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REGISTERED NUMBER: 03880270 (England and Wales)












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: P R Wing
J Wing



SECRETARY: P R Wing



REGISTERED OFFICE: The Old Vicarage
Church Close
Boston
Lincolnshire
PE21 6NA



REGISTERED NUMBER: 03880270 (England and Wales)



SENIOR STATUTORY AUDITOR: Nicola Michelle Lenton FCCA



AUDITORS: Dexter & Sharpe Audit Services Ltd
(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:





P R Wing - Director


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 £ 92,000 .

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
P R Wing 10,000 10,000
J Wing 10,000 10,000

'E'Shares shares of £1 each
P R Wing 125,000 125,000
J Wing 125,000 125,000

'P' shares of £1 each
P R Wing 70,000 70,000
J Wing 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:



P R Wing - Secretary


17 October 2024

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.




Nicola Michelle Lenton FCCA (Senior Statutory Auditor)
for and on behalf of Dexter & Sharpe Audit Services Ltd
(Statutory Auditor)
Rollestone House
Bridge Street
Horncastle
Lincolnshire
LN9 5HZ

18 October 2024

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 30,773,891 22,439,959

Cost of sales (27,599,718 ) (19,543,751 )
GROSS PROFIT 3,174,173 2,896,208

Distribution costs (1,249,705 ) (1,158,432 )
Administrative expenses (782,361 ) (808,145 )
1,142,107 929,631

Other operating income 151,222 120,131
OPERATING PROFIT 4 1,293,329 1,049,762

Interest receivable and similar income 102,205 19,812
1,395,534 1,069,574

Interest payable and similar expenses 5 (17,043 ) (19,957 )
PROFIT BEFORE TAXATION 1,378,491 1,049,617

Tax on profit 6 (365,388 ) (207,081 )
PROFIT FOR THE FINANCIAL YEAR 1,013,103 842,536

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 1,013,103 842,536


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

1,013,103

842,536

WINGS OF PETERBOROUGH LTD (REGISTERED NUMBER: 03880270)

BALANCE SHEET
30 JANUARY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 8 1 1
Tangible assets 9 1,109,569 968,744
1,109,570 968,745

CURRENT ASSETS
Stocks 10 1,635,530 1,621,454
Debtors 11 2,261,707 1,436,363
Cash at bank 4,173,354 4,069,898
8,070,591 7,127,715
CREDITORS
Amounts falling due within one year 12 2,025,064 1,883,967
NET CURRENT ASSETS 6,045,527 5,243,748
TOTAL ASSETS LESS CURRENT
LIABILITIES

7,155,097

6,212,493

PROVISIONS FOR LIABILITIES 14 85,436 63,935
NET ASSETS 7,069,661 6,148,558

CAPITAL AND RESERVES
Called up share capital 15 23,900 23,900
Retained earnings 16 7,045,761 6,124,658
SHAREHOLDERS' FUNDS 7,069,661 6,148,558

The financial statements were approved by the Board of Directors and authorised for issue on 17 October 2024 and were signed on its behalf by:





P R Wing - Director


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 23,900 5,374,122 5,398,022

Changes in equity
Dividends - (92,000 ) (92,000 )
Total comprehensive income - 842,536 842,536
Balance at 30 January 2023 23,900 6,124,658 6,148,558

Changes in equity
Dividends - (92,000 ) (92,000 )
Total comprehensive income - 1,013,103 1,013,103
Balance at 30 January 2024 23,900 7,045,761 7,069,661

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 1,181,444 1,431,821
Interest paid (17,043 ) (19,959 )
Tax paid (172,564 ) (247,067 )
Net cash from operating activities 991,837 1,164,795

Cash flows from investing activities
Purchase of tangible fixed assets (351,718 ) (264,709 )
Sale of tangible fixed assets 37,482 -
Interest received 102,205 19,812
Net cash from investing activities (212,031 ) (244,897 )

Cash flows from financing activities
Amount withdrawn by directors (584,350 ) (39,500 )
Equity dividends paid (92,000 ) (92,000 )
Net cash from financing activities (676,350 ) (131,500 )

Increase in cash and cash equivalents 103,456 788,398
Cash and cash equivalents at beginning of
year

