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REGISTERED NUMBER: 01583732 (England and Wales)














WAYLAID LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2023






WAYLAID LIMITED (REGISTERED NUMBER: 01583732)






CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 30 June 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


WAYLAID LIMITED

COMPANY INFORMATION
for the year ended 30 June 2023







DIRECTORS: L M Healy
Mrs P Healy
L Healy
R Healy
P Healy
W Healy





SECRETARY: L M Healy





REGISTERED OFFICE: 8 Merse Road
Redditch
West Midlands
B98 9HL





REGISTERED NUMBER: 01583732 (England and Wales)





AUDITORS: Equus Miller Limited
Chartered Certified Accountants
Statutory Auditors
Brook House
47 High Street
Henley in Arden
Warwickshire
B95 5AA

WAYLAID LIMITED (REGISTERED NUMBER: 01583732)

BALANCE SHEET
30 June 2023

30/6/23 30/6/22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 3,126,628 2,670,507

CURRENT ASSETS
Stocks 270,000 270,000
Debtors 6 2,445,788 1,863,802
Cash at bank 828 13,933
2,716,616 2,147,735
CREDITORS
Amounts falling due within one year 7 1,729,599 1,396,506
NET CURRENT ASSETS 987,017 751,229
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,113,645

3,421,736

CREDITORS
Amounts falling due after more than one
year

8

(1,152,849

)

(763,540

)

PROVISIONS FOR LIABILITIES (319,076 ) (141,720 )
NET ASSETS 2,641,720 2,516,476

CAPITAL AND RESERVES
Called up share capital 10 100 100
Share premium 11 2,940 2,940
Retained earnings 11 2,638,680 2,513,436
SHAREHOLDERS' FUNDS 2,641,720 2,516,476

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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29 March 2024 and were signed on its behalf by:





L Healy - Director


WAYLAID LIMITED (REGISTERED NUMBER: 01583732)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 30 June 2023

1. STATUTORY INFORMATION

Waylaid 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 (£).


2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Related party exemption
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.

Turnover
Turnover is measured at fair value of the consideration received or receivable net of VAT and trade discounts. The policies adopted for the recognition of turnover are as follows:

Sale of goods

Turnover from sale of plant is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that economic benefits associated with the transaction will flow to the company and the cost incurred in respect of the transaction can be measured reliably. This is usually on dispatch of goods.

Rendering of hire services

When the outcome of a transaction can be estimated reliably, turnover from hire of plant is recognised by reference to the stage of completion at the balance sheet date. Stage of completion is measured by reference to period of hire at customers.

Where the outcome cannot be measured reliably, turnover is recognised only to the extent of the expenses recognised that are recoverable.

Interest and dividends receivable

Interest income is recognised using the effective interest method and dividend income is recognised as the company's right to receive payment is established.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - 2% on cost
Plant and machinery - 25% on reducing balance
Motor vehicles - 25% on reducing balance




Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.


WAYLAID LIMITED (REGISTERED NUMBER: 01583732)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 30 June 2023

3. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 year 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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet and are depreciated over their estimated useful lives.

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

Debtors and creditors receivable/payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2022 - 4 ) .

5. TANGIBLE FIXED ASSETS
Freehold Plant and Motor
property machinery vehicles Totals
£    £    £    £   
COST
At 1 July 2022 1,400,240 4,482,188 23,788 5,906,216
Additions - 1,003,809 185,428 1,189,237
Disposals - (558,400 ) - (558,400 )
At 30 June 2023 1,400,240 4,927,597 209,216 6,537,053
DEPRECIATION
At 1 July 2022 87,099 3,142,663 5,947 3,235,709
Charge for year 28,005 575,371 50,817 654,193
Eliminated on disposal - (479,477 ) - (479,477 )
At 30 June 2023 115,104 3,238,557 56,764 3,410,425
NET BOOK VALUE
At 30 June 2023 1,285,136 1,689,040 152,452 3,126,628
At 30 June 2022 1,313,141 1,339,525 17,841 2,670,507

Included within fixed assets above are assets available for hire with a cost of £4,927,597 and accumulated depreciation of £3,238,557.

WAYLAID LIMITED (REGISTERED NUMBER: 01583732)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 30 June 2023

5. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 July 2022 842,678 - 842,678
Additions 1,003,809 185,428 1,189,237
Transfer to ownership (144,600 ) 23,788 (120,812 )
At 30 June 2023 1,701,887 209,216 1,911,103
DEPRECIATION
At 1 July 2022 410,320 - 410,320
Charge for year 345,463 50,817 396,280
Transfer to ownership (90,284 ) 5,947 (84,337 )
At 30 June 2023 665,499 56,764 722,263
NET BOOK VALUE
At 30 June 2023 1,036,388 152,452 1,188,840
At 30 June 2022 432,358 - 432,358

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30/6/23 30/6/22
£    £   
Amounts owed by group undertakings 2,396,712 1,845,592
VAT 48,463 18,210
Prepayments and accrued income 613 -
2,445,788 1,863,802

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30/6/23 30/6/22
£    £   
Bank loans and overdrafts 35,324 32,669
Hire purchase contracts 482,272 261,486
Trade creditors 80,215 57,898
Amounts owed to group undertakings 1,124,250 924,250
Corporation tax payable (950 ) 114,935
Accrued expenses 8,488 5,268
1,729,599 1,396,506

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
30/6/23 30/6/22
£    £   
Bank loans - 1-2 years 36,703 36,703
Bank loans - 2-5 years 516,336 542,093
Hire purchase contracts 599,810 184,744
1,152,849 763,540

WAYLAID LIMITED (REGISTERED NUMBER: 01583732)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 30 June 2023

9. SECURED DEBTS

The following secured debts are included within creditors:

30/6/23 30/6/22
£    £   
Bank loans 588,363 611,465
Hire purchase contracts 1,082,082 446,230
1,670,445 1,057,695

Security is offered by way of a debenture over the assets of the group.

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30/6/23 30/6/22
value: £    £   
100 Ordinary £1 100 100

11. RESERVES
Retained Share
earnings premium Totals
£    £    £   

At 1 July 2022 2,513,436 2,940 2,516,376
Profit for the year 325,244 325,244
Dividends (200,000 ) (200,000 )
At 30 June 2023 2,638,680 2,940 2,641,620

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

The Report of the Auditors was unqualified.

Deborah Jane Horsley FCCA (Senior Statutory Auditor)
for and on behalf of Equus Miller Limited

13. OTHER FINANCIAL COMMITMENTS

There is an unlimited inter-company guarantee in place between Waylaid Limited, L Healy Limited, L Healy Holdings Limited and Healy Group Limited.

The total financial commitments, guarantees and contingencies undertaken on behalf of L Healy Limited which are subject to inter-company guarantee and not included in the balance sheet of Waylaid Limited amount to £2,070,106 (2022 £2,426,917).

14. ULTIMATE HOLDING COMPANY

The ultimate holding company is Healy Group Limited. The registered office and place of business of Healy Group Limited is 8 Merse Road, Redditch, West Midlands, B98 9HL.