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REGISTERED NUMBER: 03763149 (England and Wales)













Unaudited Financial Statements

for the Year Ended 31 May 2023

for

Washington Components Limited

Washington Components Limited (Registered number: 03763149)






Contents of the Financial Statements
for the Year Ended 31 May 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Washington Components Limited

Company Information
for the Year Ended 31 May 2023







DIRECTORS: A Sutherland
J T Sutherland
A C Sutherland





SECRETARY: A Sutherland





REGISTERED OFFICE: Prestex House
Hertburn Industrial Estate
Washington
Tyne and Wear
NE37 2SF





REGISTERED NUMBER: 03763149 (England and Wales)





ACCOUNTANTS: Clive Owen LLP
Chartered Accountants
Kepier House
Belmont Business Park
Durham
DH1 1TW

Washington Components Limited (Registered number: 03763149)

Balance Sheet
31 May 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 518,696 484,345

CURRENT ASSETS
Stocks 5 64,900 49,000
Debtors 6 1,256,415 1,006,194
Cash at bank and in hand 1,032,917 910,909
2,354,232 1,966,103
CREDITORS
Amounts falling due within one year 7 1,057,225 884,188
NET CURRENT ASSETS 1,297,007 1,081,915
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,815,703

1,566,260

CREDITORS
Amounts falling due after more than one
year

8

(8,333

)

(20,833

)

PROVISIONS FOR LIABILITIES 10 (128,549 ) (102,213 )
NET ASSETS 1,678,821 1,443,214

CAPITAL AND RESERVES
Called up share capital 11 1,100 1,100
Retained earnings 1,677,721 1,442,114
SHAREHOLDERS' FUNDS 1,678,821 1,443,214

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

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

Washington Components Limited (Registered number: 03763149)

Balance Sheet - continued
31 May 2023


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 8 January 2024 and were signed on its behalf by:





A C Sutherland - Director


Washington Components Limited (Registered number: 03763149)

Notes to the Financial Statements
for the Year Ended 31 May 2023

1. STATUTORY INFORMATION

Washington 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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "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.

There were no material departures from the standard.

The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Income recognition
Turnover represents the sale of goods and is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on delivery of goods.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 25% on cost
Plant and machinery - 25% on cost
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance

Tangible fixed assets are measured at cost less any depreciation and impairment.

Government grants
Capital based grants are credited to the profit and loss account in equal instalments, over the estimated useful life or the related asset.

Revenue based grants are credited to the profit and loss in the period to which they relate.

Stocks
Stocks and work in progress are valued at the lower of cost and selling price less estimated costs to sell, after making due allowance for obsolete and slow moving items.

Financial instruments
Basic financial instruments are recognised at amortised cost with changes recognised in profit and loss.

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.


Washington Components Limited (Registered number: 03763149)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2023

2. ACCOUNTING POLICIES - continued
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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

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

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 38 (2022 - 34 ) .

4. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 June 2022 30,670 1,782,898 32,241 35,435 1,881,244
Additions 52,692 130,835 30,291 49,020 262,838
At 31 May 2023 83,362 1,913,733 62,532 84,455 2,144,082
DEPRECIATION
At 1 June 2022 15,957 1,336,111 25,130 19,701 1,396,899
Charge for year 8,216 209,167 4,107 6,997 228,487
At 31 May 2023 24,173 1,545,278 29,237 26,698 1,625,386
NET BOOK VALUE
At 31 May 2023 59,189 368,455 33,295 57,757 518,696
At 31 May 2022 14,713 446,787 7,111 15,734 484,345

5. STOCKS
2023 2022
£    £   
Stocks 4,400 4,400
Work-in-progress 60,500 44,600
64,900 49,000

Washington Components Limited (Registered number: 03763149)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2023

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 1,234,482 986,845
Other debtors - 507
Prepayments and accrued income 21,933 18,842
1,256,415 1,006,194

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 626,659 471,250
Taxation and social security 200,978 123,314
Other creditors 5,469 1,272
Directors' current accounts 153,964 185,390
Accruals and deferred income 70,155 102,962
1,057,225 884,188

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Deferred government grants 8,333 20,833

9. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 1,656 1,656

10. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 128,549 102,213

Deferred
tax
£   
Balance at 1 June 2022 102,213
Accelerated capital allowances 26,336
Balance at 31 May 2023 128,549

Washington Components Limited (Registered number: 03763149)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2023

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
440 Ordinary £1 440 440
660 Ordinary A £1 660 660
1,100 1,100

12. RELATED PARTY DISCLOSURES

There were no related party transactions other than those concluded under normal market conditions, except for those shown below.

2023 2022
£ £

Amounts due to directors 153,964 185,390

No interest has been charged.