2

4,069,898

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 1,378,491 1,049,617
Depreciation charges 160,353 133,223
Loss on disposal of fixed assets 13,058 -
Finance costs 17,043 19,957
Finance income (102,205 ) (19,812 )
1,466,740 1,182,985
(Increase)/decrease in stocks (14,076 ) 688,850
Increase in trade and other debtors (43,776 ) (761,147 )
(Decrease)/increase in trade and other creditors (227,444 ) 321,133
Cash generated from operations 1,181,444 1,431,821

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
4,069,898 103,456 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
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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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
Goodwill, being the amount paid in connection with the acquisition of a business in 2021, is being amortised evenly over its estimated useful life of nil years.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 4% on cost
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance

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 1,300,142 1,278,556
Other pension costs 22,896 20,709
1,323,038 1,299,265

The average number of employees during the year was as follows:
Period
1.2.22
Year Ended to
30.1.24 30.1.23

43 47

3. DIRECTORS' EMOLUMENTS
Period
1.2.22
Year Ended to
30.1.24 30.1.23
£    £   
Directors' remuneration 73,333 60,833

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 - 6,790
Depreciation - owned assets 160,353 133,221
Loss on disposal of fixed assets 13,058 -
Auditors' remuneration 7,268 2,500

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 17,043 19,957

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 343,887 172,632

Deferred tax 21,501 34,449
Tax on profit 365,388 207,081

7. DIVIDENDS
Period
1.2.22
Year Ended to
30.1.24 30.1.23
£    £   
Ordinary shares of £1 each
Final 92,000 92,000

8. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 31 January 2023
and 30 January 2024 1
NET BOOK VALUE
At 30 January 2024 1
At 30 January 2023 1

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 2,313 1,339,742 360,567
Additions - 197,922 57,968
Disposals - - (5,545 )
At 30 January 2024 2,313 1,537,664 412,990
DEPRECIATION
At 31 January 2023 2,313 725,012 262,073
Charge for year - 46,129 37,734
At 30 January 2024 2,313 771,141 299,807
NET BOOK VALUE
At 30 January 2024 - 766,523 113,183
At 30 January 2023 - 614,730 98,494

Fixtures
and Motor
fittings vehicles Totals
£    £    £   
COST
At 31 January 2023 373,335 252,368 2,328,325
Additions 1,117 94,711 351,718
Disposals - (44,995 ) (50,540 )
At 30 January 2024 374,452 302,084 2,629,503
DEPRECIATION
At 31 January 2023 313,869 56,314 1,359,581
Charge for year 15,137 61,353 160,353
At 30 January 2024 329,006 117,667 1,519,934
NET BOOK VALUE
At 30 January 2024 45,446 184,417 1,109,569
At 30 January 2023 59,466 196,054 968,744

10. STOCKS
2024 2023
£    £   
Stocks 1,635,530 1,621,454

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 956,178 912,295
Other debtors 199,090 199,089
Directors' current accounts 678,794 94,444
Income tax on Directors loans
repayable 229,675 32,457
VAT - 9,937
Prepayments 21,457 18,141
2,085,194 1,266,363

Amounts falling due after more than one year:
Other debtors 176,513 170,000

Aggregate amounts 2,261,707 1,436,363

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 1,344,411 1,663,912
Corporation tax 541,173 172,632
Social security and other taxes 31,448 31,348
VAT 92,057 -
Accrued expenses 15,975 16,075
2,025,064 1,883,967

13. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 60,000 60,000

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 63,935
Increase in provision 21,501
Balance at 30 January 2024 85,436

15. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
20,000 Ordinary £1 20,000 20,000

Allotted and issued:
Number: Class: Nominal 2024 2023
value: £    £   
250,000 'E' £1 2,500 2,500
140,000 'P' shares £1 1,400 1,400
3,900 3,900

16. RESERVES
Retained
earnings
£   

At 31 January 2023 6,124,658
Profit for the year 1,013,103
Dividends (92,000 )
At 30 January 2024 7,045,761

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
£    £   
P R Wing
Balance outstanding at start of year - -
Amounts advanced 500,559 -
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 500,559 -

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

J Wing
Balance outstanding at start of year 94,444 54,944
Amounts advanced 83,791 39,500
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 178,235 94,444

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.