WAB Enterprise Limited 11081836 false 2023-01-01 2023-12-31 2023-12-31 The principal activity of the company is Provision of coaches Digita Accounts Production Advanced 6.30.9574.0 true true 11081836 2023-01-01 2023-12-31 11081836 2023-12-31 11081836 bus:OrdinaryShareClass1 bus:CumulativeShares 2023-12-31 11081836 core:CurrentFinancialInstruments 2023-12-31 11081836 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 11081836 core:Non-currentFinancialInstruments 2023-12-31 11081836 core:Non-currentFinancialInstruments core:AfterOneYear 2023-12-31 11081836 core:FurnitureFittingsToolsEquipment 2023-12-31 11081836 core:MotorVehicles 2023-12-31 11081836 core:OtherPropertyPlantEquipment 2023-12-31 11081836 bus:SmallEntities 2023-01-01 2023-12-31 11081836 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 11081836 bus:FullAccounts 2023-01-01 2023-12-31 11081836 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 11081836 bus:RegisteredOffice 2023-01-01 2023-12-31 11081836 bus:Director1 2023-01-01 2023-12-31 11081836 bus:OrdinaryShareClass1 bus:CumulativeShares 2023-01-01 2023-12-31 11081836 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 11081836 core:FurnitureFittingsToolsEquipment 2023-01-01 2023-12-31 11081836 core:MotorVehicles 2023-01-01 2023-12-31 11081836 core:OtherPropertyPlantEquipment 2023-01-01 2023-12-31 11081836 countries:England 2023-01-01 2023-12-31 11081836 2022-12-31 11081836 core:FurnitureFittingsToolsEquipment 2022-12-31 11081836 core:MotorVehicles 2022-12-31 11081836 core:OtherPropertyPlantEquipment 2022-12-31 11081836 2022-01-01 2022-12-31 11081836 2022-12-31 11081836 bus:OrdinaryShareClass1 bus:CumulativeShares 2022-12-31 11081836 core:CurrentFinancialInstruments 2022-12-31 11081836 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 11081836 core:Non-currentFinancialInstruments 2022-12-31 11081836 core:Non-currentFinancialInstruments core:AfterOneYear 2022-12-31 11081836 core:FurnitureFittingsToolsEquipment 2022-12-31 11081836 core:MotorVehicles 2022-12-31 11081836 core:OtherPropertyPlantEquipment 2022-12-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 11081836

WAB Enterprise Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2023

 

WAB Enterprise Limited

(Registration number: 11081836)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

48,162

39,332

Current assets

 

Stocks

6

100,000

100,000

Debtors

7

20,005

48,482

Cash at bank and in hand

 

274,958

233,549

 

394,963

382,031

Creditors: Amounts falling due within one year

8

(75,338)

(103,838)

Net current assets

 

319,625

278,193

Total assets less current liabilities

 

367,787

317,525

Creditors: Amounts falling due after more than one year

8

-

(25,074)

Net assets

 

367,787

292,451

Capital and reserves

 

Called up share capital

9

100

100

Retained earnings

367,687

292,351

Shareholders' funds

 

367,787

292,451

For the financial year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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.

Approved and authorised by the director on 16 September 2024
 

.........................................
W Brear
Director

 

WAB Enterprise Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

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

The address of its registered office is:
Unit 11
A1 Ferrybridge Business Park
Fishergate
West Yorkshire
WF11 9JR

These financial statements were authorised for issue by the director on 16 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).The financial statements have been prepared under the historical cost convention and in accordance with FRS 105 'The Financial Reporting Standard applicable to the Micro-entities 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.

The presentation currency is GBP rounded to the nearest whole GBP.

Going concern

The financial statements have been prepared on a going concern basis.

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.

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.

 

WAB Enterprise Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

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:

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.

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.

 

WAB Enterprise Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

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.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 11 (2022 - 11).

