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REGISTERED NUMBER: 07936481 (England and Wales)












Eight Wire Limited

Unaudited Financial Statements

for the Year Ended 31st March 2024






Eight Wire Limited (Registered number: 07936481)






Contents of the Financial Statements
for the Year Ended 31st March 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


Eight Wire Limited

Company Information
for the Year Ended 31st March 2024







DIRECTORS: Ms S V Pugh
J S M Smith





REGISTERED OFFICE: Dove House
Tregoniggie Industrial Estate
Falmouth
Cornwall
TR11 4SN





REGISTERED NUMBER: 07936481 (England and Wales)





ACCOUNTANTS: Hodgsons
Chartered Accountants
48 Arwenack Street
Falmouth
Cornwall
TR11 3JH

Eight Wire Limited (Registered number: 07936481)

Statement of Financial Position
31st March 2024

31.3.24 31.3.23
Notes £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 129,333 139,028
Investment property 6 146,238 127,164
275,571 266,192

CURRENT ASSETS
Debtors 7 28,526 34,627
Cash at bank 2,555 20,008
31,081 54,635
CREDITORS
Amounts falling due within one year 8 (44,179 ) (56,959 )
NET CURRENT LIABILITIES (13,098 ) (2,324 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

262,473

263,868

CREDITORS
Amounts falling due after more than one
year

9

(90,458

)

(100,293

)

PROVISIONS FOR LIABILITIES (5,765 ) (3,595 )
NET ASSETS 166,250 159,980

CAPITAL AND RESERVES
Called up share capital 10 10
Retained earnings 166,240 159,970
SHAREHOLDERS' FUNDS 166,250 159,980

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Eight Wire Limited (Registered number: 07936481)

Statement of Financial Position - continued
31st March 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 15th October 2024 and were signed on its behalf by:





Ms S V Pugh - Director


Eight Wire Limited (Registered number: 07936481)

Notes to the Financial Statements
for the Year Ended 31st March 2024

1. STATUTORY INFORMATION

Eight Wire Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Trade intangibles, being the amount paid in connection with the acquisition of a business in 2018, were written off entirely in the year of aquisition following a review of the economic useful life by the directors.

Computer software is being amortised evenly over its estimated useful life of five years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - Straight line over 8 years
Improvements to property - Straight line over 25 years
Fixtures, fittings and equipment - 20% on cost
Computer equipment - 33% on cost

Investment property
Investment property is shown at fair value. Any gains or losses arising on revaluation are recognised in the income statement.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Eight Wire Limited (Registered number: 07936481)

Notes to the Financial Statements - continued
for the Year Ended 31st March 2024

2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2023 - 10 ) .

4. INTANGIBLE FIXED ASSETS
Computer
software
£   
COST
At 1st April 2023
and 31st March 2024 14,124
AMORTISATION
At 1st April 2023
and 31st March 2024 14,124
NET BOOK VALUE
At 31st March 2024 -
At 31st March 2023 -

5. TANGIBLE FIXED ASSETS
Fixtures,
Improvements fittings
Freehold to and Computer
property property equipment equipment Totals
£    £    £    £    £   
COST
At 1st April 2023 106,288 25,116 13,380 14,785 159,569
Disposals - - - (1,476 ) (1,476 )
At 31st March 2024 106,288 25,116 13,380 13,309 158,093
DEPRECIATION
At 1st April 2023 3,438 2,262 4,666 10,175 20,541
Charge for year 1,376 1,005 2,869 4,443 9,693
Eliminated on disposal - - - (1,474 ) (1,474 )
At 31st March 2024 4,814 3,267 7,535 13,144 28,760
NET BOOK VALUE
At 31st March 2024 101,474 21,849 5,845 165 129,333
At 31st March 2023 102,850 22,854 8,714 4,610 139,028

Eight Wire Limited (Registered number: 07936481)

Notes to the Financial Statements - continued
for the Year Ended 31st March 2024

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1st April 2023 127,164
Revaluations 19,074
At 31st March 2024 146,238
NET BOOK VALUE
At 31st March 2024 146,238
At 31st March 2023 127,164

Fair value at 31st March 2024 is represented by:
£   
Valuation in 2024 19,074
Cost 127,164
146,238

If investment property had not been revalued it would have been included at the following historical cost:

31.3.24 31.3.23
£    £   
Cost 127,164 127,164

Investment property was valued on a fair value basis basis on 31st March 2024 by the directors .

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade debtors 23,378 29,998
Other debtors 5,148 4,629
28,526 34,627

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Bank loans and overdrafts 15,279 19,099
Taxation and social security 25,476 35,197
Other creditors 3,424 2,663
44,179 56,959

Eight Wire Limited (Registered number: 07936481)

Notes to the Financial Statements - continued
for the Year Ended 31st March 2024

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.3.24 31.3.23
£    £   
Bank loans 88,943 98,495
Other creditors 1,515 1,798
90,458 100,293

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 55,120 60,361

10. SECURED DEBTS

The following secured debts are included within creditors:

31.3.24 31.3.23
£    £   
Bank loans 104,222 117,594

The bank borrowing is secured by a debenture and legal charges over the company's freehold property and other assets.

11. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31st March 2024 and 31st March 2023:

31.3.24 31.3.23
£    £   
Ms S V Pugh and J S M Smith
Balance outstanding at start of year 4,629 -
Amounts advanced 5,148 4,629
Amounts repaid (4,629 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 5,148 4,629

Interest has been charged on this loan at the approved HMRC interest rate.