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Registration number: 04592617

Wright and Long Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 November 2023

 

Wright and Long Ltd

Contents

Company Information

1

Statement of financial position

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Wright and Long Ltd

Company Information

Directors

Mr SM Long

Mrs N Long

Registered office

19 King Street
King's Lynn
Norfolk
PE30 1HB

Accountants

Hayhow & Co.
Chartered Certified Accountants & Business Advisers
19 King Street
King's Lynn
Norfolk
PE30 1HB

 

Wright and Long Ltd

(Registration number: 04592617)
Statement of financial position as at 30 November 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

7,735

10,183

Current assets

 

Stocks

6

9,076

5,881

Debtors

7

38,600

33,141

Cash at bank and in hand

 

5,293

2,316

 

52,969

41,338

Creditors: Amounts falling due within one year

8

(42,506)

(28,325)

Net current assets

 

10,463

13,013

Total assets less current liabilities

 

18,198

23,196

Creditors: Amounts falling due after more than one year

8

(15,059)

(20,039)

Provisions for liabilities

(1,547)

(1,935)

Net assets

 

1,592

1,222

Capital and reserves

 

Called up share capital

9

1,000

1,000

Retained earnings

592

222

Shareholders' funds

 

1,592

1,222

For the financial year ending 30 November 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 and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

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 Statement of comprehensive income.

Approved and authorised by the Board on 14 April 2024 and signed on its behalf by:
 

 

Wright and Long Ltd

(Registration number: 04592617)
Statement of financial position as at 30 November 2023

.........................................
Mr SM Long
Director

 

Wright and Long Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 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:
19 King Street
King's Lynn
Norfolk
PE30 1HB

These financial statements were authorised for issue by the Board on 14 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.

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.

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.

 

Wright and Long Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

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 statement of financial position 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

Motor Vehicles

25% Reducing balance

Fixtures and Fittings

15% Reducing balance

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.

 

Wright and Long Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

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 statement of comprehensive income 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 statement of financial position as a finance lease obligation.

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

3

Staff numbers

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

 

Wright and Long Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 December 2022

5,000

5,000

At 30 November 2023

5,000

5,000

Amortisation

At 1 December 2022

5,000

5,000

At 30 November 2023

5,000

5,000

Carrying amount

At 30 November 2023

-

-

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 December 2022

2,272

25,393

27,665

At 30 November 2023

2,272

25,393

27,665

Depreciation

At 1 December 2022

1,294

16,188

17,482

Charge for the year

147

2,301

2,448

At 30 November 2023

1,441

18,489

19,930

Carrying amount

At 30 November 2023

831

6,904

7,735

At 30 November 2022

978

9,205

10,183


Obligations under hire purchase;

Included within the carrying value of tangible assets are the following amounts relating to assets held under hire
purchase agreements;

Motor Vehicles £6,480 (2022: £8,640)

 

Wright and Long Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

6

Stocks

2023
£

2022
£

Work in progress

8,576

5,381

Finished goods and goods for resale

500

500

9,076

5,881

7

Debtors

2023
£

2022
£

Prepayments

453

373

Other debtors

38,147

32,768

38,600

33,141

 

Wright and Long Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

6,228

8,113

Trade creditors

 

983

1,700

Social security and other taxes

 

5,089

1,704

Other payables

 

4,575

-

Accruals

 

1,622

1,617

Tax liability

24,009

15,191

 

42,506

28,325

Due after one year

 

Loans and borrowings

15,059

20,039

Creditors include net obligations under finance lease and hire purchase contracts which are secured of £3,113 (2022 - £3,113).

Creditors falling duer after one year include net obligations under finance lease and hire purchase contracts which are secured of £259 (2022 - £3,372).

9

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary A of £1 each

600

600

600

600

Ordinary B of £1 each

200

200

200

200

Ordinary C of £1 each

200

200

200

200

1,000

1,000

1,000

1,000

Each share is entitled to one vote in any circumstances and each share is also entitled pari passu to dividend payments or any other distribution, including a distribution arising from a winding up of the company.

 

Wright and Long Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

10

Related party transactions

Loans to related parties

2023

Key management
£

Total
£

At start of period

32,768

32,768

Advanced

56,379

56,379

Repaid

(51,000)

(51,000)

At end of period

38,147

38,147

2022

Key management
£

Total
£

At start of period

35,130

35,130

Advanced

46,138

46,138

Repaid

(48,500)

(48,500)

At end of period

32,768

32,768

Terms of loans to related parties

The directors loan will be repaid within 9 months of the year end