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WROUGHTECH ENGINEERING LTD
Financial Statements
For The Year Ended 29 February 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 07532473
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 32,786 45,919
32,786 45,919
CURRENT ASSETS
Stocks 5 15,000 22,600
Debtors 6 26,294 96,888
Cash at bank and in hand 11,312 7,671
52,606 127,159
Creditors: Amounts Falling Due Within One Year 7 (43,058 ) (81,536 )
NET CURRENT ASSETS (LIABILITIES) 9,548 45,623
TOTAL ASSETS LESS CURRENT LIABILITIES 42,334 91,542
Creditors: Amounts Falling Due After More Than One Year 8 (22,092 ) (33,174 )
NET ASSETS 20,242 58,368
CAPITAL AND RESERVES
Called up share capital 9 100 100
Profit and Loss Account 20,142 58,268
SHAREHOLDERS' FUNDS 20,242 58,368
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For the year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Adrian Beard
Director
Mrs Kerry Beard
Director
29th November 2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
WROUGHTECH ENGINEERING LTD is a private company, limited by shares, incorporated in England & Wales, registered number 07532473 . The registered office is Unit B6D Newton Business Park, Talbot Road, Hyde, Cheshire, SK14 4UQ.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery - 20% on reducing balance
Motor Vehicles - 20% on reducing balance
2.4. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.
3. Average Number of Employees
Average number of employees, including directors, during the year was:
2024 2023
Office and administration 1 1
Sales, marketing and distribution 1 1
Manufacturing 3 5
5 7
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4. Tangible Assets
Plant & Machinery Motor Vehicles Total
£ £ £
Cost
As at 1 March 2023 57,139 53,133 110,272
Disposals - (22,495 ) (22,495 )
As at 29 February 2024 57,139 30,638 87,777
Depreciation
As at 1 March 2023 40,665 23,688 64,353
Provided during the period 3,295 4,903 8,198
Disposals - (17,560 ) (17,560 )
As at 29 February 2024 43,960 11,031 54,991
Net Book Value
As at 29 February 2024 13,179 19,607 32,786
As at 1 March 2023 16,474 29,445 45,919
5. Stocks
2024 2023
£ £
Stock 15,000 22,600
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 23,247 95,715
Prepayments and accrued income 1,100 915
Other debtors - 258
VAT 1,947 -
26,294 96,888
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 7,436 7,436
Trade creditors 12,007 46,521
Bank loans and overdrafts 5,000 5,000
Other taxes and social security 1,633 8,068
VAT - 6,057
Other creditors 1,563 1,563
Accruals and deferred income 2,630 1,348
Directors' loan accounts 12,789 5,543
43,058 81,536
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8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 15,034 21,160
Bank loans 7,058 12,014
22,092 33,174
9. Share Capital
2024 2023
Allotted, called up and fully paid £ £
100 Ordinary Shares of £ 1.00 each 100 100
10. Directors Advances, Credits and Guarantees
Dividends paid to directors
2024 2023
£ £
Mr Adrian Beard - 2,000
Mrs Kerry Beard - 2,000
11. Dividends
2024 2023
£ £
On equity shares:
Interim dividend paid - 4,000
12. Controlling Party
The company's controlling parties are Mr A J Beard and Mrs K M Beard by virtue of their ownership of 50% each of the issued share capital in the company..
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