Company registration number 00505360 (England and Wales)
L.WHEELER & SONS (EAST PECKHAM) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
L.WHEELER & SONS (EAST PECKHAM) LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
L.WHEELER & SONS (EAST PECKHAM) LIMITED (REGISTERED NUMBER: 00505360)
BALANCE SHEET
AS AT 31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
62,906
78,633
Investments
4
91
91
62,997
78,724
Current assets
Debtors
5
280,732
344,035
Cash at bank and in hand
85,423
43,185
366,155
387,220
Creditors: amounts falling due within one year
6
(36,026)
(57,291)
Net current assets
330,129
329,929
Total assets less current liabilities
393,126
408,653
Provisions for liabilities
(8,389)
(10,535)
Net assets
384,737
398,118
Capital and reserves
Called up share capital
7
5,001
5,001
Profit and loss reserves
379,736
393,117
Total equity
384,737
398,118
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
L.WHEELER & SONS (EAST PECKHAM) LIMITED (REGISTERED NUMBER: 00505360)
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024
31 March 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 6 November 2024 and are signed on its behalf by:
C B Wheeler
Director
L.WHEELER & SONS (EAST PECKHAM) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information
L.Wheeler & Sons (East Peckham) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Bullen, East Peckham, Tonbridge, Kent, TN12 5LX.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Turnover for the sale of goods is recognised when all of the following conditions are met:
The company has transferred the significant risks and rewards of ownership to the buyer;
The amount of turnover can be recognised reliably and;
It is probable that the company will receive the consideration due under the transaction.
Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
The amount of turnover can be measured reliably;
It is probable that the company will receive the consideration due under the contract;
The stage of completion of the contract at the end of the reporting period can be measured reliably and;
The costs incurred and the costs to complete the contract can be measured reliably
L.WHEELER & SONS (EAST PECKHAM) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land and buildings
- 20% on reducing balance
Plant and machinery
- 20% on reducing balance
Fixtures, fittings & equipment
- 20% on reducing balance
Motor vehicles
- 20% on reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
3
3
L.WHEELER & SONS (EAST PECKHAM) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
3
Tangible fixed assets
Land and buildings
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 April 2023 and 31 March 2024
595,264
477,486
32,602
48,662
1,154,014
Depreciation and impairment
At 1 April 2023
573,534
435,373
26,547
39,927
1,075,381
Depreciation charged in the year
4,346
8,423
1,211
1,747
15,727
At 31 March 2024
577,880
443,796
27,758
41,674
1,091,108
Carrying amount
At 31 March 2024
17,384
33,690
4,844
6,988
62,906
At 31 March 2023
21,730
42,113
6,055
8,735
78,633
4
Fixed asset investments
2024
2023
£
£
Other investments other than loans
91
91
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
280,732
344,035
6
Creditors: amounts falling due within one year
2024
2023
£
£
Other creditors
36,026
57,291
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
5,000
5,000
5,000
5,000
Ordinary A of £1 each
1
1
1
1
5,001
5,001
5,001
5,001
L.WHEELER & SONS (EAST PECKHAM) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
8
Directors' transactions
Included in other creditors is the loan accounts of the directors C B Wheeler, N L Wheeler and LJG Wheeler totalling £36,272, debit £846 and £0 respectively (2023: £36,435, £18,858 and £0).
The overdrawn loan account of N L Wheeler was repaid after the year-end.