:MotorVehicles 2022-03-01 2023-02-28 11845154 bus:Director1 2022-03-01 2023-02-28 11845154 core:PlantMachinery 2022-02-28 11845154 core:MotorVehicles 2022-02-28 11845154 core:PlantMachinery 2023-02-28 11845154 core:MotorVehicles 2023-02-28 11845154 core:AfterOneYear 2023-02-28 11845154 core:AfterOneYear 2022-02-28 11845154 core:WithinOneYear 2023-02-28 11845154 core:WithinOneYear 2022-02-28 11845154 core:ShareCapital 2023-02-28 11845154 core:ShareCapital 2022-02-28 11845154 core:RetainedEarningsAccumulatedLosses 2023-02-28 11845154 core:RetainedEarningsAccumulatedLosses 2022-02-28 11845154 core:PlantMachinery 2022-02-28 11845154 core:MotorVehicles 2022-02-28 11845154 core:LeasedAssetsHeldAsLessee core:MotorVehicles 2023-02-28 11845154 core:LeasedAssetsHeldAsLessee core:MotorVehicles 2022-02-28 11845154 bus:Director1 2022-02-28 11845154 bus:Director1 2021-02-28 11845154 bus:SmallEntities 2022-03-01 2023-02-28 11845154 bus:AuditExemptWithAccountantsReport 2022-03-01 2023-02-28 11845154 bus:SmallCompaniesRegimeForAccounts 2022-03-01 2023-02-28 11845154 bus:PrivateLimitedCompanyLtd 2022-03-01 2023-02-28 11845154 bus:FullAccounts 2022-03-01 2023-02-28 11845154 core:IntangibleAssetsOtherThanGoodwill 2022-03-01 2023-02-28 11845154 core:IntangibleAssetsOtherThanGoodwill 2023-02-28 11845154 core:IntangibleAssetsOtherThanGoodwill 2022-02-28 11845154 core:AfterOneYear 2022-03-01 2023-02-28
COMPANY REGISTRATION NUMBER: 11845154
WHEELSESSEXUK LTD
Filleted Unaudited Financial Statements
28 February 2023
WHEELSESSEXUK LTD
Statement of Financial Position
28 February 2023
2023
2022
Note
£
£
Fixed assets
Intangible assets
5
5,000
6,666
Tangible assets
6
25,710
10,874
--------
--------
30,710
17,540
Current assets
Stocks
95,300
48,197
Debtors
7
13,955
4,400
Cash at bank and in hand
28,283
32,948
---------
--------
137,538
85,545
Creditors: amounts falling due within one year
8
47,791
39,356
---------
--------
Net current assets
89,747
46,189
---------
--------
Total assets less current liabilities
120,457
63,729
Creditors: amounts falling due after more than one year
9
103,862
47,527
---------
--------
Net assets
16,595
16,202
---------
--------
Capital and reserves
Called up share capital
1
1
Profit and loss account
16,594
16,201
--------
--------
Shareholders funds
16,595
16,202
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the 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 financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
WHEELSESSEXUK LTD
Statement of Financial Position (continued)
28 February 2023
These financial statements were approved by the board of directors and authorised for issue on 25 November 2023 , and are signed on behalf of the board by:
Mrs A O'Sullivan
Director
Company registration number: 11845154
WHEELSESSEXUK LTD
Notes to the Financial Statements
Year ended 28 February 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Shairwood Yard, Colchester Road, Tendring, Clacton on Sea, CO16 9AA.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Operating leases
Lease income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Leasehold property
-
20% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
20% straight line
Motor vehicles
-
20% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units .
Stocks
Stocks are measured 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 the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2022: 1 ).
5. Intangible assets
Leasehold premises premium
£
Cost
At 1 March 2022 and 28 February 2023
8,333
-------
Amortisation
At 1 March 2022
1,667
Charge for the year
1,666
-------
At 28 February 2023
3,333
-------
Carrying amount
At 28 February 2023
5,000
-------
At 28 February 2022
6,666
-------
6. Tangible assets
Plant and machinery
Motor vehicles
Total
£
£
£
Cost
At 1 March 2022
11,121
8,600
19,721
Additions
25,000
25,000
Disposals
( 8,100)
( 8,100)
--------
--------
--------
At 28 February 2023
11,121
25,500
36,621
--------
--------
--------
Depreciation
At 1 March 2022
3,687
5,160
8,847
Charge for the year
2,224
5,000
7,224
Disposals
( 5,160)
( 5,160)
--------
--------
--------
At 28 February 2023
5,911
5,000
10,911
--------
--------
--------
Carrying amount
At 28 February 2023
5,210
20,500
25,710
--------
--------
--------
At 28 February 2022
7,434
3,440
10,874
--------
--------
--------
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Motor vehicles
£
At 28 February 2023
( 20,000)
--------
At 28 February 2022
( 3,186)
--------
7. Debtors
2023
2022
£
£
Trade debtors
13,955
4,400
--------
-------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
45,683
32,869
Corporation tax
2,218
Social security and other taxes
784
2,231
Pension contributions owed
34
20
Other creditors
1,290
2,018
--------
--------
47,791
39,356
--------
--------
Other creditors: Accruals and business credit cards.
9. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
83,755
38,414
Other creditors
20,107
9,113
---------
--------
103,862
47,527
---------
--------
Other creditors: Amounts owed under Hire purchase and to Directors .
10. Director's advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
Balance brought forward and outstanding
2023
2022
£
£
Mrs A O'Sullivan
( 834)
( 5,927)
----
-------
11. Related party transactions
The company was under the control of Mrs Avril O'Sullivan throughout the current year. Mrs Avril O'Sullivan is the managing director and majority shareholder .