Company Registration No. 06115165 (England and Wales)
WYRE BUILDERS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
PAGES FOR FILING WITH REGISTRAR
WYRE BUILDERS LIMITED
COMPANY INFORMATION
Director
Mr T Hill
Company number
06115165
Registered office
Weir House
Mill Bank
Fladbury
Pershore
Worcestershire
WR10 2QA
Accountants
Ormerod Rutter Limited
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
Bankers
Lloyds Bank Plc
19 High Street
Evesham
Worcestershire
WR11 4DQ
WYRE BUILDERS LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 9
WYRE BUILDERS LIMITED
ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF WYRE BUILDERS LIMITED FOR THE YEAR ENDED 31 JULY 2023
- 1 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Wyre Builders Limited for the year ended 31 July 2023 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.

 

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Wyre Builders Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Wyre Builders Limited and state those matters that we have agreed to state to the Board of Directors of Wyre Builders Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Wyre Builders Limited and its Board of Directors as a body, for our work or for this report.

It is your duty to ensure that Wyre Builders Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Wyre Builders Limited. You consider that Wyre Builders Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Wyre Builders Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Ormerod Rutter Limited
12 February 2024
Chartered Accountants
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
WYRE BUILDERS LIMITED
BALANCE SHEET
AS AT 31 JULY 2023
31 July 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
31,003
15,271
Investments
5
68,003
138,101
99,006
153,372
Current assets
Stocks
6,320
1,508
Debtors
6
411,675
439,104
Cash at bank and in hand
66,665
66,014
484,660
506,626
Creditors: amounts falling due within one year
7
(84,442)
(191,150)
Net current assets
400,218
315,476
Total assets less current liabilities
499,224
468,848
Creditors: amounts falling due after more than one year
8
(26,073)
(27,150)
Provisions for liabilities
10
(7,711)
(2,876)
Net assets
465,440
438,822
Capital and reserves
Called up share capital
11
100
1
Profit and loss reserves
465,340
438,821
Total equity
465,440
438,822

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

WYRE BUILDERS LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 JULY 2023
31 July 2023
- 3 -
The financial statements were approved and signed by the director and authorised for issue on 12 February 2024.
Mr T Hill
Director
Company Registration No. 06115165
WYRE BUILDERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
- 4 -
1
Accounting policies
Company information

Wyre Builders Limited is a private company limited by shares incorporated in England and Wales. The registered office is Weir House, Mill Bank, Fladbury, Pershore, Worcestershire, WR10 2QA.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from the provision of services is recognised by reference to the stage of completion, when the costs incurred and costs to complete can be estimated reliably.

1.3
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and has been fully amortised on a systematic basis over its expected life.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Improvements to property
5% on reducing balance
Plant and machinery
15% on reducing balance
Fixtures and fittings
15% on reducing balance
Computer equipment
33% on cost
Motor vehicles
25% on reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

WYRE BUILDERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
1
Accounting policies
(Continued)
- 5 -
1.5
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.8
Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

1.9
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

WYRE BUILDERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
1
Accounting policies
(Continued)
- 6 -
1.10
Leases

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

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to the profit and loss account so as to produce a constant periodic rate of interest on the remaining balance of the liability.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was 3 (2022 - 3).

3
Intangible fixed assets
Goodwill
£
Cost
At 1 August 2022 and 31 July 2023
30,000
Amortisation and impairment
At 1 August 2022 and 31 July 2023
30,000
Carrying amount
At 31 July 2023
-
0
At 31 July 2022
-
0
WYRE BUILDERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 7 -
4
Tangible fixed assets
Improvements to property
Plant and machinery
Fixtures and fittings
Computer equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 August 2022
2,354
7,216
1,292
2,607
50,495
63,964
Additions
-
0
1,675
-
0
-
0
25,999
27,674
Disposals
-
0
-
0
-
0
-
0
(16,224)
(16,224)
At 31 July 2023
2,354
8,891
1,292
2,607
60,270
75,414
Depreciation and impairment
At 1 August 2022
870
4,073
1,108
1,805
40,837
48,693
Depreciation charged in the year
74
723
28
612
8,385
9,822
Eliminated in respect of disposals
-
0
-
0
-
0
-
0
(14,104)
(14,104)
At 31 July 2023
944
4,796
1,136
2,417
35,118
44,411
Carrying amount
At 31 July 2023
1,410
4,095
156
190
25,152
31,003
At 31 July 2022
1,484
3,143
184
802
9,658
15,271
WYRE BUILDERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 8 -
5
Fixed asset investments
2023
2022
£
£
Investments
68,003
138,101
Movements in fixed asset investments
Shares in group undertakings and participating interests
Other investments other than loans
Total
£
£
£
Cost or valuation
At 1 August 2022
68,003
70,098
138,101
Disposals
-
(70,098)
(70,098)
At 31 July 2023
68,003
-
68,003
Carrying amount
At 31 July 2023
68,003
-
68,003
At 31 July 2022
68,003
70,098
138,101
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
49,897
73,929
Amounts owed by group undertakings and undertakings in which the company has a participating interest
357,275
360,573
Other debtors
4,503
4,602
411,675
439,104
7
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
10,177
11,180
Trade creditors
17,775
26,697
Amounts owed to group undertakings and undertakings in which the company has a participating interest
404
230
Taxation and social security
39,583
68,787
Other creditors
16,503
84,256
84,442
191,150
WYRE BUILDERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 9 -
8
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
18,156
27,150
Other creditors
7,917
-
0
26,073
27,150
9
Secured debts
The following secured debts are included within creditors:
2023
2022
£
£
Hire purchase contracts
12,917
-
Bank loans
28,333
38,330
41,250
38,330
Hire purchase contracts are secured against the assets to which they relate.
Bank loans are secured by way of a government-backed guarantee.
10
Provisions for liabilities
2023
2022
£
£
Deferred tax liabilities
7,711
2,876
11
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
90 Ordinary A of £1 each
90
1
10 Ordinary Preferred of £1 each
10
-
100
1

The following shares were allotted and fully paid for cash at par during the year:

89 Ordinary A of £1 each

10 Ordinary Preferred of £1 each

12
Ultimate controlling party

The ultimate controlling party is Mr T Hill.

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