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Registration number: 04196818

Wipertec Limited
Annual Report and
Unaudited Financial Statements

30 April 2024

 

Wipertec Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

Wipertec Limited

Balance Sheet
30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

448,359

518,006

Current assets

 

Stocks

5

551,373

467,691

Debtors

6

213,290

95,092

Cash at bank and in hand

 

37,471

20,569

 

802,134

583,352

Creditors: Amounts falling due within one year

7

(958,130)

(678,627)

Net current liabilities

 

(155,996)

(95,275)

Total assets less current liabilities

 

292,363

422,731

Creditors: Amounts falling due after more than one year

7

(193,582)

(329,721)

Net assets

 

98,781

93,010

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

98,681

92,910

Shareholders' funds

 

98,781

93,010

 

Wipertec Limited

Balance Sheet
30 April 2024

For the financial year ending 30 April 2024 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.

Approved and authorised by the Board on 14 October 2024 and signed on its behalf by:
 

.........................................
Mr A S Abraham
Director

Company Registration Number: 04196818

 

Wipertec Limited

Notes to the Unaudited Financial Statements
Year Ended 30 April 2024

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 3-8 Bury South Business Park Dumers Lane
Riverview Close
Radcliffe
M26 2AD
United Kingdom

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.

Government grants

Government grants in respect of capital expenditure are credited to a deferred income account and are released to profit over the expected useful lives of the relevant assets by equal annual instalments. Grants of a revenue nature are credited to income so as to match them with the expenditure to which they relate.

 

Wipertec Limited

Notes to the Unaudited Financial Statements
Year Ended 30 April 2024

Tangible assets

Tangible assets are stated in the balance sheet at cost, 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

Fixtures and fittings

15% Reducing balance

Motor Vehicles

25% Reducing balance

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.

 

Wipertec Limited

Notes to the Unaudited Financial Statements
Year Ended 30 April 2024

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.

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.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the Company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Wipertec Limited

Notes to the Unaudited Financial Statements
Year Ended 30 April 2024

3

Staff numbers

The average number of persons employed by the Company (including Directors) during the year, was 10 (2023 - 11).

4

Tangible assets

Long leasehold land and buildings
£

Fixtures and fittings
£

Total
£

Cost or valuation

At 1 May 2023

2,237

944,438

946,675

Additions

-

9,100

9,100

At 30 April 2024

2,237

953,538

955,775

Depreciation

At 1 May 2023

2,237

426,432

428,669

Charge for the year

-

78,747

78,747

At 30 April 2024

2,237

505,179

507,416

Carrying amount

At 30 April 2024

-

448,359

448,359

At 30 April 2023

-

518,006

518,006

 

Wipertec Limited

Notes to the Unaudited Financial Statements
Year Ended 30 April 2024

5

Stocks

2024
£

2023
£

Other inventories

551,373

467,691

6

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

124,316

60,430

Amounts owed by related parties

10

2,290

2,355

Prepayments

 

81,142

27,516

Other debtors

 

5,542

4,791

   

213,290

95,092

 

Wipertec Limited

Notes to the Unaudited Financial Statements
Year Ended 30 April 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

130,389

110,307

Trade creditors

 

609,693

388,687

Taxation and social security

 

142,610

102,373

Accruals and deferred income

 

5,970

3,360

Other creditors

 

69,468

73,900

 

958,130

678,627

Current loans and borrowings

2024
£

2023
£

Other borrowings

130,389

110,307

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

193,582

329,721

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

       
 

Wipertec Limited

Notes to the Unaudited Financial Statements
Year Ended 30 April 2024

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Other borrowings

193,582

329,721

Current loans and borrowings

2024
£

2023
£

Other borrowings

130,389

110,307

10

Related party transactions

Summary of transactions with parent

Wipertec Holdings Limited
 

Expenditure with and payables to related parties

2024

2023

Parent
£

Rendering of services

10,000

11

Parent and ultimate parent undertaking

The Company's immediate parent is Wipertec Holdings Limited, incorporated in England and Wales.

 The ultimate controlling party is the directors by virtue of their shareholding in the parent company..