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REGISTERED NUMBER: 10294692 (England and Wales)











Unaudited Financial Statements

for the Year Ended 30 June 2023

for

Wiremek Holdings Limited

Wiremek Holdings Limited (Registered number: 10294692)






Contents of the Financial Statements
for the Year Ended 30 June 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


Wiremek Holdings Limited

Company Information
for the Year Ended 30 June 2023







DIRECTORS: I C Gleed
M I Gleed



REGISTERED OFFICE: Digital House
9 Dunlop Road
Hadleigh Road Industrial Estate
Ipswich
Suffolk
IP2 0UG



REGISTERED NUMBER: 10294692 (England and Wales)



ACCOUNTANTS: Knights Lowe Ltd
Chartered Accountants
Crane Court
302 London Road
Ipswich
Suffolk
IP2 0AJ



BANKERS: Lloyds Bank
8 The Thoroughfare
Woodbridge
IP12 1AF

Wiremek Holdings Limited (Registered number: 10294692)

Statement of Financial Position
30 June 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 6,736 6,945
Investments 5 110 110
Investment property 6 575,000 575,000
581,846 582,055

CURRENT ASSETS
Debtors 7 259,001 76,765
Cash at bank 136,498 233,313
395,499 310,078
CREDITORS
Amounts falling due within one year 8 278,849 189,633
NET CURRENT ASSETS 116,650 120,445
TOTAL ASSETS LESS CURRENT LIABILITIES 698,496 702,500

CREDITORS
Amounts falling due after more than one
year

9

(234,078

)

(298,903

)

PROVISIONS FOR LIABILITIES 11 (23,940 ) (24,636 )
NET ASSETS 440,478 378,961

CAPITAL AND RESERVES
Called up share capital 12 110 110
Fair value reserve 13 73,549 73,549
Retained earnings 13 366,819 305,302
SHAREHOLDERS' FUNDS 440,478 378,961

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 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.

Wiremek Holdings Limited (Registered number: 10294692)

Statement of Financial Position - continued
30 June 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 13 March 2024 and were signed on its behalf by:




I C Gleed - Director



M I Gleed - Director


Wiremek Holdings Limited (Registered number: 10294692)

Notes to the Financial Statements
for the Year Ended 30 June 2023

1. STATUTORY INFORMATION

Wiremek Holdings 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. 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 as modified by the revaluation of certain assets.

Preparation of consolidated financial statements
The financial statements contain information about Wiremek Holdings Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Turnover
Turnover represents amounts receivable in respect of the rental of property and the hiring of equipment, excluding VAT.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on reducing balance
Computer equipment - 25% on cost

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, bank facilities and loans with related parties.

Debt instruments that are payable or receivable within one year, such as trade payables or receivables, are measured at the undiscounted amount of the cash or other consideration expected to be paid or received. Debt instruments that are repayable or receivable after one year are initially measured at the present value of the future cash flows and subsequently at amortised cost using the effective interest method.

Financial assets that are measured at cost and amortised cost are assessed at the end of each financial year for evidence of impairment. If objective evidence of impairment is found an impairment loss is recognised in the Income Statement.


Wiremek Holdings Limited (Registered number: 10294692)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2023

2. ACCOUNTING POLICIES - continued
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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

4. TANGIBLE FIXED ASSETS
Plant and Computer
machinery equipment Totals
£    £    £   
COST
At 1 July 2022 3,422 16,042 19,464
Additions 2,800 1,000 3,800
At 30 June 2023 6,222 17,042 23,264
DEPRECIATION
At 1 July 2022 1,585 10,934 12,519
Charge for year 1,159 2,850 4,009
At 30 June 2023 2,744 13,784 16,528
NET BOOK VALUE
At 30 June 2023 3,478 3,258 6,736
At 30 June 2022 1,837 5,108 6,945

Wiremek Holdings Limited (Registered number: 10294692)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2023

5. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 July 2022
and 30 June 2023 110
NET BOOK VALUE
At 30 June 2023 110
At 30 June 2022 110

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 July 2022
and 30 June 2023 575,000
NET BOOK VALUE
At 30 June 2023 575,000
At 30 June 2022 575,000

Fair value at 30 June 2023 is represented by:
£   
Valuation in 2020 21,866
Valuation in 2021 75,000
Cost 478,134
575,000

The investment property has been valued by reference to an open market valuation carried out by an independent third party, on 22 February 2022. The directors consider the valuation to still be appropriate at the Statement of Financial Position date.

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Amounts owed by group undertakings 250,000 69,700
Other debtors 9,001 7,065
259,001 76,765

Wiremek Holdings Limited (Registered number: 10294692)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2023

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 10,434 11,226
Taxation and social security 5,665 2,508
Other creditors 262,750 175,899
278,849 189,633

Other creditors include loans from related parties totalling £55,000 (2022 - £5,000). Interest is payable on these loans at commercial rates.

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 234,078 243,903
Other creditors - 55,000
234,078 298,903

Amounts falling due in more than five years:

Repayable by instalments
Bank loans 190,479 196,489
Other loans - 35,000
190,479 231,489

Other creditors include loans from related parties totalling £nil (2022 - £55,000). Interest is payable on these loans at commercial rates.

10. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 244,512 255,129
Other loans 55,000 60,000
299,512 315,129

The bank and other loans are secured by way of combination of fixed and floating charges over the company's investment property.

Wiremek Holdings Limited (Registered number: 10294692)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2023

11. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax
Accelerated capital allowances 624 1,320
Investment property gain 23,316 23,316
23,940 24,636

Deferred
tax
£   
Balance at 1 July 2022 24,636
Charge to Income Statement (696 )
Balance at 30 June 2023 23,940

12. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
110 Ordinary 1 110 110

13. RESERVES
Fair
Retained value
earnings reserve Totals
£    £    £   

At 1 July 2022 305,302 73,549 378,851
Profit for the year 261,517 - 261,517
Dividends (200,000 ) - (200,000 )
At 30 June 2023 366,819 73,549 440,368