Wheatley & Hall Small Electric Motors Limited 06869738 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is to supply and support the UK and Northern European marketplace with AC, DC and Universal Electric Motors. The company ceased trading on 31 March 2024. Digita Accounts Production Advanced 6.30.9574.0 true 06869738 2023-04-01 2024-03-31 06869738 2024-03-31 06869738 core:RetainedEarningsAccumulatedLosses 2024-03-31 06869738 core:ShareCapital 2024-03-31 06869738 core:CurrentFinancialInstruments 2024-03-31 06869738 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 06869738 core:Non-currentFinancialInstruments 2024-03-31 06869738 core:Non-currentFinancialInstruments core:AfterOneYear 2024-03-31 06869738 core:FurnitureFittingsToolsEquipment 2024-03-31 06869738 bus:SmallEntities 2023-04-01 2024-03-31 06869738 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 06869738 bus:FilletedAccounts 2023-04-01 2024-03-31 06869738 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 06869738 bus:RegisteredOffice 2023-04-01 2024-03-31 06869738 bus:Director2 2023-04-01 2024-03-31 06869738 bus:Director3 2023-04-01 2024-03-31 06869738 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 06869738 core:FurnitureFittingsToolsEquipment 2023-04-01 2024-03-31 06869738 core:OfficeEquipment 2023-04-01 2024-03-31 06869738 core:PlantMachinery 2023-04-01 2024-03-31 06869738 countries:EnglandWales 2023-04-01 2024-03-31 06869738 2023-03-31 06869738 core:FurnitureFittingsToolsEquipment 2023-03-31 06869738 2022-04-01 2023-03-31 06869738 2023-03-31 06869738 core:RetainedEarningsAccumulatedLosses 2023-03-31 06869738 core:ShareCapital 2023-03-31 06869738 core:CurrentFinancialInstruments 2023-03-31 06869738 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 06869738 core:CurrentFinancialInstruments core:WithinOneYear core:PreviouslyStatedAmount 2023-03-31 06869738 core:Non-currentFinancialInstruments 2023-03-31 06869738 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 06869738 core:PreviouslyStatedAmount 2023-03-31 iso4217:GBP xbrli:pure

Registration number: 06869738

Wheatley & Hall Small Electric Motors Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Wheatley & Hall Small Electric Motors Limited

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 7

 

Wheatley & Hall Small Electric Motors Limited

(Registration number: 06869738)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Current assets

 

Stocks

5

-

132,850

Debtors

6

296,180

246,837

Cash at bank and in hand

 

21,863

38,235

 

318,043

417,922

Creditors: Amounts falling due within one year

7

(144,320)

(247,013)

Total assets less current liabilities

 

173,723

170,909

Creditors: Amounts falling due after more than one year

7

-

(16,667)

Net assets

 

173,723

154,242

Capital and reserves

 

Called up share capital

4

4

Retained earnings

173,719

154,238

Shareholders' funds

 

173,723

154,242

For the financial 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.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 13 September 2024 and signed on its behalf by:
 

.........................................
Mr C W Wheatley
Director

.........................................
Mr A J Hockley-Hall
Director

 
     
 

Wheatley & Hall Small Electric Motors Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Unit 5A
Coulman Street
Thorne
Doncaster
South Yorkshire
DN8 5JS

These financial statements were authorised for issue by the Board on 13 September 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received using the accrual model.

 

Wheatley & Hall Small Electric Motors Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant & machinery

25% straight line basis

Office equipment

25% straight line basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Wheatley & Hall Small Electric Motors Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Wheatley & Hall Small Electric Motors Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 April 2023

6,785

6,785

Disposals

(6,785)

(6,785)

At 31 March 2024

-

-

Depreciation

At 1 April 2023

6,785

6,785

Eliminated on disposal

(6,785)

(6,785)

At 31 March 2024

-

-

Carrying amount

At 31 March 2024

-

-

 

Wheatley & Hall Small Electric Motors Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

5

Stocks

2024
£

2023
£

Other inventories

-

132,850

6

Debtors

2024
£

2023
£

Trade debtors

295,220

201,234

Other debtors

500

500

Prepayments

460

45,103

296,180

246,837

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

-

20,000

Trade creditors

 

3,283

53,646

Amounts owed to related parties

42,337

88,012

Taxation and social security

 

58,765

58,540

Corporation tax

 

30,432

24,161

Other creditors

 

110

39

Accrued expenses

 

9,393

2,615

 

144,320

247,013


Creditors include bank loans which are secured of £nil (2023 - £20,000).

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

-

16,667


Creditors include bank loans which are secured of £nil (2023 - £16,667).

 

Wheatley & Hall Small Electric Motors Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

8

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Bank borrowings

-

20,000

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

-

16,667

9

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £Nil (2023 - £15,155).