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Registration number: 06320941

Wilson Energy Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 August 2023

 

Wilson Energy Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

Wilson Energy Ltd

Company Information

Directors

Mr Andrew Wilkinson

Mr Feng Wang

Mr Giles Middleton

Registered office

Unit 7, Mayden Business Park
Northern Road
Newark
Nottinghamshire
NG24 2EU

Accountants

AIMS Accountants
Fernwood Business Centre
Newark
Notts
NG24 3JP

 

Wilson Energy Ltd

(Registration number: 06320941)
Balance Sheet as at 31 August 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

35,966

44,845

Current assets

 

Stocks

5

275,499

319,649

Debtors

6

314,355

269,596

Cash at bank and in hand

 

85

43,969

 

589,939

633,214

Creditors: Amounts falling due within one year

7

(771,518)

(844,459)

Net current liabilities

 

(181,579)

(211,245)

Total assets less current liabilities

 

(145,613)

(166,400)

Creditors: Amounts falling due after more than one year

7

(512,412)

(570,796)

Net liabilities

 

(658,025)

(737,196)

Capital and reserves

 

Called up share capital

850

850

Share premium reserve

375,250

375,250

Retained earnings

(1,034,125)

(1,113,296)

Shareholders' deficit

 

(658,025)

(737,196)

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 15 April 2024 and signed on its behalf by:
 

 

Wilson Energy Ltd

(Registration number: 06320941)
Balance Sheet as at 31 August 2023

.........................................
Mr Andrew Wilkinson
Director

 

Wilson Energy Ltd

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 & Wales.

The address of its registered office is:
Unit 7, Mayden Business Park
Northern Road
Newark
Nottinghamshire
NG24 2EU

These financial statements were authorised for issue by the Board on 15 April 2024.

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. The directors have a reasonable expectation that the company will continue to operate for the forseeable future and the shareholders are committed to continue support.

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.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

Wilson Energy Ltd

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

Tax

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

No Deferred Tax provision has been raised due to significant tax losses carried forward.

The company has tax losses of £1,145,765 available to carry forward against future trading profits.

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

Land & Buildings Leasehold

10% Straight Line

Plant & Machinery

25% Reducing Balance

Fixtures, Fittings & Equipment

25% Reducing Balance / 33% Straight Line/10% Straight Line

Motor Vehicles

25% Reducing Balance

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.

 

Wilson Energy Ltd

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

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.

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 in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

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.

 

Wilson Energy Ltd

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

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 13 (2022 - 14).

 

Wilson Energy Ltd

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

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 September 2022

1,120

231,835

1,510

234,465

Additions

-

1,884

-

1,884

At 31 August 2023

1,120

233,719

1,510

236,349

Depreciation

At 1 September 2022

112

188,076

1,432

189,620

Charge for the year

112

10,632

19

10,763

At 31 August 2023

224

198,708

1,451

200,383

Carrying amount

At 31 August 2023

896

35,011

59

35,966

At 31 August 2022

1,008

43,759

78

44,845

5

Stocks

2023
£

2022
£

Other inventories

275,499

319,649

6

Debtors

Current

2023
£

2022
£

Trade debtors

304,556

293,729

Prepayments

9,799

(24,133)

 

314,355

269,596

7

Creditors

Creditors: amounts falling due within one year

 

Wilson Energy Ltd

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

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

82,744

103,611

Trade creditors

 

336,576

272,009

Taxation and social security

 

46,340

103,718

Accruals and deferred income

 

240,412

209,935

Other creditors

 

65,446

155,186

 

771,518

844,459

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

44,857

81,380

Other non-current financial liabilities

 

467,555

489,416

 

512,412

570,796

8

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

44,857

81,380

2023
£

2022
£

Current loans and borrowings

Bank borrowings

36,523

36,524

Bank overdrafts

46,221

8,494

Other borrowings

-

58,593

82,744

103,611

9

Dividends

The directors are recommending a final dividend of £Nil (2022 - £Nil) per share totalling £Nil (2022 - £Nil). This dividend has not been accrued in the balance sheet.

 

Wilson Energy Ltd

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

10

Related party transactions

Loans were received from director and shareholder F Wang totalling £43K. £101K was repaid to leave the amount outstanding at the year end £nil (£58K 2022). Interest is paid on the balance outstanding at an average rate of 8% pa.

 

Wilson Energy Ltd

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

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

72,600

74,513

Contributions paid to money purchase schemes

2,400

2,400

75,000

76,913








Kamo Creditor
The company has a debt to KAMO of £351k but it has raised a counter claim of £1.3m against KAMO for loss of business.