WFWT Ltd 09605417 false 2023-01-01 2023-12-31 2023-12-31 The principal activity of the company is that of rural support services. Digita Accounts Production Advanced 6.30.9574.0 true true 09605417 2023-01-01 2023-12-31 09605417 2023-12-31 09605417 core:CurrentFinancialInstruments 2023-12-31 09605417 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 09605417 core:PlantMachinery 2023-12-31 09605417 bus:SmallEntities 2023-01-01 2023-12-31 09605417 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 09605417 bus:FilletedAccounts 2023-01-01 2023-12-31 09605417 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 09605417 bus:RegisteredOffice 2023-01-01 2023-12-31 09605417 bus:Director1 2023-01-01 2023-12-31 09605417 bus:CompanyLimitedByGuarantee 2023-01-01 2023-12-31 09605417 core:PlantMachinery 2023-01-01 2023-12-31 09605417 countries:EnglandWales 2023-01-01 2023-12-31 09605417 2022-12-31 09605417 core:PlantMachinery 2022-12-31 09605417 2022-01-01 2022-12-31 09605417 2022-12-31 09605417 core:CurrentFinancialInstruments 2022-12-31 09605417 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 09605417 core:PlantMachinery 2022-12-31 iso4217:GBP xbrli:pure

Registration number: 09605417

WFWT Ltd

(A company limited by guarantee)

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

WFWT Ltd

Contents

Statement of Financial Position

1

Notes to the Unaudited Financial Statements

2 to 6

 

WFWT Ltd

(Registration number: 09605417)
Statement of Financial Position as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

311

468

Current assets

 

Stocks

5

150

150

Debtors

6

1,567

1,624

Cash at bank and in hand

 

29,806

45,605

 

31,523

47,379

Creditors: Amounts falling due within one year

7

(13,511)

(29,733)

Net current assets

 

18,012

17,646

Net assets

 

18,323

18,114

Reserves

 

Profit and loss account

18,323

18,114

Surplus

 

18,323

18,114

For the financial year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their 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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the Board on 16 August 2024 and signed on its behalf by:
 


Mr W J Vanstone
Director

 

WFWT Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a company limited by guarantee, incorporated in England and Wales, and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £1 towards the assets of the company in the event of liquidation.

The address of its registered office is:
North Eastcott Farm
Morwenstow
Bude
Cornwall
EX23 9PL

Principal activity

The principal activity of the company is that of rural support services.

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 financial statements are prepared in sterling which is the functional currency of the entity.

Going concern

The financial statements have been prepared on a going concern basis.

 

WFWT Ltd

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

2

Accounting policies (continued)

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

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 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.

Tangible assets

Tangible assets are stated in the statement of financial position 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

25% straight line

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

 

WFWT Ltd

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

2

Accounting policies (continued)

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Costs include all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition. .

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.

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2022 - 3).

 

WFWT Ltd

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

4

Tangible assets

Plant and machinery
£

Total
£

Cost or valuation

At 1 January 2023

625

625

At 31 December 2023

625

625

Depreciation

At 1 January 2023

157

157

Charge for the year

157

157

At 31 December 2023

314

314

Carrying amount

At 31 December 2023

311

311

At 31 December 2022

468

468

5

Stocks

2023
£

2022
£

Finished goods and goods for resale

150

150

6

Debtors

2023
£

2022
£

Trade debtors

-

-

Other debtors

164

213

Prepayments

1,403

1,411

1,567

1,624

 

WFWT Ltd

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

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

2,224

2,180

Accruals and deferred income

1,080

1,140

Other creditors

10,207

26,413

13,511

29,733

8

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.