REGISTERED NUMBER: |
WINGS OF PETERBOROUGH LTD |
STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
AUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JANUARY 2024 |
REGISTERED NUMBER: |
WINGS OF PETERBOROUGH LTD |
STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
AUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JANUARY 2024 |
WINGS OF PETERBOROUGH LTD (REGISTERED NUMBER: 03880270) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JANUARY 2024 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 5 |
Report of the Independent Auditors | 7 |
Income Statement | 9 |
Other Comprehensive Income | 10 |
Balance Sheet | 11 |
Statement of Changes in Equity | 12 |
Cash Flow Statement | 13 |
Notes to the Cash Flow Statement | 14 |
Notes to the Financial Statements | 15 |
WINGS OF PETERBOROUGH LTD |
COMPANY INFORMATION |
FOR THE YEAR ENDED 30 JANUARY 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: |
AUDITORS: |
(Statutory Auditor) |
Rollestone House |
Bridge Street |
Horncastle |
Lincolnshire |
LN9 5HZ |
WINGS OF PETERBOROUGH LTD (REGISTERED NUMBER: 03880270) |
STRATEGIC REPORT |
FOR THE YEAR ENDED 30 JANUARY 2024 |
The directors present their strategic report for the year ended 30 January 2024. |
REVIEW OF BUSINESS |
2023 was a year of mixed performance for Wings Skoda Group that saw overall financial performance regress, but still with strong commercial performances overall. |
As the world continued to emerge from the COVID-19 pandemic supply chains continued to be disrupted, which impacted both new and used car markets. Component shortages meant that new car supply was unreliable, and forecast build times were rarely met. The used car market continued to experience demand outpacing supply, but as this had continued from the year prior we saw that wholesale prices for stock were drastically increased and margins were reduced despite retail prices remaining buoyant. |
. |
The unexpected event of Russia's invasion of Ukraine early in 2022 had profound impacts on electrical components for new cars, and this obliterated planned supply and availability in particular of newer products (such as BEV and PHEV vehicles). These interruptions have also impacted parts supplies, and in particular towbars and similar retrofit items that provide significant individual contributions have been halted. |
Linked to the Ukraine conflict, utility bills have increased to unprecedented levels, and this has had significant impact in both of our sites; in particular Kings Lynn which is noted to be much less thermally efficient. |
Interest rates have risen from their stable and low position, which may present a passive income opportunity moving forward however these rates have yet to impact deposit accounts that we can access. This should be reviewed moving forward to both capitalise on rising rates and hedge against inflation. |
The cost-of-living crisis has seen a greater focus on servicing costs, but this has been offset by the high proportion of our customers on service plans. In turn this has created added value for these plans, and as such we have placed greater focus on their penetration within our customer base. |
Net profit for the year was up, reflecting both strategic cost control and robust demand across the business. This positive outcome was achieved despite the broader economic challenges and external pressures on the market. The directors are satisfied that the company's performance in 2023-2024 represents a significant improvement, particularly in comparison to the previous year's results, which were negatively impacted by unsustainable external market forces. |
It is especially noted that the new car order book is at it's highest ever level (over 200 units) and this represents well over 60% of annual new car target coverage as work in progress. |
WINGS OF PETERBOROUGH LTD (REGISTERED NUMBER: 03880270) |
STRATEGIC REPORT |
FOR THE YEAR ENDED 30 JANUARY 2024 |
PRINCIPAL RISKS AND UNCERTAINTIES |
The key risks facing the business remain consistent with those of the previous year: |
Manufacturer relationship: |
Ongoing collaboration with our vehicle manufacturer is essential to company profitability. The transition to an Agency vehicle sales strategy could impact gross profit margins, and it remains unclear whether sufficient cost reductions will be implemented to compensate. However, the directors are confident that future smaller electric vehicles will remain competitively priced and of high quality, mitigating some of this risk. |
Used vehicle prices: |
The volatility of used vehicle prices, particularly for electric vehicles (EVs), poses a financial risk due to limited historical data and market instability. The company mitigates this risk by closely monitoring demand, conducting weekly pricing reviews, and adapting strategies to current market conditions. |
