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Company No: 04542593 (England and Wales)

WYER ELECTRICAL SERVICES LIMITED

Unaudited Financial Statements
For the financial year ended 30 November 2023
Pages for filing with the registrar

WYER ELECTRICAL SERVICES LIMITED

Unaudited Financial Statements

For the financial year ended 30 November 2023

Contents

WYER ELECTRICAL SERVICES LIMITED

STATEMENT OF FINANCIAL POSITION

As at 30 November 2023
WYER ELECTRICAL SERVICES LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 30 November 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 10,352 13,761
10,352 13,761
Current assets
Stocks 90,000 76,493
Debtors 4 186,768 245,405
Cash at bank and in hand 8,723 0
285,491 321,898
Creditors: amounts falling due within one year 5 ( 125,392) ( 170,653)
Net current assets 160,099 151,245
Total assets less current liabilities 170,451 165,006
Creditors: amounts falling due after more than one year 6 ( 22,749) ( 36,760)
Provision for liabilities ( 2,251) ( 3,029)
Net assets 145,451 125,217
Capital and reserves
Called-up share capital 100 100
Profit and loss account 145,351 125,117
Total shareholders' funds 145,451 125,217

For the financial year ending 30 November 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Wyer Electrical Services Limited (registered number: 04542593) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

J Wyer
Director

31 July 2024

WYER ELECTRICAL SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 November 2023
WYER ELECTRICAL SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 November 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Wyer Electrical Services Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 20 Wellington Road, Briston, Melton Constable, NR24 2SE, United Kingdom. The principal place of business is 20 Wellington Road, Briston, Melton Constable, Norfolk, NR24 2SE.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
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 financial statements. 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.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Other intangible assets 10 years straight line
Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings 25 % reducing balance
Plant and machinery 25 % reducing balance
Vehicles 25 % reducing balance
Fixtures and fittings 15 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The Company as lessee
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 16 16

3. Tangible assets

Land and buildings Plant and machinery Vehicles Fixtures and fittings Total
£ £ £ £ £
Cost
At 01 December 2022 3,063 15,946 63,362 7,523 89,894
At 30 November 2023 3,063 15,946 63,362 7,523 89,894
Accumulated depreciation
At 01 December 2022 3,050 15,059 50,815 7,209 76,133
Charge for the financial year 3 222 3,137 47 3,409
At 30 November 2023 3,053 15,281 53,952 7,256 79,542
Net book value
At 30 November 2023 10 665 9,410 267 10,352
At 30 November 2022 13 887 12,547 314 13,761

4. Debtors

2023 2022
£ £
Trade debtors 115,406 143,527
Amounts owed by directors 53,921 85,170
Prepayments 2,052 1,320
Corporation tax 15,389 15,388
186,768 245,405

5. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans and overdrafts (secured) ( 23,820) 47,930
Trade creditors 60,317 50,444
Taxation and social security 65,307 50,631
Obligations under finance leases and hire purchase contracts (secured) 4,631 4,631
Other creditors 18,957 17,017
125,392 170,653

Details of security provided:

The bank loan is secured on the directors private residence. The hire purchase agreements are secured on the assets for which they were used to purchase.

6. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans (secured) 19,334 29,000
Obligations under finance leases and hire purchase contracts (secured) 3,415 7,760
22,749 36,760

Details of security provided:

The bank loan is secured on the directors private residence. The hire purchase agreements are secured on the assets for which they were used to purchase.

7. Related party transactions

Transactions with the entity's directors

At the year end the directors owed the company £53,921 (2022 - £85,170). Beneficial loan interest was paid at the official rate of 2.5%. No official repayment terms are in place.