Company Registration No. 11095919 (England and Wales)
WeSpray UPVC Ltd
Unaudited accounts
for the year ended 31 December 2023
WeSpray UPVC Ltd
Unaudited accounts
Contents
WeSpray UPVC Ltd
Company Information
for the year ended 31 December 2023
Company Number
11095919 (England and Wales)
Registered Office
Unit 7 School Street
Hazel Grove
Stockport
SK7 4RA
Accountants
Bee Motion Accounting Limited
136 Hall Street
Stockport
Greater Manchester
SK1 4HE
WeSpray UPVC Ltd
Statement of financial position
as at 31 December 2023
Tangible assets
69,182
86,797
Cash at bank and in hand
366,227
375,977
Creditors: amounts falling due within one year
(100,674)
(69,399)
Net current assets
396,460
326,999
Total assets less current liabilities
465,642
413,796
Creditors: amounts falling due after more than one year
(20,825)
(42,427)
Provisions for liabilities
Deferred tax
(13,145)
(16,491)
Net assets
431,672
354,878
Called up share capital
100
100
Profit and loss account
431,572
354,778
Shareholders' funds
431,672
354,878
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 27 February 2024 and were signed on its behalf by
Laura White
Director
Company Registration No. 11095919
WeSpray UPVC Ltd
Notes to the Accounts
for the year ended 31 December 2023
WeSpray UPVC Ltd is a private company, limited by shares, registered in England and Wales, registration number 11095919. The registered office is Unit 7 School Street, Hazel Grove, Stockport, SK7 4RA.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes.
Turnover includes revenue earned from the sale of goods and/or services.
i) Sale of goods
Turnover from the sale of goods are recognised when significant risks and rewards of ownership have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company.
ii) Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
20% Straight Line
Motor vehicles
15% Reducing Balance
Fixtures & fittings
20% Straight Line
Computer equipment
20% Straight Line
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
WeSpray UPVC Ltd
Notes to the Accounts
for the year ended 31 December 2023
Finance leases and hire purchase contracts
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight-line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
Taxation expense for the period comprises current and deferred tax recognised in the reporting period. Tax is recognised in the profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case tax is also recognised in other comprehensive income or directly in equity respectively.
Current tax is the amount of income tax payable in respect of the taxable profit for the year or prior years. Tax is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the period end. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
The company offers a range of benefits to employees, including bonus arrangements, paid holiday arrangements and defined contribution pension plans.
Short-term employee benefits are those expected to be settled wholly before twelve months after the end of the annual reporting period during which employee services are rendered, but do not include termination benefits.
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.
The contributions are recognised as an expense when they are due. Amounts not paid are shown within 'taxes and social security' on the balance sheet. The assets of the plan are held separately from the company in independently administered funds.
The company has considerable financial resources together with contracts with a number of clients. The director believes that the company is well placed to manage its business risks successfully.
After making enquiries, the director has reasonable expectations that the company has adequate resources to continue in operational existence for a period of at least twelve months and for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the annual report.
WeSpray UPVC Ltd
Notes to the Accounts
for the year ended 31 December 2023
4
Tangible fixed assets
Plant & machinery
Motor vehicles
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At cost
At 1 January 2023
10,700
99,145
15,987
4,853
130,685
Additions
3,288
-
1,300
1,483
6,071
Disposals
-
(13,000)
-
-
(13,000)
At 31 December 2023
13,988
86,145
17,287
6,336
123,756
At 1 January 2023
7,630
26,196
7,594
2,468
43,888
Charge for the year
1,281
10,941
3,133
1,133
16,488
On disposals
-
(5,802)
-
-
(5,802)
At 31 December 2023
8,911
31,335
10,727
3,601
54,574
At 31 December 2023
5,077
54,810
6,560
2,735
69,182
At 31 December 2022
3,070
72,949
8,393
2,385
86,797
Raw materials
10,900
10,957
Amounts falling due within one year
Trade debtors
11,710
4,252
Amounts due from group undertakings etc.
6,975
4,562
Accrued income and prepayments
650
650
Amounts falling due after more than one year
Amounts due from group undertakings etc.
83,602
-
7
Creditors: amounts falling due within one year
2023
2022
Bank loans and overdrafts
10,158
9,910
Obligations under finance leases and hire purchase contracts
11,338
10,809
Taxes and social security
71,820
43,976
Loans from directors
1,267
742
WeSpray UPVC Ltd
Notes to the Accounts
for the year ended 31 December 2023
8
Creditors: amounts falling due after more than one year
2023
2022
Obligations under finance leases and hire purchase contracts
6,870
18,208
9
Deferred taxation
2023
2022
Accelerated capital allowances
13,145
16,491
Provision at start of year
16,491
8,207
(Credited)/charged to the profit and loss account
(3,346)
8,284
Provision at end of year
13,145
16,491
Allotted, called up and fully paid:
100 Ordinary shares of £1 each
100
100
11
Transactions with related parties
The Company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.
The company's parent undertaking and ultimate controlling party is WeHoldco Limited, a limited company registered in England and Wales.
WeHoldco Limited (13740341) - 136 Hall Street, Offerton, Stockport, SK1 4HE
13
Average number of employees
During the year the average number of employees was 11 (2022: 11).