Company, people and reputation: |
The business relies heavily on key personnel and its long-standing reputation. The directors recognise the need for regular reviews of remuneration and working conditions to attract and retain top talent in the local market. |
General economic conditions: |
The motor retail sector remains sensitive to economic factors such as interest rates, fuel prices, and employment levels. The company will continue to monitor demand through regular sales and enquiry analyses, taking corrective action when necessary. |
WINGS OF PETERBOROUGH LTD (REGISTERED NUMBER: 03880270) |
STRATEGIC REPORT |
FOR THE YEAR ENDED 30 JANUARY 2024 |
SECTION 172(1) STATEMENT |
Statement by the directors in performance of their statutory duties in accordance with S172(1) companies act 2006. |
The directors of Wings Skoda consider, both individually and collectively, that they have acted in the way they consider, in good faith, would be most likely to promote the success of the company for the benefit of its members as a whole (having regard to the stakeholders and matters et out in S172(1)(a)-(f) of the Companies Act 2006) in the decisions taken during the year ended 31st January 2023. |
- Our plan was designed to have a long-term beneficial impact on the company and to contribute to its success in delivering a high quality of service across all areas of our business. |
- Our team members are fundamental to the delivery of our plan. We aim to be a responsible employer in our approach to the pay and benefits our team members receive. The health, safety and wellbeing of our team members is one of our primary considerations in the way we do business. |
- Engagement with supplies and customers is key to our success. We meet with our major partners regularly and take appropriate action, where necessary, to prevent involvement in modern slavery, corruption, bribery, and breaches of competition law. |
- Our plan considers the impact of the company operations on the community, environment, and our wider social responsibilities, how we comply with environmental legislation, pursue waste saving opportunities and react promptly to local community concerns. |
- Our intention is to behave responsibly and ensure that management operate the business in a responsible manner, operating within the high standards of business conduct and good governance expected for a business such as ours and in doing so, will contribute to the delivery of our plan. The intention is to nurture our reputation, through both the constructions and delivery of our plan, that reflects our responsible behaviour. |
- Our intention is to behave responsibly towards our shareholders and treat them fairly and equally, so they too may benefit from the successful delivery of our plan. |
ON BEHALF OF THE BOARD: |
17 October 2024 |
WINGS OF PETERBOROUGH LTD (REGISTERED NUMBER: 03880270) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 30 JANUARY 2024 |
The directors present their report with the financial statements of the company for the year ended 30 January 2024. |
PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of motor vehicle sales and maintenance. |
DIVIDENDS |
The total distribution of dividends for the year ended 30 January 2024 will be £ |
DIRECTORS |
The directors set out in the table below have held office during the whole of the period from 31 January 2023 to the date of this report. |
The beneficial interests of the directors holding office at 30 January 2024 in the shares of the company, according to the register of directors' interests, were as follows: |
30.1.24 | 31.1.23 |
Ordinary shares of £1 each |
10,000 | 10,000 |
10,000 | 10,000 |
'E'Shares shares of £1 each |
125,000 | 125,000 |
125,000 | 125,000 |
'P' shares of £1 each |
70,000 | 70,000 |
70,000 | 70,000 |
These directors did not hold any non-beneficial interests in any of the shares of the company. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
WINGS OF PETERBOROUGH LTD (REGISTERED NUMBER: 03880270) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 30 JANUARY 2024 |
AUDITORS |
The auditors, Dexter & Sharpe Audit Services Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
BY ORDER OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
WINGS OF PETERBOROUGH LTD |
Opinion |
We have audited the financial statements of Wings of Peterborough Ltd (the 'company') for the year ended 30 January 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
_ |
In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 30 January 2024 and of its profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
WINGS OF PETERBOROUGH LTD |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page five, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
