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REGISTERED NUMBER: 00848755 (England and Wales)















WILBEST ENGINEERING COMPANY LIMITED

Unaudited Financial Statements

for the Year Ended 31 August 2023






WILBEST ENGINEERING COMPANY LIMITED (Registered number: 00848755)






Contents of the Financial Statements
for the Year Ended 31 August 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


WILBEST ENGINEERING COMPANY LIMITED

Company Information
for the Year Ended 31 August 2023







DIRECTORS: J Handford
J Davies





REGISTERED OFFICE: 1 Park View Court
St Pauls Road
Shipley
West Yorkshire
BD18 3DZ





REGISTERED NUMBER: 00848755 (England and Wales)





ACCOUNTANTS: Maclean & Company
1 Park View Court
St Paul's Road
Shipley
West Yorkshire
BD18 3DZ

WILBEST ENGINEERING COMPANY LIMITED (Registered number: 00848755)

Balance Sheet
31 August 2023

31.8.23 31.8.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 2 2
Tangible assets 5 181,832 194,602
181,834 194,604

CURRENT ASSETS
Stocks 10,000 10,000
Debtors 6 365,482 226,075
Cash at bank and in hand 67,379 342,820
442,861 578,895
CREDITORS
Amounts falling due within one year 7 128,334 296,111
NET CURRENT ASSETS 314,527 282,784
TOTAL ASSETS LESS CURRENT
LIABILITIES

496,361

477,388

CREDITORS
Amounts falling due after more than one
year

8

(4,590

)

(18,358

)

PROVISIONS FOR LIABILITIES 10 (34,912 ) (36,974 )
NET ASSETS 456,859 422,056

CAPITAL AND RESERVES
Called up share capital 1,100 1,100
Retained earnings 455,759 420,956
SHAREHOLDERS' FUNDS 456,859 422,056

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

WILBEST ENGINEERING COMPANY LIMITED (Registered number: 00848755)

Balance Sheet - continued
31 August 2023


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 by the Board of Directors and authorised for issue on 19 March 2024 and were signed on its behalf by:





J Handford - Director


WILBEST ENGINEERING COMPANY LIMITED (Registered number: 00848755)

Notes to the Financial Statements
for the Year Ended 31 August 2023

1. STATUTORY INFORMATION

WILBEST ENGINEERING COMPANY 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.

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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
No amortisation of the purchased Goodwill has previously been provided as such a charge was deemed not material against the cost of the asset. Otherwise, any goodwill would normally be amortised over its estimated useful life.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

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.
Plant and machinery - 10% on reducing balance
Fixtures and fittings - 10% 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.

Taxation
Taxation for the year 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 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.

WILBEST ENGINEERING COMPANY LIMITED (Registered number: 00848755)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2023

2. ACCOUNTING POLICIES - continued

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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2022 - 10 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 September 2022
and 31 August 2023 2
NET BOOK VALUE
At 31 August 2023 2
At 31 August 2022 2

5. TANGIBLE FIXED ASSETS
Fixtures
Plant and and
machinery fittings Totals
£    £    £   
COST
At 1 September 2022 511,284 9,483 520,767
Additions 7,434 - 7,434
At 31 August 2023 518,718 9,483 528,201
DEPRECIATION
At 1 September 2022 322,301 3,864 326,165
Charge for year 19,642 562 20,204
At 31 August 2023 341,943 4,426 346,369
NET BOOK VALUE
At 31 August 2023 176,775 5,057 181,832
At 31 August 2022 188,983 5,619 194,602

WILBEST ENGINEERING COMPANY LIMITED (Registered number: 00848755)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2023

5. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and
machinery
£   
COST
At 1 September 2022
and 31 August 2023 45,895
DEPRECIATION
At 1 September 2022 4,589
Charge for year 4,131
At 31 August 2023 8,720
NET BOOK VALUE
At 31 August 2023 37,175
At 31 August 2022 41,306

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.8.23 31.8.22
£    £   
Trade debtors 94,482 225,075
Amounts owed by group undertakings 270,000 -
Other debtors 1,000 1,000
365,482 226,075

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.8.23 31.8.22
£    £   
Hire purchase contracts 13,769 13,769
Trade creditors & accruals 60,145 109,441
Taxation 23,783 131,426
Other creditors 30,637 41,475
128,334 296,111

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.8.23 31.8.22
£    £   
Hire purchase contracts 4,590 18,358

WILBEST ENGINEERING COMPANY LIMITED (Registered number: 00848755)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2023

9. SECURED DEBTS

The following secured debts are included within creditors:

31.8.23 31.8.22
£    £   
Hire purchase contracts 18,359 32,127
Factor creditor 26,637 37,475
44,996 69,602

The Factor creditor, included in "Other creditors" (note 10) is secured against the Company's Trade debtors (note 9).

The Hire purchase contracts are secured against the assets to which they relate (note 8).

10. PROVISIONS FOR LIABILITIES
31.8.23 31.8.22
£    £   
Deferred tax 34,912 36,974

Deferred
tax
£   
Balance at 1 September 2022 36,974
Credit to Income Statement during year (2,062 )
Balance at 31 August 2023 34,912

11. ULTIMATE CONTROLLING PARTY

The controlling party is HBI FALCON HOLDINGS LIMITED.

The ultimate controlling party is J Handford.