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COMPANY REGISTRATION NUMBER: 06783313
Wright Design Limited
Filleted Unaudited Financial Statements
For the year ended
31 December 2023
Wright Design Limited
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
£
£
Fixed assets
Tangible assets
5
10,078
79,754
Current assets
Debtors
6
183,927
137,210
Cash at bank and in hand
60,760
157,566
---------
---------
244,687
294,776
Creditors: amounts falling due within one year
7
146,268
142,776
---------
---------
Net current assets
98,419
152,000
---------
---------
Total assets less current liabilities
108,497
231,754
Provisions
Taxation including deferred tax
1,053
---------
---------
Net assets
108,497
230,701
---------
---------
Capital and reserves
Called up share capital
1
1
Profit and loss account
108,496
230,700
---------
---------
Shareholder funds
108,497
230,701
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Wright Design Limited
Statement of Financial Position (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 26 March 2024 , and are signed on behalf of the board by:
Mr M Wright
Mr D Walton
Director
Director
Company registration number: 06783313
Wright Design Limited
Notes to the Financial Statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 7 Wellington Court, Wellington Street, Cambridge, CB1 1HZ.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Research and development
Research and development expenditure is written off in the period in which it is incurred.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, and revenue from services rendered is recognised when each stage of the service has been performed, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Leasehold property improvements
-
10% straight line
Fixtures & fittings
-
25% reducing balance
Motor vehicles
-
25% reducing balance
Equipment
-
33% straight line
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 9 (2022: 9 ).
5. Tangible assets
Leasehold property improvements
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 January 2023
46,585
2,582
31,949
96,485
177,601
Additions
1,825
1,825
Disposals
( 44,431)
( 1,909)
( 31,949)
( 61,468)
( 139,757)
--------
-------
--------
--------
---------
At 31 December 2023
2,154
673
36,842
39,669
--------
-------
--------
--------
---------
Depreciation
At 1 January 2023
12,167
2,215
5,990
77,475
97,847
Charge for the year
3,637
84
5,949
9,717
19,387
Disposals
( 14,062)
( 1,626)
( 11,939)
( 60,016)
( 87,643)
--------
-------
--------
--------
---------
At 31 December 2023
1,742
673
27,176
29,591
--------
-------
--------
--------
---------
Carrying amount
At 31 December 2023
412
9,666
10,078
--------
-------
--------
--------
---------
At 31 December 2022
34,418
367
25,959
19,010
79,754
--------
-------
--------
--------
---------
6. Debtors
2023
2022
£
£
Trade debtors
141,409
76,927
Amounts owed by group undertakings and undertakings in which the company has a participating interest
58,854
Other debtors
42,518
1,429
---------
---------
183,927
137,210
---------
---------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
1,570
80,576
Amounts owed to group undertakings and undertakings in which the company has a participating interest
101,036
Social security and other taxes
39,477
57,561
Other creditors
4,185
4,639
---------
---------
146,268
142,776
---------
---------