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WRES Limited

Annual Report and Unaudited Financial Statements
Year Ended 30 June 2023

Registration number: 00914967

 

WRES Limited

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 5

 

WRES Limited

Balance Sheet

30 June 2023

Note

2023
£

2022
£

Current assets

 

Stocks

4

271,983

235,154

Debtors

5

1,360,313

1,259,704

Cash at bank and in hand

 

256,763

251,903

 

1,889,059

1,746,761

Creditors: Amounts falling due within one year

6

(1,495,955)

(1,420,225)

Net assets

 

393,104

326,536

Capital and reserves

 

Called up share capital

7

101

101

Other reserves

11,854

11,854

Profit and loss account

381,149

314,581

Shareholders' funds

 

393,104

326,536

For the financial year ending 30 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 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 and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 26 February 2024 and signed on its behalf by:
 

.........................................
A Hamer
Director

Company Registration Number: 00914967

 

WRES Limited

Notes to the Unaudited Financial Statements

Year Ended 30 June 2023

1

General information

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

The address of its registered office is:
Towngate House
2-8 Parkstone Road
Poole
Dorset
BH15 2PW

The principal place of business is:
25 Witney Road
Nuffield Industrial Estate
Poole
Dorset
BH17 0GL

These financial statements were authorised for issue by the Board on 26 February 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 including Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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.

These financial statements are presented in Sterling (£) and rounded to the nearest whole pound.

Revenue recognition

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

WRES Limited

Notes to the Unaudited Financial Statements

Year Ended 30 June 2023

Tax

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

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.

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 stocks 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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

 

WRES Limited

Notes to the Unaudited Financial Statements

Year Ended 30 June 2023

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.



 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 46 (2022 - 44).

4

Stocks

2023
£

2022
£

Work in progress

206,388

180,798

Stock

65,595

54,356

271,983

235,154

5

Debtors

2023
£

2022
£

Trade debtors

1,300,399

1,213,803

Prepayments

59,514

45,001

Other debtors

400

900

1,360,313

1,259,704

 

WRES Limited

Notes to the Unaudited Financial Statements

Year Ended 30 June 2023

6

Creditors

Creditors: amounts falling due within one year

2023
 £

2022
 £

Due within one year

Trade creditors

382,072

427,337

Amounts due to group undertakings

820,306

748,208

Corporation tax

88,029

33,842

Social security and other taxes

171,775

153,220

Outstanding defined contribution pension costs

5,147

5,761

Other creditors

-

18,348

Accrued expenses

28,626

33,509

1,495,955

1,420,225

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

Ordinary A share of £1 each

1

1

1

1

 

101

101

101

101

The Ordinary A share holds no voting rights.

8

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £167,158 (2022 - £172,427).