Registered number
00885617
Wergs Investments Limited
Filleted Accounts
31 December 2023
Wergs Investments Limited
Registered number: 00885617
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 3,551,087 3,367,847
Investments 4 1 1
3,551,088 3,367,848
Current assets
Stocks 21,950 22,405
Debtors 5 603,407 55,708
Cash at bank and in hand 132,941 812,762
758,298 890,875
Creditors: amounts falling due within one year 6 (310,509) (224,039)
Net current assets 447,789 666,836
Total assets less current liabilities 3,998,877 4,034,684
Creditors: amounts falling due after more than one year 7 (91,336) (10,872)
Provisions for liabilities (190,136) (190,136)
Net assets 3,717,405 3,833,676
Capital and reserves
Called up share capital 50 50
Capital redemption reserve 50 50
Revaluation reserve 8 1,707,469 1,707,469
Profit and loss account 2,009,836 2,126,107
Shareholders' funds 3,717,405 3,833,676
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
M Moseley
Director
Approved by the board on 29 July 2024
Wergs Investments Limited
Notes to the Accounts
for the year ended 31 December 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings 2% straight line
Fixtures & fittings 10% straight line
Plant and machinery 10% straight line
Motor vehicles 25% reducing balance
Office equipment 10% straight line
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 26 25
3 Tangible fixed assets
Land and buildings Plant and machinery etc Fixtures & fittings Total
£ £ £ £
Cost
At 1 January 2023 3,072,475 826,257 432,506 4,331,238
Additions 87,498 176,607 7,931 272,036
Disposals - (344,467) (398,930) (743,397)
At 31 December 2023 3,159,973 658,397 41,507 3,859,877
Depreciation
At 1 January 2023 93,291 459,324 410,776 963,391
Charge for the year 17,299 54,845 3,536 75,680
On disposals - (331,351) (398,930) (730,281)
At 31 December 2023 110,590 182,818 15,382 308,790
Net book value
At 31 December 2023 3,049,383 475,579 26,125 3,551,087
At 31 December 2022 2,979,184 366,933 21,730 3,367,847
4 Investments
Investments in
subsidiary
undertakings
£
Cost
At 1 January 2023 1
At 31 December 2023 1
5 Debtors 2023 2022
£ £
Trade debtors 37,180 28,214
Other debtors 566,227 27,494
603,407 55,708
6 Creditors: amounts falling due within one year 2023 2022
£ £
Obligations under finance lease and hire purchase contracts 41,480 40,073
Trade creditors 23,783 38,094
Taxation and social security costs 24,513 39,594
Other creditors 220,733 106,278
310,509 224,039
7 Creditors: amounts falling due after one year 2023 2022
£ £
Obligations under finance lease and hire purchase contracts 91,336 10,872
8 Revaluation reserve 2023 2022
£ £
At 1 January 2023 1,707,469 1,707,469
At 31 December 2023 1,707,469 1,707,469
9 Other information
Wergs Investments Limited is a private company limited by shares and incorporated in England. Its registered office is: Wergs Golf Club Keepers Lane, Tettenhall, Wolverhampton, West Midlands, WV6 8UA
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