Wirepoint Systems & Data Limited 5265548 false 2022-11-01 2023-10-31 2023-10-31 The principal activity of the company is Electrical Engineering Consultants Digita Accounts Production Advanced 6.30.9574.0 true true 5265548 2022-11-01 2023-10-31 5265548 2023-10-31 5265548 bus:OrdinaryShareClass1 2023-10-31 5265548 bus:OrdinaryShareClass2 bus:Non-cumulativeShares 2023-10-31 5265548 bus:OrdinaryShareClass3 bus:Non-cumulativeShares 2023-10-31 5265548 core:FinanceLeases core:CurrentFinancialInstruments 2023-10-31 5265548 core:FinanceLeases core:Non-currentFinancialInstruments 2023-10-31 5265548 core:CurrentFinancialInstruments 2023-10-31 5265548 core:CurrentFinancialInstruments core:WithinOneYear 2023-10-31 5265548 core:Non-currentFinancialInstruments 2023-10-31 5265548 core:Non-currentFinancialInstruments core:AfterOneYear 2023-10-31 5265548 core:MotorVehicles 2023-10-31 5265548 core:OtherPropertyPlantEquipment 2023-10-31 5265548 bus:SmallEntities 2022-11-01 2023-10-31 5265548 bus:AuditExemptWithAccountantsReport 2022-11-01 2023-10-31 5265548 bus:FullAccounts 2022-11-01 2023-10-31 5265548 bus:SmallCompaniesRegimeForAccounts 2022-11-01 2023-10-31 5265548 bus:RegisteredOffice 2022-11-01 2023-10-31 5265548 bus:CompanySecretary1 2022-11-01 2023-10-31 5265548 bus:Director1 2022-11-01 2023-10-31 5265548 bus:OrdinaryShareClass1 2022-11-01 2023-10-31 5265548 bus:OrdinaryShareClass2 bus:Non-cumulativeShares 2022-11-01 2023-10-31 5265548 bus:OrdinaryShareClass3 bus:Non-cumulativeShares 2022-11-01 2023-10-31 5265548 bus:PrivateLimitedCompanyLtd 2022-11-01 2023-10-31 5265548 bus:Agent1 2022-11-01 2023-10-31 5265548 core:MotorVehicles 2022-11-01 2023-10-31 5265548 core:OtherPropertyPlantEquipment 2022-11-01 2023-10-31 5265548 core:PlantMachinery 2022-11-01 2023-10-31 5265548 countries:AllCountries 2022-11-01 2023-10-31 5265548 2022-10-31 5265548 core:MotorVehicles 2022-10-31 5265548 core:OtherPropertyPlantEquipment 2022-10-31 5265548 2021-11-01 2022-10-31 5265548 2022-10-31 5265548 bus:OrdinaryShareClass1 2022-10-31 5265548 bus:OrdinaryShareClass2 bus:Non-cumulativeShares 2022-10-31 5265548 bus:OrdinaryShareClass3 bus:Non-cumulativeShares 2022-10-31 5265548 core:FinanceLeases core:CurrentFinancialInstruments 2022-10-31 5265548 core:FinanceLeases core:Non-currentFinancialInstruments 2022-10-31 5265548 core:CurrentFinancialInstruments 2022-10-31 5265548 core:CurrentFinancialInstruments core:WithinOneYear 2022-10-31 5265548 core:Non-currentFinancialInstruments 2022-10-31 5265548 core:Non-currentFinancialInstruments core:AfterOneYear 2022-10-31 5265548 core:MotorVehicles 2022-10-31 5265548 core:OtherPropertyPlantEquipment 2022-10-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 5265548

Wirepoint Systems & Data Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 October 2023

 

Wirepoint Systems & Data Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3

Notes to the Unaudited Financial Statements

4 to 11

 

Wirepoint Systems & Data Limited

Company Information

Directors

Mr Terrence Gavin Oliver

Company secretary

Mr John Simon King

Registered office

204C High Street
Ongar
Essex
CM5 9JJ

Accountants

Watson & Co
204C High Street
Ongar
Essex
CM5 9JJ

 

Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Wirepoint Systems & Data Limited
for the Year Ended 31 October 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Wirepoint Systems & Data Limited for the year ended 31 October 2023 as set out on pages 3 to 11 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Certified Public Accountants Association, we are subject to its ethical and other professional requirements.

