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REGISTERED NUMBER: 01621973 (England and Wales)















Financial Statements for the Year Ended 31 March 2024

for

Willenhall Fasteners Limited

Willenhall Fasteners Limited (Registered number: 01621973)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Willenhall Fasteners Limited

Company Information
for the Year Ended 31 March 2024







DIRECTOR: N C Parr





SECRETARY: Mrs J E Parr





REGISTERED OFFICE: Frederick William Street
Willenhall
West Midlands
WV13 1NE





REGISTERED NUMBER: 01621973 (England and Wales)





ACCOUNTANTS: Haines Watts Wolverhampton Limited
Keepers Lane
The Wergs
Wolverhampton
West Midlands
WV6 8UA

Willenhall Fasteners Limited (Registered number: 01621973)

Balance Sheet
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 196,765 121,871

CURRENT ASSETS
Stocks 964,644 1,041,079
Debtors 5 851,829 848,108
Cash at bank and in hand 44,836 36,179
1,861,309 1,925,366
CREDITORS
Amounts falling due within one year 6 877,692 1,003,054
NET CURRENT ASSETS 983,617 922,312
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,180,382

1,044,183

CREDITORS
Amounts falling due after more than one
year

7

(130,641

)

(136,032

)

PROVISIONS FOR LIABILITIES (22,112 ) (3,549 )
NET ASSETS 1,027,629 904,602

CAPITAL AND RESERVES
Called up share capital 10 100 100
Retained earnings 1,027,529 904,502
SHAREHOLDERS' FUNDS 1,027,629 904,602

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

Willenhall Fasteners Limited (Registered number: 01621973)

Balance Sheet - continued
31 March 2024


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 Profit and Loss Account has not been delivered.

The financial statements were approved by the director and authorised for issue on 2 October 2024 and were signed by:





N C Parr - Director


Willenhall Fasteners Limited (Registered number: 01621973)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

Willenhall Fasteners 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.

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.

Significant judgements and estimates
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Turnover
The turnover shown in the profit and loss account is the amount receivable for the provision of goods and services falling within the Company's activities, net of Value Added Tax, rebates and trade discounts.

Turnover from the provision of goods and services is recognised in the accounting period in which the Company obtains the right to consideration in exchange for its performance and when the amounts to be recognised are fixed or determinable and collectability is reasonably assured.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Short leasehold - 15% on reducing balance
Plant and machinery - 15% reducing balance & 25% straight line
Motor vehicles - 25% on reducing balance

Stocks
Inventories have been valued at the lower of cost and estimated selling price less costs to sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacture/completion.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.


Willenhall Fasteners Limited (Registered number: 01621973)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued
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.


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.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 32 (2023 - 36 ) .

Willenhall Fasteners Limited (Registered number: 01621973)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

4. TANGIBLE FIXED ASSETS
Fixtures
Short Plant and and Motor
leasehold machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 April 2023 31,969 305,611 30,504 108,933 477,017
Additions - 13,581 - 125,834 139,415
Disposals - - - (77,614 ) (77,614 )
At 31 March 2024 31,969 319,192 30,504 157,153 538,818
DEPRECIATION
At 1 April 2023 26,392 280,485 381 47,888 355,146
Charge for year 893 8,191 4,519 19,976 33,579
Eliminated on disposal - - - (46,672 ) (46,672 )
At 31 March 2024 27,285 288,676 4,900 21,192 342,053
NET BOOK VALUE
At 31 March 2024 4,684 30,516 25,604 135,961 196,765
At 31 March 2023 5,577 25,126 30,123 61,045 121,871

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 April 2023 108,933
Additions 125,834
Disposals (77,614 )
At 31 March 2024 157,153
DEPRECIATION
At 1 April 2023 47,889
Charge for year 18,775
Eliminated on disposal (46,672 )
At 31 March 2024 19,992
NET BOOK VALUE
At 31 March 2024 137,161
At 31 March 2023 61,044

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 640,174 722,873
Other debtors 211,655 125,235
851,829 848,108

Willenhall Fasteners Limited (Registered number: 01621973)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 36,000 36,000
Hire purchase contracts (see note 8) 23,056 15,679
Trade creditors 338,965 408,222
Taxation and social security 118,871 165,796
Other creditors 360,800 377,357
877,692 1,003,054

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 42,000 78,000
Hire purchase contracts (see note 8) 80,002 58,032
Other creditors 8,639 -
130,641 136,032

8. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

2024 2023
£    £   
Net obligations repayable:
Within one year 23,056 15,679
Between one and five years 80,002 58,032
103,058 73,711

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 78,000 114,000
Hire purchase contracts 103,058 73,711
181,058 187,711

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
100 Ordinary shares 1 100 100

Willenhall Fasteners Limited (Registered number: 01621973)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

11. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2024 and 31 March 2023:

2024 2023
£    £   
N C Parr
Balance outstanding at start of year 69,628 90,877
Amounts advanced 153,469 69,751
Amounts repaid (70,000 ) (91,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 153,097 69,628