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Company No: 10302612 (England and Wales)

WRIGHT GROUP LIMITED

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

WRIGHT GROUP LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

WRIGHT GROUP LIMITED

COMPANY INFORMATION

For the financial year ended 31 March 2024
WRIGHT GROUP LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 March 2024
DIRECTORS Miss R A Guy
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 10302612 (England and Wales)
CHARTERED ACCOUNTANTS Francis Clark LLP
Lowin House
Tregolls Road
Truro
Cornwall TR1 2NA
WRIGHT GROUP LIMITED

BALANCE SHEET

As at 31 March 2024
WRIGHT GROUP LIMITED

BALANCE SHEET (continued)

As at 31 March 2024
Note 2024 2023
£ £
Fixed assets
Investment property 3 750,000 350,000
Investments 4 300 100
750,300 350,100
Current assets
Debtors 5 377,368 426,659
Cash at bank and in hand 365,644 130,500
743,012 557,159
Creditors: amounts falling due within one year 6 ( 6,834) ( 1,206)
Net current assets 736,178 555,953
Total assets less current liabilities 1,486,478 906,053
Provision for liabilities ( 94,342) 0
Net assets 1,392,136 906,053
Capital and reserves
Called-up share capital 7 100 100
Profit and loss account 1,392,036 905,953
Total shareholder's funds 1,392,136 906,053

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 Group Limited (registered number: 10302612) 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 GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
WRIGHT GROUP 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 Group 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 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 £.

Group accounts exemption

Group accounts exemption s399
The Company has taken advantage of the exemption in section 399 of the Companies Act 2006 not to prepare consolidated accounts, because the group it heads qualifies as small. The financial statements present information about the Company as an individual entity only.

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.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

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.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 2

3. Investment property

Investment property
£
Valuation
As at 01 April 2023 350,000
Additions 22,634
Fair value movement 377,366
As at 31 March 2024 750,000

Valuation

The 2024 valuations were made by the directors, on an open market value for existing use basis.

Assumptions

These assumptions were arrived at taking account of information and advice from external property consultants, in-house property experts, publicly available data and judgement. A significant level of uncertainty exists in relation to these assumptions and any changes in these assumptions could have a material impact on the carrying value of Investment Property in the financial statements. The 2024 valuations were made by the directors, on an open market value for existing use basis.

Historic cost

If the investment properties had been accounted for under the cost accounting rules, the properties would have been measured as follows:

2024 2023
£ £
Historic cost 372,634 350,000

4. Fixed asset investments

Investments in subsidiaries

2024
£
Cost
At 01 April 2023 100
Additions 200
At 31 March 2024 300
Carrying value at 31 March 2024 300
Carrying value at 31 March 2023 100

Investments in shares

Name of entity Registered office Principal activity Class of
shares
Ownership
31.03.2024
Ownership
31.03.2023
Held
Wright Construction (IOS) Limited Lowin House, Tregolls Road, TRURO, TR1 2NA Construction and building supplies Ordinary 100.00% 100.00% Direct
The Store (IOS) Ltd Lowin House, Tregolls Road, TRURO, TR1 2NA Operation of a store Ordinary 100.00% 0.00% Direct
Wright Electrical (IOS) Limited Lowin House, Tregolls Road, TRURO, TR1 2NA Construction and engineering Ordinary 100.00% 0.00% Direct

5. Debtors

2024 2023
£ £
Amounts owed by Group undertakings 374,715 408,467
Other debtors 2,653 18,192
377,368 426,659

6. Creditors: amounts falling due within one year

2024 2023
£ £
Amounts owed to Group undertakings 6,034 0
Taxation and social security 0 120
Other creditors 800 1,086
6,834 1,206

7. Called-up share capital

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