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COMPANY REGISTRATION NUMBER: 06566205
Weight and Measures Advice Ltd
Filleted Unaudited Financial Statements
30 April 2024
Weight and Measures Advice Ltd
Statement of Financial Position
30 April 2024
2024
2023
Note
£
£
£
£
Fixed Assets
Tangible assets
5
9,921
12,988
Investments
6
5,000
---------
---------
14,921
12,988
Current Assets
Stocks
39,550
66,450
Debtors
7
126,871
168,811
Cash at bank and in hand
254,812
212,004
----------
----------
421,233
447,265
Creditors: amounts falling due within one year
8
( 140,251)
( 221,920)
----------
----------
Net Current Assets
280,982
225,345
----------
----------
Total Assets Less Current Liabilities
295,903
238,333
----------
----------
Net Assets
295,903
238,333
----------
----------
Capital and Reserves
Called up share capital
9
40
40
Profit and loss account
295,863
238,293
----------
----------
Shareholders Funds
295,903
238,333
----------
----------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30th April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Weight and Measures Advice Ltd
Statement of Financial Position (continued)
30 April 2024
These financial statements were approved by the board of directors and authorised for issue on 28 January 2025 , and are signed on behalf of the board by:
Mr L Williams
Director
Company registration number: 06566205
Weight and Measures Advice Ltd
Notes to the Financial Statements
Year ended 30th April 2024
1. General Information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 37 Mardley Hill, Welwyn, Hertfordshire, AL6 0TT.
2. Statement of Compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting Policies
Basis of Preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss. The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.
Judgements and Key Sources of Estimation Uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue Recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period. When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
Income Tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Tangible Assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures & Fittings
-
15% straight line
Motor Vehicles
-
15% straight line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment of Fixed Assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial Instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS102 to all of its financial instruments. Financial instruments are recognised in the company's balance sheet when the company becomes a party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, which the transaction is measured at the present value of the future receipts discounted at market rate of interest. Financial assets classified as receivable within one year are not amortised. Financial liabilities and equity instruments are classified according to the substance of the contractual arrangement entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payments is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
Defined Contribution Plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee Numbers
The average number of persons employed by the company during the year amounted to 6 (2023: 7 ).
5. Tangible Assets
Fixtures and fittings
Motor vehicles
Total
£
£
£
Cost
At 1st May 2023 and 30th April 2024
1,714
27,734
29,448
-------
---------
---------
Depreciation
At 1st May 2023
670
15,790
16,460
Charge for the year
257
2,810
3,067
-------
---------
---------
At 30th April 2024
927
18,600
19,527
-------
---------
---------
Carrying amount
At 30th April 2024
787
9,134
9,921
-------
---------
---------
At 30th April 2023
1,044
11,944
12,988
-------
---------
---------
6. Investments
Other investments other than loans
£
Cost
At 1st May 2023
Additions
5,000
-------
At 30th April 2024
5,000
-------
Impairment
At 1st May 2023 and 30th April 2024
-------
Carrying amount
At 30th April 2024
5,000
-------
At 30th April 2023
-------
7. Debtors
2024
2023
£
£
Trade debtors
104,864
167,876
Other debtors
22,007
935
----------
----------
126,871
168,811
----------
----------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
54,018
143,184
Social security and other taxes
31,149
40,577
Other creditors
55,084
38,159
----------
----------
140,251
221,920
----------
----------
9. Called Up Share Capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
40
40
40
40
----
----
----
----
10. Directors' Advances, Credits and Guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Mr L Williams
( 6,825)
( 16,812)
29,995
6,358
Mr S G Williams
( 1,144)
( 2,427)
2,644
( 927)
Mrs E Pons Magalhaes
( 16,500)
32,031
15,531
-------
---------
---------
---------
( 7,969)
( 35,739)
64,670
20,962
-------
---------
---------
---------
2023
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Mr L Williams
( 613)
( 6,212)
( 6,825)
Mr S G Williams
( 832)
( 312)
( 1,144)
Mrs E Pons Magalhaes
-------
-------
----
-------
( 1,445)
( 6,524)
( 7,969)
-------
-------
----
-------
Interest is charged at 2.25% on any period overdrawn in the year. The loans are repayable on demand.