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Registration number: 10879474

Alc Wolverhampton Ltd

trading as Pirtek Wolverhampton

Unaudited Filleted Financial Statements

for the Year Ended 31 October 2023

 

Alc Wolverhampton Ltd

trading as Pirtek Wolverhampton

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 13

 

Alc Wolverhampton Ltd

trading as Pirtek Wolverhampton

Company Information

Directors

Mr AK Connell

Mrs LE Connell

Company secretary

Mrs LE Connell

Registered office

Unit 23
Fallings Park Ind Est
Park Lane
Wolverhampton
WV10 9QB

 

Alc Wolverhampton Ltd

trading as Pirtek Wolverhampton

(Registration number: 10879474)
Balance Sheet as at 31 October 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

26,400

33,000

Tangible assets

5

158,969

121,378

 

185,369

154,378

Current assets

 

Stocks

6

73,248

66,612

Debtors

7

310,418

317,299

Cash at bank and in hand

 

252,299

250,018

 

635,965

633,929

Creditors: Amounts falling due within one year

8

(310,455)

(282,019)

Net current assets

 

325,510

351,910

Total assets less current liabilities

 

510,879

506,288

Creditors: Amounts falling due after more than one year

8

(129,354)

(182,542)

Provisions for liabilities

(30,204)

(23,062)

Net assets

 

351,321

300,684

Capital and reserves

 

Called up share capital

100

100

Retained earnings

351,221

300,584

Shareholders' funds

 

351,321

300,684

 

Alc Wolverhampton Ltd

trading as Pirtek Wolverhampton

(Registration number: 10879474)
Balance Sheet as at 31 October 2023 (continued)

For the financial year ending 31 October 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 27 March 2024 and signed on its behalf by:
 

.........................................
Mrs LE Connell
Company secretary and director

   
     
 

Alc Wolverhampton Ltd

trading as Pirtek Wolverhampton

Notes to the Unaudited Financial Statements for the Year Ended 31 October 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:
Unit 23
Fallings Park Ind Est
Park Lane
Wolverhampton
WV10 9QB
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.

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.

 

Alc Wolverhampton Ltd

trading as Pirtek Wolverhampton

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

2

Accounting policies (continued)

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 & equipment

10 year straight line basis .

Fixtures & fittings

10 year straight line basis .

Motor vehicles

3/4 year straight line basis .

Office equipment

5 year straight line basis

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

10 year straight line basis .

 

Alc Wolverhampton Ltd

trading as Pirtek Wolverhampton

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

2

Accounting policies (continued)

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.

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.

 

Alc Wolverhampton Ltd

trading as Pirtek Wolverhampton

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

2

Accounting policies (continued)

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.

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.

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 10 (2022 - 10).

 

Alc Wolverhampton Ltd

trading as Pirtek Wolverhampton

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

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 November 2022

66,000

66,000

At 31 October 2023

66,000

66,000

Amortisation

At 1 November 2022

33,000

33,000

Amortisation charge

6,600

6,600

At 31 October 2023

39,600

39,600

Carrying amount

At 31 October 2023

26,400

26,400

At 31 October 2022

33,000

33,000

 

Alc Wolverhampton Ltd

trading as Pirtek Wolverhampton

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

5

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 November 2022

26,840

5,450

44,307

163,455

240,052

Additions

-

-

1,493

102,263

103,756

Disposals

-

-

-

(20,727)

(20,727)

At 31 October 2023

26,840

5,450

45,800

244,991

323,081

Depreciation

At 1 November 2022

7,129

1,509

32,122

77,914

118,674

Charge for the year

2,683

550

5,942

56,990

66,165

Eliminated on disposal

-

-

-

(20,727)

(20,727)

At 31 October 2023

9,812

2,059

38,064

114,177

164,112

Carrying amount

At 31 October 2023

17,028

3,391

7,736

130,814

158,969

At 31 October 2022

19,711

3,941

12,185

85,541

121,378

 

Alc Wolverhampton Ltd

trading as Pirtek Wolverhampton

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

6

Stocks

2023
£

2022
£

Raw materials and consumables

73,248

66,612

7

Debtors

Current

2023
£

2022
£

Trade debtors

239,101

229,403

Prepayments

15,536

16,285

Other debtors

55,781

71,611

 

310,418

317,299

 

Alc Wolverhampton Ltd

trading as Pirtek Wolverhampton

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

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

101,396

101,088

Trade creditors

 

121,484

80,524

Taxation and social security

 

32,636

51,922

Accruals and deferred income

 

54,779

48,324

Other creditors

 

160

161

 

310,455

282,019

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

129,354

182,542

9

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

42,812

131,735

HP and finance lease liabilities

86,542

50,807

129,354

182,542

Current loans and borrowings

2023
£

2022
£

Bank borrowings

51,284

46,574

Bank overdrafts

11,173

12,455

Directors current account

-

22,769

Hire purchase liabilities

38,939

19,290

101,396

101,088

 

Alc Wolverhampton Ltd

trading as Pirtek Wolverhampton

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

10

Related party transactions

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Contributions paid to money purchase schemes

21,000

20,000

Loans to related parties

2023

Entities with joint control or significant influence
£

Total
£

At start of period

71,611

71,611

Repaid

(15,830)

(15,830)

At end of period

55,781

55,781

2022

Entities with joint control or significant influence
£

Total
£

Advanced

71,611

71,611

At end of period

71,611

71,611

 

Alc Wolverhampton Ltd

trading as Pirtek Wolverhampton

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

10

Related party transactions (continued)

Loans from related parties

2023

Entities with joint control or significant influence
£

Key management
£

Total
£

At start of period

161

22,769

22,930

Repaid

(1)

(22,769)

(22,770)

At end of period

160

-

160

2022

Entities with joint control or significant influence
£

Key management
£

Total
£

At start of period

20,000

22,769

42,769

Advanced

161

-

161

Repaid

(20,000)

-

(20,000)

At end of period

161

22,769

22,930

Terms of loans from related parties

There are no terms of repayment or interest charged on loans from entities with joint control or significant influence.