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COMPANY REGISTRATION NUMBER: 11978407
WAYLAND ADDITIVE LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 December 2023
WAYLAND ADDITIVE LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2023
Contents
Pages
Balance sheet 1 to 2
Notes to the financial statements 3 to 6
WAYLAND ADDITIVE LIMITED
BALANCE SHEET
31 December 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
5
719,582
761,118
Current assets
Stocks
6
2,704,146
1,972,352
Debtors
7
1,385,714
1,168,575
Cash at bank and in hand
2,625,347
517,432
------------
------------
6,715,207
3,658,359
Creditors: amounts falling due within one year
8
( 1,692,405)
( 3,352,942)
------------
------------
Net current assets
5,022,802
305,417
------------
------------
Total assets less current liabilities
5,742,384
1,066,535
Creditors: amounts falling due after more than one year
9
( 1,021,555)
( 1,006,768)
------------
------------
Net assets
4,720,829
59,767
------------
------------
Capital and reserves
Called up share capital
10
82,772
62,561
Share premium account
16,736,519
8,009,627
Capital redemption reserve
440
440
Profit and loss account
( 12,098,902)
( 8,012,861)
-------------
------------
Shareholders funds
4,720,829
59,767
-------------
------------
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 profit and loss account 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 members have 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 .
WAYLAND ADDITIVE LIMITED
BALANCE SHEET (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 8 March 2024 , and are signed on behalf of the board by:
Mr W T Richardson
Director
Company registration number: 11978407
WAYLAND ADDITIVE 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 Unit 7, Park Valley Court, Meltham Road, Huddersfield, HD4 7BH.
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.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); 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.
Taxation
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 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.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and 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:
Plant & machinery
-
15% reducing balance
Fixtures & fittings
-
15% reducing balance
Computer equipment
-
33% straight line
Government grants
Government grants which include performance criteria are recognised in accordance with the performance model and released over the period of the grant as and when there is sufficient confidence that the performance criteria will be met.
Research and development expenditure
Research and development expenditure is written off as incurred.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase but exclude labour and production overhead costs.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the balance sheet as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Provision for liabilities
A provision is recognised when the company has a legal or constructive obligation as a result of a past event and it is probable that an outflow of economic benefit will be required to settle the obligation.
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 59 (2022: 48 ).
5. Tangible assets
Plant and machinery
Fixtures and fittings
Computer equipment
Total
£
£
£
£
Cost
At 1 January 2023
131,706
741,663
163,297
1,036,666
Additions
28,689
67,873
81,685
178,247
------------
------------
------------
------------
At 31 December 2023
160,395
809,536
244,982
1,214,913
------------
------------
------------
------------
Depreciation
At 1 January 2023
26,185
170,555
78,808
275,548
Charge for the year
18,742
142,222
58,819
219,783
------------
------------
------------
------------
At 31 December 2023
44,927
312,777
137,627
495,331
------------
------------
------------
------------
Carrying amount
At 31 December 2023
115,468
496,759
107,355
719,582
------------
------------
------------
------------
At 31 December 2022
105,521
571,108
84,489
761,118
------------
------------
------------
------------
6. Stocks
2023
2022
£
£
Work in progress
2,704,146
1,972,352
------------
------------
7. Debtors
2023
2022
£
£
Trade debtors
351,868
135,000
Prepayments and accrued income
312,458
174,662
Corporation tax repayable
611,946
710,791
Other debtors
109,442
148,122
------------
------------
1,385,714
1,168,575
------------
------------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
266,479
1,391,429
Accruals and deferred income
1,100,327
601,463
Social security and other taxes
95,382
199,228
Obligations under finance leases and hire purchase contracts
21,789
6,785
Other creditors
208,428
1,154,037
------------
------------
1,692,405
3,352,942
------------
------------
9. Creditors: amounts falling due after more than one year
2023
2022
£
£
Secured loan
1,000,000
1,000,000
Hire purchase and finance lease agreements
21,555
6,768
------------
------------
1,021,555
1,006,768
------------
------------
The loan is secured by a fixed and floating charge over the assets of the company.
10. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 0.01 each
8,277,185
82,772
6,256,100
62,561
------------
------------
------------
------------
On 7 February 2023 the company issued 1,137,400 £0.01 ordinary shares for £4 per share. On 30 November 2023 the company issued 842,107 £0.01 ordinary shares for £4.75 per share. On 31 December 2023 the company issued 41,578 £0.01 ordinary shares for £4.75 per share.
11. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Not later than 1 year
185,855
185,855
Later than 1 year and not later than 5 years
97,322
283,178
------------
------------
283,177
469,033
------------
------------
12. Deferred tax
The company has a deferred tax asset of £1,518,757 at 31 December 2023 (2022: £1,034,189). This arises from corporation tax losses to carry forward for offset against future trading profits totalling £8,654,484 (2022: £6,107,105) less accelerated capital allowances.
13. Control of the company
No individual shareholder has control of the company.