25 false false false false false false false false false false true false false false false false false No description of principal activity 2022-06-01 Sage Accounts Production Advanced 2023 - FRS102_2023 355,000 142,000 35,500 177,500 177,500 213,000 xbrli:pure xbrli:shares iso4217:GBP 08903743 2022-06-01 2023-05-31 08903743 2023-05-31 08903743 2022-05-31 08903743 2021-06-01 2022-05-31 08903743 2022-05-31 08903743 2021-05-31 08903743 core:NetGoodwill 2022-06-01 2023-05-31 08903743 core:PlantMachinery 2022-06-01 2023-05-31 08903743 core:MotorVehicles 2022-06-01 2023-05-31 08903743 bus:Director1 2022-06-01 2023-05-31 08903743 core:NetGoodwill 2022-05-31 08903743 core:NetGoodwill 2023-05-31 08903743 core:PlantMachinery 2022-05-31 08903743 core:MotorVehicles 2022-05-31 08903743 core:PlantMachinery 2023-05-31 08903743 core:MotorVehicles 2023-05-31 08903743 core:WithinOneYear 2023-05-31 08903743 core:WithinOneYear 2022-05-31 08903743 core:AfterOneYear 2023-05-31 08903743 core:AfterOneYear 2022-05-31 08903743 core:RetainedEarningsAccumulatedLosses 2023-05-31 08903743 core:RetainedEarningsAccumulatedLosses 2022-05-31 08903743 core:NetGoodwill 2022-05-31 08903743 core:PlantMachinery 2022-05-31 08903743 core:MotorVehicles 2022-05-31 08903743 bus:SmallEntities 2022-06-01 2023-05-31 08903743 bus:AuditExemptWithAccountantsReport 2022-06-01 2023-05-31 08903743 bus:SmallCompaniesRegimeForAccounts 2022-06-01 2023-05-31 08903743 bus:PrivateLimitedCompanyLtd 2022-06-01 2023-05-31 08903743 bus:FullAccounts 2022-06-01 2023-05-31
COMPANY REGISTRATION NUMBER: 08903743
Wychanger Limited
Filleted Unaudited Financial Statements
31 May 2023
Wychanger Limited
Statement of Financial Position
31 May 2023
2023
2022
Note
£
£
Fixed assets
Intangible assets
5
177,500
213,000
Tangible assets
6
51,259
63,547
ÄÄÄÄÄÄÄÄÄ
ÄÄÄÄÄÄÄÄÄ
228,759
276,547
Current assets
Stocks
698,000
744,400
Debtors
7
1,511
13,854
ÄÄÄÄÄÄÄÄÄ
ÄÄÄÄÄÄÄÄÄ
699,511
758,254
Creditors: amounts falling due within one year
8
580,680
737,413
ÄÄÄÄÄÄÄÄÄ
ÄÄÄÄÄÄÄÄÄ
Net current assets
118,831
20,841
ÄÄÄÄÄÄÄÄÄ
ÄÄÄÄÄÄÄÄÄ
Total assets less current liabilities
347,590
297,388
Creditors: amounts falling due after more than one year
9
132,659
136,000
Provisions
9,736
9,149
ÄÄÄÄÄÄÄÄÄ
ÄÄÄÄÄÄÄÄÄ
Net assets
205,195
152,239
ÍÍÍÍÍÍÍÍÍ
ÍÍÍÍÍÍÍÍÍ
Capital and reserves
Profit and loss account
205,195
152,239
ÄÄÄÄÄÄÄÄÄ
ÄÄÄÄÄÄÄÄÄ
Shareholders funds
205,195
152,239
ÍÍÍÍÍÍÍÍÍ
ÍÍÍÍÍÍÍÍÍ
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 comprehensive income has not been delivered.
For the year ending 31 May 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 .
Wychanger Limited
Statement of Financial Position (continued)
31 May 2023
These financial statements were approved by the board of directors and authorised for issue on 8 August 2023 , and are signed on behalf of the board by:
Mr R Male
Director
Company registration number: 08903743
Wychanger Limited
Notes to the Financial Statements
Year ended 31 May 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 7 Castle Street, Bridgwater, Somerset, TA6 3DT.
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.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The stock valuation has been provided by the director.
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.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
10% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
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:
Plant and machinery
-
20% reducing balance
Motor vehicles
-
20% 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. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
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
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 25 (2022: 18 ).
5. Intangible assets
Goodwill
£
Cost
At 1 June 2022 and 31 May 2023
355,000
ÍÍÍÍÍÍÍÍÍ
Amortisation
At 1 June 2022
142,000
Charge for the year
35,500
ÄÄÄÄÄÄÄÄÄ
At 31 May 2023
177,500
ÍÍÍÍÍÍÍÍÍ
Carrying amount
At 31 May 2023
177,500
ÍÍÍÍÍÍÍÍÍ
At 31 May 2022
213,000
ÍÍÍÍÍÍÍÍÍ
6. Tangible assets
Plant and machinery
Motor vehicles
Total
£
£
£
Cost
At 1 June 2022
39,599
85,608
125,207
Additions
528
528
ÄÄÄÄÄÄÄÄ
ÄÄÄÄÄÄÄÄ
ÄÄÄÄÄÄÄÄÄ
At 31 May 2023
40,127
85,608
125,735
ÍÍÍÍÍÍÍÍ
ÍÍÍÍÍÍÍÍ
ÍÍÍÍÍÍÍÍÍ
Depreciation
At 1 June 2022
19,985
41,675
61,660
Charge for the year
4,029
8,787
12,816
ÄÄÄÄÄÄÄÄ
ÄÄÄÄÄÄÄÄ
ÄÄÄÄÄÄÄÄÄ
At 31 May 2023
24,014
50,462
74,476
ÍÍÍÍÍÍÍÍ
ÍÍÍÍÍÍÍÍ
ÍÍÍÍÍÍÍÍÍ
Carrying amount
At 31 May 2023
16,113
35,146
51,259
ÍÍÍÍÍÍÍÍ
ÍÍÍÍÍÍÍÍ
ÍÍÍÍÍÍÍÍÍ
At 31 May 2022
19,614
43,933
63,547
ÍÍÍÍÍÍÍÍ
ÍÍÍÍÍÍÍÍ
ÍÍÍÍÍÍÍÍÍ
7. Debtors
2023
2022
£
£
Other debtors
1,511
13,854
ÍÍÍÍÍÍÍ
ÍÍÍÍÍÍÍÍ
8. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
110,608
102,551
Trade creditors
422,652
510,386
Corporation tax
24,453
34,477
Social security and other taxes
4,389
3,875
Other creditors
18,578
86,124
ÄÄÄÄÄÄÄÄÄ
ÄÄÄÄÄÄÄÄÄ
580,680
737,413
ÍÍÍÍÍÍÍÍÍ
ÍÍÍÍÍÍÍÍÍ
The bank overdraft shown in current creditors is currently secured against the director's personal property.
9. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
136,000
Other creditors
132,659
ÄÄÄÄÄÄÄÄÄ
ÄÄÄÄÄÄÄÄÄ
132,659
136,000
ÍÍÍÍÍÍÍÍÍ
ÍÍÍÍÍÍÍÍÍ
10. Directors' advances, credits and guarantees
There were no transactions with the director during the year requiring disclosure under FRS 102 section 1A.