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REGISTERED NUMBER: 01344634 (England and Wales)











Unaudited Financial Statements

for the Year Ended 31 December 2023

for

Wrightpart Limited

Wrightpart Limited (Registered number: 01344634)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2 to 3

Notes to the Financial Statements 4 to 8


Wrightpart Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: S J Wright
D J Clack





SECRETARY: D J Clack





REGISTERED OFFICE: 23 Farthing Road
Ipswich
Suffolk
IP1 5AP





REGISTERED NUMBER: 01344634 (England and Wales)





ACCOUNTANTS: Knights Lowe
Chartered Accountants
The Limes
32 Bridge Street
Thetford
Norfolk
IP24 3AG

Wrightpart Limited (Registered number: 01344634)

Balance Sheet
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 97,385 88,271

CURRENT ASSETS
Stocks 478,166 468,288
Debtors 5 1,072,920 964,521
Cash at bank and in hand 303,190 313,096
1,854,276 1,745,905
CREDITORS
Amounts falling due within one year 6 568,674 576,715
NET CURRENT ASSETS 1,285,602 1,169,190
TOTAL ASSETS LESS CURRENT LIABILITIES 1,382,987 1,257,461

CREDITORS
Amounts falling due after more than one
year

7

(23,981

)

(46,078

)

PROVISIONS FOR LIABILITIES 10 (23,748 ) (21,297 )
NET ASSETS 1,335,258 1,190,086

CAPITAL AND RESERVES
Called up share capital 11 1,000 1,000
Retained earnings 1,334,258 1,189,086
SHAREHOLDERS' FUNDS 1,335,258 1,190,086

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 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.

Wrightpart Limited (Registered number: 01344634)

Balance Sheet - continued
31 December 2023


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 19 August 2024 and were signed on its behalf by:





S J Wright - Director


Wrightpart Limited (Registered number: 01344634)

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

1. STATUTORY INFORMATION

Wrightpart 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.

Turnover is recognised when the significant risks and rewards of ownership of the sale of goods has transferred to the buyer.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Improvements to property - 10% on cost
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on cost
Computer equipment - 25% on reducing balance

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

Financial instruments
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, and loans from banks or other related parties.

Basic financial instruments are measured at cost and are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.

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.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Wrightpart Limited (Registered number: 01344634)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

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.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occured at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax.

Deferred tax is measured on an undiscounted basis at the rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.

Impairment
At each reporting date, goodwill and other fixed assets, including tangible fixed assets and investments but excluding investment properties, are assessed to determine whether there is an indication that the carrying amount of an asset may be more than its recoverable amount and that the asset should be impaired. If there is an indication of possible impairment, the recoverable amount of an asset, which is the higher of its value in use and its net realisable value, is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is written down to its estimated recoverable amount and an impairment loss is recognised in profit and loss.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 19 (2022 - 19 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 January 2023 244,457
Additions 41,017
Disposals (2,815 )
At 31 December 2023 282,659
DEPRECIATION
At 1 January 2023 156,186
Charge for year 31,607
Eliminated on disposal (2,519 )
At 31 December 2023 185,274
NET BOOK VALUE
At 31 December 2023 97,385
At 31 December 2022 88,271

Wrightpart Limited (Registered number: 01344634)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
At 1 January 2023 142,096
Transfer to ownership (34,528 )
At 31 December 2023 107,568
DEPRECIATION
At 1 January 2023 60,579
Charge for year 29,398
Transfer to ownership (34,529 )
At 31 December 2023 55,448
NET BOOK VALUE
At 31 December 2023 52,120
At 31 December 2022 81,517

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 478,644 445,741
Amounts owed by group undertaking 574,284 503,284
Other debtors 19,992 15,496
1,072,920 964,521

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Hire purchase contracts (see note 8) 22,454 26,324
Trade creditors 385,102 405,719
Taxation and social security 115,632 104,446
Other creditors 45,486 40,226
568,674 576,715

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Hire purchase contracts (see note 8) 23,981 46,078

Wrightpart Limited (Registered number: 01344634)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

8. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 22,454 26,324
Between one and five years 23,981 46,078
46,435 72,402

Non-cancellable operating leases
2023 2022
£    £   
Within one year 24,447 18,973
Between one and five years 111,288 12,696
In more than five years 12,810 -
148,545 31,669

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Hire purchase contracts 46,435 72,402

10. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax
Capital allowances in excess of depreciation 23,748 21,297

Deferred
tax
£   
Balance at 1 January 2023 21,297
Provided during year 2,451
Balance at 31 December 2023 23,748

Wrightpart Limited (Registered number: 01344634)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
1,000 Ordinary £1 1,000 1,000

12. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Wrightpart Holdings Limited.

Registered office:
23 Farthing Road
Ipswich
Suffolk
IP1 5AP