WEFIX (CHESHIRE) LIMITED
Balance Sheet
as at 31 January 2024
Notes 2024 2023
Fixed assets £ £
Tangible assets 3 2,784 3,713
Current assets
Stocks 600 600
Debtors 4 1,586 8,741
Cash at bank and in hand 9,174 11,368
11,360 20,709
Creditors: amounts falling due within one year 5 (7,155) (13,909)
Net current assets 4,205 6,800
Total assets less current liabilities 6,989 10,513
Creditors: amounts falling due after more than one year 6 (4,124) (6,401)
Net assets 2,865 4,112
Capital and reserves
Called up share capital 100 100
Profit and loss account 2,765 4,012
Shareholders' funds 2,865 4,112
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
C.J. MACFARLANE
Director
Approved by the board on 14 October 2024
WEFIX (CHESHIRE) LIMITED
Notes to the Accounts
for the year ended 31 January 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rendering of services. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset over its expected useful life, as follows:
Plant and equipment 25% reducing balance basis
Office equipment 25% reducing balance basis
Motor vehicles 25% reducing balance basis
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price. Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference. Current and deferred tax assets and liabilities are not discounted.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 February 2023 1,404 8,105 9,509
At 31 January 2024 1,404 8,105 9,509
Depreciation
At 1 February 2023 1,110 4,686 5,796
Charge for the year 74 855 929
At 31 January 2024 1,184 5,541 6,725
Net book value
At 31 January 2024 220 2,564 2,784
At 31 January 2023 294 3,419 3,713
4 Debtors 2024 2023
£ £
Trade debtors 1,586 8,741
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loan (unsecured) 2,277 2,220
Trade creditors 750 750
Taxes and other social security costs 1,080 3,115
Directors' loan account 3,048 7,824
7,155 13,909
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loan (unsecured) 4,124 6,401
7 Controlling party
Mr. C. Macfarlane and Mrs. S.L. Macfarlane the directors of the company, own 80% and 20% respectively of the issued share capital of the company.
8 Other information
WEFIX (CHESHIRE) LIMITED is a private company limited by shares and incorporated in England (Company Number 07417003). Its registered office is 1, Repton Drive, Haslington, Crewe, Cheshire, CW1 5SA.
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