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COMPANY REGISTRATION NUMBER: 07663146
WMB (MECHANICAL) LIMITED
Filleted Unaudited Financial Statements
31 October 2023
WMB (MECHANICAL) LIMITED
Financial Statements
Year ended 31st October 2023
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
WMB (MECHANICAL) LIMITED
Statement of Financial Position
31 October 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
40,679
38,358
Current assets
Stocks
401,275
454,155
Debtors
6
929,670
574,072
------------
------------
1,330,945
1,028,227
Creditors: amounts falling due within one year
7
1,005,416
707,111
------------
------------
Net current assets
325,529
321,116
---------
---------
Total assets less current liabilities
366,208
359,474
Provisions
Taxation including deferred tax
10,170
7,288
---------
---------
Net assets
356,038
352,186
---------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
355,938
352,086
---------
---------
Shareholders funds
356,038
352,186
---------
---------
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 31st October 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 .
WMB (MECHANICAL) LIMITED
Statement of Financial Position (continued)
31 October 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 D P Smith
Mr P M Bluer
Director
Director
Mr S A Dearden
Director
Company registration number: 07663146
WMB (MECHANICAL) LIMITED
Notes to the Financial Statements
Year ended 31st October 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, Lancashire, 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:
Fixtures and Fittings
-
25% reducing balance
Motor Vehicles
-
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 14 (2022: 13 ).
5. Tangible assets
Fixtures and fittings
Motor vehicles
Total
£
£
£
Cost
At 1st November 2022
3,854
124,176
128,030
Additions
15,882
15,882
--------
---------
---------
At 31st October 2023
19,736
124,176
143,912
--------
---------
---------
Depreciation
At 1st November 2022
3,242
86,430
89,672
Charge for the year
4,124
9,437
13,561
--------
---------
---------
At 31st October 2023
7,366
95,867
103,233
--------
---------
---------
Carrying amount
At 31st October 2023
12,370
28,309
40,679
--------
---------
---------
At 31st October 2022
612
37,746
38,358
--------
---------
---------
6. Debtors
2023
2022
£
£
Trade debtors
797,935
528,756
Other debtors
131,735
45,316
---------
---------
929,670
574,072
---------
---------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
18,663
1,346
Trade creditors
691,934
591,078
Social security and other taxes
62,086
30,575
Other creditors
232,733
84,112
------------
---------
1,005,416
707,111
------------
---------
8. Directors' advances, credits and guarantees
2023 2022
£ £
Director loan accounts 160,977 27,540
--------- --------
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 the directors throughout the current period.