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Registration number: 09185643

Wolstenholme Contractors Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 August 2023

 

Wolstenholme Contractors Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

Wolstenholme Contractors Limited

Company Information

Directors

Mr C Wolstenholme

Mrs KA Wolstenholme

Registered office

20 Tillingbourn
Park Gate
Fareham
Hamsphire
PO14 4PT

Accountants

Athena Accounting Ltd
Chartered Accountants
81 Andrew Crescent
Waterlooville
Hampshire
PO7 6BG

 

Wolstenholme Contractors Limited

(Registration number: 09185643)
Balance Sheet as at 31 August 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

44,898

11,708

Current assets

 

Stocks

6

30,766

19,581

Debtors

7

15,614

47,175

Cash at bank and in hand

 

5,657

29

 

52,037

66,785

Creditors: Amounts falling due within one year

8

(35,021)

(36,700)

Net current assets

 

17,016

30,085

Total assets less current liabilities

 

61,914

41,793

Creditors: Amounts falling due after more than one year

8

(54,133)

(40,593)

Provisions for liabilities

(7,381)

(822)

Net assets

 

400

378

Capital and reserves

 

Called up share capital

9

100

100

Retained earnings

300

278

Shareholders' funds

 

400

378

 

Wolstenholme Contractors Limited

(Registration number: 09185643)
Balance Sheet as at 31 August 2023 (continued)

For the financial year ending 31 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 10 April 2024 and signed on its behalf by:
 

.........................................
Mr C Wolstenholme
Director

 

Wolstenholme Contractors Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
20 Tillingbourn
Park Gate
Fareham
Hamsphire
PO14 4PT
England

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Wolstenholme Contractors Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023 (continued)

2

Accounting policies (continued)

Government grants

Government grants relating to revenue expenditure are recognised in income over the periods in which the entity recognises the related costs for which the grant is intended to compensate.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

25% reducing balance basis

Fixtures, fittings and equipment

25% straight line basis

Motor vehicles

25% reducing balance basis

 

Wolstenholme Contractors Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023 (continued)

2

Accounting policies (continued)

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

Fully amortised

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Wolstenholme Contractors Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023 (continued)

2

Accounting policies (continued)

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Wolstenholme Contractors Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023 (continued)

2

Accounting policies (continued)

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 September 2022

9,000

9,000

At 31 August 2023

9,000

9,000

Amortisation

At 1 September 2022

9,000

9,000

At 31 August 2023

9,000

9,000

Carrying amount

At 31 August 2023

-

-

 

Wolstenholme Contractors Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023 (continued)

5

tangible assets

Fixtures and fittings
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 September 2022

3,506

31,860

41,550

76,916

Additions

1,980

2,288

44,395

48,663

At 31 August 2023

5,486

34,148

85,945

125,579

Depreciation

At 1 September 2022

1,509

27,298

36,401

65,208

Charge for the year

1,371

1,715

12,387

15,473

At 31 August 2023

2,880

29,013

48,788

80,681

Carrying amount

At 31 August 2023

2,606

5,135

37,157

44,898

At 31 August 2022

1,997

4,562

5,149

11,708

6

Stocks

2023
£

2022
£

Work in progress

28,266

13,081

Other inventories

2,500

6,500

30,766

19,581

7

Debtors

2023
£

2022
£

Trade debtors

10,525

4,908

Other debtors

1,037

37,736

Prepayments

4,052

4,531

15,614

47,175

 

Wolstenholme Contractors Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023 (continued)

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

10

6,264

4,200

Trade creditors

 

11,791

18,684

Taxation and social security

 

12,911

9,747

Accruals and deferred income

 

4,069

4,069

Other creditors

 

(14)

-

 

35,021

36,700

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

10

54,133

40,593

9

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary share of £1 each

100

100

100

100

       

10

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

30,744

40,593

Hire purchase contracts

23,389

-

54,133

40,593

 

Wolstenholme Contractors Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023 (continued)

10

Loans and borrowings (continued)

Current loans and borrowings

2023
£

2022
£

Bank overdrafts

-

4,200

Hire purchase contracts

6,264

-

6,264

4,200