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Company registration number: 07257046
WSM ENGINEERING FACILITIES LIMITED
TRADING AS WSM ENGINEERING FACILITIES LIMITED
UNAUDITED FILLETED FINANCIAL STATEMENTS
31 December 2023
WSM ENGINEERING FACILITIES LIMITED
Contents
Directors and other information
Statement of financial position
Statement of changes in equity
Notes to the financial statements
WSM ENGINEERING FACILITIES LIMITED
DIRECTORS AND OTHER INFORMATION
Directors Mr Richard Henning
Mrs Jayne Louise Henning
Company number 07257046
Registered office Corner Cottage Farm
Coppice Lane
Coton
Whitchurch
SY13 3LU
Business address Corner Cottage Farm
Coppice Lane
Coton
Whitchurch
SY13 3LU
Accountants Stubbs Parkin South
The Manse
Dodington
Whitchurch
Shropshire
SY13 1DZ
WSM ENGINEERING FACILITIES LIMITED
STATEMENT OF FINANCIAL POSITION
31 DECEMBER 2023
2023 2022
Note £ £ £ £
Fixed assets
Intangible assets 5 - -
Tangible assets 6 149,481 181,525
_______ _______
149,481 181,525
Current assets
Stocks 72,724 72,329
Debtors 7 57,446 58,464
Cash at bank and in hand 1,700 1,700
_______ _______
131,870 132,493
Creditors: amounts falling due
within one year 8 ( 134,965) ( 126,931)
_______ _______
Net current (liabilities)/assets ( 3,095) 5,562
_______ _______
Total assets less current liabilities 146,386 187,087
Creditors: amounts falling due
after more than one year 9 ( 21,430) ( 41,569)
Provisions for liabilities ( 15,161) ( 20,098)
_______ _______
Net assets 109,795 125,420
_______ _______
Capital and reserves
Called up share capital 2,000 2,000
Profit and loss account 107,795 123,420
_______ _______
Shareholders funds 109,795 125,420
_______ _______
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.
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 statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 22 April 2024 , and are signed on behalf of the board by:
Mr Richard Henning
Director
Company registration number: 07257046
WSM ENGINEERING FACILITIES 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 Corner Cottage Farm, Coppice Lane, Coton, Whitchurch, SY13 3LU.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
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 the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past 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.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
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:
Freehold property - 8 % reducing balance
Plant and machinery - 20 % reducing balance
Fittings fixtures and equipment - 20 % reducing balance
Motor vehicles - 20 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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. 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 are 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, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
Defined contribution plans
The company operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 11 (2022: 11 ).
5. Intangible assets
Other intangible assets Total
£ £
Cost
At 1 January 2023 and 31 December 2023 1,449 1,449
_______ _______
Amortisation
At 1 January 2023 and 31 December 2023 1,449 1,449
_______ _______
Carrying amount
At 31 December 2023 - -
_______ _______
At 31 December 2022 - -
_______ _______
6. Tangible assets
Freehold property Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £ £
Cost
At 1 January 2023 109,903 40,442 60,426 142,530 353,301
Disposals - - - ( 15,710) ( 15,710)
_______ _______ _______ _______ _______
At 31 December 2023 109,903 40,442 60,426 126,820 337,591
_______ _______ _______ _______ _______
Depreciation
At 1 January 2023 34,158 24,629 41,688 71,301 171,776
Charge for the year 6,060 3,163 3,748 13,040 26,011
Disposals - - - ( 9,677) ( 9,677)
_______ _______ _______ _______ _______
At 31 December 2023 40,218 27,792 45,436 74,664 188,110
_______ _______ _______ _______ _______
Carrying amount
At 31 December 2023 69,685 12,650 14,990 52,156 149,481
_______ _______ _______ _______ _______
At 31 December 2022 75,745 15,813 18,738 71,229 181,525
_______ _______ _______ _______ _______
7. Debtors
2023 2022
£ £
Trade debtors 46,890 58,464
Other debtors 10,556 -
_______ _______
57,446 58,464
_______ _______
8. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 12,932 18,053
Trade creditors 31,366 33,504
Social security and other taxes 77,631 53,978
Other creditors 13,036 21,396
_______ _______
134,965 126,931
_______ _______
9. Creditors: amounts falling due after more than one year
2023 2022
£ £
Bank loans and overdrafts 15,817 23,117
Other creditors 5,613 18,452
_______ _______
21,430 41,569
_______ _______
10. Controlling party
The company was controlled throughout the period by the directors as detailed on Page 1.