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Registration number: 04452377

Wignalls Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 June 2023

 

Wignalls Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 10

 

Wignalls Limited

(Registration number: 04452377)
Balance Sheet as at 30 June 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

827,605

910,463

Current assets

 

Stocks

5

159,118

178,680

Debtors

6

2,156,953

1,794,983

Cash at bank and in hand

 

1,215,431

665,608

 

3,531,502

2,639,271

Creditors: Amounts falling due within one year

7

(1,511,869)

(1,216,746)

Net current assets

 

2,019,633

1,422,525

Total assets less current liabilities

 

2,847,238

2,332,988

Creditors: Amounts falling due after more than one year

7

(234,678)

(349,673)

Provisions for liabilities

(179,960)

(199,876)

Net assets

 

2,432,600

1,783,439

Capital and reserves

 

Called up share capital

2

2

Retained earnings

2,432,598

1,783,437

Shareholders' funds

 

2,432,600

1,783,439

 

Wignalls Limited

(Registration number: 04452377)
Balance Sheet as at 30 June 2023

For the financial year ending 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 30 January 2024 and signed on its behalf by:
 


Mr R Wignall
Director


Mrs C Wignall
Company secretary and director

 

Wignalls Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

1

General information

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

The address of its registered office is:
Avalon
College Road
Newton Abbot
Devon
TQ12 1EG
England

2

Accounting policies

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.

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

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.

Going concern

The directors have reviewed the financial resources available to the company and are confident that the company will be able to pay its debts as they fall due for the foreseeable future and accordingly have prepared the accounts 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 recognised according to the stage of completion of each project. Turnover is shown net of 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.

 

Wignalls Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Government grants

Government grants are accrued on a systematic basis over the period that the related costs have been recognised. Where the costs have already been incurred then government grants are credited to the profit and loss account in full.

Tax

The tax expense for the period comprises current and deferred 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.

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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

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 less residual balances, other than land over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

15% - 25% reducing balance

Motor vehicles

25% reducing balance

Freehold property

Straight line over 50 years

Freehold land

nil

Improvements to long leasehold properties

15% - 25% reducing balance

Office 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.

 

Wignalls Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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

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.

 

Wignalls Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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

A 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 directors) during the year was 40 (2022 - 38).

4

Tangible assets

 

Wignalls Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Freehold land and buildings
£

Long leasehold land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 July 2022

254,319

185,377

-

968,942

-

133,211

1,541,849

Additions

-

-

10,836

20,620

1,872

11,000

44,328

Disposals

-

-

-

(9,665)

-

-

(9,665)

At 30 June 2023

254,319

185,377

10,836

979,897

1,872

144,211

1,576,512

Depreciation

At 1 July 2022

10,574

50,308

-

499,963

-

70,540

631,385

Charge for the year

4,273

21,173

938

77,419

53

16,126

119,982

Eliminated on disposal

-

-

-

(2,460)

-

-

(2,460)

At 30 June 2023

14,847

71,481

938

574,922

53

86,666

748,907

Carrying amount

At 30 June 2023

239,472

113,896

9,898

404,975

1,819

57,545

827,605

At 30 June 2022

243,745

135,069

-

468,978

-

62,671

910,463

Included within the net book value of land and buildings above is £239,472 (2022 - £243,745) in respect of freehold land and buildings and £113,896 (2022 - £135,069) in respect of long leasehold land and buildings.
 

 

Wignalls Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

5

Stocks

2023
£

2022
£

Raw materials and consumables

116,568

97,893

Work in progress

42,550

80,787

159,118

178,680

6

Debtors

Note

2023
£

2022
£

Trade debtors

 

554,782

527,466

Due from group undertakings

10

1,403,757

1,180,463

Other debtors

 

178,404

73,751

Prepayments and accrued income

 

20,010

13,303

 

2,156,953

1,794,983

7

Creditors

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

105,993

104,749

Trade creditors

 

190,472

179,605

Amounts owed to group undertakings and undertakings in which the company has a participating interest

10

694,309

522,604

Taxation and social security

 

325,178

136,376

Other creditors

 

89,871

81,244

Accruals and deferred income

 

106,046

192,168

 

1,511,869

1,216,746

Creditors include bank loans and net obligations under finance lease and hire purchase contracts which are secured of £105,993 (2022 - £104,750).

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

234,678

349,673

Creditors include bank loans and net obligations under finance lease and hire purchase contracts which are secured of £234,678 (2022 - £349,673).

 

Wignalls Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

8

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

190,503

261,680

Finance lease liabilities

44,175

87,993

234,678

349,673

2023
£

2022
£

Current loans and borrowings

Bank borrowings

62,175

57,333

Finance lease liabilities

43,818

47,416

105,993

104,749

9

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £244,329 (2022 - £384,329).

10

Related party transactions

Loans to related parties

2023

Parent
£

Key management
£

Total
£

At start of period

1,180,463

70,647

1,251,110

Advanced

243,294

495,291

738,585

Repaid

(20,000)

(390,917)

(410,917)

At end of period

1,403,757

175,021

1,578,778

2022

Parent
£

Key management
£

Total
£

At start of period

972,163

129,701

1,101,864

Advanced

278,300

116,006

394,306

Repaid

(70,000)

(175,060)

(245,060)

At end of period

1,180,463

70,647

1,251,110

 

Wignalls Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Loans from related parties

2023

Other related parties
£

Total
£

At start of period

522,604

522,604

Advanced

171,705

171,705

At end of period

694,309

694,309

2022

Other related parties
£

Total
£

At start of period

292,796

292,796

Advanced

229,843

229,843

Repaid

(35)

(35)

At end of period

522,604

522,604