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Registration number: 06725400

Wright & Holmes Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 October 2023

 

Wright & Holmes Limited

Contents

Company Information

1

Director's Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 10

 

Wright & Holmes Limited

Company Information

Director

Mr S A Wright

Registered office

The Old Vicarage
51 St John Street
Ashbourne
Derbyshire
DE6 1GP

Accountants

Coates and Partners Limited
Chartered Accountants
The Old Vicarage
51 St John Street
Ashbourne
Derbyshire
DE6 1GP

 

Wright & Holmes Limited

Director's Report for the Year Ended 31 October 2023

The director presents his report and the financial statements for the year ended 31 October 2023.

Director of the company

The director who held office during the year was as follows:

Mr S A Wright

Small companies provision statement

This report has 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 24 July 2024
 

.........................................
Mr S A Wright
Director

 

Wright & Holmes Limited

(Registration number: 06725400)
Balance Sheet as at 31 October 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

32,672

38,566

Current assets

 

Stocks

5,060

3,520

Debtors

5

263,232

389,604

 

268,292

393,124

Creditors: Amounts falling due within one year

6

(180,971)

(207,634)

Net current assets

 

87,321

185,490

Total assets less current liabilities

 

119,993

224,056

Creditors: Amounts falling due after more than one year

6

(73,232)

(102,777)

Provisions for liabilities

(6,208)

(7,167)

Net assets

 

40,553

114,112

Capital and reserves

 

Called up share capital

100

100

Retained earnings

40,453

114,012

Shareholders' funds

 

40,553

114,112

 

Wright & Holmes Limited

(Registration number: 06725400)
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.

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 and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland'.

These financial statements have been delivered to the Registrar of Companies in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account and directors' report has been taken.

Approved and authorised by the director on 24 July 2024
 

Mr S A Wright
Director

   
     
 

Wright & Holmes 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 and Wales registration number: 06725400.

The address of its registered office is:
The Old Vicarage
51 St John Street
Ashbourne
Derbyshire
DE6 1GP
England

These financial statements were authorised for issue by the director on 24 July 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.

The presentation currency is £ sterling.

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.

 

Wright & Holmes Limited

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

2

Accounting policies (continued)

Government grants

Government grants received are only recognised when there is reasonable assurance that the entity will comply with the conditions attached to them and the grants will be received. Government grants are recognised in the profit and loss account on a systematic basis over the periods in which the entity recognises as expenses the related costs for which the grants are intended to compensate.

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.

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 and machinery

15% reducing balance

Commercial motor vehicles

15% reducing balance

Office equipment

33% straight line basis

 

Wright & Holmes Limited

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

2

Accounting policies (continued)

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.

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.

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 1 (2022 - 2).

 

Wright & Holmes Limited

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

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 November 2022

470

28,795

56,847

86,112

At 31 October 2023

470

28,795

56,847

86,112

Depreciation

At 1 November 2022

470

7,664

39,412

47,546

Charge for the year

-

3,169

2,725

5,894

At 31 October 2023

470

10,833

42,137

53,440

Carrying amount

At 31 October 2023

-

17,962

14,710

32,672

At 31 October 2022

-

21,131

17,435

38,566

5

Debtors

Current

2023
£

2022
£

Trade debtors

166,765

388,197

Prepayments

1,467

1,407

Other debtors

95,000

-

 

263,232

389,604

 

Wright & Holmes Limited

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

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

7

16,139

31,726

Trade creditors

 

59,211

85,851

Taxation and social security

 

87,084

71,201

Accruals and deferred income

 

6,045

6,414

Other creditors

 

12,492

12,442

 

180,971

207,634

Creditors include net obligations under finance lease and hire purchase contracts which are secured on the assets in place of £0 (2022 - £2,634).
Creditors include a bank loan secured by the Government of £6,000 (2022 - £6,000)

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

7

10,000

24,085

Other creditors

 

63,232

78,692

 

73,232

102,777

Creditors include obligations under finance lease and hire purchase contracts which are secured on the assets in place of £0 (2022 - £8,085).
Creditors include a bank loan secured by the Government of £10,000 (2022 - £16,000)

 

Wright & Holmes Limited

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

7

Loans and borrowings

Current loans and borrowings

2023
£

2022
£

Bank overdrafts

10,139

23,092

Hire purchase contracts

-

2,634

Other borrowings

6,000

6,000

16,139

31,726

Non-current loans and borrowings

2023
£

2022
£

Hire purchase contracts

-

8,085

Other borrowings

10,000

16,000

10,000

24,085

8

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £1,250 (2022 - £1,250).