Company registration number 05667418 (England and Wales)
W.D.M. ENGINEERING LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
W.D.M. ENGINEERING LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
W.D.M. ENGINEERING LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
-
0
1,930
Current assets
Stocks
-
7,200
Debtors
4
25,492
28,873
Cash at bank and in hand
138,681
94,168
164,173
130,241
Creditors: amounts falling due within one year
5
(18,190)
(21,310)
Net current assets
145,983
108,931
Total assets less current liabilities
145,983
110,861
Creditors: amounts falling due after more than one year
6
(168,981)
(159,593)
Net liabilities
(22,998)
(48,732)
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
(23,098)
(48,832)
Total equity
(22,998)
(48,732)

For the financial year ended 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 of its financial statements for the year in question in accordance with section 476.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved and signed by the director and authorised for issue on 16 September 2024
Mr Garry Page
Director
Company registration number 05667418 (England and Wales)
W.D.M. ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
1
Accounting policies
Company information

W.D.M. Engineering Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 17, Pantglas Industrial Estate, Bedwas, Caerphilly, CF83 8DR.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

As atruet 31st March 2024 the company's current liabilities exceeded current assets by £22,998. The company is reliant on the continued support of its director and other creditors. Having made appropriate enquires the directors are not aware of any reason why the company will not be able to meet its liabilities as they fall due for the foreseeable future; as a result the directors are satisfied that the going concern basis of accounting remains appropriate.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.4
Tangible fixed assets

Tangible fixed assets are measured at cost, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
10% straight line
1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

W.D.M. ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 3 -
1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

 

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

1.7
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

1.8
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
3
3
W.D.M. ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
3
Tangible fixed assets
Plant and equipment
£
Cost
At 1 April 2023
35,410
Disposals
(35,410)
At 31 March 2024
-
0
Depreciation and impairment
At 1 April 2023
33,480
Depreciation charged in the year
276
Eliminated in respect of disposals
(33,756)
At 31 March 2024
-
0
Carrying amount
At 31 March 2024
-
0
At 31 March 2023
1,930
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
25,492
28,873
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
6,780
7,200
Trade creditors
-
0
2,435
Taxation and social security
9,560
11,475
Other creditors
1,850
200
18,190
21,310
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
7,517
13,858
Other creditors
161,464
145,735
168,981
159,593
W.D.M. ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
7
Related party transactions

The company has an existing loan with H.L.P. Tube Formers Limited, a company in which Mr G Page is the director. At the year end, a balance of £161,464 (2023: £145,735) was outstanding being included in creditors: amounts falling due within one year.

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