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STATEMENT OF CONSENT TO PREPARE ABRIDGED FINANCIAL STATEMENTS
All of the members of Wright Brothers (Holdings) Limited have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 31 January 2024 in accordance with Section 444(2A) of the Companies Act 2006.
COMPANY REGISTRATION NUMBER: 03880662
WRIGHT BROTHERS (HOLDINGS) LIMITED
FILLETED UNAUDITED ABRIDGED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 January 2024
WRIGHT BROTHERS (HOLDINGS) LIMITED
REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY ABRIDGED FINANCIAL STATEMENTS OF WRIGHT BROTHERS (HOLDINGS) LIMITED
YEAR ENDED 31 JANUARY 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the abridged financial statements of Wright Brothers (Holdings) Limited for the year ended 31 January 2024, which comprise the abridged statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html. Our work has been undertaken in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf.
LANGARD LIFFORD HALL LIMITED Accountants and Registered Auditors
Lifford Hall Lifford Lane Kings Norton Birmingham B30 3JN
28 October 2024
WRIGHT BROTHERS (HOLDINGS) LIMITED
ABRIDGED STATEMENT OF FINANCIAL POSITION
31 January 2024
2024
2023
Note
£
£
£
£
Fixed assets
Tangible assets
5
23,390
28,307
Investments
6
478,650
478,650
------------
------------
502,040
506,957
Current assets
Stocks
9,700
2,510
Cash at bank and in hand
1,650
2,602
------------
------------
11,350
5,112
Creditors: amounts falling due within one year
350,891
380,763
------------
------------
Net current liabilities
339,541
375,651
------------
------------
Total assets less current liabilities
162,499
131,306
Creditors: amounts falling due after more than one year
37,452
41,592
------------
------------
Net assets
125,047
89,714
------------
------------
Capital and reserves
Called up share capital
1,000
1,000
Share premium account
11,700
11,700
Profit and loss account
112,347
77,014
------------
------------
Shareholders funds
125,047
89,714
------------
------------
These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the abridged statement of income and retained earnings has not been delivered.
WRIGHT BROTHERS (HOLDINGS) LIMITED
ABRIDGED STATEMENT OF FINANCIAL POSITION (continued)
31 January 2024
For the year ending 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .
These abridged financial statements were approved by the board of directors and authorised for issue on 28 October 2024 , and are signed on behalf of the board by:
G Wright
Director
Company registration number: 03880662
WRIGHT BROTHERS (HOLDINGS) LIMITED
NOTES TO THE ABRIDGED FINANCIAL STATEMENTS
YEAR ENDED 31 JANUARY 2024
1. General Information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Lifford Hall, Lifford Lane, Kings Norton, Birmingham, B30 3JN.
2. Statement of Compliance
These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting Policies
Basis of preparation
The abridged financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The abridged financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
The turnover shown in the profit and loss account represents the realisable value of goods and services provided and rents receivable during the year, exclusive of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively.
Tangible assets
All fixed assets are initially recorded at cost.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
-
15% reducing balance
Motor vehicles
-
25% reducing balance
Office equipment
-
33% reducing balance
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are valued at the lower of costs and net realisable value, after making due allowance for obsolete and slow moving items.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Employee Numbers
The average number of persons employed by the company during the year amounted to 6 (2023: 6 ).
5. Tangible Assets
£
Cost
At 1 February 2023 and 31 January 2024
158,453
------------
Depreciation
At 1 February 2023
130,146
Charge for the year
4,917
------------
At 31 January 2024
135,063
------------
Carrying amount
At 31 January 2024
23,390
------------
At 31 January 2023
28,307
------------
6. Investments
£
Cost
At 1 February 2023 and 31 January 2024
478,650
------------
Impairment
At 1 February 2023 and 31 January 2024
------------
Carrying amount
At 31 January 2024
478,650
------------
At 31 January 2023
478,650
------------
7. Related Party Transactions
Amounts owed to the directors at the balance sheet date are included in creditors and totalled £256,813 (2023: £280,458).