This report is made solely to the Board of Directors of Wirepoint Systems & Data Limited, as a body. Our work has been undertaken solely to prepare for your approval the accounts of Wirepoint Systems & Data Limited and state those matters that we have agreed to state to the Board of Directors of Wirepoint Systems & Data Limited, as a body, in this report in accordance with the Certified Public Accountants Association. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Wirepoint Systems & Data Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Wirepoint Systems & Data Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Wirepoint Systems & Data Limited. You consider that Wirepoint Systems & Data Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Wirepoint Systems & Data Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Watson & Co
204C High Street
Ongar
Essex
CM5 9JJ

6 March 2024

 

Wirepoint Systems & Data Limited

(Registration number: 5265548)
Balance Sheet as at 31 October 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

35,279

47,038

Current assets

 

Stocks

6

50,000

-

Debtors

7

149,371

151,776

Cash at bank and in hand

 

685,447

544,826

 

884,818

696,602

Creditors: Amounts falling due within one year

8

(259,676)

(213,234)

Net current assets

 

625,142

483,368

Total assets less current liabilities

 

660,421

530,406

Creditors: Amounts falling due after more than one year

8

(57,652)

(78,625)

Net assets

 

602,769

451,781

Capital and reserves

 

Called up share capital

9

3

3

Retained earnings

602,766

451,778

Shareholders' funds

 

602,769

451,781

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.

Director's 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 director acknowledges his 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.

Approved and authorised by the director on 6 March 2024
 

.........................................
Mr Terrence Gavin Oliver
Director

 

Wirepoint Systems & Data Limited

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 & Wales.

The address of its registered office is:
204C High Street
Ongar
Essex
CM5 9JJ

The principal place of business is:
The Willows
Hooley Drive
Rayleigh
Essex
SS6 9RA

These financial statements were authorised for issue by the director on 6 March 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 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.

 

Wirepoint Systems & Data Limited

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

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.

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

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.

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.

 

Wirepoint Systems & Data Limited

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

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.

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.

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 the director) during the year, was 3 (2022 - 3).

 

Wirepoint Systems & Data Limited

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

4

Profit before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

11,759

15,680

 

Wirepoint Systems & Data Limited

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

5

Tangible assets

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 November 2022

70,030

2,958

72,988

At 31 October 2023

70,030

2,958

72,988

Depreciation

At 1 November 2022

24,805

1,145

25,950

Charge for the year

11,306

453

11,759

At 31 October 2023

36,111

1,598

37,709

Carrying amount

At 31 October 2023

33,919

1,360

35,279

At 31 October 2022

45,225

1,813

47,038

6

Stocks

2023
£

2022
£

Work in progress

50,000

-

7

Debtors

Current

2023
£

2022
£

Prepayments

100,000

100,000

Other debtors

49,371

51,776

 

149,371

151,776

8

Creditors

Creditors: amounts falling due within one year

 

Wirepoint Systems & Data Limited

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

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

10

10,640

10,640

Trade creditors

 

1,279

-

Taxation and social security

 

71,243

68,170

Accruals and deferred income

 

176,600

134,100

Other creditors

 

(86)

324

 

259,676

213,234

 

Wirepoint Systems & Data Limited

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

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

10

57,652

78,625

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

1

1

1

1

Ordinary B of £1 each

1

1

1

1

Ordinary C of £1 each

1

1

1

1

 

3

3

3

3

10

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

28,930

39,167

Finance lease liabilities

28,722

39,458

57,652

78,625

2023
£

2022
£

Current loans and borrowings

Finance lease liabilities

10,640

10,640

11

Related party transactions

 

Wirepoint Systems & Data Limited

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

Director's remuneration

The director's remuneration for the year was as follows:

2023
£

2022
£

Remuneration

11,599

10,898