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Company No: 09595892 (England and Wales)

WELLS INDUSTRIES LIMITED

Abridged Unaudited Financial Statements
For the financial year ended 31 May 2024

WELLS INDUSTRIES LIMITED

Abridged Unaudited Financial Statements

For the financial year ended 31 May 2024

Contents

WELLS INDUSTRIES LIMITED

COMPANY INFORMATION

For the financial year ended 31 May 2024
WELLS INDUSTRIES LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 May 2024
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
WELLS INDUSTRIES LIMITED

BALANCE SHEET

As at 31 May 2024
WELLS INDUSTRIES LIMITED

BALANCE SHEET (continued)

As at 31 May 2024
Note 31.05.2024 31.05.2023
£ £
Fixed assets
Tangible assets 3 136,547 112,046
136,547 112,046
Current assets
Stocks 30,000 10,000
Debtors 207,714 161,905
Cash at bank and in hand 164,392 83,356
402,106 255,261
Creditors: amounts falling due within one year ( 156,556) ( 100,273)
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 ( 68,505) ( 52,948)
Net assets 313,592 214,086
Capital and reserves
Called-up share capital 4 100 100
Profit and loss account 313,492 213,986
Total shareholders' funds 313,592 214,086

For the financial year ending 31 May 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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: 09595892) were approved and authorised for issue by the Director on 23 December 2024. They were signed on its behalf by:

James Dobney
Director
WELLS INDUSTRIES LIMITED

NOTES TO THE ABRIDGED FINANCIAL STATEMENTS

For the financial year ended 31 May 2024
WELLS INDUSTRIES LIMITED

NOTES TO THE ABRIDGED FINANCIAL STATEMENTS

For the financial year ended 31 May 2024
1. Accounting policies

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.

General information and basis of accounting

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

Turnover is recognised to the extent it is probable that economic benefit will flow to the company, and that it can be reliably measured. Turnover is measured at the fair value of consideration received or receivable, net of discounts, rebates, VAT and other sales taxes.

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.

Taxation

Current tax
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.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery etc. 20 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

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.

Financial instruments

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.

2. Employees

31.05.2024 31.05.2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 16 13

3. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 June 2023 153,280 153,280
Additions 54,114 54,114
0 0
At 31 May 2024 207,394 207,394
Accumulated depreciation
At 01 June 2023 41,234 41,234
Charge for the financial year 29,613 29,613
At 31 May 2024 70,847 70,847
Net book value
At 31 May 2024 136,547 136,547
At 31 May 2023 112,046 112,046
Leased assets included above:
Net book value
At 31 May 2024 83,992 83,992
At 31 May 2023 46,771 46,771

4. Called-up share capital

31.05.2024 31.05.2023
£ £
Allotted, called-up and fully-paid
70 Ordinary shares of £ 1.00 each 70 70
30 Ordinary A shares of £ 1.00 each 30 30
100 100