Wincobank Fabrication and Engineering Limited 07239985 false 2022-05-01 2023-04-30 2023-04-30 The principal activity of the company is general engineering Digita Accounts Production Advanced 6.30.9574.0 true true 07239985 2022-05-01 2023-04-30 07239985 2023-04-30 07239985 core:CapitalRedemptionReserve 2023-04-30 07239985 core:RetainedEarningsAccumulatedLosses 2023-04-30 07239985 core:ShareCapital 2023-04-30 07239985 core:CurrentFinancialInstruments 2023-04-30 07239985 core:CurrentFinancialInstruments core:WithinOneYear 2023-04-30 07239985 core:Goodwill 2023-04-30 07239985 core:FurnitureFittings 2023-04-30 07239985 core:MotorVehicles 2023-04-30 07239985 core:PlantMachinery 2023-04-30 07239985 bus:SmallEntities 2022-05-01 2023-04-30 07239985 bus:AuditExemptWithAccountantsReport 2022-05-01 2023-04-30 07239985 bus:FullAccounts 2022-05-01 2023-04-30 07239985 bus:SmallCompaniesRegimeForAccounts 2022-05-01 2023-04-30 07239985 bus:RegisteredOffice 2022-05-01 2023-04-30 07239985 bus:Director3 2022-05-01 2023-04-30 07239985 bus:PrivateLimitedCompanyLtd 2022-05-01 2023-04-30 07239985 core:IntangibleAssetsOtherThanGoodwill 2022-05-01 2023-04-30 07239985 core:FurnitureFittings 2022-05-01 2023-04-30 07239985 core:MotorVehicles 2022-05-01 2023-04-30 07239985 core:PlantMachinery 2022-05-01 2023-04-30 07239985 countries:England 2022-05-01 2023-04-30 07239985 2022-04-30 07239985 core:Goodwill 2022-04-30 07239985 core:FurnitureFittings 2022-04-30 07239985 core:MotorVehicles 2022-04-30 07239985 core:PlantMachinery 2022-04-30 07239985 2021-05-01 2022-04-30 07239985 2022-04-30 07239985 core:CapitalRedemptionReserve 2022-04-30 07239985 core:RetainedEarningsAccumulatedLosses 2022-04-30 07239985 core:ShareCapital 2022-04-30 07239985 core:CurrentFinancialInstruments 2022-04-30 07239985 core:CurrentFinancialInstruments core:WithinOneYear 2022-04-30 07239985 core:FurnitureFittings 2022-04-30 07239985 core:MotorVehicles 2022-04-30 07239985 core:PlantMachinery 2022-04-30 iso4217:GBP xbrli:pure

Registration number: 07239985

Wincobank Fabrication and Engineering Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 April 2023

 

Wincobank Fabrication and Engineering Limited

(Registration number: 07239985)
Balance Sheet as at 30 April 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

6

4,156

8,765

Current assets

 

Stocks

7

141,358

3,318

Debtors

8

428,070

169,073

Cash at bank and in hand

 

200,994

189,122

 

770,422

361,513

Creditors: Amounts falling due within one year

9

(370,260)

(101,879)

Net current assets

 

400,162

259,634

Total assets less current liabilities

 

404,318

268,399

Provisions for liabilities

(7)

(711)

Net assets

 

404,311

267,688

Capital and reserves

 

Called up share capital

4

4

Capital redemption reserve

2

2

Retained earnings

404,305

267,682

Shareholders' funds

 

404,311

267,688

For the financial year ending 30 April 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 15 January 2024 and signed on its behalf by:
 

 

Wincobank Fabrication and Engineering Limited

(Registration number: 07239985)
Balance Sheet as at 30 April 2023

.........................................
John Adams
Director

 

Wincobank Fabrication and Engineering Limited

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

1

General information

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

The address of its registered office is:
1a The Ickles
Sheffield Road
Rotherham
South Yorkshire
S60 1DP

The principal place of business is:
1a The Ickles
Sheffield Road
Rotherham
South Yorkshire
S60 1DP

These financial statements were authorised for issue by the Board on 15 January 2024.

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 and deferred tax. Tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Wincobank Fabrication and Engineering Limited

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

The current corporation 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 corporation tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred corporation tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

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

Fixtures and fittings

25% straight line

Plant and machinery

20% straight line

Motor vehicles

25% straight line

Intangible assets

Intellectual property is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful economic life. It is reviewed for impairment at the end of the first full financial year following the acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Intellectual property

20% straight line

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.

 

Wincobank Fabrication and Engineering Limited

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

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.

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 inventories 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.

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.

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 directors) during the year, was 9 (2022 - 10).

 

Wincobank Fabrication and Engineering Limited

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

4

Profit before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

4,609

6,671

5

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 May 2022

15,000

15,000

At 30 April 2023

15,000

15,000

Amortisation

At 1 May 2022

15,000

15,000

At 30 April 2023

15,000

15,000

Carrying amount

At 30 April 2023

-

-

 

Wincobank Fabrication and Engineering Limited

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

6

tangible assets

Fixtures and fittings
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 May 2022

20,406

179,889

7,995

208,290

At 30 April 2023

20,406

179,889

7,995

208,290

Depreciation

At 1 May 2022

16,296

175,234

7,995

199,525

Charge for the year

2,003

2,606

-

4,609

At 30 April 2023

18,299

177,840

7,995

204,134

Carrying amount

At 30 April 2023

2,107

2,049

-

4,156

At 30 April 2022

4,110

4,655

-

8,765

7

Stocks

2023
£

2022
£

Work in progress

141,358

3,318

8

Debtors

Current

2023
£

2022
£

Trade debtors

427,382

166,018

Prepayments

688

3,055

 

428,070

169,073

 

Wincobank Fabrication and Engineering Limited

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

9

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

48,578

18,577

Taxation and social security

152,468

76,273

Accruals and deferred income

32,469

6,100

Other creditors

136,745

929

370,260

101,879