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REGISTERED NUMBER: 01666139 (England and Wales)















WRAY MECHANICAL AND ACOUSTICS LIMITED

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023






WRAY MECHANICAL AND ACOUSTICS LIMITED (REGISTERED NUMBER: 01666139)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023










Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


WRAY MECHANICAL AND ACOUSTICS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 AUGUST 2023







DIRECTORS: C Wray
J M Wray



REGISTERED OFFICE: The Exchange
5 Bank Street
Bury
Lancashire
BL9 0DN



REGISTERED NUMBER: 01666139 (England and Wales)



ACCOUNTANTS: DTE Business Advisers Limited
The Exchange
5 Bank Street
Bury
BL9 0DN



BANKERS: National Westminster Bank plc
Norfolk Square
Glossop
Derbyshire
SK13 8BR



SOLICITORS: A G Taylor & Co.
27 High Street West
Glossop
Derbyshire
SK13 8AZ

WRAY MECHANICAL AND ACOUSTICS LIMITED (REGISTERED NUMBER: 01666139)

STATEMENT OF FINANCIAL POSITION
31 AUGUST 2023

2023 2022
Notes £    £   
FIXED ASSETS
Property, plant and equipment 4 392,980 203,111

CURRENT ASSETS
Inventories 10,988 11,215
Debtors 5 1,266,482 1,164,679
Cash at bank and in hand 155,205 99,282
1,432,675 1,275,176
CREDITORS
Amounts falling due within one year 6 (836,887 ) (513,866 )
NET CURRENT ASSETS 595,788 761,310
TOTAL ASSETS LESS CURRENT
LIABILITIES

988,768

964,421

PROVISIONS FOR LIABILITIES (98,326 ) (38,401 )
NET ASSETS 890,442 926,020

CAPITAL AND RESERVES
Called up share capital 50 50
Revaluation reserve 1,463 1,463
Capital redemption reserve 50 50
Retained earnings 888,879 924,457
SHAREHOLDERS' FUNDS 890,442 926,020

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

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

WRAY MECHANICAL AND ACOUSTICS LIMITED (REGISTERED NUMBER: 01666139)

STATEMENT OF FINANCIAL POSITION - continued
31 AUGUST 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 19 March 2024 and were signed on its behalf by:





J M Wray - Director


WRAY MECHANICAL AND ACOUSTICS LIMITED (REGISTERED NUMBER: 01666139)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023


1. STATUTORY INFORMATION

Wray Mechanical and Acoustics Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 01666139 and its registered office address is The Exchange, 5 Bank Street, Bury, Lancashire, BL9 0DN.

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.

The directors have considered the business risks and believe that the company is well placed to manage these risks successfully, thus the going concern basis of accounting has been adopted in preparing these financial statements.

Critical accounting estimates and judgements
In the application of the company's accounting policies, the directors are required to make estimates and judgements. The estimates are based on historical experience and other relevant factors. Actual results may differ from these estimates.

The estimates are continually evaluated. Revisions to accounting estimates are recognised in the period in which the estimate is revised.

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are outlined below.

Estimating the useful economic life of an asset and the anticipated residual value are considered key judgement in calculating an appropriate depreciation charge.

Revenue
Revenue represents the aggregate of the fair value of the sale of goods and services provided, excluding value added tax.

Revenue is recognised when a right to consideration has been obtained through performance under each contract. Consideration accrues as contract activity progresses by reference to the value of work performed. Revenue is not recognised where the right to receive payment is contingent on events outside the control of the company.

Unbilled revenue is included in debtors as 'Amounts recoverable on contracts'.

Property, plant and equipment
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and buildings - 20% on reducing balance and 5% on cost
Plant and machinery etc - 25% on reducing balance and 20% on reducing balance

The residual values, estimated useful lives and depreciation method of property, plant and equipment are reviewed, and adjusted as appropriate, at each statement of financial position date. The effects of any revision are recognised in the income statement when the change arises.

WRAY MECHANICAL AND ACOUSTICS LIMITED (REGISTERED NUMBER: 01666139)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2023


2. ACCOUNTING POLICIES - continued

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

Cost includes any expenditure incurred in bringing the inventories 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, loans from banks and other third parties and loans to related parties.

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 the income statement.

Basic financial liabilities are initially measured at transaction price and subsequently measured at amortised cost, being the transaction price less any amounts settled.

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.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


Foreign currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Operating lease commitments
Rentals paid under operating leases are charged to the income statement as incurred.

WRAY MECHANICAL AND ACOUSTICS LIMITED (REGISTERED NUMBER: 01666139)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2023


2. ACCOUNTING POLICIES - continued

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 the income statement in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 25 (2022 - 29 ) .

4. PROPERTY, PLANT AND EQUIPMENT
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 September 2022 8,635 731,525 740,160
Additions - 250,546 250,546
Disposals - (21,750 ) (21,750 )
At 31 August 2023 8,635 960,321 968,956
DEPRECIATION
At 1 September 2022 8,635 528,414 537,049
Charge for year - 60,162 60,162
Eliminated on disposal - (21,235 ) (21,235 )
At 31 August 2023 8,635 567,341 575,976
NET BOOK VALUE
At 31 August 2023 - 392,980 392,980
At 31 August 2022 - 203,111 203,111

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 724,886 645,440
Amounts recoverable on contracts 224,479 220,000
Other debtors 317,117 299,239
1,266,482 1,164,679

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 347,350 345,414
Taxation and social security 152,291 158,652
Other creditors 337,246 9,800
836,887 513,866

WRAY MECHANICAL AND ACOUSTICS LIMITED (REGISTERED NUMBER: 01666139)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2023


7. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 122,000 122,000
Between one and five years 244,000 366,000
366,000 488,000

8. SECURED DEBTS

There is a fixed and floating charge over the assets of the company by way of debenture.