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Registered Number: 04613828
England and Wales

 

 

 

WRS CABLES LIMITED


Unaudited Financial Statements
 


Period of accounts

Start date: 01 May 2022

End date: 31 December 2022
Directors Mr I P Merrifield
Mrs M E Merrifield
Registered Number 04613828
Registered Office C3 Apollo Court
Neptune Park
Plymouth
Devon
PL4 0SJ
Accountants FUEL Accountancy Services Ltd
Chartered Certified Accountants
C3 Apollo Court
Neptune Park
Plymouth
PL4 0SJ
Secretary Mrs M E Merrifield
1
 
 
Notes
 
2022
£
  2022
£
Fixed assets      
Tangible fixed assets 3 11,436    247 
11,436    247 
Current assets      
Stocks 4 1,499,986    654,436 
Debtors: amounts falling due within one year 5 882,031    806,058 
Cash at bank and in hand 386,997   
2,769,014    1,460,494 
Creditors: amount falling due within one year 6 (2,266,906)   (904,942)
Net current assets 502,108    555,552 
 
Total assets less current liabilities 513,544    555,799 
Creditors: amount falling due after more than one year 7 (180,854)   (227,649)
Net assets 332,690    328,150 
 

Capital and reserves
     
Called up share capital 1,002    1,002 
Profit and loss account 331,688    327,148 
Shareholder's funds 332,690    328,150 
 


For the period ended 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476.
  2. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These 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 to the Registrar of Companies.
The financial statements were approved by the board of directors on 03 April 2024 and were signed on its behalf by:


-------------------------------
Mr I P Merrifield
Director
2
General Information
WRS CABLES LIMITED is a private company, limited by shares, registered in England and Wales, registration number 04613828, registration address C3 Apollo Court, Neptune Park, Plymouth, Devon, PL4 0SJ.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102 – The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
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.
Tangible fixed 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 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:
Computer Equipment 25% Straight Line
Fixtures and Fittings 15% Straight Line
Assets on finance lease and hire purchase
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset.

 Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
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.

Financial instruments
A financial asset or a financial liability is recognised only when the company 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. 
Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. 
Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. 
Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship. 
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. 
For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. 
Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised. 
2.

Average number of employees

Average number of employees during the period was 7 (2022 : 7).
3.

Tangible fixed assets

Cost or valuation Land and Buildings   Plant and Machinery   Fixtures and Fittings   Computer Equipment   Total
  £   £   £   £   £
At 01 May 2022 6,000    5,759    4,951    24,075    40,785 
Additions     13,237      13,237 
Disposals        
At 31 December 2022 6,000    5,759    18,188    24,075    54,022 
Depreciation
At 01 May 2022 6,000    5,759    4,951    23,828    40,538 
Charge for period     1,986    62    2,048 
On disposals        
At 31 December 2022 6,000    5,759    6,937    23,890    42,586 
Net book values
Closing balance as at 31 December 2022     11,251    185    11,436 
Opening balance as at 01 May 2022       247    247 


4.

Stocks

2022
£
  2022
£
Stocks 1,499,986    654,436 
1,499,986    654,436 

5.

Debtors: amounts falling due within one year

2022
£
  2022
£
Trade Debtors 302,167    337,530 
Other Debtors 579,864    468,528 
882,031    806,058 

6.

Creditors: amount falling due within one year

2022
£
  2022
£
Trade Creditors 1,142,497    155,935 
Bank Loans & Overdrafts 68,400    69,915 
Taxation and Social Security 120,187    145,053 
Other Creditors 935,822    534,039 
2,266,906    904,942 

7.

Creditors: amount falling due after more than one year

2022
£
  2022
£
Bank Loans & Overdrafts 180,854    227,649 
180,854    227,649 

8.

Related Party Transactions

During the year a dividend of £194,000 was paid to the parent company, Western Rail Services (Holdings) Limited.

 At the year end an amount was owed from the parent company, Western Rail Services (Holdings) Limited, this totalled £125,625 (2021: £125,625).
9.

Controlling party

The ultimate controlling party is Mr I P Merrifield and Mrs M Merrifield by virtue of their shareholding in the parent company Western Rail Services (Holdings) Limited.
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