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COMPANY REGISTRATION NUMBER: 05734668
Wimyta Electrics Limited
Unaudited Financial Statements
31 March 2024
Wimyta Electrics Limited
Financial Statements
Year ended 31 March 2024
Contents
Page
Director's report
1
Statement of income and retained earnings
2
Statement of financial position
3
Notes to the financial statements
5
The following pages do not form part of the financial statements
Chartered accountants and business advisers report to the director on the preparation of the unaudited statutory financial statements
11
Wimyta Electrics Limited
Director's Report
Year ended 31 March 2024
The director presents his report and the unaudited financial statements of the company for the year ended 31 March 2024 .
Director
The director who served the company during the year was as follows:
Mr R Jones
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 5 November 2024 and signed on behalf of the board by:
Mr R Jones
Director
Registered office:
Highfield House
Vicarage Lane
Gresford
WREXHAM
LL12 8UW
Wimyta Electrics Limited
Statement of Income and Retained Earnings
Year ended 31 March 2024
2024
2023
Note
£
£
Turnover
315,683
371,699
Cost of sales
208,269
215,936
---------
---------
Gross profit
107,414
155,763
Administrative expenses
44,745
35,416
---------
---------
Operating profit
62,669
120,347
Other interest receivable and similar income
3
1
Interest payable and similar expenses
255
---------
---------
Profit before taxation
5
62,672
120,093
Tax on profit
8,560
22,987
--------
---------
Profit for the financial year and total comprehensive income
54,112
97,106
--------
---------
Dividends paid and payable
( 35,000)
( 35,000)
Retained earnings at the start of the year
235,805
173,699
---------
---------
Retained earnings at the end of the year
254,917
235,805
---------
---------
All the activities of the company are from continuing operations.
Wimyta Electrics Limited
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
7
24,369
6,668
Current assets
Stocks
1,200
1,800
Debtors
8
33,315
124,913
Cash at bank and in hand
296,980
230,626
---------
---------
331,495
357,339
Creditors: amounts falling due within one year
9
97,685
122,810
---------
---------
Net current assets
233,810
234,529
---------
---------
Total assets less current liabilities
258,179
241,197
Creditors: amounts falling due after more than one year
10
3,162
5,292
---------
---------
Net assets
255,017
235,905
---------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
254,917
235,805
---------
---------
Shareholders funds
255,017
235,905
---------
---------
These financial statements have been prepared 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'.
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.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Wimyta Electrics Limited
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 5 November 2024 , and are signed on behalf of the board by:
Mr R Jones
Director
Company registration number: 05734668
Wimyta Electrics Limited
Notes to the Financial Statements
Year ended 31 March 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 Highfield House, Vicarage Lane, Gresford, WREXHAM, LL12 8UW.
2. Statement of compliance
These 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 financial statements have been prepared on the historical cost basis. The 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
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
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. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
50% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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:
Plant and machinery
-
25% reducing balance
Motor vehicles
-
25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
The following assets and liabilities within the accounts are classified as financial instruments - trade debtors, trade creditors and directors loans. Directors loans (being repayable upon demand), trade debtors and trade creditors, are measured at the undiscounted amount of cash or other consideration expected to be paid or received. Financial assets that are measured at amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If such evidence is found, an impairment loss is recognised in the statement of Income and Retained Earnings.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 4 (2023: 4 ).
5. Profit before taxation
Profit before taxation is stated after charging:
2024
2023
£
£
Depreciation of tangible assets
8,123
2,221
-------
-------
6. Intangible assets
Goodwill
£
Cost
At 1 April 2023 and 31 March 2024
3,450
-------
Amortisation
At 1 April 2023 and 31 March 2024
3,450
-------
Carrying amount
At 31 March 2024
-------
At 31 March 2023
-------
7. Tangible assets
Plant and machinery
Motor vehicles
Total
£
£
£
Cost
At 1 April 2023
2,287
35,000
37,287
Additions
249
26,070
26,319
Disposals
( 225)
( 6,200)
( 6,425)
-------
--------
--------
At 31 March 2024
2,311
54,870
57,181
-------
--------
--------
Depreciation
At 1 April 2023
1,153
29,466
30,619
Charge for the year
338
7,785
8,123
Disposals
( 195)
( 5,735)
( 5,930)
-------
--------
--------
At 31 March 2024
1,296
31,516
32,812
-------
--------
--------
Carrying amount
At 31 March 2024
1,015
23,354
24,369
-------
--------
--------
At 31 March 2023
1,134
5,534
6,668
-------
--------
--------
8. Debtors
2024
2023
£
£
Trade debtors
32,454
124,064
Other debtors
861
849
--------
---------
33,315
124,913
--------
---------
9. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
2,000
2,000
Trade creditors
23,883
9,304
Social security and other taxes
17,134
52,814
Other creditors
54,668
58,692
--------
---------
97,685
122,810
--------
---------
10. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
3,162
5,292
-------
-------
11. Director's advances, credits and guarantees
The directors operated a loan account with the company. The opening balance of the loan account was £57,073 (2023 £59,771) in credit, with transactions in and out in the period amounting to a net £3,996, leaving a credit balance in the account of £53,077 at the end of the period (2023 £57,073).
Wimyta Electrics Limited
Management Information
Year ended 31 March 2024
The following pages do not form part of the financial statements.
Wimyta Electrics Limited
Chartered Accountants and Business Advisers Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of Wimyta Electrics Limited
Year ended 31 March 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Wimyta Electrics Limited for the year ended 31 March 2024, which comprise the statement of income and retained earnings, 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 Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the director of Wimyta Electrics Limited in accordance with the terms of our engagement letter dated 12 August 2018. Our work has been undertaken solely to prepare for your approval the financial statements of Wimyta Electrics Limited and state those matters that we have agreed to state to you in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Wimyta Electrics Limited and its director for our work or for this report.
It is your duty to ensure that Wimyta Electrics Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Wimyta Electrics Limited. You consider that Wimyta Electrics Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of Wimyta Electrics Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
BRUCE ROBERTS & CO LIMITED Chartered Accountants and Business Advisers
Unit 10, Edison Court Ellice Way Wrexham Technology Park Wrexham LL13 7YT
5 November 2024