4

Profit before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

16,054

13,409

 

WAB Enterprise Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 January 2023

16,688

24,808

67,611

109,107

Additions

19,032

-

5,852

24,884

At 31 December 2023

35,720

24,808

73,463

133,991

Depreciation

At 1 January 2023

8,477

24,593

36,705

69,775

Charge for the year

6,811

54

9,189

16,054

At 31 December 2023

15,288

24,647

45,894

85,829

Carrying amount

At 31 December 2023

20,432

161

27,569

48,162

At 31 December 2022

8,211

215

30,906

39,332

6

Stocks

2023
£

2022
£

Other inventories

100,000

100,000

7

Debtors

Current

2023
£

2022
£

Trade debtors

13,668

42,251

Prepayments

6,337

6,231

 

20,005

48,482

 

WAB Enterprise Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

10

182

10,877

Trade creditors

 

8,843

14,965

Taxation and social security

 

57,978

54,786

Accruals and deferred income

 

7,536

19,997

Other creditors

 

799

3,213

 

75,338

103,838

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

10

-

25,074

9

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary Shares of £1 each

100

100

100

100

       

10

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

-

25,074

Current loans and borrowings

2023
£

2022
£

Bank borrowings

-

10,000

Other borrowings

182

877

182

10,877

 

WAB Enterprise Limited

Detailed Profit and Loss Account for the Year Ended 31 December 2023

2023
 £

2022
 £

Turnover (analysed below)

1,240,561

1,122,255

Cost of sales (analysed below)

(581,748)

(522,151)

Gross profit

658,813

600,104

Gross profit (%)

53.11%

53.47%

Administrative expenses

Employment costs (analysed below)

(341,475)

(315,457)

Establishment costs (analysed below)

(75,623)

(67,110)

General administrative expenses (analysed below)

(59,959)

(54,771)

Finance charges (analysed below)

(19,076)

(15,512)

Depreciation costs (analysed below)

(16,054)

(13,409)

(512,187)

(466,259)

Other operating income (analysed below)

-

356

Operating profit

146,626

134,201

Other interest receivable and similar income (analysed below)

9

-

Interest payable and similar charges (analysed below)

158

(1,064)

167

(1,064)

Profit before tax

146,793

133,137

 

WAB Enterprise Limited

Detailed Profit and Loss Account for the Year Ended 31 December 2023

2023
£

2022
£

   

Turnover

Sale of goods, UK

1,240,126

1,122,028

Other revenue

435

227

1,240,561

1,122,255

   

Cost of sales

Purchases

(581,748)

(522,145)

Commissions payable

-

(6)

(581,748)

(522,151)

   

Employment costs

Wages and salaries (excluding directors)

(295,865)

(272,474)

Staff NIC (Employers)

(26,534)

(24,308)

Directors remuneration

(10,400)

(10,400)

Staff pensions (Defined contribution)

(8,664)

(7,419)

Subcontract cost

-

(253)

Staff training

(12)

(603)

(341,475)

(315,457)

   

Establishment costs

Rent

(41,792)

(39,080)

Rates

(8,126)

(10,065)

Light, heat and power

(18,115)

(11,297)

Insurance

(7,590)

(6,668)

(75,623)

(67,110)

   

General administrative expenses

Equipment repairs and renewals

(14,256)

(19,625)

Telephone and fax

(1,997)

(1,756)

Printing, postage and stationery

(5,688)

(5,605)

Trade subscriptions

(817)

(431)

Charitable donations

(100)

-

Sundry expenses

(2,960)

(1,541)

Cleaning

(2,728)

(2,071)

Motor expenses

(9,706)

(9,016)

Travel and subsistence

(262)

-

Advertising

(13,776)

(12,540)

Customer entertaining (disallowable for tax)

(502)

(175)

Accountancy fees

(1,195)

(1,210)

Legal and professional fees

(5,972)

(801)

(59,959)

(54,771)

 

WAB Enterprise Limited

Detailed Profit and Loss Account for the Year Ended 31 December 2023

2023
£

2022
£

   

Finance charges

Bank charges

(19,076)

(15,512)

   

Depreciation costs

Depreciation of plant and machinery (owned)

(9,189)

(10,599)

Depreciation of fixtures and fittings (owned)

(6,811)

(2,738)

Depreciation of motor vehicles (owned)

(54)

(72)

(16,054)

(13,409)

   

Other operating income

Government grants receivable

-

356

   

Other interest receivable and similar income

Other interest receivable

9

-

   

Interest payable and similar expenses

Bank loan interest payable

158

(1,064)