- we have enquired of those charged with governance around actual and potential litigation and claims. |
- we have reviewed financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations. |
- we have enquired of staff engaged in the completion of VAT, tax and compliance work to identify any instances of non compliance with laws and regulations. |
- we have audited the risk of management override of controls including review of journal entries and large or unusual transactions, evaluating the business rationale of any significant transactions outside the course of business. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
for and on behalf of |
(Statutory Auditor) |
Rollestone House |
Bridge Street |
Horncastle |
Lincolnshire |
LN9 5HZ |
WINGS OF PETERBOROUGH LTD (REGISTERED NUMBER: 03880270) |
INCOME STATEMENT |
FOR THE YEAR ENDED 30 JANUARY 2024 |
Period |
1.2.22 |
Year Ended | to |
30.1.24 | 30.1.23 |
Notes | £ | £ |
TURNOVER |
Cost of sales | ( |
) | ( |
) |
GROSS PROFIT |
Distribution costs | ( |
) | ( |
) |
Administrative expenses | ( |
) | ( |
) |
1,142,107 | 929,631 |
Other operating income |
OPERATING PROFIT | 4 |
Interest receivable and similar income |
1,395,534 | 1,069,574 |
Interest payable and similar expenses | 5 | ( |
) | ( |
) |
PROFIT BEFORE TAXATION |
Tax on profit | 6 | ( |
) | ( |
) |
PROFIT FOR THE FINANCIAL YEAR |
WINGS OF PETERBOROUGH LTD (REGISTERED NUMBER: 03880270) |
OTHER COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 30 JANUARY 2024 |
Period |
1.2.22 |
Year Ended | to |
30.1.24 | 30.1.23 |
Notes | £ | £ |
PROFIT FOR THE YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
WINGS OF PETERBOROUGH LTD (REGISTERED NUMBER: 03880270) |
BALANCE SHEET |
30 JANUARY 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 8 |
Tangible assets | 9 |
CURRENT ASSETS |
Stocks | 10 |
Debtors | 11 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 12 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 14 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 15 |
Retained earnings | 16 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
WINGS OF PETERBOROUGH LTD (REGISTERED NUMBER: 03880270) |
STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 30 JANUARY 2024 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 February 2022 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 30 January 2023 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 30 January 2024 |
WINGS OF PETERBOROUGH LTD (REGISTERED NUMBER: 03880270) |
CASH FLOW STATEMENT |
FOR THE YEAR ENDED 30 JANUARY 2024 |
Period |
1.2.22 |
Year Ended | to |
30.1.24 | 30.1.23 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 |
Interest paid | ( |
) | ( |
) |
Tax paid | ( |
) | ( |
) |
Net cash from operating activities |
Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
) | ( |
) |
Sale of tangible fixed assets |
Interest received |
Net cash from investing activities | ( |
) | ( |
) |
Cash flows from financing activities |
Amount withdrawn by directors | (584,350 | ) | (39,500 | ) |
Equity dividends paid | ( |
) | ( |
) |
Net cash from financing activities | ( |
) | ( |
) |
Increase in cash and cash equivalents |
Cash and cash equivalents at beginning of year |
2 |
3,281,500 |
Cash and cash equivalents at end of year | 2 | 4,173,354 | 4,069,898 |
WINGS OF PETERBOROUGH LTD (REGISTERED NUMBER: 03880270) |
NOTES TO THE CASH FLOW STATEMENT |
FOR THE YEAR ENDED 30 JANUARY 2024 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
Period |
1.2.22 |
Year Ended | to |
30.1.24 | 30.1.23 |
£ | £ |
Profit before taxation |
Depreciation charges |
Loss on disposal of fixed assets |
Finance costs | 17,043 | 19,957 |
Finance income | (102,205 | ) | (19,812 | ) |
1,466,740 | 1,182,985 |
(Increase)/decrease in stocks | ( |
) |
Increase in trade and other debtors | ( |
) | ( |
) |
(Decrease)/increase in trade and other creditors | ( |
) |
Cash generated from operations |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 30 January 2024 |
30.1.24 | 31.1.23 |
£ | £ |
Cash and cash equivalents | 4,173,354 | 4,069,898 |
Period ended 30 January 2023 |
30.1.23 | 1.2.22 |
£ | £ |
Cash and cash equivalents | 4,069,898 | 3,281,500 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 31.1.23 | Cash flow | At 30.1.24 |
£ | £ | £ |
Net cash |
Cash at bank | 4,069,898 | 103,456 | 4,173,354 |
4,069,898 | 4,173,354 |
Total | 4,069,898 | 103,456 | 4,173,354 |
WINGS OF PETERBOROUGH LTD (REGISTERED NUMBER: 03880270) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JANUARY 2024 |
1. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Goodwill |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Tangible fixed assets |
Freehold property | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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. |
