IRIS Accounts Production v23.3.1.45 03125247 director 1.6.22 31.5.23 31.5.23 false true false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pure031252472022-05-31031252472023-05-31031252472022-06-012023-05-31031252472021-05-31031252472021-06-012022-05-31031252472022-05-3103125247ns16:EnglandWales2022-06-012023-05-3103125247ns15:PoundSterling2022-06-012023-05-3103125247ns11:Director12022-06-012023-05-3103125247ns11:PrivateLimitedCompanyLtd2022-06-012023-05-3103125247ns11:SmallEntities2022-06-012023-05-3103125247ns11:AuditExemptWithAccountantsReport2022-06-012023-05-3103125247ns11:SmallCompaniesRegimeForDirectorsReport2022-06-012023-05-3103125247ns11:SmallCompaniesRegimeForAccounts2022-06-012023-05-3103125247ns11:FullAccounts2022-06-012023-05-3103125247ns11:CompanySecretary12022-06-012023-05-3103125247ns11:RegisteredOffice2022-06-012023-05-3103125247ns6:CurrentFinancialInstruments2023-05-3103125247ns6:CurrentFinancialInstruments2022-05-3103125247ns6:Non-currentFinancialInstruments2023-05-3103125247ns6:Non-currentFinancialInstruments2022-05-3103125247ns6:ShareCapital2023-05-3103125247ns6:ShareCapital2022-05-3103125247ns6:RetainedEarningsAccumulatedLosses2023-05-3103125247ns6:RetainedEarningsAccumulatedLosses2022-05-3103125247ns6:PlantMachinery2022-06-012023-05-3103125247ns6:FurnitureFittings2022-06-012023-05-3103125247ns6:MotorVehicles2022-06-012023-05-3103125247ns6:ComputerEquipment2022-06-012023-05-3103125247ns6:PlantMachinery2022-05-3103125247ns6:FurnitureFittings2022-05-3103125247ns6:MotorVehicles2022-05-3103125247ns6:ComputerEquipment2022-05-3103125247ns6:PlantMachinery2023-05-3103125247ns6:FurnitureFittings2023-05-3103125247ns6:MotorVehicles2023-05-3103125247ns6:ComputerEquipment2023-05-3103125247ns6:PlantMachinery2022-05-3103125247ns6:FurnitureFittings2022-05-3103125247ns6:MotorVehicles2022-05-3103125247ns6:ComputerEquipment2022-05-3103125247ns6:WithinOneYearns6:CurrentFinancialInstruments2023-05-3103125247ns6:WithinOneYearns6:CurrentFinancialInstruments2022-05-3103125247ns6:Secured2023-05-3103125247ns6:Secured2022-05-31
REGISTERED NUMBER: 03125247 (England and Wales)






Unaudited Financial Statements

for the Year Ended 31st May 2023

for

Wright Electrical Limited

Wright Electrical Limited (Registered number: 03125247)

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










Page

Company Information 1

Chartered Accountants' Report 2

Balance Sheet 3

Notes to the Financial Statements 5


Wright Electrical Limited

Company Information
for the Year Ended 31st May 2023







DIRECTOR: P C Kent





SECRETARY: Mrs V M Kent





REGISTERED OFFICE: Unit 1 Boundary Industrial Estate
Stafford Road, Fordhouses
Wolverhampton
West Midlands
WV10 7EL





REGISTERED NUMBER: 03125247 (England and Wales)





ACCOUNTANTS: Neil Westwood & Co.
Chartered Accountants
101 Dixons Green Road
Dudley
West Midlands
DY2 7DJ

Chartered Accountants' Report to the Director
on the Unaudited Financial Statements of
Wright Electrical Limited


The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Wright Electrical Limited for the year ended 31st May 2023 which comprise the Statement of Income and Retained Earnings, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the director of Wright Electrical Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Wright Electrical Limited and state those matters that we have agreed to state to the director of Wright Electrical Limited in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Wright Electrical Limited and its director for our work or for this report.

It is your duty to ensure that Wright Electrical Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Wright Electrical Limited. You consider that Wright Electrical Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Wright Electrical Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Neil Westwood & Co.
Chartered Accountants
101 Dixons Green Road
Dudley
West Midlands
DY2 7DJ


14th February 2024

Wright Electrical Limited (Registered number: 03125247)

Balance Sheet
31st May 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 7,191 9,537

CURRENT ASSETS
Stocks 29,728 28,260
Debtors 5 198,249 216,753
Cash at bank and in hand 5,066 4,899
233,043 249,912
CREDITORS
Amounts falling due within one year 6 138,848 219,284
NET CURRENT ASSETS 94,195 30,628
TOTAL ASSETS LESS CURRENT
LIABILITIES

101,386

40,165

CREDITORS
Amounts falling due after more than one
year

7

40,000

40,000
NET ASSETS 61,386 165

CAPITAL AND RESERVES
Called up share capital 40 40
Retained earnings 61,346 125
SHAREHOLDERS' FUNDS 61,386 165

Wright Electrical Limited (Registered number: 03125247)

Balance Sheet - continued
31st May 2023


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

The members have not required the company to obtain an audit of its financial statements for the year ended 31st May 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 14th February 2024 and were signed by:





P C Kent - Director


Wright Electrical Limited (Registered number: 03125247)

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


1. STATUTORY INFORMATION

Wright Electrical 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 Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.


Wright Electrical Limited (Registered number: 03125247)

Notes to the Financial Statements - continued
for the Year Ended 31st 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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 12 (2022 - 12 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1st June 2022
and 31st May 2023 1,324 5,329 37,674 14,899 59,226
DEPRECIATION
At 1st June 2022 1,289 4,972 28,529 14,899 49,689
Charge for year 5 54 2,287 - 2,346
At 31st May 2023 1,294 5,026 30,816 14,899 52,035
NET BOOK VALUE
At 31st May 2023 30 303 6,858 - 7,191
At 31st May 2022 35 357 9,145 - 9,537

Wright Electrical Limited (Registered number: 03125247)

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


5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 194,947 212,048
Other debtors 3,302 4,705
198,249 216,753

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 2,753 23,977
Hire purchase contracts - 2,163
Trade creditors 54,073 138,032
Taxation and social security 79,424 44,970
Other creditors 2,598 10,142
138,848 219,284

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
2023 2022
£    £   
Bank loans 40,000 40,000

8. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank overdrafts 2,753 23,977
Hire purchase contracts - 2,163
2,753 26,140

The bank overdraft is secured by a debenture dated 22/07/1999 creating a fixed and floating charge over the undertaking and all property and assets present and future.
The other loan is secured by a debenture dated 15/08/2014 over all plant and machinery implements utensils chattels equipment undertaking and assets, all the book and other debts.