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Company Registration No. 00806860 (England and Wales)
L.E. Went Limited Unaudited accounts for the year ended 31 December 2022
L.E. Went Limited Unaudited accounts Contents
Page
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L.E. Went Limited Company Information for the year ended 31 December 2022
Director
Mr I L Went
Secretary
Mrs J Went
Company Number
00806860 (England and Wales)
Registered Office
56 Burlington Road New Malden Surrey KT3 4NU
Accountants
Wellden Turnbull Limited Albany House Claremont Lane Esher Surrey KT10 9FQ
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L.E. Went Limited Statement of financial position as at 31 December 2022
2022 
2021 
Notes
£ 
£ 
Fixed assets
Tangible assets
2,087,422 
2,109,504 
Investments
200 
200 
2,087,622 
2,109,704 
Current assets
Inventories
301,022 
273,422 
Debtors
239,213 
238,768 
Cash at bank and in hand
145 
18,066 
540,380 
530,256 
Creditors: amounts falling due within one year
(1,104,999)
(822,886)
Net current liabilities
(564,619)
(292,630)
Total assets less current liabilities
1,523,003 
1,817,074 
Creditors: amounts falling due after more than one year
(430,557)
(535,738)
Provisions for liabilities
Deferred tax
(232,302)
(232,302)
Net assets
860,144 
1,049,034 
Capital and reserves
Called up share capital
2,000 
2,000 
Revaluation reserve
1,014,411 
1,014,411 
Profit and loss account
(156,267)
32,623 
Shareholders' funds
860,144 
1,049,034 
For the year ending 31 December 2022 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 his 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 1 March 2024 and were signed on its behalf by
Mr I L Went Director Company Registration No. 00806860
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L.E. Went Limited Notes to the Accounts for the year ended 31 December 2022
1
Statutory information
L.E. Went Limited is a private company, limited by shares, registered in England and Wales, registration number 00806860. The registered office is 56 Burlington Road, New Malden, Surrey, KT3 4NU.
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.
3
Accounting policies
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.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets. The company is a parent company and is exempt from the requirement to prepare group financial statements by virtue of section 399 of the Companies Act 2006. These financial statements therefore present information about the company as an individual undertaking and not about the group.
Presentation currency
The accounts are presented in £ sterling.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. 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.
Pension costs
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Going concern
The company meets its day to day working capital requirements through an overdraft facility which is repayable on demand. The nature of the company's business is such that there can be considerable unpredictable variation in the timing of cash inflows. The director has prepared projected cash flow information for the period ending 12months from the date of their approval of these financial statements. On the basis of this cash flow information and discussions with the company's bankers, the director considers that the company will continue to operate within the facility currently agreed. However, the margin of facilities over requirements is not large and, inherently there can be no uncertainty in relation to these matters. On this basis, the director considers it appropriate to prepare the financial statements on the going concern basis. The financial statements do not include any adjustments that would result from a withdrawal of the overdraft facility by the company's bankers. The company is also dependent on the continuing support of its director.
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L.E. Went Limited Notes to the Accounts for the year ended 31 December 2022
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:
Land & buildings
straight line over 50 years and 125 years
Plant & machinery
reducing balance at 25% per annum
Motor vehicles
reducing balance at 25% per annum
Fixtures & fittings
reducing balance at 25% per annum
Stocks
Stocks have been valued at the lower of cost and estimated selling price less costs to complete and sell.
Deferred taxation
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.
Investment property
Investment property is included at market fair value. Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.
Government grants
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.
Leased assets
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.
Investments
Investments in subsidiaries are held at cost less impairment.
