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Company Registration No. 12265684 (England and Wales)
Wiseman's Engineering Ltd Unaudited accounts for the year ended 31 October 2023
Wiseman's Engineering Ltd Unaudited accounts Contents
Page
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Wiseman's Engineering Ltd Statement of financial position as at 31 October 2023
2023 
2022 
Notes
£ 
£ 
Fixed assets
Tangible assets
14,601 
17,756 
Current assets
Inventories
19,351 
16,699 
Debtors
7,883 
1,939 
Cash at bank and in hand
3,158 
7,612 
30,392 
26,250 
Creditors: amounts falling due within one year
(51,468)
(63,125)
Net current liabilities
(21,076)
(36,875)
Total assets less current liabilities
(6,475)
(19,119)
Creditors: amounts falling due after more than one year
(7,333)
(10,626)
Provisions for liabilities
Deferred tax
(2,624)
(3,374)
Net liabilities
(16,432)
(33,119)
Capital and reserves
Called up share capital
4 
4 
Profit and loss account
(16,436)
(33,123)
Shareholders' funds
(16,432)
(33,119)
For the 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. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 29 July 2024 and were signed on its behalf by
Max Wiseman Director Company Registration No. 12265684
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Wiseman's Engineering Ltd Notes to the Accounts for the year ended 31 October 2023
1
Statutory information
Wiseman's Engineering Ltd is a private company, limited by shares, registered in England and Wales, registration number 12265684. The registered office is Tilebarn Farm Low Grounds, Swineshead, Boston, Lincolnshire, PE20 3PG.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
20% reducing balance
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Stock and work in progress
Stock has been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Deferred taxation
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
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Wiseman's Engineering Ltd Notes to the Accounts for the year ended 31 October 2023
4
Tangible fixed assets
Plant & machinery 
£ 
Cost or valuation
At cost 
At 1 November 2022
30,294 
Additions
495 
At 31 October 2023
30,789 
Depreciation
At 1 November 2022
12,538 
Charge for the year
3,650 
At 31 October 2023
16,188 
Net book value
At 31 October 2023
14,601 
At 31 October 2022
17,756 
5
Debtors
2023 
2022 
£ 
£ 
Amounts falling due within one year
Trade debtors
7,883 
1,939 
6
Creditors: amounts falling due within one year
2023 
2022 
£ 
£ 
Bank loans and overdrafts
4,000 
4,437 
VAT
(294)
588 
Trade creditors
7,372 
2,220 
Other creditors
5,000 
5,000 
Loans from directors
34,625 
49,900 
Accruals
765 
980 
51,468 
63,125 
7
Creditors: amounts falling due after more than one year
2023 
2022 
£ 
£ 
Bank loans
7,333 
10,626 
8
Average number of employees
During the year the average number of employees was 1 (2022: 1).
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