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Registered number: 00829548
Wileman Engineers Limited
Unaudited Financial Statements
For The Year Ended 31 March 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 00829548
31 March 2024 31 March 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 54,102 40,738
54,102 40,738
CURRENT ASSETS
Stocks 5 81,652 102,616
Debtors 6 178,239 973,872
Cash at bank and in hand 399,539 135,638
659,430 1,212,126
Creditors: Amounts Falling Due Within One Year 7 (183,390 ) (744,980 )
NET CURRENT ASSETS (LIABILITIES) 476,040 467,146
TOTAL ASSETS LESS CURRENT LIABILITIES 530,142 507,884
Creditors: Amounts Falling Due After More Than One Year 8 (12,605 ) (22,536 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (14,337 ) -
NET ASSETS 503,200 485,348
CAPITAL AND RESERVES
Called up share capital 9 420 420
Share premium account 10,920 10,920
Profit and Loss Account 491,860 474,008
SHAREHOLDERS' FUNDS 503,200 485,348
Page 1
Page 2
For the 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.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Charles Joyce
Director
30/06/2024
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Wileman Engineers Limited is a private company, limited by shares, incorporated in England & Wales, registered number 00829548 . The registered office is Castle House, South Street, Ashby-de-la-Zouch, Leicestershire, LE65 1BR.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 sale of goods and form the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover form the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Motor Vehicles 25% reducing balance
Fixtures & Fittings 15% reducing balance
Computer Equipment 33% straight line
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
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2.6. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 4 (2023: 4)
4 4
4. Tangible Assets
Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £
Cost
As at 1 April 2023 42,990 43,548 27,347 113,885
Additions 49,790 - 4,769 54,559
Disposals (42,990 ) - - (42,990 )
As at 31 March 2024 49,790 43,548 32,116 125,454
Depreciation
As at 1 April 2023 6,083 39,717 27,347 73,147
Provided during the period 3,112 575 601 4,288
Disposals (6,083 ) - - (6,083 )
As at 31 March 2024 3,112 40,292 27,948 71,352
Net Book Value
As at 31 March 2024 46,678 3,256 4,168 54,102
As at 1 April 2023 36,907 3,831 - 40,738
5. Stocks
31 March 2024 31 March 2023
£ £
Stock 81,652 102,616
6. Debtors
31 March 2024 31 March 2023
£ £
Due within one year
Trade debtors 160,470 955,154
Prepayments and accrued income 17,769 2,549
VAT - 16,169
178,239 973,872
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7. Creditors: Amounts Falling Due Within One Year
31 March 2024 31 March 2023
£ £
Trade creditors 104,326 350,628
Bank loans and overdrafts 13,096 327,999
Corporation tax 8,824 65,830
Other taxes and social security 590 406
VAT 56,229 -
Other creditors 325 117
183,390 744,980
8. Creditors: Amounts Falling Due After More Than One Year
31 March 2024 31 March 2023
£ £
Bank loans 12,605 22,536
9. Share Capital
31 March 2024 31 March 2023
£ £
Allotted, Called up and fully paid 420 420
10. Ultimate Controlling Party
The company's ultimate controlling party is Mr Charles Joyce by virtue of his ownership of 100% of the issued share capital in the company.
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