Company registration number 14010488 (England and Wales)
WYKEN ENTERPRISES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
WYKEN ENTERPRISES LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 7
WYKEN ENTERPRISES LIMITED
BALANCE SHEET
AS AT 31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
53,673
56,181
Current assets
Stocks
219,603
167,100
Debtors
4
56,658
103,144
Cash at bank and in hand
34,683
2,455
310,944
272,699
Creditors: amounts falling due within one year
5
(310,582)
(260,380)
Net current assets
362
12,319
Net assets
54,035
68,500
Capital and reserves
Called up share capital
6
150
150
Share premium account
90,463
90,463
Profit and loss reserves
(36,578)
(22,113)
Total equity
54,035
68,500
For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 22 January 2025 and are signed on its behalf by:
SFC Carlisle
Director
Company registration number 14010488 (England and Wales)
WYKEN ENTERPRISES LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 29 March 2022
-
Period ended 31 March 2023:
Loss and total comprehensive income
-
-
(22,113)
(22,113)
Issue of share capital
6
150
-
150
Other movements
-
90,463
-
90,463
Balance at 31 March 2023
150
90,463
(22,113)
68,500
Year ended 31 March 2024:
Loss and total comprehensive income
-
-
(14,465)
(14,465)
Balance at 31 March 2024
150
90,463
(36,578)
54,035
WYKEN ENTERPRISES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information
Wyken Enterprises Limited is a private company limited by shares and is registered and incorporated in England and Wales. The registered office is Wyken Hall, Wyken Road, Stanton, Bury St Edmunds, Suffolk, IP31 2DW.
1.1
Reporting period
The financial statements for the prior period presented the results from the point of incorporation (29 March 2022) to the period end date 31 March 2023 and are therefore not wholly comparable to the year ended 31 March 2024 results.
1.2
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.3
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for at least 12 months following the approval of the financial statements. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.true
1.4
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold improvements
20-25 years straight line
Plant and machinery
20% reducing balance
Vineyard capital costs
10 years straight line
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.
WYKEN ENTERPRISES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
1.7
Stocks
Stocks are stated at the lower of cost and net realisable value.
1.8
Cash and cash equivalents
Cash and cash equivalents are basic financial instruments and include cash in hand, deposits held at call with
banks. Bank overdrafts are shown within borrowings in current liabilities.
1.9
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes 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 an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include trade and other debtors and cash and bank balances, are initially
measured at transaction price including transaction costs.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements 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
Basic financial liabilities, including trade and other creditors and bank loans and overdrafts are initially
recognised at transaction price.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
WYKEN ENTERPRISES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
1.10
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.11
Taxation
The tax expense represents the sum of the current tax expense and deferred tax expense. Current tax assets
are recognised when tax paid exceeds the tax payable.
Current and deferred tax is charged or credited to profit or loss, except when it relates to items charged or
credited to other comprehensive income or equity, when the tax follows the transaction or event it relates to
and is also charged or credited to other comprehensive income, or equity.
Current tax assets and current tax liabilities and deferred tax assets and deferred tax liabilities are offset, if
and only if, there is a legally enforceable right to set off the amounts and the entity intends either to settle on
the net basis or to realise the asset and settle the liability simultaneously.
Current tax
Current tax is based on taxable profit for the year. Current tax assets and liabilities are measured using tax
rates that have been enacted or substantively enacted by the reporting date.
Deferred tax
Deferred tax is calculated at the tax rates that are expected to apply to the period when the asset is realised
or the liability is settled based on tax rates that have been enacted or substantively enacted by the reporting
date.
Deferred tax liabilities are recognised in respect of all timing differences that exist at the reporting date. Timing
differences are differences between taxable profits and total comprehensive income that arise from the
inclusion of income and expenses in tax assessments in different periods from their recognition in the
financial statements. Deferred tax assets are recognised only to the extent that it is probable that they will be
recovered by the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities
recognised in a business combination and the amounts that can be deducted or assessed for tax. The
deferred tax recognised is adjusted against goodwill.
1.12
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
52
53
WYKEN ENTERPRISES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Vineyard capital costs
Total
£
£
£
£
Cost
At 1 April 2023
23,718
41,761
65,479
Additions
1,499
1,499
Disposals
(7)
(7)
Transfers
4,466
4,466
At 31 March 2024
23,718
43,253
4,466
71,437
Depreciation and impairment
At 1 April 2023
948
8,350
9,298
Depreciation charged in the year
948
6,881
638
8,467
Eliminated in respect of disposals
(1)
(1)
At 31 March 2024
1,896
15,230
638
17,764
Carrying amount
At 31 March 2024
21,822
28,023
3,828
53,673
At 31 March 2023
22,770
33,411
56,181
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
41,942
14,898
Other debtors
4,575
80,671
46,517
95,569
Deferred tax asset
10,141
7,575
56,658
103,144
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
71,407
150,000
Trade creditors
106,429
39,193
Taxation and social security
43,780
48,841
Other creditors
88,966
22,346
310,582
260,380
WYKEN ENTERPRISES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
6
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
150
150
150
150
7
Directors' transactions
During the year £10,000 of capital was introduced into the company by a director. The balance owed by the company at the year end was £18,050 (2023: £8,050). The amount is interest free and included within other creditors.