Silverfin false false 31/03/2024 01/04/2023 31/03/2024 Ms R A Guy 26/07/2016 Mr R Whyler-Pritchard 11/10/2022 Mr M J Wright 23/11/2007 01 August 2024 The principal activity of the Company is construction and building supplies. 06436049 2024-03-31 06436049 bus:Director1 2024-03-31 06436049 bus:Director2 2024-03-31 06436049 bus:Director3 2024-03-31 06436049 2023-03-31 06436049 core:CurrentFinancialInstruments 2024-03-31 06436049 core:CurrentFinancialInstruments 2023-03-31 06436049 core:Non-currentFinancialInstruments 2024-03-31 06436049 core:Non-currentFinancialInstruments 2023-03-31 06436049 core:ShareCapital 2024-03-31 06436049 core:ShareCapital 2023-03-31 06436049 core:RetainedEarningsAccumulatedLosses 2024-03-31 06436049 core:RetainedEarningsAccumulatedLosses 2023-03-31 06436049 core:Goodwill 2023-03-31 06436049 core:Goodwill 2024-03-31 06436049 core:PlantMachinery 2023-03-31 06436049 core:Vehicles 2023-03-31 06436049 core:FurnitureFittings 2023-03-31 06436049 core:ComputerEquipment 2023-03-31 06436049 core:OtherPropertyPlantEquipment 2023-03-31 06436049 core:PlantMachinery 2024-03-31 06436049 core:Vehicles 2024-03-31 06436049 core:FurnitureFittings 2024-03-31 06436049 core:ComputerEquipment 2024-03-31 06436049 core:OtherPropertyPlantEquipment 2024-03-31 06436049 bus:OrdinaryShareClass1 2024-03-31 06436049 2023-04-01 2024-03-31 06436049 bus:FilletedAccounts 2023-04-01 2024-03-31 06436049 bus:SmallEntities 2023-04-01 2024-03-31 06436049 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 06436049 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 06436049 bus:Director1 2023-04-01 2024-03-31 06436049 bus:Director2 2023-04-01 2024-03-31 06436049 bus:Director3 2023-04-01 2024-03-31 06436049 core:Goodwill core:BottomRangeValue 2023-04-01 2024-03-31 06436049 core:Goodwill core:TopRangeValue 2023-04-01 2024-03-31 06436049 core:Goodwill 2023-04-01 2024-03-31 06436049 core:PlantMachinery 2023-04-01 2024-03-31 06436049 core:Vehicles 2023-04-01 2024-03-31 06436049 core:FurnitureFittings 2023-04-01 2024-03-31 06436049 core:ComputerEquipment core:TopRangeValue 2023-04-01 2024-03-31 06436049 core:OtherPropertyPlantEquipment 2023-04-01 2024-03-31 06436049 2022-04-01 2023-03-31 06436049 core:ComputerEquipment 2023-04-01 2024-03-31 06436049 core:CurrentFinancialInstruments 2023-04-01 2024-03-31 06436049 core:Non-currentFinancialInstruments 2023-04-01 2024-03-31 06436049 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 06436049 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 06436049 (England and Wales)

WRIGHT CONSTRUCTION (IOS) LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2024
Pages for filing with the registrar

WRIGHT CONSTRUCTION (IOS) LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

WRIGHT CONSTRUCTION (IOS) LIMITED

COMPANY INFORMATION

For the financial year ended 31 March 2024
WRIGHT CONSTRUCTION (IOS) LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 March 2024
DIRECTORS Ms R A Guy
Mr R Whyler-Pritchard
Mr M J Wright
REGISTERED OFFICE C/O Francis Clark Llp Lowin House
Tregolls Road
Truro
TR1 2NA
United Kingdom
BUSINESS ADDRESS Scillonian Building Supplies
Porthmellon Industrial Estate
St Mary's
Isles of Scilly
TR21 0JY
COMPANY NUMBER 06436049 (England and Wales)
CHARTERED ACCOUNTANTS Francis Clark LLP
Lowin House
Tregolls Road
Truro
Cornwall TR1 2NA
WRIGHT CONSTRUCTION (IOS) LIMITED

BALANCE SHEET

As at 31 March 2024
WRIGHT CONSTRUCTION (IOS) LIMITED

BALANCE SHEET (continued)

