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Company No: 06792459 (England and Wales)

WGP MAINTENANCE LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2024
Pages for filing with the registrar

WGP MAINTENANCE LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

WGP MAINTENANCE LIMITED

BALANCE SHEET

As at 31 March 2024
WGP MAINTENANCE LIMITED

BALANCE SHEET (continued)

As at 31 March 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 4 57,346 58,001
57,346 58,001
Current assets
Stocks 5 13,395 13,085
Debtors 6 593,760 457,383
Cash at bank and in hand 7 447,812 508,208
1,054,967 978,676
Creditors: amounts falling due within one year 8 ( 283,915) ( 289,183)
Net current assets 771,052 689,493
Total assets less current liabilities 828,398 747,494
Creditors: amounts falling due after more than one year 9 ( 39,394) ( 75,758)
Provision for liabilities ( 12,785) ( 7,254)
Net assets 776,219 664,482
Capital and reserves
Called-up share capital 10 120 120
Capital redemption reserve ( 19,975 ) ( 19,975 )
Profit and loss account 796,074 684,337
Total shareholders' funds 776,219 664,482

For the financial year ending 31 March 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of WGP Maintenance Limited (registered number: 06792459) were approved and authorised for issue by the Board of Directors on 17 October 2024. They were signed on its behalf by:

Mrs C Foster
Director
WGP MAINTENANCE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
WGP MAINTENANCE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

WGP Maintenance Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Unit 19 Sisna Park, 77 Sisna Park Road, Plymouth, PL6 7AE, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

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 value added tax, rebates and discounts and after eliminating sales within the company.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 10 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line and reducing balance basis over its expected useful life, as follows:

Plant and machinery etc. 25 - 33 % reducing balance
3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Stocks

Stock and Work in progress are valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) 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.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 15 13

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 April 2023 10,703 10,703
At 31 March 2024 10,703 10,703
Accumulated amortisation
At 01 April 2023 10,703 10,703
At 31 March 2024 10,703 10,703
Net book value
At 31 March 2024 0 0
At 31 March 2023 0 0

4. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 April 2023 168,238 168,238
Additions 32,506 32,506
At 31 March 2024 200,744 200,744
Accumulated depreciation
At 01 April 2023 110,237 110,237
Charge for the financial year 33,161 33,161
At 31 March 2024 143,398 143,398
Net book value
At 31 March 2024 57,346 57,346
At 31 March 2023 58,001 58,001

5. Stocks

2024 2023
£ £
Work in progress 13,395 13,085

6. Debtors

2024 2023
£ £
Trade debtors 217,157 441,789
Amounts owed by related parties 309,148 0
Other debtors 67,455 15,594
593,760 457,383

7. Cash and cash equivalents

2024 2023
£ £
Cash at bank and in hand 447,812 508,208

8. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 36,364 36,364
Trade creditors 74,013 75,844
Corporation tax 152,268 114,462
CIS withheld 1,664 3,132
Other taxation and social security 15,906 57,608
Other creditors 3,700 1,773
283,915 289,183

9. Creditors: amounts falling due after more than one year

2024 2023
£ £
Other creditors 39,394 75,758

10. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
84 Ordinary shares of £ 1.00 each (2023: 110 shares of £ 1.00 each) 84 110
1 Ordinary A share of £ 1.00 1 1
1 Ordinary B share of £ 1.00 1 1
1 Ordinary C share of £ 1.00 1 1
1 Ordinary D share of £ 1.00 1 1
6 Ordinary E shares of £ 1.00 each 6 6
26 Ordinary F shares of £ 1.00 each (2023: nil shares) 26 0
120 120

11. Related party transactions

Transactions with owners holding a participating interest in the entity

2024 2023
£ £
Bella Vita Properties Ltd 750 0
Belladventure Ltd 308,398 0

During the year the company made advances to it's associate companies, as detailed above.