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REGISTERED NUMBER: 03756724 (England and Wales)












Unaudited Financial Statements

for the Year Ended 31 May 2023

for

Wentworth Construction (NE) Limited

Wentworth Construction (NE) Limited (Registered number: 03756724)






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Wentworth Construction (NE) Limited

Company Information
for the Year Ended 31 May 2023







DIRECTORS: Mr G E Alberts
Mr D E Alberts



SECRETARY: Mr D E Alberts



REGISTERED OFFICE: 1 Prospect Terrace
Springwell Village
Gateshead
Tyne and Wear
NE9 7QJ



REGISTERED NUMBER: 03756724 (England and Wales)



ACCOUNTANTS: Haines Watts
Chartered Accountants
17 Queens Lane
Newcastle upon Tyne
Tyne and Wear
NE1 1RN



BANKERS: Barclays Bank Plc
Low Fell Branch
Gateshead
Tyne and Wear
NE8 1BX

Wentworth Construction (NE) Limited (Registered number: 03756724)

Balance Sheet
31 May 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 5 10,192 20,390
Tangible assets 6 501,799 188,853
Investment property 7 170,000 170,000
681,991 379,243

CURRENT ASSETS
Stocks 6,000 6,000
Debtors 8 207,319 128,851
Cash at bank and in hand 583,347 376,717
796,666 511,568
CREDITORS
Amounts falling due within one year 9 463,167 316,780
NET CURRENT ASSETS 333,499 194,788
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,015,490

574,031

PROVISIONS FOR LIABILITIES 78,894 16,863
NET ASSETS 936,596 557,168

CAPITAL AND RESERVES
Called up share capital 250,000 250,000
Fair value reserve 308,447 79,264
Profit and loss account 378,149 227,904
SHAREHOLDERS' FUNDS 936,596 557,168

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 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.

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 Profit and Loss Account has not been delivered.

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





Mr D E Alberts - Director


Wentworth Construction (NE) Limited (Registered number: 03756724)

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

1. STATUTORY INFORMATION

Wentworth Construction (NE) 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 as modified by the revaluation of certain assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable, stated net of discounts and of value added tax.

Rendering of services:
Turnover from the rendering of building services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for the work performed to date to the estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

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.

Intangible fixed assets are stated at cost less accumulated amortisation and any accumulated impairment losses.

Amortisation is charged so as to allocate the cost of intangible assets less their residual values over their useful economic life, using the straight line method.

The intangible assets are amortised over the following useful economic lives:

Goodwill - 25 years Straight Line

In the opinion of the directors this represents the period over which the goodwill is effective.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and buildings - 2% on cost
Plant and machinery etc - 33% on cost and 15% - 25% Reducing balance

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses.

Impairment of assets
At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit or loss.

If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.

Investment property
Investment property is included at fair value. Gains are recognised in the profit and loss account. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Wentworth Construction (NE) Limited (Registered number: 03756724)

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

3. ACCOUNTING POLICIES - continued

Stocks
Stocks are measured at the lower of cost and estimated selling price less cost to sell.

Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.

Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments.

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 and other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Current and deferred tax assets and liabilities are not discounted.

Financial instruments
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments on non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

Employee benefits
Short term employee benefits and contributions to defined contribution plans are recognised as an expense in the period in which they are incurred.

Leasing
Plant and machinery acquired under finance leases are capitalised and depreciated in the same manner as other tangible fixed assets. The related obligations, net of future finance charges, are included in creditors.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2022 - 6 ) .

5. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 June 2022
and 31 May 2023 254,944
AMORTISATION
At 1 June 2022 234,554
Charge for year 10,198
At 31 May 2023 244,752
NET BOOK VALUE
At 31 May 2023 10,192
At 31 May 2022 20,390

Wentworth Construction (NE) Limited (Registered number: 03756724)

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

6. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST OR VALUATION
At 1 June 2022 192,956 97,278 290,234
Additions - 41,225 41,225
Non-exchange additions 285,000 - 285,000
At 31 May 2023 477,956 138,503 616,459
DEPRECIATION
At 1 June 2022 61,757 39,624 101,381
Charge for year 8,809 4,470 13,279
At 31 May 2023 70,566 44,094 114,660
NET BOOK VALUE
At 31 May 2023 407,390 94,409 501,799
At 31 May 2022 131,199 57,654 188,853



7. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 June 2022
and 31 May 2023 170,000
NET BOOK VALUE
At 31 May 2023 170,000
At 31 May 2022 170,000

Investment property was valued on an open market basis on 31 May 2023 by the directors. The valuation, was arrived at by reference to market evidence of transaction prices for similar properties in its location.

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 205,380 121,817
Other debtors 1,939 7,034
207,319 128,851

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 228,613 107,545
Taxation and social security 122,837 77,802
Other creditors 111,717 131,433
463,167 316,780

10. RELATED PARTY DISCLOSURES

During the year a director gifted the company the trading premises for £nil value under a deed of gift. The freehold property gifted has a fair value of £285,000 where the directors have recognised this asset as amortised cost in accordance with FRS 102 via a non-exchange transaction. In the opinion of the directors this will show a true and fair position of the balance sheet at the year end.