As at 31 March 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 4 107,693 74,420
107,693 74,420
Current assets
Stocks 13,885 13,750
Debtors 5 199,907 229,473
Cash at bank and in hand 382,790 272,870
596,582 516,093
Creditors: amounts falling due within one year 6 ( 607,513) ( 514,532)
Net current (liabilities)/assets (10,931) 1,561
Total assets less current liabilities 96,762 75,981
Creditors: amounts falling due after more than one year 7 ( 24,503) ( 47,502)
Provision for liabilities ( 10,799) ( 11,117)
Net assets 61,460 17,362
Capital and reserves
Called-up share capital 8 100 100
Profit and loss account 61,360 17,262
Total shareholder's funds 61,460 17,362

For the financial year ending 31 March 2024 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 Wright Construction (IOS) Limited (registered number: 06436049) were approved and authorised for issue by the Board of Directors on 01 August 2024. They were signed on its behalf by:

Mr M J Wright
Director
WRIGHT CONSTRUCTION (IOS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
WRIGHT CONSTRUCTION (IOS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
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

Wright Construction (IOS) 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 C/O Francis Clark Llp Lowin House, Tregolls Road, Truro, TR1 2NA, United Kingdom. The principal place of business is Scillonian Building Supplies, Porthmellon Industrial Estate, St Mary's, Isles of Scilly, TR21 0JY.

The financial statements have been prepared under the historical cost convention, modified to include 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 stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the sale of goods is recognised when the goods are physically delivered to the customer. Revenue from services is recognised as they are delivered.

Employee benefits

Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

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 Balance Sheet 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 tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

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:

Goodwill 5 - 10 years straight line
Goodwill

Goodwill arises on business combination and represents any excess of consideration given over the fair value of the identifiable assets and liabilities acquired. Goodwill is initially recognised as an intangible asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis over its useful economic life, which is [number] 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:

Plant and machinery 25 % reducing balance
Vehicles 25 % reducing balance
Fixtures and fittings 25 % reducing balance
Computer equipment 3 years straight line
Other property, plant and equipment 25 % 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.

Borrowing costs

Borrowing costs that are directly attributable to acquisition, construction or production of qualifying assets, are capitalised as part of the cost of those assets. Capitalisation begins when both finance costs and expenditures for the asset are being incurred and activities that are necessary to get the asset ready for use are in progress. Capitalisation ceases when substantially all the activities that are necessary to get the asset ready for use are complete.

All other borrowing costs are recognised in profit or loss in the period in which they are incurred.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

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.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 7 4

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 April 2023 51,483 51,483
At 31 March 2024 51,483 51,483
Accumulated amortisation
At 01 April 2023 51,483 51,483
At 31 March 2024 51,483 51,483
Net book value
At 31 March 2024 0 0
At 31 March 2023 0 0

4. Tangible assets

Plant and machinery Vehicles Fixtures and fittings Computer equipment Other property, plant
and equipment
Total
£ £ £ £ £ £
Cost
At 01 April 2023 100,784 102,378 7,783 4,020 33,411 248,376
Additions 0 44,189 16,117 757 964 62,027
Disposals 0 ( 6,000) 0 0 0 ( 6,000)
At 31 March 2024 100,784 140,567 23,900 4,777 34,375 304,403
Accumulated depreciation
At 01 April 2023 94,825 40,841 6,387 2,841 29,062 173,956
Charge for the financial year 1,489 23,355 947 749 1,147 27,687
Disposals 0 ( 4,933) 0 0 0 ( 4,933)
At 31 March 2024 96,314 59,263 7,334 3,590 30,209 196,710
Net book value
At 31 March 2024 4,470 81,304 16,566 1,187 4,166 107,693
At 31 March 2023 5,959 61,537 1,396 1,179 4,349 74,420

5. Debtors

2024 2023
£ £
Trade debtors 97,364 64,300
Other debtors 102,543 165,173
199,907 229,473

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 10,000 10,000
Trade creditors 15,000 5,203
Amounts owed to Group undertakings 374,715 408,467
Taxation and social security 153,453 37,391
Obligations under finance leases and hire purchase contracts 4,442 7,615
Other creditors 49,903 45,856
607,513 514,532

There are no amounts included above in respect of which any security has been given by the small entity.

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

2024 2023
£ £
Bank loans 11,667 21,667
Obligations under finance leases and hire purchase contracts 0 4,441
Other creditors 12,836 21,394
24,503 47,502

There are no amounts included above in respect of which any security has been given by the small entity.

8. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100

9. Related party transactions

Transactions with the entity's directors

2024 2023
£ £
Balance outstanding brought forward 48,345 0
Amounts advanced 21,673 93,092
Amounts repaid (100,325) (44,747)
Balance outstanding at year end (30,307) 48,345

The above loan is repayable on demand and interest is charged at a rate of 2.25%.

10. Ultimate controlling party

Parent Company:

Wright Group Limited
c/o Lowin House
Tregolls Road
TRURO
TR1 2NA