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REGISTERED NUMBER: NI618660 (Northern Ireland)













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: Mrs Y Heslip
Mr W Heslip





Registered office: 27 New Line
Rathfriland
Newry
Co Down
BT34 5BP





Registered number: NI618660 (Northern Ireland)





Accountants: Wylie Ruddell
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 5 716,091 114,388
716,091 114,388

Current assets
Stocks 6 110,240 53,427
Receivables 7 91,968 1,429
Cash at bank 8 48,581 153,687
250,789 208,543
Payables
Amounts falling due within one year 9 (529,171 ) (96,643 )
Net current (liabilities)/assets (278,382 ) 111,900
Total assets less current liabilities 437,709 226,288

Payables
Amounts falling due after more than one
year

10

(215,000

)

-

Provisions for liabilities 11 (8,402 ) (7,597 )
Net assets 214,307 218,691

Capital and reserves
Called up share capital 12 100 100
Retained earnings 214,207 218,591
Shareholders' funds 214,307 218,691

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

The members have not required the company to obtain an audit of its financial statements for the period ended 31 March 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.

WM Heslip Ltd (Registered number: NI618660)

Statement of Financial Position - continued
31 March 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 Statement of income and retained earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 2 September 2024 and were signed on its behalf by:




Mrs Y Heslip - Director



Mr W Heslip - Director


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 private company, limited by shares , registered in Northern Ireland. 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.

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
Goodwill, being the amount paid in connection with the acquisition of a business in 2014, is being amortised evenly over its estimated useful life of five years.

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
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.
Land and buildings freehold - 4% on cost
Plant and machinery - 20% on reducing balance
Fixtures, fittings and equipment - 25% on reducing balance

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 2 (2023 - 2 ) .

4. Intangible fixed assets
Goodwill
£
Cost
At 1 June 2023
and 31 March 2024 100,000
Amortisation
At 1 June 2023
and 31 March 2024 100,000
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 140,000 54,408 1,080 195,488
Additions - 635,577 - 635,577
At 31 March 2024 140,000 689,985 1,080 831,065
Depreciation
At 1 June 2023 56,000 24,426 674 81,100
Charge for period 4,667 29,122 85 33,874
At 31 March 2024 60,667 53,548 759 114,974
Net book value
At 31 March 2024 79,333 636,437 321 716,091
At 31 May 2023 84,000 29,982 406 114,388

6. Stocks
2024 2023
£ £
Work-in-progress 110,240 53,427

7. Receivables: amounts falling due within one year
2024 2023
£ £
Trade debtors 48,763 -
Other receivables 43,205 1,429
91,968 1,429

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 35,000 -
Trade creditors 448,228 -
Taxation and social security - 12,298
Other payables 45,943 84,345
529,171 96,643

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 215,000 -

11. Provisions for liabilities
2024 2023
£ £
Deferred tax 8,402 7,597

Deferred tax
£
Balance at 1 June 2023 7,597
Charge to Statement of income and retained earnings during period 805
Balance at 31 March 2024 8,402

12. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £ £
100 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
£ £
Mr W Heslip and Mrs Y Heslip
Balance outstanding at start of period 30,816 64,730
Amounts advanced 21,299 30,086
Amounts repaid (8,020 ) (64,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of period 44,095 30,816