Wrights Flooring Contractors Limited 00742634 false 2022-12-01 2023-11-30 2023-11-30 The principal activity of the company is Carpet Fitters Digita Accounts Production Advanced 6.30.9574.0 true true 00742634 2022-12-01 2023-11-30 00742634 2023-11-30 00742634 bus:OrdinaryShareClass1 2023-11-30 00742634 bus:OrdinaryShareClass2 2023-11-30 00742634 bus:Original 2023-11-30 00742634 core:HirePurchaseContracts core:CurrentFinancialInstruments 2023-11-30 00742634 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2023-11-30 00742634 core:CurrentFinancialInstruments 2023-11-30 00742634 core:CurrentFinancialInstruments core:WithinOneYear 2023-11-30 00742634 core:Non-currentFinancialInstruments core:AfterOneYear 2023-11-30 00742634 core:FurnitureFittingsToolsEquipment 2023-11-30 00742634 core:MotorVehicles 2023-11-30 00742634 core:OtherPropertyPlantEquipment 2023-11-30 00742634 bus:SmallEntities 2022-12-01 2023-11-30 00742634 bus:AuditExemptWithAccountantsReport 2022-12-01 2023-11-30 00742634 bus:FullAccounts 2022-12-01 2023-11-30 00742634 bus:SmallCompaniesRegimeForAccounts 2022-12-01 2023-11-30 00742634 bus:RegisteredOffice 2022-12-01 2023-11-30 00742634 bus:CompanySecretary1 2022-12-01 2023-11-30 00742634 bus:Director1 2022-12-01 2023-11-30 00742634 bus:OrdinaryShareClass1 2022-12-01 2023-11-30 00742634 bus:OrdinaryShareClass2 2022-12-01 2023-11-30 00742634 bus:PrivateLimitedCompanyLtd 2022-12-01 2023-11-30 00742634 core:FurnitureFittingsToolsEquipment 2022-12-01 2023-11-30 00742634 core:MotorCars 2022-12-01 2023-11-30 00742634 core:MotorVehicles 2022-12-01 2023-11-30 00742634 core:OtherPropertyPlantEquipment 2022-12-01 2023-11-30 00742634 core:PlantMachinery 2022-12-01 2023-11-30 00742634 countries:EnglandWales 2022-12-01 2023-11-30 00742634 2022-11-30 00742634 core:FurnitureFittingsToolsEquipment 2022-11-30 00742634 core:MotorVehicles 2022-11-30 00742634 core:OtherPropertyPlantEquipment 2022-11-30 00742634 2021-12-01 2022-11-30 00742634 2022-11-30 00742634 bus:OrdinaryShareClass1 2022-11-30 00742634 bus:OrdinaryShareClass2 2022-11-30 00742634 core:HirePurchaseContracts core:CurrentFinancialInstruments 2022-11-30 00742634 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2022-11-30 00742634 core:CurrentFinancialInstruments 2022-11-30 00742634 core:CurrentFinancialInstruments core:WithinOneYear 2022-11-30 00742634 core:Non-currentFinancialInstruments core:AfterOneYear 2022-11-30 00742634 core:FurnitureFittingsToolsEquipment 2022-11-30 00742634 core:MotorVehicles 2022-11-30 00742634 core:OtherPropertyPlantEquipment 2022-11-30 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 00742634

Wrights Flooring Contractors Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 November 2023

 

Wrights Flooring Contractors Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Wrights Flooring Contractors Limited

Company Information

Director

Mr SR Wright

Company secretary

Mrs T A Wright

Registered office

320 Garratt Lane
London
SW18 4EJ

Accountants

Franklin, Chartered Accountants
320 Garratt Lane
London
SW18 4EJ

 

Wrights Flooring Contractors Limited

(Registration number: 00742634)
Balance Sheet as at 30 November 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

50,268

33,592

Current assets

 

Stocks

5

7,453

4,465

Debtors

6

48,266

42,598

Cash at bank and in hand

 

59,730

63,147

 

115,449

110,210

Creditors: Amounts falling due within one year

7

(38,680)

(25,426)

Net current assets

 

76,769

84,784

Total assets less current liabilities

 

127,037

118,376

Creditors: Amounts falling due after more than one year

7

(9,495)

(14,243)

Net assets

 

117,542

104,133

Capital and reserves

 

Called up share capital

8

3,050

3,050

Capital redemption reserve

1,950

1,950

Retained earnings

112,542

99,133

Shareholders' funds

 

117,542

104,133

For the financial year ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

 

Wrights Flooring Contractors Limited

(Registration number: 00742634)
Balance Sheet as at 30 November 2023

Approved and authorised by the director on 9 January 2024
 

.........................................
Mr SR Wright
Director

 

Wrights Flooring Contractors Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
320 Garratt Lane
London
SW18 4EJ

These financial statements were authorised for issue by the director on 9 January 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Wrights Flooring Contractors Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and Machinery

25% on cost

Motor Vehicles

25% on cost

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Wrights Flooring Contractors Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

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

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Wrights Flooring Contractors Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

Financial instruments

Classification
The Company has chosen to adopt sections 11 and 12 of FRS 102 in respect of financial instruments.

 Recognition and measurement
Financial instruments are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period, financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate.

 Impairment
Financial instruments are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period, financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 4 (2022 - 5).

 

Wrights Flooring Contractors Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other property, plant and equipment
 £

Total
£

Cost or valuation

At 1 December 2022

2,218

44,790

12,291

59,299

Additions

-

54,365

-

54,365

Disposals

-

(25,801)

-

(25,801)

At 30 November 2023

2,218

73,354

12,291

87,863

Depreciation

At 1 December 2022

2,218

11,198

12,291

25,707

Charge for the year

-

18,339

-

18,339

Eliminated on disposal

-

(6,451)

-

(6,451)

At 30 November 2023

2,218

23,086

12,291

37,595

Carrying amount

At 30 November 2023

-

50,268

-

50,268

At 30 November 2022

-

33,592

-

33,592

5

Stocks

2023
£

2022
£

Work in progress

4,543

1,333

Other inventories

2,910

3,132

7,453

4,465

6

Debtors

Current

2023
£

2022
£

Trade debtors

37,945

33,772

Prepayments

3,111

3,306

Other debtors

7,210

5,520

 

48,266

42,598

 

Wrights Flooring Contractors Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

4,748

4,748

Trade creditors

 

17,751

12,842

Taxation and social security

 

9,705

1,929

Other creditors

 

6,476

5,907

 

38,680

25,426

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

9,495

14,243

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary A of £1 each

2,550

2,550

2,550

2,550

Ordinary B of £1 each

500

500

500

500

 

3,050

3,050

3,050

3,050

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Hire purchase contracts

9,495

14,243

 

Wrights Flooring Contractors Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

2023
£

2022
£

Current loans and borrowings

Hire purchase contracts

4,748

4,748

10

Related party transactions

Director's remuneration

The director's remuneration for the year was as follows:

2023
£

2022
£

Remuneration

12,137

11,080