IRIS Accounts Production v24.2.0.383 06800188 Board of Directors 1.2.23 31.1.24 31.1.24 false true false false true false Ordinary A 1.00000 Ordinary B 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh068001882023-01-31068001882024-01-31068001882023-02-012024-01-31068001882022-01-31068001882022-02-012023-01-31068001882023-01-3106800188ns15:EnglandWales2023-02-012024-01-3106800188ns14:PoundSterling2023-02-012024-01-3106800188ns10:Director12023-02-012024-01-3106800188ns10:PrivateLimitedCompanyLtd2023-02-012024-01-3106800188ns10:SmallEntities2023-02-012024-01-3106800188ns10:AuditExemptWithAccountantsReport2023-02-012024-01-3106800188ns10:SmallCompaniesRegimeForDirectorsReport2023-02-012024-01-3106800188ns10:SmallCompaniesRegimeForAccounts2023-02-012024-01-3106800188ns10:FullAccounts2023-02-012024-01-3106800188ns10:OrdinaryShareClass12023-02-012024-01-3106800188ns10:OrdinaryShareClass22023-02-012024-01-3106800188ns10:Director22023-02-012024-01-3106800188ns10:CompanySecretary12023-02-012024-01-3106800188ns10:RegisteredOffice2023-02-012024-01-3106800188ns5:CurrentFinancialInstruments2024-01-3106800188ns5:CurrentFinancialInstruments2023-01-3106800188ns5:Non-currentFinancialInstruments2024-01-3106800188ns5:Non-currentFinancialInstruments2023-01-3106800188ns5:ShareCapital2024-01-3106800188ns5:ShareCapital2023-01-3106800188ns5:CapitalRedemptionReserve2024-01-3106800188ns5:CapitalRedemptionReserve2023-01-3106800188ns5:RetainedEarningsAccumulatedLosses2024-01-3106800188ns5:RetainedEarningsAccumulatedLosses2023-01-3106800188ns5:PlantMachinery2023-02-012024-01-3106800188ns5:FurnitureFittings2023-02-012024-01-3106800188ns5:MotorVehicles2023-02-012024-01-3106800188ns5:PlantMachinery2023-01-3106800188ns5:FurnitureFittings2023-01-3106800188ns5:MotorVehicles2023-01-3106800188ns5:PlantMachinery2024-01-3106800188ns5:FurnitureFittings2024-01-3106800188ns5:MotorVehicles2024-01-3106800188ns5:PlantMachinery2023-01-3106800188ns5:FurnitureFittings2023-01-3106800188ns5:MotorVehicles2023-01-3106800188ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2023-01-3106800188ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2023-01-3106800188ns5:LeasedAssetsHeldAsLessee2023-01-3106800188ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2023-02-012024-01-3106800188ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2023-02-012024-01-3106800188ns5:LeasedAssetsHeldAsLessee2023-02-012024-01-3106800188ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2024-01-3106800188ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2024-01-3106800188ns5:LeasedAssetsHeldAsLessee2024-01-3106800188ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2023-01-3106800188ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2023-01-3106800188ns5:LeasedAssetsHeldAsLessee2023-01-3106800188ns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-01-3106800188ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-01-3106800188ns5:Non-currentFinancialInstrumentsns5:BetweenOneTwoYears2024-01-3106800188ns5:Non-currentFinancialInstrumentsns5:BetweenOneTwoYears2023-01-3106800188ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2024-01-3106800188ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2023-01-3106800188ns5:Non-currentFinancialInstruments2023-02-012024-01-3106800188ns5:Secured2024-01-3106800188ns5:Secured2023-01-3106800188ns10:OrdinaryShareClass12024-01-3106800188ns10:OrdinaryShareClass22024-01-3106800188ns5:RetainedEarningsAccumulatedLosses2023-01-3106800188ns5:CapitalRedemptionReserve2023-01-3106800188ns5:RetainedEarningsAccumulatedLosses2023-02-012024-01-31
REGISTERED NUMBER: 06800188 (England and Wales)















WYE CYLINDER ENGINEERING LIMITED

Unaudited Financial Statements for the Year Ended 31 January 2024






WYE CYLINDER ENGINEERING LIMITED (REGISTERED NUMBER: 06800188)

Contents of the Financial Statements
for the Year Ended 31 January 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Chartered Accountants' Report 9

WYE CYLINDER ENGINEERING LIMITED

Company Information
for the Year Ended 31 January 2024







DIRECTORS: K J Bayliss
R J Williams





SECRETARY: Mrs E J Bayliss





REGISTERED OFFICE: 403 Netherwood Road
Rotherwas Industrial Estate
Hereford
Herefordshire
HR2 6JU





REGISTERED NUMBER: 06800188 (England and Wales)





ACCOUNTANTS: Lancaster Haskins Limited
Granville House
2 Tettenhall Road
Wolverhampton
West Midlands
WV1 4SB

WYE CYLINDER ENGINEERING LIMITED (REGISTERED NUMBER: 06800188)

Balance Sheet
31 January 2024

31.1.24 31.1.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,428,277 1,434,287

CURRENT ASSETS
Stocks 1,036,923 1,240,337
Debtors 5 1,166,101 1,014,829
Cash at bank and in hand 950,496 1,156,201
3,153,520 3,411,367
CREDITORS
Amounts falling due within one year 6 1,201,240 1,129,419
NET CURRENT ASSETS 1,952,280 2,281,948
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,380,557

3,716,235

CREDITORS
Amounts falling due after more than one
year

7

(461,819

)

