REGISTERED NUMBER: |
WAYLAID LIMITED |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2023 |
REGISTERED NUMBER: |
WAYLAID LIMITED |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2023 |
WAYLAID LIMITED (REGISTERED NUMBER: 01583732) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the year ended 30 June 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
WAYLAID LIMITED |
COMPANY INFORMATION |
for the year ended 30 June 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Certified Accountants |
Statutory Auditors |
Brook House |
47 High Street |
Henley in Arden |
Warwickshire |
B95 5AA |
WAYLAID LIMITED (REGISTERED NUMBER: 01583732) |
BALANCE SHEET |
30 June 2023 |
30/6/23 | 30/6/22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 10 |
Share premium | 11 |
Retained earnings | 11 |
SHAREHOLDERS' FUNDS |
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 |
WAYLAID LIMITED (REGISTERED NUMBER: 01583732) |
NOTES TO THE FINANCIAL STATEMENTS |
for the year ended 30 June 2023 |
1. | STATUTORY INFORMATION |
Waylaid Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Turnover |
Turnover is measured at fair value of the consideration received or receivable net of VAT and trade discounts. The policies adopted for the recognition of turnover are as follows: |
Sale of goods |
Turnover from sale of plant is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that economic benefits associated with the transaction will flow to the company and the cost incurred in respect of the transaction can be measured reliably. This is usually on dispatch of goods. |
Rendering of hire services |
When the outcome of a transaction can be estimated reliably, turnover from hire of plant is recognised by reference to the stage of completion at the balance sheet date. Stage of completion is measured by reference to period of hire at customers. |
Where the outcome cannot be measured reliably, turnover is recognised only to the extent of the expenses recognised that are recoverable. |
Interest and dividends receivable |
Interest income is recognised using the effective interest method and dividend income is recognised as the company's right to receive payment is established. |
Tangible fixed assets |
Freehold property | - |
Plant and machinery | - |
Motor vehicles | - |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
WAYLAID LIMITED (REGISTERED NUMBER: 01583732) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 30 June 2023 |
3. | 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 balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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 |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet and are depreciated over their estimated useful lives. |
The interest element of these obligations is charged to the profit and loss account over the relevant period. The capital element of the future payments is treated as a liability. |
Debtors and creditors receivable/payable within one year |
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
5. | TANGIBLE FIXED ASSETS |
Freehold | Plant and | Motor |
property | machinery | vehicles | Totals |
£ | £ | £ | £ |
COST |
At 1 July 2022 |
Additions |
Disposals | ( |
) | ( |
) |
At 30 June 2023 |
DEPRECIATION |
At 1 July 2022 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 30 June 2023 |
NET BOOK VALUE |
At 30 June 2023 |
At 30 June 2022 |
Included within fixed assets above are assets available for hire with a cost of £4,927,597 and accumulated depreciation of £3,238,557. |
WAYLAID LIMITED (REGISTERED NUMBER: 01583732) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 30 June 2023 |
5. | TANGIBLE FIXED ASSETS - continued |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Plant and | Motor |
machinery | vehicles | Totals |
£ | £ | £ |
COST |
At 1 July 2022 |
Additions |
Transfer to ownership | (144,600 | ) | 23,788 | (120,812 | ) |
At 30 June 2023 |
DEPRECIATION |
At 1 July 2022 |
Charge for year |
Transfer to ownership | (90,284 | ) | 5,947 | (84,337 | ) |
At 30 June 2023 |
NET BOOK VALUE |
At 30 June 2023 |
At 30 June 2022 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30/6/23 | 30/6/22 |
£ | £ |
Amounts owed by group undertakings |
VAT |
Prepayments and accrued income |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30/6/23 | 30/6/22 |
£ | £ |
Bank loans and overdrafts |
Hire purchase contracts |
Trade creditors |
Amounts owed to group undertakings |
Corporation tax payable | ( |
) |
Accrued expenses |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
30/6/23 | 30/6/22 |
£ | £ |
Bank loans - 1-2 years |
Bank loans - 2-5 years |
Hire purchase contracts |
WAYLAID LIMITED (REGISTERED NUMBER: 01583732) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 30 June 2023 |
9. | SECURED DEBTS |
The following secured debts are included within creditors: |
30/6/23 | 30/6/22 |
£ | £ |
Bank loans |
Hire purchase contracts | 1,082,082 | 446,230 |
Security is offered by way of a debenture over the assets of the group. |
10. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 30/6/23 | 30/6/22 |
value: | £ | £ |
Ordinary | £1 | 100 | 100 |
11. | RESERVES |
Retained | Share |
earnings | premium | Totals |
£ | £ | £ |
At 1 July 2022 | 2,516,376 |
Profit for the year |
Dividends | ( |
) | ( |
) |
At 30 June 2023 | 2,641,620 |
12. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
13. | OTHER FINANCIAL COMMITMENTS |
There is an unlimited inter-company guarantee in place between Waylaid Limited, L Healy Limited, L Healy Holdings Limited and Healy Group Limited. |
The total financial commitments, guarantees and contingencies undertaken on behalf of L Healy Limited which are subject to inter-company guarantee and not included in the balance sheet of Waylaid Limited amount to £2,070,106 (2022 £2,426,917). |
14. | ULTIMATE HOLDING COMPANY |
The ultimate holding company is Healy Group Limited. The registered office and place of business of Healy Group Limited is 8 Merse Road, Redditch, West Midlands, B98 9HL. |