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Registered number: 04678344
Wyngrove Limited
Unaudited Financial Statements
For The Year Ended 29 April 2024
TaxAssist Accountants
Chartered Accountants
714 London Road
Larkfield
KENT
ME20 6BL
Unaudited Financial Statements
Contents
Page
Statement of Financial Position 1—2
Notes to the Financial Statements 3—7
Page 1
Statement of Financial Position
Registered number: 04678344
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 414,059 415,404
414,059 415,404
CURRENT ASSETS
Stocks 5 11,400 11,250
Debtors 6 94,605 95,551
Cash at bank and in hand 8,831 15,596
114,836 122,397
Creditors: Amounts Falling Due Within One Year 7 (74,546 ) (65,124 )
NET CURRENT ASSETS (LIABILITIES) 40,290 57,273
TOTAL ASSETS LESS CURRENT LIABILITIES 454,349 472,677
Creditors: Amounts Falling Due After More Than One Year 8 (171,569 ) (183,825 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (5,956 ) (6,212 )
NET ASSETS 276,824 282,640
CAPITAL AND RESERVES
Called up share capital 10 1,000 1,000
Revaluation reserve 12 266,475 266,475
Income Statement 9,349 15,165
SHAREHOLDERS' FUNDS 276,824 282,640
Page 1
Page 2
For the year ending 29 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges her 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 Income Statement.
On behalf of the board
Angela Low
Director
15/01/2025
The notes on pages 3 to 7 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Wyngrove Limited is a private company, limited by shares, incorporated in England & Wales, registered number 04678344 . The registered office is 44 Commercial Road, Paddock Wood, Tonbridge, Kent, TN12 6EL.
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. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to income statement over its estimated economic life of ten years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. 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:
Freehold Not depreciated.
Plant & Machinery 25% on reducing balance
Buildings 2% straight line
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. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
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2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 5 (2023: 4)
5 4
4. Tangible Assets
Land & Property
Freehold Plant & Machinery Buildings Total
£ £ £ £
Cost
As at 30 April 2023 134,367 85,565 276,738 496,670
Additions - 6,750 - 6,750
As at 29 April 2024 134,367 92,315 276,738 503,420
Depreciation
As at 30 April 2023 - 59,934 21,332 81,266
Provided during the period - 8,095 - 8,095
As at 29 April 2024 - 68,029 21,332 89,361
Net Book Value
As at 29 April 2024 134,367 24,286 255,406 414,059
As at 30 April 2023 134,367 25,631 255,406 415,404
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Cost or valuation as at 29 April 2024 represented by:
Land & Property
Freehold Plant & Machinery Buildings Total
£ £ £ £
At cost 134,367 92,315 276,738 503,420
134,367 92,315 276,738 503,420
During the year ended 30th April 2015 the land and buildings were revalued by Porters Intrinsic on a market value
basis. The Director has taken the view that the carrying value continues to reflect the fair value of the land and buildings and does not consider that any material change has occurred since that date.
5. Stocks
2024 2023
£ £
Finished goods 11,400 11,250
6. Debtors
2024 2023
£ £
Due within one year
Corporation tax recoverable assets 2,934 2,452
Director's loan account 76,800 78,228
79,734 80,680
Due after more than one year
Other debtors 14,871 14,871
14,871 14,871
94,605 95,551
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 14,037 13,815
Bank loans and overdrafts 26,585 25,424
Corporation tax 10,400 8,060
Other taxes and social security 2,053 189
VAT 9,796 8,625
...CONTINUED
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Net wages 190 -
Machine Gaming Duty 1,277 1,168
Accruals and deferred income 10,208 7,843
74,546 65,124
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 171,569 183,825
171,569 183,825
Included within long term creditors is a bounce back loan of £50,000 from NatWest Bank. The loan is for a duration of 6 years, with repayments starting on 28th June 2021. Interest is charged at 2.5% per annum.
Of the creditors falling due after more than one year the following amounts are due after more than five years.
2024 2023
£ £
Bank loans 61,437 73,084
9. Secured Creditors
Of the creditors falling due within and after more than one year the following amounts are secured.
The bank loans are secured by fixed and floating charges over the undertaking and all property and assets present and future including goodwill, book debts, uncalled capital, buildings and fixed assets.
2024 2023
£ £
Bank loans and overdrafts 163,294 169,136
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 1,000 1,000
11. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 30 April 2023 Amounts advanced Amounts repaid Amounts written off As at 29 April 2024
£ £ £ £ £
Miss Angela Low 78,228 - 1,428 - 76,800
Interest will be charged on the advances at a rate of 2.5% per annum, repayable on demand.
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12. Reserves
Revaluation Reserve
£
As at 30 April 2023 266,475
As at 29 April 2024 266,475
Page 7