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Registration number: 02116690

Wrencon Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 April 2024

 

Wrencon Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

Wrencon Limited

(Registration number: 02116690)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

45,259

27,181

Current assets

 

Stocks

5

30,413

28,186

Debtors

6

594,023

583,810

Cash at bank and in hand

 

116,552

210,868

 

740,988

822,864

Creditors: Amounts falling due within one year

7

(195,181)

(289,089)

Net current assets

 

545,807

533,775

Total assets less current liabilities

 

591,066

560,956

Provisions for liabilities

(11,315)

(6,749)

Net assets

 

579,751

554,207

Capital and reserves

 

Called up share capital

200

200

Retained earnings

579,551

554,007

Shareholders' funds

 

579,751

554,207

 

Wrencon Limited

(Registration number: 02116690)
Balance Sheet as at 30 April 2024

For the financial year ending 30 April 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 4 November 2024 and signed on its behalf by:
 

Mr J Elsmore
Director

   
     
 

Wrencon Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
1 Allerford Farm Barns
Norton Fitzwarren
Taunton
Somerset
TA4 1AL

These financial statements were authorised for issue by the Board on 4 November 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling, which is the functional currency of the company, and rounded to the nearest £.

Going concern

The directors have considered the company's financial position and future trading prospects and concluded that it is appropriate to prepare these accounts on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Contract revenue recognition

When the outcome of a construction contract can be estimated reliably, the company recognises contract revenue and contract costs associated with the construction contract as revenue and expenses respectively by reference to the stage of completion of the contract activity at the end of the reporting period.

 

Wrencon Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Government grants

Grants are recognised in the financial statements when there is reasonable assurance that the entity will comply with the conditions attached to them and the grants will be received.
Grants become 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 shall be recognised in income in the period in which it becomes receivable.
Grants towards capital expenditure are initially recognised as deferred revenue and then released to the profit and loss account over the expected useful life of the assets. Grants towards revenue expenditure are released to the profit and loss account as the related expenditure is incurred.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the Balance Sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures, fittings and equipment

25% straight line

Motor vehicles

25% straight line

Computer equipment

33% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Wrencon Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

A dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Wrencon Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year was 14 (2023 - 12).

4

Tangible assets

Fixtures, fittings and equipment
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 May 2023

2,534

5,735

68,355

76,624

Additions

1,130

-

40,850

41,980

Disposals

-

-

(7,095)

(7,095)

At 30 April 2024

3,664

5,735

102,110

111,509

Depreciation

At 1 May 2023

2,534

4,204

42,705

49,443

Charge for the year

283

842

17,456

18,581

Eliminated on disposal

-

-

(1,774)

(1,774)

At 30 April 2024

2,817

5,046

58,387

66,250

Carrying amount

At 30 April 2024

847

689

43,723

45,259

At 30 April 2023

-

1,531

25,650

27,181

 

Wrencon Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

5

Stocks

2024
£

2023
£

Stocks

30,413

28,186

6

Debtors

Note

2024
£

2023
£

Trade debtors

 

304,260

290,324

Amounts owed by related parties

9

271,163

275,905

Other debtors

 

1,320

996

Prepayments

 

7,280

6,585

Accrued income

 

10,000

10,000

 

594,023

583,810

7

Creditors

Due within one year

2024
£

2023
£

Trade creditors

132,285

190,999

Social security and other taxes

56,168

91,898

Other creditors

1,728

2,192

Accruals

5,000

4,000

195,181

289,089

8

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The company has given an unlimited guarantee in respect of all monies owned by Wrencon Developments Limited to its bankers. Wrencon Developments Limited is a company under common control.

 

Wrencon Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

9

Related party transactions

Summary of transactions with other related parties

Loans to related parties

2024

Other related parties
£

Total
£

At start of period

275,905

275,905

Advanced

807

807

Repaid

(5,549)

(5,549)

At end of period

271,163

271,163

2023

Other related parties
£

Total
£

At start of period

297,745

297,745

Advanced

11,160

11,160

Repaid

(33,000)

(33,000)

At end of period

275,905

275,905

Terms of loans to related parties

Included in debtors within one year is a loan to a related company, the company is related through
common ownership. The loan is interest free and repayable on demand.