Wells (Spiral Tubes) Limited 00914645 false 2023-01-01 2023-12-31 2023-12-31 The principal activity of the company is the manufacture of spiral metal tubing and related engineering products. Digita Accounts Production Advanced 6.30.9574.0 true false 00914645 2023-01-01 2023-12-31 00914645 2023-12-31 00914645 bus:DeferredShareClass1 2023-12-31 00914645 bus:OrdinaryShareClass1 2023-12-31 00914645 core:RetainedEarningsAccumulatedLosses 2023-12-31 00914645 core:RevaluationReserve 2023-12-31 00914645 core:ShareCapital 2023-12-31 00914645 core:CurrentFinancialInstruments 2023-12-31 00914645 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 00914645 core:Non-currentFinancialInstruments 2023-12-31 00914645 core:Non-currentFinancialInstruments core:AfterOneYear 2023-12-31 00914645 core:OtherResidualIntangibleAssets 2023-12-31 00914645 core:FurnitureFittings 2023-12-31 00914645 core:LandBuildings core:OwnedOrFreeholdAssets 2023-12-31 00914645 core:MotorVehicles 2023-12-31 00914645 core:OtherPropertyPlantEquipment 2023-12-31 00914645 bus:SmallEntities 2023-01-01 2023-12-31 00914645 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 00914645 bus:FilletedAccounts 2023-01-01 2023-12-31 00914645 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 00914645 bus:RegisteredOffice 2023-01-01 2023-12-31 00914645 bus:Director2 2023-01-01 2023-12-31 00914645 bus:DeferredShareClass1 2023-01-01 2023-12-31 00914645 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 00914645 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 00914645 core:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 00914645 core:RevaluationReserve 2023-01-01 2023-12-31 00914645 core:ShareCapital 2023-01-01 2023-12-31 00914645 core:IntangibleAssetsOtherThanGoodwill 2023-01-01 2023-12-31 00914645 core:FurnitureFittings 2023-01-01 2023-12-31 00914645 core:FurnitureFittingsToolsEquipment 2023-01-01 2023-12-31 00914645 core:LandBuildings 2023-01-01 2023-12-31 00914645 core:LandBuildings core:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 00914645 core:MotorVehicles 2023-01-01 2023-12-31 00914645 core:OtherPropertyPlantEquipment 2023-01-01 2023-12-31 00914645 core:PlantMachinery 2023-01-01 2023-12-31 00914645 1 2023-01-01 2023-12-31 00914645 countries:EnglandWales 2023-01-01 2023-12-31 00914645 2022-12-31 00914645 core:RetainedEarningsAccumulatedLosses 2022-12-31 00914645 core:RevaluationReserve 2022-12-31 00914645 core:ShareCapital 2022-12-31 00914645 core:OtherResidualIntangibleAssets 2022-12-31 00914645 core:FurnitureFittings 2022-12-31 00914645 core:LandBuildings core:OwnedOrFreeholdAssets 2022-12-31 00914645 core:MotorVehicles 2022-12-31 00914645 core:OtherPropertyPlantEquipment 2022-12-31 00914645 2022-01-01 2022-12-31 00914645 2022-12-31 00914645 bus:DeferredShareClass1 2022-12-31 00914645 bus:OrdinaryShareClass1 2022-12-31 00914645 core:RetainedEarningsAccumulatedLosses 2022-12-31 00914645 core:RevaluationReserve 2022-12-31 00914645 core:ShareCapital 2022-12-31 00914645 core:CurrentFinancialInstruments 2022-12-31 00914645 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 00914645 core:Non-currentFinancialInstruments 2022-12-31 00914645 core:Non-currentFinancialInstruments core:AfterOneYear 2022-12-31 00914645 core:FurnitureFittings 2022-12-31 00914645 core:LandBuildings core:OwnedOrFreeholdAssets 2022-12-31 00914645 core:MotorVehicles 2022-12-31 00914645 core:OtherPropertyPlantEquipment 2022-12-31 00914645 core:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 00914645 core:RevaluationReserve 2022-01-01 2022-12-31 00914645 core:ShareCapital 2022-01-01 2022-12-31 00914645 2021-12-31 00914645 core:RetainedEarningsAccumulatedLosses 2021-12-31 00914645 core:RevaluationReserve 2021-12-31 00914645 core:ShareCapital 2021-12-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 00914645

Wells (Spiral Tubes) Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Wells (Spiral Tubes) Limited

Contents

Balance Sheet

1 to 2

Statement of Changes in Equity

3

Notes to the Unaudited Financial Statements

4 to 10

 

Wells (Spiral Tubes) Limited

(Registration number: 00914645)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

1,285,093

1,249,251

Current assets

 

Stocks

6

251,000

325,000

Debtors

7

206,800

285,431

Cash at bank and in hand

 

452,209

438,865

 

