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
Wallace Contracts Limited
Company Information
for the year ended 31 March 2024
Directors
Dan Wallace
Sean Wallace
Steve Wallace
Liam Nicholls
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
Wallace Contracts Limited
Statement of financial position
as at 31 March 2024
Tangible assets
16,928
11,149
Cash at bank and in hand
203,499
151,727
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
Net assets
292,205
329,606
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
Wallace Contracts Limited
Notes to the Accounts
for the year ended 31 March 2024
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.
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.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
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
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
At 31 March 2024
-
13,492
3,436
16,928
At 31 March 2023
-
8,993
2,156
11,149
Wallace Contracts Limited
Notes to the Accounts
for the year ended 31 March 2024
Amounts falling due within one year
Trade debtors
292,348
401,369
Accrued income and prepayments
-
35,797
Other debtors
37,076
23,796
6
Creditors: amounts falling due within one year
2024
2023
Trade creditors
32,458
81,604
Taxes and social security
85,685
78,196
Loans from directors
8,552
4,261
7
Creditors: amounts falling due after more than one year
2024
2023
Allotted, called up and fully paid:
1,000 Ordinary shares of £1 each
1,000
1,000
The company is contracted to an "auto-enrolment" pension scheme, with insignificant contributions made each month, alongside individuals payroll contributions.
Brought
Forward
Advance/
credit
Repaid
Carried
Forward
Directors Loan Account 1
(973)
22,500
22,000
(473)
Directors Loan Account 2
(373)
55,838
55,500
(35)
Directors Loan Account 3
(608)
49,310
49,000
(298)
Directors Loan Account 4
-
52,822
53,000
(178)
(1,954)
180,470
179,500
(984)
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).