(514,155

)

PROVISIONS FOR LIABILITIES (211,779 ) (271,678 )
NET ASSETS 2,706,959 2,930,402

CAPITAL AND RESERVES
Called up share capital 9 236 236
Capital redemption reserve 10 264 264
Retained earnings 10 2,706,459 2,929,902
SHAREHOLDERS' FUNDS 2,706,959 2,930,402

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

WYE CYLINDER ENGINEERING LIMITED (REGISTERED NUMBER: 06800188)

Balance Sheet - continued
31 January 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 15 August 2024 and were signed on its behalf by:





R J Williams - Director


WYE CYLINDER ENGINEERING LIMITED (REGISTERED NUMBER: 06800188)

Notes to the Financial Statements
for the Year Ended 31 January 2024


1. STATUTORY INFORMATION

Wye Cylinder Engineering Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 15% on cost
Fixtures and fittings - 20% on cost
Motor vehicles - 25% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

WYE CYLINDER ENGINEERING LIMITED (REGISTERED NUMBER: 06800188)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024


2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

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 and loss.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 49 (2023 - 49 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST
At 1 February 2023 4,016,129 147,883 99,421 4,263,433
Additions 282,090 2,011 59,912 344,013
Disposals (5,000 ) - (58,837 ) (63,837 )
At 31 January 2024 4,293,219 149,894 100,496 4,543,609
DEPRECIATION
At 1 February 2023 2,623,404 139,150 66,592 2,829,146
Charge for year 300,571 4,030 18,453 323,054
Eliminated on disposal (5,000 ) - (31,868 ) (36,868 )
At 31 January 2024 2,918,975 143,180 53,177 3,115,332
NET BOOK VALUE
At 31 January 2024 1,374,244 6,714 47,319 1,428,277
At 31 January 2023 1,392,725 8,733 32,829 1,434,287

WYE CYLINDER ENGINEERING LIMITED (REGISTERED NUMBER: 06800188)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024


4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 February 2023 1,435,130 34,500 1,469,630
Additions 242,970 49,162 292,132
Disposals - (34,500 ) (34,500 )
Transfer to ownership (568,250 ) - (568,250 )
At 31 January 2024 1,109,850 49,162 1,159,012
DEPRECIATION
At 1 February 2023 436,898 7,906 444,804
Charge for year 171,926 12,276 184,202
Eliminated on disposal - (7,906 ) (7,906 )
Transfer to ownership (411,292 ) - (411,292 )
At 31 January 2024 197,532 12,276 209,808
NET BOOK VALUE
At 31 January 2024 912,318 36,886 949,204
At 31 January 2023 998,232 26,594 1,024,826

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.24 31.1.23
£    £   
Trade debtors 1,114,588 954,158
Amounts owed by participating interests 3,958 2,895
Prepayments and accrued income 40,555 16,584
Other debtors 7,000 41,192
1,166,101 1,014,829

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.24 31.1.23
£    £   
Bank loans and overdrafts 49,000 49,000
Hire purchase contracts 251,844 265,286
Trade creditors 623,198 589,872
Social security and other taxes 100,021 27,264
Other creditors 9,935 10,531
Directors' current accounts 245 21
Accruals and deferred income 159,497 171,815
Deferred government grants 7,500 15,630
1,201,240 1,129,419

WYE CYLINDER ENGINEERING LIMITED (REGISTERED NUMBER: 06800188)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024


7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.1.24 31.1.23
£    £   
Bank loans - 1-2 years 49,000 49,000
Bank loans - 2-5 years 16,334 65,333
Hire purchase contracts 373,360 384,208
Deferred government grants 23,125 15,614
461,819 514,155

Deferred Government grants of £30,625 (2023: £31,244) relate to a number of Government grants received as a contribution towards the cost of fixed assets.

The Government grants have been treated as deferred income in the balance sheet and credited to the profit and loss account over the useful economic life of the related asset, as the terms and conditions are being satisfied.

8. SECURED DEBTS

The following secured debts are included within creditors:

31.1.24 31.1.23
£    £   
Bank loans 114,334 163,333
Hire purchase contracts 625,204 649,494
739,538 812,827

Hire purchase liabilities are secured against the asset to which they relate.

Lloyds Bank Plc holds a fixed and floating charge over the assets of the company in respect of the loan.

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.1.24 31.1.23
value: £    £   
100 Ordinary A £1 100 100
136 Ordinary B £1 136 136
236 236

WYE CYLINDER ENGINEERING LIMITED (REGISTERED NUMBER: 06800188)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024


10. RESERVES
Capital
Retained redemption
earnings reserve Totals
£    £    £   

At 1 February 2023 2,929,902 264 2,930,166
Deficit for the year (144,603 ) (144,603 )
Dividends (78,840 ) (78,840 )
At 31 January 2024 2,706,459 264 2,706,723

Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
Wye Cylinder Engineering Limited


The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Wye Cylinder Engineering Limited for the year ended 31 January 2024 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Wye Cylinder Engineering Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Wye Cylinder Engineering Limited and state those matters that we have agreed to state to the Board of Directors of Wye Cylinder Engineering Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Wye Cylinder Engineering Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Wye Cylinder Engineering Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Wye Cylinder Engineering Limited. You consider that Wye Cylinder Engineering Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Wye Cylinder Engineering Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Lancaster Haskins Limited
Granville House
2 Tettenhall Road
Wolverhampton
West Midlands
WV1 4SB


Date: .............................................