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Company registration number: 00430822
Wilmond Engineering Co. Limited
Unaudited filleted financial statements
31 March 2024
Wilmond Engineering Co. Limited
Contents
Directors and other information
Accountant's report
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Wilmond Engineering Co. Limited
Directors and other information
Directors Mr P Huthwaite
Miss J Huthwaite
Mr M Huthwaite
Secretary J Huthwaite
Company number 00430822
Registered office Bury Mead Road
Hitchin
Herts
SG5 1RX
Accountant Hicks and Company
Chartered Accountants
First Floor
99 Bancroft
Hitchin
Herts
SG5 1NQ
Wilmond Engineering Co. Limited
Chartered accountant's report to the board of directors on the preparation of the
unaudited statutory financial statements of Wilmond Engineering Co. Limited
Year ended 31 March 2024
In order to assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the financial statements of Wilmond Engineering Co. Limited for the year ended 31 March 2024 which comprise the statement of financial position, statement of changes in equity and related notes from the company's accounting records and from information and explanations you have given me.
As a practising member of the Institute of Chartered Accountants in England and Wales (ICAEW), I am subject to its ethical and other professional requirements which are detailed at http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the board of directors of Wilmond Engineering Co. Limited, as a body, in accordance with the terms of my engagement letter. My work has been undertaken solely to prepare for your approval the financial statements of Wilmond Engineering Co. Limited and state those matters that we have agreed to state to the board of directors of Wilmond Engineering Co. Limited as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than Wilmond Engineering Co. Limited and its board of directors as a body for my work or for this report.
It is your duty to ensure that Wilmond Engineering Co. 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 Wilmond Engineering Co. Limited. You consider that Wilmond Engineering Co. Limited is exempt from the statutory audit requirement for the year.
I have not been instructed to carry out an audit or a review of the financial statements of Wilmond Engineering Co. Limited. For this reason, I have not verified the accuracy or completeness of the accounting records or information and explanations you have given to me and I do not, therefore, express any opinion on the statutory financial statements.
Hicks and Company
Chartered Accountants
First Floor
99 Bancroft
Hitchin
Herts
SG5 1NQ
6 November 2024
Wilmond Engineering Co. Limited
Statement of financial position
31 March 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 5 210,861 160,912
_______ _______
210,861 160,912
Current assets
Stocks - 22,345
Debtors 6 82,715 41,223
Cash at bank and in hand 146,511 134,030
_______ _______
229,226 197,598
Creditors: amounts falling due
within one year 7 ( 85,038) ( 80,167)
_______ _______
Net current assets 144,188 117,431
_______ _______
Total assets less current liabilities 355,049 278,343
Creditors: amounts falling due
after more than one year 8 ( 5,000) ( 5,000)
Provisions for liabilities ( 19,189) ( 5,171)
_______ _______
Net assets 330,860 268,172
_______ _______
Capital and reserves
Called up share capital 2,000 2,000
Fair value reserve 117,964 82,069
Profit and loss account 210,896 184,103
_______ _______
Shareholders funds 330,860 268,172
_______ _______
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.
Directors 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These 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 statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 06 November 2024 , and are signed on behalf of the board by:
Mr P Huthwaite
Director
Company registration number: 00430822
Wilmond Engineering Co. Limited
Statement of changes in equity
Year ended 31 March 2024
Called up share capital Fair value reserve Profit and loss account Total
£ £ £ £
At 1 April 2022 2,000 82,069 213,912 297,981
Profit/(loss) for the year ( 29,809) ( 29,809)
_______ _______ _______ _______
Total comprehensive income for the year - - ( 29,809) ( 29,809)
_______ _______ _______ _______
At 31 March 2023 and 1 April 2023 2,000 82,069 184,103 268,172
Profit/(loss) for the year 62,688 62,688
Other comprehensive income for the year:
Reclassification from fair value reserve to profit and loss account 35,895 (35,895) -
_______ _______ _______ _______
Total comprehensive income for the year - 35,895 26,793 62,688
_______ _______ _______ _______
At 31 March 2024 2,000 117,964 210,896 330,860
_______ _______ _______ _______
Wilmond Engineering Co. 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 Bury Mead Road, Hitchin, Herts, SG5 1RX.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The 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 financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
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 the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Tangible assets
Tangible assets are initially recorded at cost, and is subsequently stated at cost less any accumulated depreciation and any accumulated impairment losses.
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
Fittings fixtures and equipment - 25 % reducing balance
Motor vehicles - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Investment property
Investment property is measured initially at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Impairment
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. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
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 stocks to their present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.Debt instruments are subsequently measured at amortised cost.
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 in finance costs 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 5 (2023: 5 ).
5. Tangible assets
Freehold property Fixtures, fittings and equipment Motor vehicles Freehold investment propery Total
£ £ £ £ £
Cost or valuation
At 1 April 2023 10,711 1,010 2,600 150,000 164,321
Revaluation - - - 50,000 50,000
_______ _______ _______ _______ _______
At 31 March 2024 10,711 1,010 2,600 200,000 214,321
_______ _______ _______ _______ _______
Depreciation
At 1 April 2023 - 975 2,434 - 3,409
Charge for the year - 9 42 - 51
_______ _______ _______ _______ _______
At 31 March 2024 - 984 2,476 - 3,460
_______ _______ _______ _______ _______
Carrying amount
At 31 March 2024 10,711 26 124 200,000 210,861
_______ _______ _______ _______ _______
At 31 March 2023 10,711 35 166 150,000 160,912
_______ _______ _______ _______ _______
Investment property
The fair value of the investment property has been arrived at on the basis of a valuation carried out by the directors of the company. The valuation was made on an open market value, value evidence basis for existing use on 31st March 2024.
Tangible assets held at valuation
In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
Freehold investment propery Total
£ £
At 31 March 2024
Aggregate cost 62,847 62,847
Aggregate depreciation - -
_______ _______
Carrying amount 62,847 62,847
_______ _______
At 31 March 2023
Aggregate cost 62,847 62,847
Aggregate depreciation - -
_______ _______
Carrying amount 62,847 62,847
_______ _______
6. Debtors
2024 2023
£ £
Trade debtors 69,736 26,791
Other debtors 12,979 14,432
_______ _______
82,715 41,223
_______ _______
7. Creditors: amounts falling due within one year
2024 2023
£ £
Trade creditors 25,935 17,715
Social security and other taxes - 2,887
Other creditors 59,103 59,565
_______ _______
85,038 80,167
_______ _______
8. Creditors: amounts falling due after more than one year
2024 2023
£ £
Other creditors 5,000 5,000
_______ _______
9. Directors advances, credits and guarantees
Balance brought forward and o/standing Balance brought forward and o/standing
2024 2023
£ £
Mr P Huthwaite 6,047 6,047
Miss J Huthwaite 12,482 12,482
Mr M Huthwaite 10,786 10,786
_______ _______
29,315 29,315
_______ _______
The above existing loans are unsecured, interest free and repayable on demand.