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REGISTERED NUMBER: 01875797 (England and Wales)











FINANCIAL STATEMENTS

FOR THE PERIOD 1 JANUARY 2022 TO 30 JUNE 2023

FOR

WHEELWRIGHT LIMITED

WHEELWRIGHT LIMITED (REGISTERED NUMBER: 01875797)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE PERIOD 1 JANUARY 2022 TO 30 JUNE 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


WHEELWRIGHT LIMITED

COMPANY INFORMATION
FOR THE PERIOD 1 JANUARY 2022 TO 30 JUNE 2023







DIRECTORS: T J Hooker
D P Mcmillan
M S Thomson





REGISTERED OFFICE: Steelfields Gads Hill
Owens Way
Gillingham
Kent
ME7 2RT





REGISTERED NUMBER: 01875797 (England and Wales)





AUDITORS: Haines Watts, Statutory Auditor
Chartered Accountants
The Lightbox
87 Castle Street
Reading
Berkshire
RG1 7SN

WHEELWRIGHT LIMITED (REGISTERED NUMBER: 01875797)

BALANCE SHEET
30 JUNE 2023

2023 2021
Notes £ £ £ £
FIXED ASSETS
Tangible assets 4 74,358 82,311

CURRENT ASSETS
Stocks 1,568,139 2,027,921
Debtors 5 3,910,627 3,079,775
Cash at bank 957,418 667,168
6,436,184 5,774,864
CREDITORS
Amounts falling due within one year 6 2,643,370 2,259,430
NET CURRENT ASSETS 3,792,814 3,515,434
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,867,172

3,597,745

CREDITORS
Amounts falling due after more than one
year

7

357,163

574,178
NET ASSETS 3,510,009 3,023,567

CAPITAL AND RESERVES
Called up share capital 10 900,000 900,000
Retained earnings 2,610,009 2,123,567
SHAREHOLDERS' FUNDS 3,510,009 3,023,567

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on 13 March 2024 and were signed on its behalf by:





M S Thomson - Director


WHEELWRIGHT LIMITED (REGISTERED NUMBER: 01875797)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD 1 JANUARY 2022 TO 30 JUNE 2023


1. STATUTORY INFORMATION

Wheelwright Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


These financial statements have been rounded to the nearest £.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going Concern
The financial statements have been prepared on a going concern basis. The Directors have reviewed and considered relevant information, including the annual budget and future cash flows in making their assessment. Based on these assessments, and the current resources available, the Directors have concluded that they can continue to adopt the going concern basis in preparing the annual report and accounts.

Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods
Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
- The company has transferred the significant risks and rewards of ownership to the buyer;
- The company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
- The amount of revenue can be measured reliably;
- It is probable that the company will receive the consideration due under the transaction; and
- The costs incurred or to be incurred in respect of the transaction can be measured reliably.

WHEELWRIGHT LIMITED (REGISTERED NUMBER: 01875797)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 JANUARY 2022 TO 30 JUNE 2023


2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight line method.

Depreciation is provided on the following basis:

Plant and machinery15-30% straight line
Motor vehicles25% straight line
Computer equipment30% straight line
Fixtures and fittings30% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of the purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is 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.

Debtors
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Creditors
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Financial instruments
The company only enters into basic financial instrument transactions that result in the recognition of financial and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.


WHEELWRIGHT LIMITED (REGISTERED NUMBER: 01875797)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 JANUARY 2022 TO 30 JUNE 2023


2. ACCOUNTING POLICIES - continued
The Company uses forward contracts to mitigate financial risk. These are remeasured to fair value at the balance sheet date with any gain or loss posted through the Statement of Profit and Loss.

Taxation
Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currency translation
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end end rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of income and retained earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

WHEELWRIGHT LIMITED (REGISTERED NUMBER: 01875797)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 JANUARY 2022 TO 30 JUNE 2023


2. ACCOUNTING POLICIES - continued

Defined contribution pension plan
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 in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the company in independently administered funds.

Provisions for liabilities
Provisions are made where an event has taken place that gives the company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.

Provisions are charged as an expense to profit or loss in the year that the company becomes aware of the obligation, and are measured at the best estimate at the Balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.

When payments are eventually made, they are charged to the provision carried in the Balance sheet.

Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid, Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the period was 14 (2021 - 13 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£
COST
At 1 January 2022 410,722
Additions 46,953
Disposals (92,799 )
At 30 June 2023 364,876
DEPRECIATION
At 1 January 2022 328,411
Charge for period 44,333
Eliminated on disposal (82,226 )
At 30 June 2023 290,518
NET BOOK VALUE
At 30 June 2023 74,358
At 31 December 2021 82,311

WHEELWRIGHT LIMITED (REGISTERED NUMBER: 01875797)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 JANUARY 2022 TO 30 JUNE 2023


4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under finance leases are as follows:

Plant and
machinery
etc
£
COST
Additions 25,980
At 30 June 2023 25,980
DEPRECIATION
Charge for period 8,660
At 30 June 2023 8,660
NET BOOK VALUE
At 30 June 2023 17,320

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2021
£ £
Trade debtors 1,045,071 588,775
Amounts owed by group undertakings 2,668,747 2,360,872
Other debtors 196,809 130,128
3,910,627 3,079,775

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2021
£ £
Bank loans and overdrafts 1,096,914 588,885
Finance leases (see note 8) 5,074 -
Trade creditors 1,155,103 1,379,221
Taxation and social security 308,688 255,542
Other creditors 77,591 35,782
2,643,370 2,259,430

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2021
£ £
Bank loans 346,667 574,178
Finance leases (see note 8) 10,496 -
357,163 574,178

WHEELWRIGHT LIMITED (REGISTERED NUMBER: 01875797)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 JANUARY 2022 TO 30 JUNE 2023


7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued
2023 2021
£ £
Amounts falling due in more than five years:

Repayable by instalments
Bank loans more than 5 years
by installments - 135,673
- 135,673

8. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Finance leases
2023 2021
£ £
Net obligations repayable:
Within one year 5,074 -
Between one and five years 10,496 -
15,570 -

Non-cancellable
operating leases
2023 2021
£ £
Within one year 63,995 60,723
Between one and five years 30,556 123,695
94,551 184,418

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2021
£ £
Bank loans 1,443,581 1,163,063
Finance leases 15,570 -
1,459,151 1,163,063

The loan is secured by a way of a fixed and floating rate charge over the Company's assets.

Finance leases are secured by the assets to which they relate.

WHEELWRIGHT LIMITED (REGISTERED NUMBER: 01875797)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 JANUARY 2022 TO 30 JUNE 2023


10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2021
value: £ £
900,000 Ordinary £1 900,000 900,000

11. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Mark Newbold FCA (Senior Statutory Auditor)
for and on behalf of Haines Watts, Statutory Auditor

12. RELATED PARTY DISCLOSURES

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.

All related party transactions during the current and prior periods, including key management personnel compensation, were made under normal market conditions.

13. CONTROLLING PARTY

The ultimate parent company is Wheelwright Group Limited, a company registered in England and Wales.

Wheelwright (Holdings) Limited is the immediate parent company.

Wheelwright Group Limited prepares consolidated financial statements. Copies can be obtained from the registered office Steelfields, Gads Hill, Owens Way, Gillingham, Kent, ME7 2RT.