Registered number
04581048
Wechseln Limited
Filleted Accounts
31 December 2023
Wechseln Limited
Registered number: 04581048
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 53,000 66,250
Tangible assets 4 38,388 35,958
91,388 102,208
Current assets
Stocks 31,623 31,845
Debtors 5 400,238 253,820
Cash at bank and in hand 110,427 109,844
542,288 395,509
Creditors: amounts falling due within one year 6 (227,880) (169,097)
Net current assets 314,408 226,412
Total assets less current liabilities 405,796 328,620
Creditors: amounts falling due after more than one year 7 (15,776) (25,651)
Provisions for liabilities (7,294) (6,832)
Net assets 382,726 296,137
Capital and reserves
Called up share capital 200 200
Profit and loss account 382,526 295,937
Shareholders' funds 382,726 296,137
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.
Mr A P Hill
Director
Approved 26 September 2024
Wechseln 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.
Goodwill 5% Straight line
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:
Leasehold property 10% Straight line
Fixtures and equipment 20% reducing balance
Computer equipment 25% Straight line
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.
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 34 37
3 Intangible fixed assets £
Goodwill:
Cost
At 1 January 2023 530,000
At 31 December 2023 530,000
Amortisation
At 1 January 2023 463,750
Provided during the year 13,250
At 31 December 2023 477,000
Net book value
At 31 December 2023 53,000
At 31 December 2022 66,250
4 Tangible fixed assets
Leasehold property Fixtures and equipment Total
£ £ £
Cost
At 1 January 2023 18,106 302,295 320,401
Additions - 9,661 9,661
At 31 December 2023 18,106 311,956 330,062
Depreciation
At 1 January 2023 18,106 266,337 284,443
Charge for the year - 7,231 7,231
At 31 December 2023 18,106 273,568 291,674
Net book value
At 31 December 2023 - 38,388 38,388
At 31 December 2022 - 35,958 35,958
5 Debtors 2023 2022
£ £
Section 455 recoverable 94,242 -
Other debtors 305,996 253,820
400,238 253,820
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 10,000 10,000
Trade creditors 33,762 32,399
Taxation and social security costs 156,929 104,209
Other creditors 27,189 22,489
227,880 169,097
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 15,776 25,651
8 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
Mr A P Hill
Directors loan account 217,589 144,767 (86,758) 275,598
9 Other information
Wechseln Limited is a private company limited by shares and incorporated in England. Its registered office is:
The Mill
Kingsteignton Road
Newton Abbot
Devon
TQ12 2QA
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