REGISTERED NUMBER: |
WM Heslip Ltd |
Unaudited Financial Statements |
for the Period 1 June 2023 to 31 March 2024 |
REGISTERED NUMBER: |
WM Heslip Ltd |
Unaudited Financial Statements |
for the Period 1 June 2023 to 31 March 2024 |
WM Heslip Ltd (Registered number: NI618660) |
Contents of the Financial Statements |
for the Period 1 June 2023 to 31 March 2024 |
Page |
Company information | 1 |
Statement of financial position | 2 | to | 3 |
Notes to the financial statements | 4 | to | 7 |
WM Heslip Ltd |
Company Information |
for the Period 1 June 2023 to 31 March 2024 |
Directors: |
Registered office: |
Registered number: |
Accountants: |
Chartered Accountants |
Armagh Business Centre |
2 Loughgall Road |
Armagh |
BT61 7NH |
WM Heslip Ltd (Registered number: NI618660) |
Statement of Financial Position |
31 March 2024 |
2024 | 2023 |
Notes | £ | £ |
Fixed assets |
Intangible assets | 4 |
Tangible assets | 5 |
Current assets |
Stocks | 6 |
Receivables | 7 |
Cash at bank | 8 |
Payables |
Amounts falling due within one year | 9 | ( |
) | ( |
) |
Net current (liabilities)/assets | ( |
) |
Total assets less current liabilities |
Payables |
Amounts falling due after more than one year |
10 |
( |
) |
Provisions for liabilities | 11 | ( |
) | ( |
) |
Net assets |
Capital and reserves |
Called up share capital | 12 |
Retained earnings |
Shareholders' funds |
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. |
WM Heslip Ltd (Registered number: NI618660) |
Statement of Financial Position - continued |
31 March 2024 |
The financial statements were approved by the Board of Directors and authorised for issue on |
WM Heslip Ltd (Registered number: NI618660) |
Notes to the Financial Statements |
for the Period 1 June 2023 to 31 March 2024 |
1. | Statutory information |
WM Heslip Ltd is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | Accounting policies |
Basis of preparing the financial statements |
Revenue |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Goodwill |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Property, plant and equipment |
Land and buildings freehold | - |
Plant and machinery | - |
Fixtures, fittings and equipment | - |
Inventories |
Inventories 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 period comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 Statement of Financial Position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 period 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. |
WM Heslip Ltd (Registered number: NI618660) |
Notes to the Financial Statements - continued |
for the Period 1 June 2023 to 31 March 2024 |
2. | Accounting policies - continued |
Receivables |
Short term receivables are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment. |
Cash and cash equivalents |
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. |
Payables |
Short term payables are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. |
Dividends |
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting. Dividends on shares recognised as liabilities are recognised as expenses and classified within interest payable. |
Provisions for liabilities |
Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation. Provisions are charged as an expense to the Statement of Comprehensive Income in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Statement of Financial Position date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position. |
3. | Employees and directors |
The average number of employees during the period was |
4. | Intangible fixed assets |
Goodwill |
£ |
Cost |
At 1 June 2023 |
and 31 March 2024 |
Amortisation |
At 1 June 2023 |
and 31 March 2024 |
Net book value |
At 31 March 2024 |
At 31 May 2023 |
WM Heslip Ltd (Registered number: NI618660) |
Notes to the Financial Statements - continued |
for the Period 1 June 2023 to 31 March 2024 |
5. | Tangible fixed assets |
Fixtures, |
Land and | fittings |
buildings | Plant and | and |
freehold | machinery | equipment | Totals |
£ | £ | £ | £ |
Cost |
At 1 June 2023 |
Additions |
At 31 March 2024 |
Depreciation |
At 1 June 2023 |
Charge for period |
At 31 March 2024 |
Net book value |
At 31 March 2024 |
At 31 May 2023 |
6. | Stocks |
2024 | 2023 |
£ | £ |
Work-in-progress |
7. | Receivables: amounts falling due within one year |
2024 | 2023 |
£ | £ |
Trade debtors |
Other receivables |
8. | Cash at bank |
2024 | 2023 |
£ | £ |
Cash and cash equivalents | 48,581 | 153,687 |
9. | Payables: amounts falling due within one year |
2024 | 2023 |
£ | £ |
Bank loan |
Trade creditors |
Taxation and social security |
Other payables |
Included within other payables is an amount of £44,095 (2023 - £30,816) repayable to the directors, Mrs Y Heslip and Mr W Heslip. The loan is interest free and repayable on demand. |
WM Heslip Ltd (Registered number: NI618660) |
Notes to the Financial Statements - continued |
for the Period 1 June 2023 to 31 March 2024 |
10. | Payables: amounts falling due after more than one year |
2024 | 2023 |
£ | £ |
Other creditors |
11. | Provisions for liabilities |
2024 | 2023 |
£ | £ |
Deferred tax | 8,402 | 7,597 |
Deferred tax |
£ |
Balance at 1 June 2023 |
Charge to Statement of income and retained earnings during period |
Balance at 31 March 2024 |
12. | Called up share capital |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
ordinary shares | 1 | 100 | 100 |
13. | Directors' advances, credits and guarantees |
The following loans to the company from the directors subsisted during the period ended 31 March 2024 and the year ended 31 May 2023: |
2024 | 2023 |
£ | £ |
Balance outstanding at start of period |
Amounts advanced |
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of period |