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Registration number: 06736277

Wheatway Solutions Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Wheatway Solutions Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Wheatway Solutions Limited

Company Information

Directors

Mrs CL Timbrell

Miss RA Smith

Mrs KL Russell

Mr C Smith

Mr NM Herbert

Registered office

Unit B3 Brearley Place
Waterwells Business Park
Gloucester
Gloucestershire
GL2 2AF

Accountants

Ballards LLP
Chartered Accountants
Oakmoore Court
11C Kingswood Road
Hampton Lovett
Droitwich
Worcestershire
WR9 0QH

 

Wheatway Solutions Limited

(Registration number: 06736277)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

175

195

Tangible assets

5

1,053,653

1,145,901

 

1,053,828

1,146,096

Current assets

 

Stocks

311,963

257,395

Debtors

6

1,009,408

925,280

Cash at bank and in hand

 

395,840

510,015

 

1,717,211

1,692,690

Creditors: Amounts falling due within one year

7

(529,494)

(589,073)

Net current assets

 

1,187,717

1,103,617

Total assets less current liabilities

 

2,241,545

2,249,713

Creditors: Amounts falling due after more than one year

7

(134,847)

(248,007)

Provisions for liabilities

(171,754)

(233,571)

Net assets

 

1,934,944

1,768,135

Capital and reserves

 

Called up share capital

100

100

Revaluation reserve

165,510

165,510

Retained earnings

1,769,334

1,602,525

Shareholders' funds

 

1,934,944

1,768,135

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.

Directors' 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 directors acknowledge their 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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

Wheatway Solutions Limited

(Registration number: 06736277)
Balance Sheet as at 31 December 2023

Approved and authorised by the Board on 18 September 2024 and signed on its behalf by:
 

.........................................
Mrs CL Timbrell
Director

.........................................
Mr C Smith
Director

 
     
 

Wheatway Solutions 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 and Wales.

The address of its registered office is:
Unit B3 Brearley Place
Waterwells Business Park
Gloucester
Gloucestershire
GL2 2AF
England

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).

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.

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.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

Wheatway Solutions Limited

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

Tax

The tax expense for the period comprises current and deferred 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.

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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, subsequently measured either using cost or revaluation model, 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:

Asset class

Depreciation method and rate

Freehold Properties

2% on revaluation

Fixtures & Fittings

20% Straight Line

Computer Equipment

33.3% Straight Line

Motor Vehicles

25% Straight Line

Plant & Machinery

20% Straight Line

Intangible assets

Separately acquired trademarks and licences are shown at historical cost.

Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.

Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Trademarks

2% Straight Line

 

Wheatway Solutions Limited

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

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.

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.

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

 

Wheatway Solutions Limited

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

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 18 (2022 - 20).

 

Wheatway Solutions Limited

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

4

Intangible assets

Trademarks, patents and licenses
 £

Total
£

Cost or valuation

At 1 January 2023

200

200

At 31 December 2023

200

200

Amortisation

At 1 January 2023

5

5

Amortisation charge

20

20

At 31 December 2023

25

25

Carrying amount

At 31 December 2023

175

175

At 31 December 2022

195

195

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2023

450,000

785,311

245,837

1,481,148

Additions

-

108,039

-

108,039

At 31 December 2023

450,000

893,350

245,837

1,589,187

Depreciation

At 1 January 2023

-

249,293

85,954

335,247

Charge for the year

9,000

149,137

42,150

200,287

At 31 December 2023

9,000

398,430

128,104

535,534

Carrying amount

At 31 December 2023

441,000

494,920

117,733

1,053,653

At 31 December 2022

450,000

536,018

159,883

1,145,901

Included within the net book value of land and buildings above is £441,000 (2022 - £450,000) in respect of freehold land and buildings.
 

Revaluation

 

Wheatway Solutions Limited

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

The fair value of the company's Land and Buildings was revalued on 31 December 2022. An independent valuer was not involved. .
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £220,320 (2022 - £229,320).

6

Debtors

Current

2023
£

2022
£

Trade debtors

336,220

527,535

Amounts owed by related parties

504,584

165,640

Prepayments

76,585

67,393

Other debtors

92,019

164,712

 

1,009,408

925,280

7

Creditors

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

21,629

216,136

Trade creditors

 

138,524

302,179

Taxation and social security

 

44,280

23,814

Accruals and deferred income

 

19,610

13,429

Other creditors

 

305,451

33,515

 

529,494

589,073

8

Reserves

The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:

Revaluation reserve
£

Total
£

Surplus/deficit on property, plant and equipment revaluation

165,510

165,510

The changes to each component of equity resulting from items of other comprehensive income for the prior year were as follows:

Revaluation reserve
£

Total
£

Surplus/deficit on property, plant and equipment revaluation

220,680

220,680

Surplus/deficit on revaluation of other assets

(55,170)

(55,170)

165,510

165,510

 

Wheatway Solutions Limited

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

9

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank borrowings

8,277

87,335

Hire purchase contracts

13,352

128,801

21,629

216,136

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

113,533

213,341

Hire purchase contracts

21,314

34,666

134,847

248,007