910,009

1,049,296

Creditors: Amounts falling due within one year

8

(849,088)

(966,559)

Net current assets

 

60,921

82,737

Total assets less current liabilities

 

1,346,014

1,331,988

Creditors: Amounts falling due after more than one year

8

(19,548)

(29,330)

Provisions for liabilities

(26,713)

(7,726)

Net assets

 

1,299,753

1,294,932

Capital and reserves

 

Called up share capital

9

8,000

8,000

Revaluation reserve

1,050,499

1,074,429

Retained earnings

241,254

212,503

Shareholders' funds

 

1,299,753

1,294,932

 

Wells (Spiral Tubes) Limited

(Registration number: 00914645)
Balance Sheet as at 31 December 2023

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 Profit and Loss Account.

Approved and authorised by the Board on 29 February 2024 and signed on its behalf by:
 

.........................................
Paula Helen Stenhouse
Director

 

Wells (Spiral Tubes) Limited

Statement of Changes in Equity for the Year Ended 31 December 2023

Share capital
£

Revaluation reserve
£

Retained earnings
£

Total
£

At 1 January 2023

8,000

1,074,429

212,503

1,294,932

Profit for the year

-

-

4,821

4,821

Other comprehensive income

-

(23,930)

23,930

-

Total comprehensive income

-

(23,930)

28,751

4,821

At 31 December 2023

8,000

1,050,499

241,254

1,299,753

Share capital
£

Revaluation reserve
£

Retained earnings
£

Total
£

At 1 January 2022

8,000

1,098,359

186,573

1,292,932

Profit for the year

-

-

2,000

2,000

Other comprehensive income

-

(23,930)

23,930

-

Total comprehensive income

-

(23,930)

25,930

2,000

At 31 December 2022

8,000

1,074,429

212,503

1,294,932

 

Wells (Spiral Tubes) Limited

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

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Prospect Works
Airedale Road
Keighley
West Yorkshire
BD21 4LW

These financial statements were authorised for issue by the Board on 29 February 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.

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.

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.

 

Wells (Spiral Tubes) Limited

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

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

Land and buildings Freehold

2% on deemed cost

Plant and machinery

20% on cost

Fixtures, fittings & equipment

15% on cost

Motor vehicles

25% on cost

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Website costs

33% Straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, 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.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Wells (Spiral Tubes) Limited

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

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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

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 directors) during the year, was 14 (2022 - 16).

 

Wells (Spiral Tubes) Limited

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

4

Intangible assets

Other intangible assets
 £

Total
£

Cost or valuation

At 1 January 2023

12,235

12,235

At 31 December 2023

12,235

12,235

Amortisation

At 1 January 2023

12,235

12,235

At 31 December 2023

12,235

12,235

Carrying amount

At 31 December 2023

-

-

 

Wells (Spiral Tubes) Limited

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

5

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Motor vehicles
 £

Other tangible assets
 £

Total
£

Cost or valuation

At 1 January 2023

1,432,111

248,515

22,103

1,234,231

2,936,960

Additions

-

3,665

-

68,929

72,594

At 31 December 2023

1,432,111

252,180

22,103

1,303,160

3,009,554

Depreciation

At 1 January 2023

202,703

244,268

22,102

1,218,636

1,687,709

Charge for the year

28,642

3,209

-

4,901

36,752

At 31 December 2023

231,345

247,477

22,102

1,223,537

1,724,461

Carrying amount

At 31 December 2023

1,200,766

4,703

1

79,623

1,285,093

At 31 December 2022

1,229,408

4,247

1

15,595

1,249,251

Included within the net book value of land and buildings above is £1,200,766 (2022 - £1,229,408) in respect of freehold land and buildings.
 

 

Wells (Spiral Tubes) Limited

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

6

Stocks

2023
£

2022
£

Raw materials and consumables

251,000

325,000

7

Debtors

Current

2023
£

2022
£

Trade debtors

201,418

284,092

Prepayments

1,602

522

Other debtors

3,780

817

 

206,800

285,431

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

10

9,568

9,568

Trade creditors

 

206,457

280,381

Amounts owed to group undertakings and undertakings in which the company has a participating interest

409,580

409,580

Taxation and social security

 

31,069

42,099

Accruals and deferred income

 

23,753

24,738

Other creditors

 

168,661

200,193

 

849,088

966,559

 

Wells (Spiral Tubes) Limited

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

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

10

19,548

29,330

9

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary shares of £1 each

4,000

4,000

4,000

4,000

Deferred shares of £1 each

4,000

4,000

4,000

4,000

8,000

8,000

8,000

8,000

10

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

19,548

29,330

Current loans and borrowings

2023
£

2022
£

Bank borrowings

9,568

9,568

11

Parent and ultimate parent undertaking

The company's immediate parent is Wells Spiral Holdings Limited, incorporated in England and Wales.