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Registration number: 03710947

WCR UK Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 June 2024

 

WCR UK Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

WCR UK Limited

Company Information

Directors

Mr Benjamin David Goodwin

Mr David Goodwin

Company secretary

Mrs Debra Jayne Goodwin

Registered office

Unit A Park Road
Holmewood Industrial Park
Holmewood
Chesterfield
Derbyshire
S42 5UY

Accountants

Upton & Co Accountants Limited
Chartered Certified Accountants
182 Pontefract Road
Cudworth
Barnsley
South Yorkshire
S72 8BE

 

WCR UK Limited

(Registration number: 03710947)
Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

106,835

92,270

Current assets

 

Stocks

5

200,000

200,000

Debtors

6

435,652

361,202

Cash at bank and in hand

 

97,274

117,324

 

732,926

678,526

Creditors: Amounts falling due within one year

7

(279,078)

(268,027)

Net current assets

 

453,848

410,499

Total assets less current liabilities

 

560,683

502,769

Creditors: Amounts falling due after more than one year

7

(12,696)

(22,972)

Net assets

 

547,987

479,797

Capital and reserves

 

Called up share capital

8

5

5

Share premium reserve

27,000

27,000

Retained earnings

520,982

452,792

Shareholders' funds

 

547,987

479,797

For the financial year ending 30 June 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 20 December 2024 and signed on its behalf by:
 

 

WCR UK Limited

(Registration number: 03710947)
Balance Sheet as at 30 June 2024

.........................................
Mr Benjamin David Goodwin
Director

 

WCR UK Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Unit A Park Road
Holmewood Industrial Park
Holmewood
Chesterfield
Derbyshire
S42 5UY

These financial statements were authorised for issue by the Board on 20 December 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

WCR UK Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor Vehicles

25% Reducing Balance Basis

Office Equipment

20% Reducing Balance Basis

Plant & Machinery

25% Reducing Balance Basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

WCR UK Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

WCR UK Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 12 (2023 - 12).

4

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Motor vehicles
 £

Cost or valuation

At 1 July 2023

13,431

14,193

181,512

134,815

Additions

-

4,749

28,317

18,920

Disposals

-

-

-

(15,500)

At 30 June 2024

13,431

18,942

209,829

138,235

Depreciation

At 1 July 2023

13,431

5,021

157,102

76,127

Charge for the year

-

3,285

13,182

18,885

Eliminated on disposal

-

-

-

(13,431)

At 30 June 2024

13,431

8,306

170,284

81,581

Carrying amount

At 30 June 2024

-

10,636

39,545

56,654

At 30 June 2023

-

9,172

24,410

58,688

 

WCR UK Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Total
£

Cost or valuation

At 1 July 2023

343,951

Additions

51,986

Disposals

(15,500)

At 30 June 2024

380,437

Depreciation

At 1 July 2023

251,681

Charge for the year

35,352

Eliminated on disposal

(13,431)

At 30 June 2024

273,602

Carrying amount

At 30 June 2024

106,835

At 30 June 2023

92,270

Included within the net book value of land and buildings above is £Nil (2023 - £Nil) in respect of freehold land and buildings.
 

5

Stocks

2024
£

2023
£

Other inventories

200,000

200,000

6

Debtors

2024
£

2023
£

Trade debtors

408,709

348,378

Prepayments

26,943

12,824

435,652

361,202

 

WCR UK Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

9,720

9,396

Trade creditors

 

166,816

154,427

Taxation and social security

 

96,012

98,689

Accruals and deferred income

 

3,080

2,860

Other creditors

 

3,450

2,655

 

279,078

268,027

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

12,696

22,972

8

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary A of £1 each

1

1

1

1

Ordinary B of £1 each

1

1

1

1

Ordinary C of £1 each

1

1

1

1

Ordinary D of £1 each

1

1

1

1

Ordinary E of £1 each

1

1

1

1

Preference of £1 each

27,000

27,000

27,000

27,000

 

27,005

27,005

27,005

27,005

 

WCR UK Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

9

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

12,696

22,972

2024
£

2023
£

Current loans and borrowings

Bank borrowings

9,720

9,396

10

Dividends

Interim dividends paid

   

2024
£

 

2023
£

Interim dividend of £49,000.00 (2023 - £38,000.00) per each Ordinary A

 

49,000

 

38,000

Interim dividend of £32,000.00 (2023 - £31,000.00) per each Ordinary D

 

32,000

 

31,000

   

81,000

 

69,000

11

Related party transactions

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

17,256

17,790

Contributions paid to money purchase schemes

5,578

124

22,834

17,914