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Company Registration No. 13352313 (England and Wales)
Wright Renewable Heating Limited Unaudited accounts for the year ended 31 May 2024
Wright Renewable Heating Limited Unaudited accounts Contents
Page
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Wright Renewable Heating Limited Company Information for the year ended 31 May 2024
Directors
S Wright C J Boden-Hook L Rolfe A P Roberts
Company Number
13352313 (England and Wales)
Registered Office
Carlton Forest, Red Lane Off Blyth Road Worksop Nottinghamshire S81 8BP United Kingdom
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Wright Renewable Heating Limited Statement of financial position as at 31 May 2024
2024 
2023 
Notes
£ 
£ 
Fixed assets
Tangible assets
89,762 
27,232 
Current assets
Inventories
49,522 
47,135 
Debtors
507,529 
409,748 
Cash at bank and in hand
103,247 
16,137 
660,298 
473,020 
Creditors: amounts falling due within one year
(533,045)
(380,647)
Net current assets
127,253 
92,373 
Total assets less current liabilities
217,015 
119,605 
Creditors: amounts falling due after more than one year
(23,908)
(125,481)
Provisions for liabilities
Deferred tax
(22,441)
- 
Net assets/(liabilities)
170,666 
(5,876)
Capital and reserves
Called up share capital
200 
200 
Profit and loss account
170,466 
(6,076)
Shareholders' funds
170,666 
(5,876)
For the year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 23 August 2024 and were signed on its behalf by
L Rolfe Director Company Registration No. 13352313
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Wright Renewable Heating Limited Notes to the Accounts for the year ended 31 May 2024
1
Statutory information
Wright Renewable Heating Limited is a private company, limited by shares, registered in England and Wales, registration number 13352313. The registered office is Carlton Forest, Red Lane, Off Blyth Road, Worksop, Nottinghamshire, S81 8BP, United Kingdom.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
20%
Motor vehicles
25%
Fixtures & fittings
20%
Computer equipment
33%
Inventories
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Foreign exchange
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Government grants
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.
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Wright Renewable Heating Limited Notes to the Accounts for the year ended 31 May 2024
Pension costs
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
Leased assets
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term. Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
Deferred taxation
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 accounts. 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.
Going concern
After due consideration of all relevant factors, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the annual accounts. The company receives financial support from Wright Brothers Industrial Services Limited, a company with a shareholder in common. Following a review at year end, the support has significantly reduced to a maximum amount of £100,000 (2023 - £220,000) for a period of 12 months from the date of these financial statements. This support will be reviewed at that time.
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Wright Renewable Heating Limited Notes to the Accounts for the year ended 31 May 2024
4
Tangible fixed assets
Plant & machinery 
Motor vehicles 
Fixtures & fittings 
Computer equipment 
Total 
£ 
£ 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At cost 
At cost 
At 1 June 2023
8,137 
10,392 
3,442 
17,681 
39,652 
Additions
21,306 
20,950 
23,879 
17,773 
83,908 
Disposals
- 
(8,000)
- 
- 
(8,000)
At 31 May 2024
29,443 
23,342 
27,321 
35,454 
115,560 
Depreciation
At 1 June 2023
1,182 
4,022 
228 
6,988 
12,420 
Charge for the year
2,427 
3,817 
3,728 
8,739 
18,711 
On disposals
- 
(5,333)
- 
- 
(5,333)
At 31 May 2024
3,609 
2,506 
3,956 
15,727 
25,798 
Net book value
At 31 May 2024
25,834 
20,836 
23,365 
19,727 
89,762 
At 31 May 2023
6,955 
6,370 
3,214 
10,693 
27,232 
2024 
2023 
Carrying values included above held under finance leases and hire purchase contracts:
£ 
£ 
- Plant & machinery
7,004 
- 
- Motor vehicles
14,683 
- 
5
Debtors
2024 
2023 
£ 
£ 
Amounts falling due within one year
VAT
37,615 
71,268 
Trade debtors
270,034 
197,495 
Accrued income and prepayments
152,705 
133,062 
Other debtors
47,175 
7,923 
507,529 
409,748 
6
Creditors: amounts falling due within one year
2024 
2023 
£ 
£ 
Obligations under finance leases and hire purchase contracts
6,324 
- 
Trade creditors
281,188 
303,827 
Taxes and social security
127,358 
14,955 
Other creditors
70,318 
16,295 
Deferred income
47,857 
45,570 
533,045 
380,647 
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Wright Renewable Heating Limited Notes to the Accounts for the year ended 31 May 2024
7
Creditors: amounts falling due after more than one year
2024 
2023 
£ 
£ 
Obligations under finance leases and hire purchase contracts
12,471 
- 
Other creditors
11,437 
125,481 
23,908 
125,481 
Obligations under finance leases and hire purchase contracts are secured against the assets to which they relate.
8
Share capital
2024 
2023 
£ 
£ 
Allotted, called up and fully paid:
200 Ordinary shares of £1 each
200 
200 
9
Operating lease commitments
2024 
2023 
£ 
£ 
At 31 May 2024 the company had the following future minimum lease payments under non-cancellable operating leases for each of the following periods:
Not later than one year
8,400 
- 
10
Average number of employees
During the year the average number of employees was 29 (2023: 12).
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