IRIS Accounts Production v24.2.0.383 01568182 Board of Directors 1.1.23 31.12.23 31.12.23 false true false false true false Ordinary A 1.00000 Ordinary B 1.00000 Ordinary C 1.00000 Ordinary D 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh015681822022-12-31015681822023-12-31015681822023-01-012023-12-31015681822021-12-31015681822022-01-012022-12-31015681822022-12-3101568182ns15:EnglandWales2023-01-012023-12-3101568182ns14:PoundSterling2023-01-012023-12-3101568182ns10:Director12023-01-012023-12-3101568182ns10:PrivateLimitedCompanyLtd2023-01-012023-12-3101568182ns10:SmallEntities2023-01-012023-12-3101568182ns10:AuditExempt-NoAccountantsReport2023-01-012023-12-3101568182ns10:SmallCompaniesRegimeForDirectorsReport2023-01-012023-12-3101568182ns10:SmallCompaniesRegimeForAccounts2023-01-012023-12-3101568182ns10:FullAccounts2023-01-012023-12-3101568182ns10:OrdinaryShareClass22023-01-012023-12-3101568182ns10:OrdinaryShareClass32023-01-012023-12-3101568182ns10:OrdinaryShareClass42023-01-012023-12-3101568182ns10:OrdinaryShareClass52023-01-012023-12-3101568182ns10:Director22023-01-012023-12-3101568182ns10:Director32023-01-012023-12-3101568182ns10:Director42023-01-012023-12-3101568182ns10:CompanySecretary12023-01-012023-12-3101568182ns10:RegisteredOffice2023-01-012023-12-3101568182ns5:CurrentFinancialInstruments2023-12-3101568182ns5:CurrentFinancialInstruments2022-12-3101568182ns5:Non-currentFinancialInstruments2023-12-3101568182ns5:Non-currentFinancialInstruments2022-12-3101568182ns5:ShareCapital2023-12-3101568182ns5:ShareCapital2022-12-3101568182ns5:FurtherSpecificReserve1ComponentTotalEquity2023-12-3101568182ns5:FurtherSpecificReserve1ComponentTotalEquity2022-12-3101568182ns5:RetainedEarningsAccumulatedLosses2023-12-3101568182ns5:RetainedEarningsAccumulatedLosses2022-12-3101568182ns5:LandBuildings2022-12-3101568182ns5:PlantMachinery2022-12-3101568182ns5:FurnitureFittings2022-12-3101568182ns5:MotorVehicles2022-12-3101568182ns5:LandBuildings2023-01-012023-12-3101568182ns5:PlantMachinery2023-01-012023-12-3101568182ns5:FurnitureFittings2023-01-012023-12-3101568182ns5:MotorVehicles2023-01-012023-12-3101568182ns5:LandBuildings2023-12-3101568182ns5:PlantMachinery2023-12-3101568182ns5:FurnitureFittings2023-12-3101568182ns5:MotorVehicles2023-12-3101568182ns5:LandBuildings2022-12-3101568182ns5:PlantMachinery2022-12-3101568182ns5:FurnitureFittings2022-12-3101568182ns5:MotorVehicles2022-12-3101568182ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2022-12-3101568182ns5:FurnitureFittingsns5:LeasedAssetsHeldAsLessee2022-12-3101568182ns5:LeasedAssetsHeldAsLessee2022-12-3101568182ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2023-01-012023-12-3101568182ns5:FurnitureFittingsns5:LeasedAssetsHeldAsLessee2023-01-012023-12-3101568182ns5:LeasedAssetsHeldAsLessee2023-01-012023-12-3101568182ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2023-12-3101568182ns5:FurnitureFittingsns5:LeasedAssetsHeldAsLessee2023-12-3101568182ns5:LeasedAssetsHeldAsLessee2023-12-3101568182ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2022-12-3101568182ns5:FurnitureFittingsns5:LeasedAssetsHeldAsLessee2022-12-3101568182ns5:LeasedAssetsHeldAsLessee2022-12-3101568182ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-12-3101568182ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-12-3101568182ns5:Secured2023-12-3101568182ns5:Secured2022-12-3101568182ns10:OrdinaryShareClass22023-12-3101568182ns10:OrdinaryShareClass32023-12-3101568182ns10:OrdinaryShareClass42023-12-3101568182ns10:OrdinaryShareClass52023-12-3101568182ns10:Director332022-12-3101568182ns10:Director332021-12-3101568182ns10:Director332023-01-012023-12-3101568182ns10:Director332022-01-012022-12-3101568182ns10:Director332023-12-3101568182ns10:Director332022-12-3101568182ns10:Director442022-12-3101568182ns10:Director442021-12-3101568182ns10:Director442023-01-012023-12-3101568182ns10:Director442022-01-012022-12-3101568182ns10:Director442023-12-3101568182ns10:Director442022-12-31
REGISTERED NUMBER: 01568182 (England and Wales)






















