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Company Registration No. 03687556 (England and Wales)
Wallace Contracts Limited Unaudited accounts for the year ended 31 March 2024
Wallace Contracts Limited Unaudited accounts Contents
Page
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Wallace Contracts Limited Company Information for the year ended 31 March 2024
Directors
Dan Wallace Sean Wallace Steve Wallace Liam Nicholls
Secretary
Marg Wallace
Company Number
03687556 (England and Wales)
Registered Office
UNIT 1 SNEYD BUSINESS PARK SNEYD STREET STOKE-ON-TRENT ST6 2NP
Accountants
Hassle Free Accountancy 9 Woodhouse Lane Brown Edge Stoke-on-Trent Staffordshire ST6 8RG
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Wallace Contracts Limited Statement of financial position as at 31 March 2024
2024 
2023 
Notes
£ 
£ 
Fixed assets
Tangible assets
16,928 
11,149 
Current assets
Debtors
329,424 
460,962 
Cash at bank and in hand
203,499 
151,727 
532,923 
612,689 
Creditors: amounts falling due within one year
(255,676)
(259,181)
Net current assets
277,247 
353,508 
Total assets less current liabilities
294,175 
364,657 
Creditors: amounts falling due after more than one year
- 
(35,000)
Provisions for liabilities
Deferred tax
(1,970)
(51)
Net assets
292,205 
329,606 
Capital and reserves
Called up share capital
1,000 
1,000 
Profit and loss account
291,205 
328,606 
Shareholders' funds
292,205 
329,606 
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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 16 September 2024 and were signed on its behalf by
Sean Wallace Director Company Registration No. 03687556
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Wallace Contracts Limited Notes to the Accounts for the year ended 31 March 2024
1
Statutory information
Wallace Contracts Limited is a private company, limited by shares, registered in England and Wales, registration number 03687556. The registered office is UNIT 1 SNEYD BUSINESS PARK, SNEYD STREET, STOKE-ON-TRENT, ST6 2NP.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Turnover
Turnover represents the value, net of VAT and discounts, of goods provided to customers and work carried out in respect of services provided to customers.
Tangible fixed assets policy
Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Land & buildings
2% Straight Line
Plant & machinery
20% Straight Line
Motor vehicles
25% Straight Line
Fixtures & fittings
20% Straight Line
4
Tangible fixed assets
Plant & machinery 
Motor vehicles 
Fixtures & fittings 
Total 
£ 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At cost 
At 1 April 2023
3,475 
117,361 
11,304 
132,140 
Additions
- 
9,995 
1,954 
11,949 
At 31 March 2024
3,475 
127,356 
13,258 
144,089 
Depreciation
At 1 April 2023
3,475 
108,368 
9,148 
120,991 
Charge for the year
- 
5,496 
674 
6,170 
At 31 March 2024
3,475 
113,864 
9,822 
127,161 
Net book value
At 31 March 2024
- 
13,492 
3,436 
16,928 
At 31 March 2023
- 
8,993 
2,156 
11,149 
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Wallace Contracts Limited Notes to the Accounts for the year ended 31 March 2024
5
Debtors
2024 
2023 
£ 
£ 
Amounts falling due within one year
Trade debtors
292,348 
401,369 
Accrued income and prepayments
- 
35,797 
Other debtors
37,076 
23,796 
329,424 
460,962 
6
Creditors: amounts falling due within one year
2024 
2023 
£ 
£ 
VAT
82,703 
81,028 
Trade creditors
32,458 
81,604 
Taxes and social security
85,685 
78,196 
Loans from directors
8,552 
4,261 
Accruals
46,278 
14,092 
255,676 
259,181 
7
Creditors: amounts falling due after more than one year
2024 
2023 
£ 
£ 
Bank loans
- 
35,000 
8
Share capital
2024 
2023 
£ 
£ 
Allotted, called up and fully paid:
1,000 Ordinary shares of £1 each
1,000 
1,000 
9
Pension commitments
The company is contracted to an "auto-enrolment" pension scheme, with insignificant contributions made each month, alongside individuals payroll contributions.
10
Loans to directors
Brought Forward 
Advance/ credit 
Repaid 
Carried Forward 
£ 
£ 
£ 
£ 
Dan Wallace
Directors Loan Account 1
(973)
22,500 
22,000 
(473)
Sean Wallace
Directors Loan Account 2
(373)
55,838 
55,500 
(35)
Steve Wallace
Directors Loan Account 3
(608)
49,310 
49,000 
(298)
Liam Nicholls
Directors Loan Account 4
- 
52,822 
53,000 
(178)
(1,954)
180,470 
179,500 
(984)
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Wallace Contracts Limited Notes to the Accounts for the year ended 31 March 2024
11
Transactions with related parties
The only related party transactions are loans from directors, who are also shareholders, which are regularly repaid. The balances of which are identified in the directors loan disclosure note.
12
Average number of employees
During the year the average number of employees was 16 (2023: 16).
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