Company No:
Contents
DIRECTOR | James Dobney |
REGISTERED OFFICE | The Joinery The Estate Yard |
Eridge Road | |
Eridge Green | |
TN3 9JR | |
United Kingdom |
COMPANY NUMBER | 09595892 (England and Wales) |
ACCOUNTANT | Synergee |
Pluto House | |
6 Vale Avenue | |
Tunbridge Wells | |
TN1 1DJ |
Note | 31.05.2024 | 31.05.2023 | ||
£ | £ | |||
Fixed assets | ||||
Tangible assets | 3 |
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136,547 | 112,046 | |||
Current assets | ||||
Stocks |
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Debtors |
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Cash at bank and in hand |
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402,106 | 255,261 | |||
Creditors: amounts falling due within one year | (
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Net current assets | 245,550 | 154,988 | ||
Total assets less current liabilities | 382,097 | 267,034 | ||
Creditors: amounts falling due after more than one year | (
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Net assets |
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Capital and reserves | ||||
Called-up share capital | 4 |
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Profit and loss account |
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Total shareholders' funds |
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Director's responsibilities:
These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Wells Industries Limited (registered number:
James Dobney
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Wells Industries Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is The Joinery The Estate Yard, Eridge Road, Eridge Green, TN3 9JR, England, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £1.
Turnover from the provision of services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when the following conditions are satisfied:
- the amount of turnover can be measured reliably;
- it is probable that consideration due will be received;
- the stage of completion of the contract at the reporting date can be measured reliably, and
- the costs incurred, or to be incurred, can be measured reliably.
Turnover for services provided but not billed at the reporting date is accrued and recognised within debtors.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.
Deferred tax
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 financial statements. 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.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Plant and machinery etc. |
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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.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
Other than the policy for recognition and treatment of fixed asset investments, disclosed separately, the company enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors; loans from banks and other third parties; loans to related parties and investments in non-puttable ordinary shares.
Debt instruments, other than those wholly payable or receivable within one year, including loans and other accounts receivable and payable are initially measured at the present value of future cash flows, and subsequently measured at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured at the undiscounted amount of consideration expected to be paid or received. If the arrangements of a short term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not at a market rate, the financial asset or liability is initially measured at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument, and subsequently measured at amortised cost.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment, and such impairments is recognised in total comprehensive income.
31.05.2024 | 31.05.2023 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including the director |
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Plant and machinery etc. | Total | ||
£ | £ | ||
Cost | |||
At 01 June 2023 |
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Additions |
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At 31 May 2024 |
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Accumulated depreciation | |||
At 01 June 2023 |
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Charge for the financial year |
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At 31 May 2024 |
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Net book value | |||
At 31 May 2024 |
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At 31 May 2023 |
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Leased assets included above: | |||
Net book value | |||
At 31 May 2024 | 83,992 | 83,992 | |
At 31 May 2023 | 46,771 | 46,771 |
31.05.2024 | 31.05.2023 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
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100 | 100 |