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Company Registration No. 1532582 (England and Wales)
Wingcity Limited Unaudited accounts for the year ended 31 March 2024
Wingcity Limited Unaudited accounts Contents
Page
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Wingcity Limited Company Information for the year ended 31 March 2024
Director
R Smith
Secretary
D Smith
Company Number
1532582 (England and Wales)
Registered Office
1 West Street Lewes East Sussex BN7 2NZ
Accountants
Maxwell-Gumbleton & Co. 1 West Street Lewes East Sussex BN7 2NZ
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Wingcity Limited Statement of financial position as at 31 March 2024
2024 
2023 
Notes
£ 
£ 
Fixed assets
Tangible assets
204,018 
208,078 
Current assets
Inventories
- 
24,250 
Debtors
50 
577 
Cash at bank and in hand
1,960 
7,262 
2,010 
32,089 
Creditors: amounts falling due within one year
(105,000)
(95,948)
Net current liabilities
(102,990)
(63,859)
Net assets
101,028 
144,219 
Capital and reserves
Called up share capital
100 
100 
Profit and loss account
100,928 
144,119 
Shareholders' funds
101,028 
144,219 
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. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his 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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 10 January 2025 and were signed on its behalf by
R Smith Director Company Registration No. 1532582
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Wingcity Limited Notes to the Accounts for the year ended 31 March 2024
1
Statutory information
Wingcity Limited is a private company, limited by shares, registered in England and Wales, registration number 1532582. The registered office is 1 West Street, Lewes, East Sussex, BN7 2NZ.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Land & buildings
10% straight on improvements
Motor vehicles
25% reducing balance
Fixtures & fittings
15% reducing balance
Inventories
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Deferred taxation
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
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Wingcity Limited Notes to the Accounts for the year ended 31 March 2024
Leased assets
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term. Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
Pension costs
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
4
Tangible fixed assets
Land & buildings 
Motor vehicles 
Fixtures & fittings 
Total 
£ 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At cost 
At 1 April 2023
222,701 
7,511 
36,300 
266,512 
Disposals
- 
(7,511)
(36,300)
(43,811)
At 31 March 2024
222,701 
- 
- 
222,701 
Depreciation
At 1 April 2023
18,683 
7,361 
32,390 
58,434 
On disposals
- 
(7,361)
(32,390)
(39,751)
At 31 March 2024
18,683 
- 
- 
18,683 
Net book value
At 31 March 2024
204,018 
- 
- 
204,018 
At 31 March 2023
204,018 
150 
3,910 
208,078 
5
Debtors
2024 
2023 
£ 
£ 
Amounts falling due within one year
Trade debtors
- 
100 
Accrued income and prepayments
50 
255 
Other debtors
- 
222 
50 
577 
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Wingcity Limited Notes to the Accounts for the year ended 31 March 2024
6
Creditors: amounts falling due within one year
2024 
2023 
£ 
£ 
Trade creditors
- 
3,718 
Taxes and social security
- 
4,007 
Other creditors
5,612 
- 
Loans from directors
93,458 
85,458 
Accruals
5,930 
2,765 
105,000 
95,948 
7
Share capital
2024 
2023 
£ 
£ 
Allotted, called up and fully paid:
100 Ordinary shares of £1 each
100 
100 
8
Average number of employees
During the year the average number of employees was 3 (2023: 3).
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