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Registered number: 08109252
Wye Bother Ltd
Unaudited Financial Statements
For The Year Ended 31 March 2024
Riverglade Accountancy Ltd
74 Yr Aran
Dunvant
Swansea
SA2 7PX
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 08109252
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 5 14,853 19,803
14,853 19,803
CURRENT ASSETS
Debtors 6 38,576 35,955
Cash at bank and in hand 29,695 16,964
68,271 52,919
Creditors: Amounts Falling Due Within One Year 7 (72,467 ) (58,326 )
NET CURRENT ASSETS (LIABILITIES) (4,196 ) (5,407 )
TOTAL ASSETS LESS CURRENT LIABILITIES 10,657 14,396
Creditors: Amounts Falling Due After More Than One Year 8 (10,343 ) (14,339 )
NET ASSETS 314 57
CAPITAL AND RESERVES
Called up share capital 9 2 2
Profit and Loss Account 312 55
SHAREHOLDERS' FUNDS 314 57
Page 1
Page 2
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr W C Ford
Director
01/05/2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Wye Bother Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 08109252 . The registered office is 4 The Courtlands, Winforton, Hereford, HR3 6EF.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is being written off in equal annual instalments over its estimated economic life of 10 years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 25% reducing balance
Motor Vehicles 25% reducing balance
Fixtures & Fittings 25% Reducing Balance
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
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3. Average Number of Employees
Average number of employees, including directors, during the year was:
2024 2023
Sales, marketing and distribution 5 3
5 3
4. Intangible Assets
Goodwill
£
Cost
As at 1 April 2023 20,000
As at 31 March 2024 20,000
Amortisation
As at 1 April 2023 20,000
As at 31 March 2024 20,000
Net Book Value
As at 31 March 2024 -
As at 1 April 2023 -
5. Tangible Assets
Motor Vehicles Fixtures & Fittings Total
£ £ £
Cost
As at 1 April 2023 41,912 338 42,250
As at 31 March 2024 41,912 338 42,250
Depreciation
As at 1 April 2023 22,398 49 22,447
Provided during the period 4,878 72 4,950
As at 31 March 2024 27,276 121 27,397
Net Book Value
As at 31 March 2024 14,636 217 14,853
As at 1 April 2023 19,514 289 19,803
6. Debtors
2024 2023
£ £
Due within one year
Other debtors 38,576 34,192
Corporation tax recoverable assets - 1,763
38,576 35,955
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7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Corporation tax 2,509 1,340
Other taxes and social security 6,599 1,139
Other creditors 63,359 55,847
72,467 58,326
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 10,343 14,339
9. Share Capital
2024 2023
Allotted, called up and fully paid £ £
2 Ordinary Shares of £ 1.00 each 2 2
10. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 April 2023 Amounts advanced Amounts repaid Amounts written off As at 31 March 2024
£ £ £ £ £
Mr William Ford 11,550 24,113 11,550 - 24,113
The above loan is unsecured, interest free and repayable on demand.
11. Dividends
2024 2023
£ £
On equity shares:
Final dividend paid 6,000 12,500
Page 5