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COMPANY REGISTRATION NUMBER: 1636820
W. M. B. (INSTALLATIONS) LIMITED
Filleted Unaudited Financial Statements
30 June 2023
W. M. B. (INSTALLATIONS) LIMITED
Financial Statements
Year ended 30th June 2023
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
W. M. B. (INSTALLATIONS) LIMITED
Statement of Financial Position
30 June 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
35,423
44,721
Current assets
Stocks
609,549
179,358
Debtors
6
880,945
932,419
Cash at bank and in hand
30,438
------------
------------
1,490,494
1,142,215
Creditors: amounts falling due within one year
7
862,439
505,015
------------
------------
Net current assets
628,055
637,200
---------
---------
Total assets less current liabilities
663,478
681,921
Provisions
Taxation including deferred tax
757
5,275
---------
---------
Net assets
662,721
676,646
---------
---------
Capital and reserves
Called up share capital
66
66
Capital redemption reserve
34
34
Profit and loss account
662,621
676,546
---------
---------
Shareholders funds
662,721
676,646
---------
---------
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 30th 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
W. M. B. (INSTALLATIONS) LIMITED
Statement of Financial Position (continued)
30 June 2023
These financial statements were approved by the board of directors and authorised for issue on 18 January 2024 , and are signed on behalf of the board by:
Mr. N. M. Chadwick
Mr. S. A. Dearden
Director
Director
Mr. D. P. Smith
Director
Company registration number: 1636820
W. M. B. (INSTALLATIONS) LIMITED
Notes to the Financial Statements
Year ended 30th June 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 Ventures House, 11A Claremont Road, Salford, M6 7NW.
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 and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Taxation
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.
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 & Machinery
-
15% reducing balance
Fixtures & Fittings
-
15% reducing balance
Motor Vehicles
-
25% reducing balance
Equipment
-
25% reducing balance
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.
Work in progress
Work in progress is valued on the basis of direct costs plus attributable overheads and profit based on normal level of activity. Provision is made for any foreseeable losses where appropriate.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and loans to and from related parties.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 39 (2022: 36 ).
5. Tangible assets
Plant and machinery
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1st July 2022
19,578
12,077
86,733
27,841
146,229
Additions
2,350
2,350
--------
--------
--------
--------
---------
At 30th June 2023
19,578
12,077
89,083
27,841
148,579
--------
--------
--------
--------
---------
Depreciation
At 1st July 2022
19,332
11,128
45,348
25,700
101,508
Charge for the year
37
142
10,933
536
11,648
--------
--------
--------
--------
---------
At 30th June 2023
19,369
11,270
56,281
26,236
113,156
--------
--------
--------
--------
---------
Carrying amount
At 30th June 2023
209
807
32,802
1,605
35,423
--------
--------
--------
--------
---------
At 30th June 2022
246
949
41,385
2,141
44,721
--------
--------
--------
--------
---------
6. Debtors
2023
2022
£
£
Trade debtors
845,418
858,504
Other debtors
35,527
73,915
---------
---------
880,945
932,419
---------
---------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
77,832
Trade creditors
625,401
320,958
Social security and other taxes
50,923
35,483
Other creditors
108,283
148,574
---------
---------
862,439
505,015
---------
---------
8. Directors' advances, credits and guarantees
2023 2022
£ £
Directors loan accounts 30,777 81,883
-------- --------
No interest has been charged to the company in respect of the loan which is repayable on demand and is classified within creditors.
9. Related party transactions
The company was under the control of Mr D.P. Smith during the year in question. Mr D.P. Smith is the managing director.