Registered number
12696027
WIGHT CONTRACTORS LIMITED
Filleted Accounts
30 June 2024
WIGHT CONTRACTORS LIMITED
Registered number: 12696027
Balance Sheet
as at 30 June 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 242,330 230,214
Current assets
Stocks 2,900 2,900
Debtors 4 68,338 42,232
Cash at bank and in hand 12 22,204
71,250 67,336
Creditors: amounts falling due within one year 5 (114,438) (112,357)
Net current liabilities (43,188) (45,021)
Total assets less current liabilities 199,142 185,193
Creditors: amounts falling due after more than one year 6 (71,374) (82,820)
Net assets 127,768 102,373
Capital and reserves
Called up share capital 2 2
Profit and loss account 127,766 102,371
Shareholders' funds 127,768 102,373
The director is 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 director acknowledges his 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.
Mr T Barclay Roper
Director
Approved by the board on 5 November 2024
WIGHT CONTRACTORS LIMITED
Notes to the Accounts
for the year ended 30 June 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 sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
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, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 10% reducing balance basis
Motor vehicles 10% reducing balance basis
Office equipment 10% reducing balance basis
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
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 (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice 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. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
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. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 11 11
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 July 2023 1,086 157,617 122,605 281,308
Additions - 44,230 15,495 59,725
Disposals - (26,100) (6,917) (33,017)
At 30 June 2024 1,086 175,747 131,183 308,016
Depreciation
At 1 July 2023 - 36,787 14,307 51,094
Charge for the year - 13,018 11,239 24,257
On disposals - (7,704) (1,961) (9,665)
At 30 June 2024 - 42,101 23,585 65,686
Net book value
At 30 June 2024 1,086 133,646 107,598 242,330
At 30 June 2023 1,086 120,830 108,298 230,214
4 Debtors 2024 2023
£ £
Trade debtors 67,638 40,206
Amounts owed by group undertakings and undertakings in which the company has a participating interest 248 -
Other debtors 452 2,026
68,338 42,232
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 1,583 5,244
Obligations under finance lease and hire purchase contracts 46,049 44,029
Trade creditors 41,308 24,867
Amounts owed to group undertakings and undertakings in which the company has a participating interest - 11,752
Taxation and social security costs 25,498 26,465
114,438 112,357
6 Creditors: amounts falling due after one year 2024 2023
£ £
Obligations under finance lease and hire purchase contracts 71,374 82,820
7 Controlling party
The controlling party is Mr T Barclay Roper and Mr B Barclay, directors.
8 Other information
WIGHT CONTRACTORS LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
Lower Yard Office Week Farm
Whitwell Road
Ventnor
Isle of Wight
PO38 2AA
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