Company Registration No. 00806860 (England and Wales)
L.E. Went Limited
Unaudited accounts
for the year ended 31 December 2022
L.E. Went Limited
Unaudited accounts
Contents
L.E. Went Limited
Company Information
for the year ended 31 December 2022
Company Number
00806860 (England and Wales)
Registered Office
56 Burlington Road
New Malden
Surrey
KT3 4NU
Accountants
Wellden Turnbull Limited
Albany House
Claremont Lane
Esher
Surrey
KT10 9FQ
L.E. Went Limited
Statement of financial position
as at 31 December 2022
Tangible assets
2,087,422
2,109,504
Inventories
301,022
273,422
Cash at bank and in hand
145
18,066
Creditors: amounts falling due within one year
(1,104,999)
(822,886)
Net current liabilities
(564,619)
(292,630)
Total assets less current liabilities
1,523,003
1,817,074
Creditors: amounts falling due after more than one year
(430,557)
(535,738)
Provisions for liabilities
Deferred tax
(232,302)
(232,302)
Net assets
860,144
1,049,034
Called up share capital
2,000
2,000
Revaluation reserve
1,014,411
1,014,411
Profit and loss account
(156,267)
32,623
Shareholders' funds
860,144
1,049,034
For the year ending 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 1 March 2024 and were signed on its behalf by
Mr I L Went
Director
Company Registration No. 00806860
L.E. Went Limited
Notes to the Accounts
for the year ended 31 December 2022
L.E. Went Limited is a private company, limited by shares, registered in England and Wales, registration number 00806860. The registered office is 56 Burlington Road, New Malden, Surrey, KT3 4NU.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The company is a parent company and is exempt from the requirement to prepare group financial statements by virtue of section 399 of the Companies Act 2006. These financial statements therefore present information about the company as an individual undertaking and not about the group.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of 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 work performed to date to the total estimated contract costs.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
The company meets its day to day working capital requirements through an overdraft facility which is repayable on demand.
The nature of the company's business is such that there can be considerable unpredictable variation in the timing of cash inflows. The director has prepared projected cash flow information for the period ending 12months from the date of their approval of these financial statements. On the basis of this cash flow information and discussions with the company's bankers, the director considers that the company will continue to operate within the facility currently agreed.
However, the margin of facilities over requirements is not large and, inherently there can be no uncertainty in relation to these matters. On this basis, the director considers it appropriate to prepare the financial statements on the going concern basis. The financial statements do not include any adjustments that would result from a withdrawal of the overdraft facility by the company's bankers.
The company is also dependent on the continuing support of its director.
L.E. Went Limited
Notes to the Accounts
for the year ended 31 December 2022
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Land & buildings
straight line over 50 years and 125 years
Plant & machinery
reducing balance at 25% per annum
Motor vehicles
reducing balance at 25% per annum
Fixtures & fittings
reducing balance at 25% per annum
Stocks have been valued at the lower of cost and estimated selling price less costs to complete and sell.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Investment property is included at market fair value. Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
Investments in subsidiaries are held at cost less impairment.
L.E. Went Limited
Notes to the Accounts
for the year ended 31 December 2022
4
Tangible fixed assets
Land & buildings
Plant & machinery
Motor vehicles
Fixtures & fittings
Total
Cost or valuation
At cost
At cost
At cost
At cost
At 1 January 2022
2,085,000
162,807
97,316
186,680
2,531,803
Additions
-
8,526
23,792
-
32,318
At 31 December 2022
2,085,000
171,333
121,108
186,680
2,564,121
At 1 January 2022
36,356
135,321
79,574
171,048
422,299
Charge for the year
18,178
15,429
10,384
10,409
54,400
At 31 December 2022
54,534
150,750
89,958
181,457
476,699
At 31 December 2022
2,030,466
20,583
31,150
5,223
2,087,422
At 31 December 2021
2,048,644
27,486
17,742
15,632
2,109,504
Carrying amount of land and buildings on cost basis
928,540
928,540
Land and buildings (including leasehold property) with a carrying amount of £928,540 (2021: £928,540) were revalued at 31 December 2022 by the director, Ian Went, based on his knowledge of similar property values in the area.
5
Investments
Subsidiary undertakings
Valuation at 1 January 2022
200
Valuation at 31 December 2022
200
Raw materials
301,022
273,422
Amounts falling due within one year
Trade debtors
236,564
223,182
Accrued income and prepayments
2,649
15,586
L.E. Went Limited
Notes to the Accounts
for the year ended 31 December 2022
8
Creditors: amounts falling due within one year
2022
2021
Bank loans and overdrafts
125,507
46,571
Obligations under finance leases and hire purchase contracts
4,147
5,613
Trade creditors
582,837
487,868
Amounts owed to group undertakings and other participating interests
200
200
Taxes and social security
269,941
230,366
Other creditors
66,071
128
Loans from directors
47,961
47,961
9
Creditors: amounts falling due after more than one year
2022
2021
Bank loans
280,557
338,201
Obligations under finance leases and hire purchase contracts
-
7,787
Other creditors
150,000
189,750
Aggregate of amounts that fall due for payment after five years
105,000
105,000
Included in Creditors due more than year, are Other Creditors which represent loans from two employees which are secured on two of the properties owned by the company.
The bank loan is secured on the property of the company and the guarantee by the Secretary of State.
Amounts due under finance leases and hire purchase are secured over the assets to which they relate.
10
Deferred taxation
2022
2021
Accelerated capital allowances
232,302
13,569
Revaluation of land and buildings
-
338,137
Tax losses carried forward
-
(119,404)
Provision at start of year
232,302
176,511
Charged to the profit and loss account
-
55,791
Provision at end of year
232,302
232,302
Allotted, called up and fully paid:
2,000 Ordinary shares of £1 each
2,000
2,000
L.E. Went Limited
Notes to the Accounts
for the year ended 31 December 2022
12
Operating lease commitments
2022
2021
At 31 December 2022 the company had the following future minimum lease payments under non-cancellable operating leases for each of the following periods:
Not later than one year
12,629
14,000
13
Transactions with related parties
At the year end the Company owed £47,961 (2021: £47,961) to a director. This amount is included within the other creditors, is interest free and repayable on demand.
The Company has taken the exemption under FRS102 section 33.1A not to disclose transactions and balances with other group companies on the basis that it is a wholly owned subsidiary.
14
Average number of employees
During the year the average number of employees was 43 (2021: 44).