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REGISTERED NUMBER: 06570986 (England and Wales)




FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MARCH 2024

FOR

I.W.T. COMPOSITES LIMITED

I.W.T. COMPOSITES LIMITED (REGISTERED NUMBER: 06570986)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MARCH 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


I.W.T. COMPOSITES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST MARCH 2024







DIRECTOR: J O Williams



REGISTERED OFFICE: One St Peter's Square
Manchester
M2 3DE



REGISTERED NUMBER: 06570986 (England and Wales)



AUDITORS: M. D. Coxey and Co. Limited
Chartered Accountants
and Statutory Auditors
25 Grosvenor Road
Wrexham
LL11 1BT



BANKERS: HSBC Bank plc
9, Bridge Street
Llangollen
LL20 8PH

I.W.T. COMPOSITES LIMITED (REGISTERED NUMBER: 06570986)

BALANCE SHEET
31ST MARCH 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 179,750 138,596

CURRENT ASSETS
Stocks 129,216 234,464
Debtors 5 871,759 865,350
Cash at bank 147,545 202,574
1,148,520 1,302,388
CREDITORS
Amounts falling due within one year 6 211,423 538,776
NET CURRENT ASSETS 937,097 763,612
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,116,847

902,208

CAPITAL AND RESERVES
Called up share capital 8 1 1
Retained earnings 1,116,846 902,207
SHAREHOLDERS' FUNDS 1,116,847 902,208

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 16th January 2025 and were signed by:





J O Williams - Director


I.W.T. COMPOSITES LIMITED (REGISTERED NUMBER: 06570986)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MARCH 2024

1. STATUTORY INFORMATION

I.W.T. Composites Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - The length of the lease
Plant and machinery - 10% - 33% on cost
Fixtures and fittings - 10% on cost
Computer equipment - 50% on cost

Stocks
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 items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Financial instruments
Financial assets and financial liabilities are recognised when the company becomes a party to the contractual provisions of the financial instrument.

Cash and cash equivalents:
These comprise cash at bank and short-term highly liquid bank deposits with an original maturity of three months or less.

Debtors:
Debtors do not carry any interest and are stated at their nominal value. Appropriate allowances for estimated irrecoverable amounts are recognised in the Profit and Loss account when there is objective evidence that the asset is impaired.

Creditors:
Creditors are not interest bearing and are stated at their nominal amount.


I.W.T. COMPOSITES LIMITED (REGISTERED NUMBER: 06570986)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2024

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 14 (2023 - 13 ) .

4. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and Computer
property machinery fittings equipment Totals
£    £    £    £    £   
COST
At 1st April 2023 76,902 1,218,175 36,758 - 1,331,835
Additions - 64,461 937 2,332 67,730
Reclassification/transfer 38,205 (39,900 ) 1,695 - -
At 31st March 2024 115,107 1,242,736 39,390 2,332 1,399,565
DEPRECIATION
At 1st April 2023 30,135 1,126,346 36,758 - 1,193,239
Charge for year 4,533 21,771 78 194 26,576
Reclassification/transfer 5,221 (6,916 ) 1,695 - -
At 31st March 2024 39,889 1,141,201 38,531 194 1,219,815
NET BOOK VALUE
At 31st March 2024 75,218 101,535 859 2,138 179,750
At 31st March 2023 46,767 91,829 - - 138,596

I.W.T. COMPOSITES LIMITED (REGISTERED NUMBER: 06570986)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2024

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade debtors 549,433 688,103
Other debtors 304,129 134,925
Deferred tax asset
Accelerated capital allowances 12,253 35,072
Prepayments 5,944 7,250
871,759 865,350

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade creditors 40,352 101,981
Tax 48,913 62,990
Social security and other taxes 45,647 257,883
Other creditors 2,099 13,613
Accrued expenses 74,412 102,309
211,423 538,776

7. DEFERRED TAX
£   
Balance at 1st April 2023 (35,072 )
Movement in period due to: -
changes in tax allowances 22,819
changes in tax rates
Balance at 31st March 2024 (12,253 )

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.3.24 31.3.23
value: £    £   
1 Ordinary £1 1 1

9. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Anthony Lewis (Senior Statutory Auditor)
for and on behalf of M. D. Coxey and Co. Limited

10. PENSION COMMITMENTS

Contributions totalling £1,297 (2023: £1,553) were payable to the defined contribution scheme at the year end and are included in Creditors: amounts falling due within one year.

I.W.T. COMPOSITES LIMITED (REGISTERED NUMBER: 06570986)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2024

11. ULTIMATE CONTROLLING PARTY

The controlling party is I.W.T Holdings Limited.

The ultimate controlling party is J O Williams.

The immediate parent undertaking is I.W.T Holdings Limited. I.W.T Holdings Limited is registered in Jersey.