Unaudited Financial Statements

for the Year Ended 31 December 2023

for

Wymbs Engineering Limited

Wymbs Engineering Limited (Registered number: 01568182)






Contents of the Financial Statements
for the year ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Wymbs Engineering Limited

Company Information
for the year ended 31 December 2023







DIRECTORS: Mr B Wymbs
Mr S B Sharples
Mr S D Wymbs
Mr K M Wymbs





SECRETARY: Mrs A Wymbs





REGISTERED OFFICE: Unit D Third Avenue
Poynton Industrial Estate
Poynton
Cheshire
SK12 1YL





REGISTERED NUMBER: 01568182 (England and Wales)





ACCOUNTANTS: Bennett Brooks & Co Ltd
Chartered Accountants
2 Maple Court
Davenport Street
Macclesfield
Cheshire
SK10 1JE

Wymbs Engineering Limited (Registered number: 01568182)

Balance Sheet
31 December 2023

2023 2022
Notes £ £
FIXED ASSETS
Tangible assets 4 889,144 920,894

CURRENT ASSETS
Stocks 51,848 93,000
Debtors 5 519,810 480,513
Prepayments and accrued income 285,686 6,579
Cash at bank and in hand 851,459 281,849
1,708,803 861,941
CREDITORS
Amounts falling due within one year 6 (969,877 ) (268,034 )
NET CURRENT ASSETS 738,926 593,907
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,628,070

1,514,801

CREDITORS
Amounts falling due after more than one year 7 (430,475 ) (569,884 )

PROVISIONS FOR LIABILITIES (112,621 ) (116,318 )
NET ASSETS 1,084,974 828,599

CAPITAL AND RESERVES
Called up share capital 9 10,000 10,000
Capital contribution reserve 30,816 17,071
Retained earnings 1,044,158 801,528
SHAREHOLDERS' FUNDS 1,084,974 828,599

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 12 September 2024 and were signed on its behalf by:




Mr B Wymbs - Director


Wymbs Engineering Limited (Registered number: 01568182)

Notes to the Financial Statements
for the year ended 31 December 2023

1. STATUTORY INFORMATION

Wymbs Engineering Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

The company has adopted the FRS 102 accounting policies and principles on a consistent basis from the date of transition. The principal policies are set out below.

The preparation of financial statements in conformity with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the company's accounting policies. The areas involving a higher degree of judgement are:

Carrying value of stocks - the condition of stock held is reviewed by the directors and provisions made where the expected selling price is lower than the purchase cost of the stock. This involves the use of judgement.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Sale of Goods
Turnover from the sale of goods is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on despatch of the goods.

Work In Progress
When the outcome of a transaction can be measured reliably, turnover is recognised by reference to the stage of completion at the balance sheet date. Stage of completion is measured by reference to a notable milestone.

Where the outcome cannot be measured reliably, turnover is recognised only to the extent of the expenses recognised that are recoverable.

When it is probable that the total costs of a transaction will exceed the total revenue of the transaction, the expected loss shall be recognised as an expense immediately.


Government grants

Grants received from the government in relation to the coronavirus job retention scheme are recognised on the Income Statement in the period in which the benefit is received.

Tangible fixed assets
Tangible fixed assets are stated at cost less accumulated depreciation. Cost includes the original purchase price of the asset and the costs attributable to bringing the asset to its working condition for its intended use.

Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:

Freehold Property - 2.7% on cost
Plant and Machinery - 15% on reducing balance
Fixtures and Fittings - at varying rates on cost
Motor Vehicles - 25% on reducing balance

Wymbs Engineering Limited (Registered number: 01568182)

Notes to the Financial Statements - continued
for the year ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Research and development
Expenditure on research and development is written off in the year in which it is incurred. Similarly grants received in respect of research and development are recognised in the year of receipt. Research and development tax credits received under the SME scheme are credited to the tax charge.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Share capital
Ordinary shares are classed as equity.

Short term debtors and creditors
Short term debtors and creditors with no stated interest rate are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account.

Distribution to equity holders
Dividends are recognised as a liability in the financial statements in the period in which the dividends are approved by the company's shareholders. These amounts are recognised in the statement of changes in equity.

Cash and cash equivalents
Cash and cash equivalents includes cash in hand, cash held with banks and bank overdrafts. Bank overdrafts are shown with borrowings in current liabilities.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment.

Wymbs Engineering Limited (Registered number: 01568182)

Notes to the Financial Statements - continued
for the year ended 31 December 2023

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 19 (2022 - 20 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£ £ £ £ £
COST
At 1 January 2023 609,723 1,433,022 374,399 - 2,417,144
Additions - 1,478 22,831 28,695 53,004
At 31 December 2023 609,723 1,434,500 397,230 28,695 2,470,148
DEPRECIATION
At 1 January 2023 158,280 986,028 351,942 - 1,496,250
Charge for year 16,461 54,281 12,021 1,991 84,754
At 31 December 2023 174,741 1,040,309 363,963 1,991 1,581,004
NET BOOK VALUE
At 31 December 2023 434,982 394,191 33,267 26,704 889,144
At 31 December 2022 451,443 446,994 22,457 - 920,894

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Fixtures
Plant and and
machinery fittings Totals
£ £ £
COST
At 1 January 2023 514,754 - 514,754
Additions - 2,299 2,299
At 31 December 2023 514,754 2,299 517,053
DEPRECIATION
At 1 January 2023 167,229 - 167,229
Charge for year 46,970 255 47,225
At 31 December 2023 214,199 255 214,454
NET BOOK VALUE
At 31 December 2023 300,555 2,044 302,599
At 31 December 2022 347,525 - 347,525

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£ £
Trade debtors 518,960 382,993
Other debtors 850 97,520
519,810 480,513

Wymbs Engineering Limited (Registered number: 01568182)

Notes to the Financial Statements - continued
for the year ended 31 December 2023

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£ £
Bank loans and overdrafts 74,140 69,388
Hire purchase contracts 78,483 73,668
Trade creditors 43,766 34,898
Taxation and social security 144,155 24,370
Other creditors 629,333 65,710
969,877 268,034

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£ £
Bank loans 192,944 268,579
Hire purchase contracts 155,306 204,882
Other creditors 82,225 96,423
430,475 569,884

8. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£ £
Bank loans 267,084 337,967

HSBC Bank hold a fixed and floating charge over the company assets and a legal mortgage over the property of Unit D, Third Avenue, Poynton, Stockport dated 28 April 2022.

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £ £
7,000 Ordinary A £1 7,000 7,000
1,000 Ordinary B £1 1,000 1,000
1,000 Ordinary C £1 1,000 1,000
1,000 Ordinary D £1 1,000 1,000
10,000 10,000

10. OTHER FINANCIAL COMMITMENTS AND GUARANTEES

At the balance sheet date, the company had non cancellable operating lease commitments totalling £66,763 (2022: £1,536)

11. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 December 2023 and 31 December 2022:

2023 2022
£ £
Mr S D Wymbs
Balance outstanding at start of year 150 350
Amounts advanced 535 150
Amounts repaid (150 ) (350 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 535 150

Wymbs Engineering Limited (Registered number: 01568182)

Notes to the Financial Statements - continued
for the year ended 31 December 2023

11. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES - continued

Mr K M Wymbs
Balance outstanding at start of year 150 230
Amounts advanced 315 150
Amounts repaid (150 ) (230 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 315 150

The above loans are unsecured, interest free and repayable on demand.