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L.E. Went Limited Notes to the Accounts for the year ended 31 December 2022
4
Tangible fixed assets
Land & buildings 
Plant & machinery 
Motor vehicles 
Fixtures & fittings 
Total 
£ 
£ 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At cost 
At cost 
At 1 January 2022
2,085,000 
162,807 
97,316 
186,680 
2,531,803 
Additions
- 
8,526 
23,792 
- 
32,318 
At 31 December 2022
2,085,000 
171,333 
121,108 
186,680 
2,564,121 
Depreciation
At 1 January 2022
36,356 
135,321 
79,574 
171,048 
422,299 
Charge for the year
18,178 
15,429 
10,384 
10,409 
54,400 
At 31 December 2022
54,534 
150,750 
89,958 
181,457 
476,699 
Net book value
At 31 December 2022
2,030,466 
20,583 
31,150 
5,223 
2,087,422 
At 31 December 2021
2,048,644 
27,486 
17,742 
15,632 
2,109,504 
2022 
2021 
£ 
£ 
Carrying amount of land and buildings on cost basis
928,540 
928,540 
Land and buildings (including leasehold property) with a carrying amount of £928,540 (2021: £928,540) were revalued at 31 December 2022 by the director, Ian Went, based on his knowledge of similar property values in the area.
5
Investments
Subsidiary undertakings 
£ 
Valuation at 1 January 2022
200 
Valuation at 31 December 2022
200 
6
Inventories
2022 
2021 
£ 
£ 
Raw materials
301,022 
273,422 
301,022 
273,422 
7
Debtors
2022 
2021 
£ 
£ 
Amounts falling due within one year
Trade debtors
236,564 
223,182 
Accrued income and prepayments
2,649 
15,586 
239,213 
238,768 
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L.E. Went Limited Notes to the Accounts for the year ended 31 December 2022
8
Creditors: amounts falling due within one year
2022 
2021 
£ 
£ 
Bank loans and overdrafts
125,507 
46,571 
Obligations under finance leases and hire purchase contracts
4,147 
5,613 
Trade creditors
582,837 
487,868 
Amounts owed to group undertakings and other participating interests
200 
200 
Taxes and social security
269,941 
230,366 
Other creditors
66,071 
128 
Loans from directors
47,961 
47,961 
Accruals
8,335 
4,179 
1,104,999 
822,886 
9
Creditors: amounts falling due after more than one year
2022 
2021 
£ 
£ 
Bank loans
280,557 
338,201 
Obligations under finance leases and hire purchase contracts
- 
7,787 
Other creditors
150,000 
189,750 
430,557 
535,738 
Aggregate of amounts that fall due for payment after five years
105,000 
105,000 
Included in Creditors due more than year, are Other Creditors which represent loans from two employees which are secured on two of the properties owned by the company. The bank loan is secured on the property of the company and the guarantee by the Secretary of State. Amounts due under finance leases and hire purchase are secured over the assets to which they relate.
10
Deferred taxation
2022 
2021 
£ 
£ 
Accelerated capital allowances
232,302 
13,569 
Revaluation of land and buildings
- 
338,137 
Tax losses carried forward
- 
(119,404)
232,302 
232,302 
2022 
2021 
£ 
£ 
Provision at start of year
232,302 
176,511 
Charged to the profit and loss account
- 
55,791 
Provision at end of year
232,302 
232,302 
11
Share capital
2022 
2021 
£ 
£ 
Allotted, called up and fully paid:
2,000 Ordinary shares of £1 each
2,000 
2,000 
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L.E. Went Limited Notes to the Accounts for the year ended 31 December 2022
12
Operating lease commitments
2022 
2021 
£ 
£ 
At 31 December 2022 the company had the following future minimum lease payments under non-cancellable operating leases for each of the following periods:
Not later than one year
12,629 
14,000 
13
Transactions with related parties
At the year end the Company owed £47,961 (2021: £47,961) to a director. This amount is included within the other creditors, is interest free and repayable on demand. The Company has taken the exemption under FRS102 section 33.1A not to disclose transactions and balances with other group companies on the basis that it is a wholly owned subsidiary.
14
Average number of employees
During the year the average number of employees was 43 (2021: 44).
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