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REGISTERED NUMBER: 02779709 (England and Wales)











Unaudited Financial Statements

for the Year Ended 30 June 2023

for

Wiremek Limited

Wiremek Limited (Registered number: 02779709)






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 Limited

Company Information
for the Year Ended 30 June 2023







DIRECTORS: I C Gleed
M I Gleed



SECRETARY: I C Gleed



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



REGISTERED NUMBER: 02779709 (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 Limited (Registered number: 02779709)

Statement of Financial Position
30 June 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 5,401 10,006

CURRENT ASSETS
Stocks 130,621 82,827
Debtors 5 705,377 266,662
Cash at bank and in hand 211,064 313,168
1,047,062 662,657
CREDITORS
Amounts falling due within one year 6 512,975 261,144
NET CURRENT ASSETS 534,087 401,513
TOTAL ASSETS LESS CURRENT LIABILITIES 539,488 411,519

CREDITORS
Amounts falling due after more than one
year

7

(43,333

)

(63,333

)

PROVISIONS FOR LIABILITIES 10 (1,350 ) (1,901 )
NET ASSETS 494,805 346,285

CAPITAL AND RESERVES
Called up share capital 11 20 20
Capital redemption reserve 80 80
Retained earnings 494,705 346,185
SHAREHOLDERS' FUNDS 494,805 346,285

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 Limited (Registered number: 02779709)

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 Statement of Income and Retained Earnings 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 Limited (Registered number: 02779709)

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

1. STATUTORY INFORMATION

Wiremek 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.

Turnover
Turnover represents sales of goods and services and is recognised either on dispatch of the goods or following the provision of a service. Turnover excludes value added tax.

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

Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

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 Limited (Registered number: 02779709)

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 Statement of Income and Retained Earnings, 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.

Hire purchase and leasing commitments
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.

Government grants
Grants are accounted for using the accrual model.

Grants relating to revenue are recognised in the Statement of Income and Retained Earnings in the same period as the related costs for which the grant is intended to compensate. Where there are no related costs the grant is recognised in the period in which it becomes receivable.

Grants relating to assets are recognised in the Statement of Income and Retained Earnings over the expected useful life of the asset.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 16 (2022 - 17 ) .

Wiremek Limited (Registered number: 02779709)

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

4. TANGIBLE FIXED ASSETS
Improvements
to Plant and Motor Computer
property machinery vehicles equipment Totals
£    £    £    £    £   
COST
At 1 July 2022 14,075 38,795 17,160 37,694 107,724
Disposals - (15,419 ) - (9,573 ) (24,992 )
At 30 June 2023 14,075 23,376 17,160 28,121 82,732
DEPRECIATION
At 1 July 2022 14,075 33,368 13,127 37,148 97,718
Charge for year - 671 1,008 182 1,861
Eliminated on disposal - (12,675 ) - (9,573 ) (22,248 )
At 30 June 2023 14,075 21,364 14,135 27,757 77,331
NET BOOK VALUE
At 30 June 2023 - 2,012 3,025 364 5,401
At 30 June 2022 - 5,427 4,033 546 10,006

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 686,534 226,432
Other debtors 18,843 40,230
705,377 266,662

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 20,000 20,000
Trade creditors 106,168 81,867
Amounts owed to group undertakings 250,000 69,700
Taxation and social security 124,330 75,823
Other creditors 12,477 13,754
512,975 261,144

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 43,333 63,333

Wiremek Limited (Registered number: 02779709)

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

8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 32,658 30,584
Between one and five years 13,636 25,263
46,294 55,847

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 63,333 83,333

The bank loan is a CBILS loan and is secured by way of unlimited debentures provided by the company and its parent, Wiremek Holdings Limited.

10. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax
Accelerated capital allowances 1,350 1,901

Deferred
tax
£   
Balance at 1 July 2022 1,901
Credit to Statement of Income and Retained Earnings during year (551 )
Balance at 30 June 2023 1,350

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
20 Ordinary £1 20 20