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. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
WINGS OF PETERBOROUGH LTD (REGISTERED NUMBER: 03880270) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JANUARY 2024 |
1. | ACCOUNTING POLICIES - continued |
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. |
2. | EMPLOYEES AND DIRECTORS |
Period |
1.2.22 |
Year Ended | to |
30.1.24 | 30.1.23 |
£ | £ |
Wages and salaries |
Other pension costs |
The average number of employees during the year was as follows: |
Period |
1.2.22 |
Year Ended | to |
30.1.24 | 30.1.23 |
3. | DIRECTORS' EMOLUMENTS |
Period |
1.2.22 |
Year Ended | to |
30.1.24 | 30.1.23 |
£ | £ |
Directors' remuneration |
4. | OPERATING PROFIT |
The operating profit is stated after charging: |
Period |
1.2.22 |
Year Ended | to |
30.1.24 | 30.1.23 |
£ | £ |
Hire of plant and machinery |
Depreciation - owned assets |
Loss on disposal of fixed assets |
Auditors' remuneration |
WINGS OF PETERBOROUGH LTD (REGISTERED NUMBER: 03880270) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JANUARY 2024 |
5. | INTEREST PAYABLE AND SIMILAR EXPENSES |
Period |
1.2.22 |
Year Ended | to |
30.1.24 | 30.1.23 |
£ | £ |
Finance costs |
6. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
Period |
1.2.22 |
Year Ended | to |
30.1.24 | 30.1.23 |
£ | £ |
Current tax: |
UK corporation tax |
Deferred tax |
Tax on profit |
7. | DIVIDENDS |
Period |
1.2.22 |
Year Ended | to |
30.1.24 | 30.1.23 |
£ | £ |
Ordinary shares of £1 each |
Final |
8. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 31 January 2023 |
and 30 January 2024 |
NET BOOK VALUE |
At 30 January 2024 |
At 30 January 2023 |
WINGS OF PETERBOROUGH LTD (REGISTERED NUMBER: 03880270) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JANUARY 2024 |
9. | TANGIBLE FIXED ASSETS |
Short | Freehold | Plant and |
leasehold | property | machinery |
£ | £ | £ |
COST |
At 31 January 2023 |
Additions |
Disposals | ( |
) |
At 30 January 2024 |
DEPRECIATION |
At 31 January 2023 |
Charge for year |
At 30 January 2024 |
NET BOOK VALUE |
At 30 January 2024 |
At 30 January 2023 |
Fixtures |
and | Motor |
fittings | vehicles | Totals |
£ | £ | £ |
COST |
At 31 January 2023 |
Additions |
Disposals | ( |
) | ( |
) |
At 30 January 2024 |
DEPRECIATION |
At 31 January 2023 |
Charge for year |
At 30 January 2024 |
NET BOOK VALUE |
At 30 January 2024 |
At 30 January 2023 |
10. | STOCKS |
2024 | 2023 |
£ | £ |
Stocks |
WINGS OF PETERBOROUGH LTD (REGISTERED NUMBER: 03880270) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JANUARY 2024 |
11. | DEBTORS |
2024 | 2023 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
Other debtors |
Directors' current accounts | 678,794 | 94,444 |
Income tax on Directors loans |
repayable |
VAT |
Prepayments |
Amounts falling due after more than one year: |
Other debtors |
Aggregate amounts |
12. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade creditors |
Corporation tax |
Social security and other taxes |
VAT | 92,057 | - |
Accrued expenses |
13. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2024 | 2023 |
£ | £ |
Within one year |
14. | PROVISIONS FOR LIABILITIES |
2024 | 2023 |
£ | £ |
Deferred tax |
Accelerated capital allowances | 85,436 | 63,935 |
WINGS OF PETERBOROUGH LTD (REGISTERED NUMBER: 03880270) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JANUARY 2024 |
14. | PROVISIONS FOR LIABILITIES - continued |
Deferred |
tax |
£ |
Balance at 31 January 2023 |
Increase in provision | 21,501 |
Balance at 30 January 2024 |
15. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | £1 | 20,000 | 20,000 |
Allotted and issued: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
'E' | £1 | 2,500 | 2,500 |
'P' shares | £1 | 1,400 | 1,400 |
3,900 | 3,900 |
16. | RESERVES |
Retained |
earnings |
£ |
At 31 January 2023 |
Profit for the year |
Dividends | ( |
) |
At 30 January 2024 |
17. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to directors subsisted during the year ended 30 January 2024 and the period ended 30 January 2023: |
2024 | 2023 |
£ | £ |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
WINGS OF PETERBOROUGH LTD (REGISTERED NUMBER: 03880270) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JANUARY 2024 |
17. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES - continued |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
The loans to the directors are interest free and repayable on demand. |
18. | RELATED PARTY DISCLOSURES |
The company has extended a loan of £170,000 to Wings Developments (Peterborough) Ltd, a company owned and controlled by Paul and Justin Wing. There is no repayment plan and no interest charge. The loan is included in Debtors due after one year. |
19. | ULTIMATE CONTROLLING PARTY |
The Company is controlled by the two directors. Each director holds 50% of the ordinary share capital. |