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REGISTERED NUMBER: 07862652 (England and Wales)












Unaudited Financial Statements

for the Year Ended 30 November 2023

for

Wasp Industrial Roofing Ltd

Wasp Industrial Roofing Ltd (Registered number: 07862652)






Contents of the Financial Statements
for the year ended 30 November 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


Wasp Industrial Roofing Ltd

Company Information
for the year ended 30 November 2023







DIRECTOR: M J Atherton





REGISTERED OFFICE: Unit 4
Kingfisher Court
Denton Drive
Northwich
Cheshire
CW9 7TT





REGISTERED NUMBER: 07862652 (England and Wales)






Wasp Industrial Roofing Ltd (Registered number: 07862652)

Statement of Financial Position
30 November 2023

2023 2022
Notes £    £   
FIXED ASSETS
Tangible assets 5 33,246 42,233

CURRENT ASSETS
Debtors 6 52,850 122,802
Cash at bank 16,349 126,347
69,199 249,149
CREDITORS
Amounts falling due within one year 7 (76,982 ) (224,354 )
NET CURRENT (LIABILITIES)/ASSETS (7,783 ) 24,795
TOTAL ASSETS LESS CURRENT
LIABILITIES

25,463

67,028

CREDITORS
Amounts falling due after more than one
year

8

(7,108

)

(13,669

)

PROVISIONS FOR LIABILITIES (8,851 ) (10,558 )
NET ASSETS 9,504 42,801

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 9,404 42,701
SHAREHOLDERS' FUNDS 9,504 42,801

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

Wasp Industrial Roofing Ltd (Registered number: 07862652)

Statement of Financial Position - continued
30 November 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 Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the director and authorised for issue on 30 August 2024 and were signed by:





M J Atherton - Director


Wasp Industrial Roofing Ltd (Registered number: 07862652)

Notes to the Financial Statements
for the year ended 30 November 2023

1. STATUTORY INFORMATION

Wasp Industrial Roofing Ltd ('The Company') is primarily engaged in building and refurbishment.

The company is a private company limited by shares and is incorporated in England and Wales. The address of the registered office is Unit 4, Kingfisher Court, Denton Drive, Northwich, Cheshire, CW9 7TT. The registered number can be found on the Company Information page.

The functional and presentational currency of the financial statements is the Pound Sterling (£). Monetary amounts in these financial statements are rounded to the nearest £.

2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Summary of significant accounting policies
The principle accounting policies applied in the preparation of these financial statements are set out below.

These policies have been consistently applied to all years presented, unless otherwise stated.

Basis of preparation
The financial statements are prepared on the going concern basis under the historical cost convention and comply with the United Kingdom Accounting Standards and Companies Act 2006.

Going concern
No other material uncertainties that may cast significant doubt about the ability of the company to continue as a going concern have been identified by the director.

On this basis the director considers it appropriate to prepare the financial statements on the going concern basis.

Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.

Income is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them.

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 - 25% on reducing balance
Fixtures and fittings - 15% on reducing balance
Computer equipment - 33% on cost

Wasp Industrial Roofing Ltd (Registered number: 07862652)

Notes to the Financial Statements - continued
for the year ended 30 November 2023

3. ACCOUNTING POLICIES - continued

Financial instruments
The following assets and liabilities are classified as financial instruments - trade debtors, trade creditors, bank loans and directors' loans.

Bank loans are initially measured at the present value of future payments, discounted at a market rate of interest, and subsequently at amortised cost using the effective interest method.

Directors' loans (being repayable on demand), trade debtors and trade creditors are measured at the discounted amount of the cash or other consideration expected to be paid or received.

Financial assets that are measured at amortised cost 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 and retained earnings.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the statement of comprehensive income, 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 year end.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the
year end.

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.

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.

Pension costs and other post-retirement benefits
Contributions payable by the company to the employees' pension schemes are charged to the profit and loss account in the period to which they relate. The assets of those schemes are held separately from the business in independently administered funds.

Wasp Industrial Roofing Ltd (Registered number: 07862652)

Notes to the Financial Statements - continued
for the year ended 30 November 2023

3. ACCOUNTING POLICIES - continued

Impairment of assets
Assets not measured at fair value are reviewed for any indications that the asset may be impaired at each statement of financial position date. If such indications exists the recoverable amount of the asset or the assets cash generating unit is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

Any losses arising from impairment are recognised in the statement of comprehensive income under the appropriate heading.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 December 2022 87,540
Additions 1,974
At 30 November 2023 89,514
DEPRECIATION
At 1 December 2022 45,307
Charge for year 10,961
At 30 November 2023 56,268
NET BOOK VALUE
At 30 November 2023 33,246
At 30 November 2022 42,233

Wasp Industrial Roofing Ltd (Registered number: 07862652)

Notes to the Financial Statements - continued
for the year ended 30 November 2023

5. 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 December 2022
and 30 November 2023 27,695
DEPRECIATION
At 1 December 2022 6,924
Charge for year 5,365
At 30 November 2023 12,289
NET BOOK VALUE
At 30 November 2023 15,406
At 30 November 2022 20,771

6. DEBTORS
2023 2022
£    £   
Amounts falling due within one year:
Trade debtors 2,693 113,683
Other debtors 47,067 2,879
49,760 116,562

Amounts falling due after more than one year:
Other debtors 3,090 6,240

Aggregate amounts 52,850 122,802

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Hire purchase contracts (see note 9) 6,561 6,561
Trade creditors 22,607 91,654
Taxation and social security 39,393 56,450
Other creditors 8,421 69,689
76,982 224,354

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Hire purchase contracts (see note 9) 7,108 13,669

Wasp Industrial Roofing Ltd (Registered number: 07862652)

Notes to the Financial Statements - continued
for the year ended 30 November 2023

9. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

2023 2022
£    £   
Net obligations repayable:
Within one year 6,561 6,561
Between one and five years 7,108 13,669
13,669 20,230

10. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Hire purchase contracts 13,669 20,230

The hire purchase contract loan is secured over the asset to which it relates.

11. RELATED PARTY DISCLOSURES

Wasp Construction Ltd is a related party company by virtue of it being under common control.

Included in other debtors is £43,244, being owed by Wasp Construction Ltd (2022 £13,910 owed to Wasp Construction Ltd). During the year interest of £1,395 was charged by the company on this amount.