W E Bates Limited 05332144 false 2023-01-01 2023-12-31 2023-12-31 The principal activity of the company is that of the manufacture of tubes, pipes and hollow profiles. Digita Accounts Production Advanced 6.30.9574.0 true true 05332144 2023-01-01 2023-12-31 05332144 2023-12-31 05332144 core:RetainedEarningsAccumulatedLosses 2023-12-31 05332144 core:ShareCapital 2023-12-31 05332144 core:HirePurchaseContracts core:CurrentFinancialInstruments 2023-12-31 05332144 core:CurrentFinancialInstruments 2023-12-31 05332144 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 05332144 core:Non-currentFinancialInstruments 2023-12-31 05332144 core:Non-currentFinancialInstruments core:AfterOneYear 2023-12-31 05332144 core:LandBuildings core:LongLeaseholdAssets 2023-12-31 05332144 core:LandBuildings core:OwnedOrFreeholdAssets 2023-12-31 05332144 core:OfficeEquipment 2023-12-31 05332144 core:PlantMachinery 2023-12-31 05332144 bus:SmallEntities 2023-01-01 2023-12-31 05332144 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 05332144 bus:FullAccounts 2023-01-01 2023-12-31 05332144 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 05332144 bus:RegisteredOffice 2023-01-01 2023-12-31 05332144 bus:Director1 2023-01-01 2023-12-31 05332144 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 05332144 core:LandBuildings 2023-01-01 2023-12-31 05332144 core:LandBuildings core:LongLeaseholdAssets 2023-01-01 2023-12-31 05332144 core:LandBuildings core:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 05332144 core:LeaseholdImprovements 2023-01-01 2023-12-31 05332144 core:OfficeEquipment 2023-01-01 2023-12-31 05332144 core:PlantMachinery 2023-01-01 2023-12-31 05332144 countries:EnglandWales 2023-01-01 2023-12-31 05332144 2022-12-31 05332144 core:LandBuildings core:LongLeaseholdAssets 2022-12-31 05332144 core:LandBuildings core:OwnedOrFreeholdAssets 2022-12-31 05332144 core:OfficeEquipment 2022-12-31 05332144 core:PlantMachinery 2022-12-31 05332144 2022-01-01 2022-12-31 05332144 2022-12-31 05332144 core:RetainedEarningsAccumulatedLosses 2022-12-31 05332144 core:ShareCapital 2022-12-31 05332144 core:HirePurchaseContracts core:CurrentFinancialInstruments 2022-12-31 05332144 core:CurrentFinancialInstruments 2022-12-31 05332144 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 05332144 core:Non-currentFinancialInstruments 2022-12-31 05332144 core:Non-currentFinancialInstruments core:AfterOneYear 2022-12-31 05332144 core:LandBuildings core:LongLeaseholdAssets 2022-12-31 05332144 core:LandBuildings core:OwnedOrFreeholdAssets 2022-12-31 05332144 core:OfficeEquipment 2022-12-31 05332144 core:PlantMachinery 2022-12-31 iso4217:GBP xbrli:pure

Registration number: 05332144

W E Bates Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

W E Bates Limited

(Registration number: 05332144)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

332,332

334,968

Current assets

 

Stocks

314,221

499,937

Debtors

5

881,978

1,050,297

Cash at bank and in hand

 

553,474

471,966

 

1,749,673

2,022,200

Creditors: Amounts falling due within one year

6

(645,023)

(866,683)

Net current assets

 

1,104,650

1,155,517

Total assets less current liabilities

 

1,436,982

1,490,485

Creditors: Amounts falling due after more than one year

6

(204,000)

(264,000)

Provisions for liabilities

(1,500)

(1,000)

Net assets

 

1,231,482

1,225,485

Capital and reserves

 

Called up share capital

1,100

1,100

Retained earnings

1,230,382

1,224,385

Shareholders' funds

 

1,231,482

1,225,485

For the financial 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.

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.

 

W E Bates Limited

(Registration number: 05332144)
Balance Sheet as at 31 December 2023

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 11 March 2024 and signed on its behalf by:
 

.........................................
W Romney
Director

 

W E Bates Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 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:
Bath Meadow Gaydon Road
Bishops Itchington
Southam
Warwickshire
CV47 2QZ

These financial statements were authorised for issue by the Board on 11 March 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 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when: the amount of revenue can be reliably measured; it is probable that future economic benefits will flow to the entity; and specific criteria have been met for each of the company's activities.

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.

 

W E Bates Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Tax

The tax expense for the period comprises current and deferred 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 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.

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold property

No depreciation charged

Leasehold property improvements

10% pa on straight line basis.

Plant and machinery

10% pa on a straight line basis.

Computer equipment

33% pa on a straight line basis.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised at the transaction price.

 

W E Bates Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

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 inventories 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised at the transaction price.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

 

W E Bates Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 18 (2022 - 18).

4

Tangible assets

Land and buildings
£

Long leasehold land and buildings
£

Plant and machinery
£

Office equipment
£

Cost or valuation

At 1 January 2023

321,639

11,804

8,750

3,216

At 31 December 2023

321,639

11,804

8,750

3,216

Depreciation

At 1 January 2023

-

6,460

2,552

1,429

Charge for the year

-

689

875

1,072

At 31 December 2023

-

7,149

3,427

2,501

Carrying amount

At 31 December 2023

321,639

4,655

5,323

715

At 31 December 2022

321,639

5,344

6,198

1,787

 

W E Bates Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Total
£

Cost or valuation

At 1 January 2023

345,409

At 31 December 2023

345,409

Depreciation

At 1 January 2023

10,441

Charge for the year

2,636

At 31 December 2023

13,077

Carrying amount

At 31 December 2023

332,332

At 31 December 2022

334,968

 

W E Bates Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

5

Debtors

Current

2023
£

2022
£

Trade debtors

845,152

1,014,437

Prepayments

36,826

35,860

 

881,978

1,050,297

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

7

26,000

24,216

Trade creditors

 

350,389

417,916

Amounts owed to related parties

22,010

221,026

Taxation and social security

 

82,740

103,727

Corporation tax

 

139,177

43,705

Other creditors

 

24,707

56,093

 

645,023

866,683

Due after one year

 

Loans and borrowings

7

204,000

264,000

7

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Other borrowings

204,000

264,000

2023
£

2022
£

Current loans and borrowings

Hire purchase contracts

-

216

Other borrowings

26,000

24,000

26,000

24,216