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Company registration number: 05851682
TIM WEDGE GROUNDWORKS LIMITED
UNAUDITED FILLETED FINANCIAL STATEMENTS
30 June 2024
TIM WEDGE GROUNDWORKS LIMITED
Contents
Directors and other information
Accountants report
Statement of financial position
Statement of changes in equity
Notes to the financial statements
TIM WEDGE GROUNDWORKS LIMITED
DIRECTORS AND OTHER INFORMATION
Director Mr T W Wedge
Secretary Mrs C Wedge
Company number 05851682
Registered office Countrywide House
Knights Way
Shrewsbury
Shropshire
SY1 3AB
Business address 8 Malvern Close
Shrewsbury
Shropshire
SY2 6RF
Accountants Heywoods
Countrywide House
Knights Way
Shrewsbury
Shropshire
SY1 3AB
TIM WEDGE GROUNDWORKS LIMITED
CHARTERED ACCOUNTANTS REPORT TO THE DIRECTOR ON THE PREPARATION OF THE
UNAUDITED STATUTORY FINANCIAL STATEMENTS OF TIM WEDGE GROUNDWORKS LIMITED
YEAR ENDED 30TH JUNE 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Tim Wedge Groundworks Limited for the year ended 30 June 2024 as set out on pages 3 to 9 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the director of Tim Wedge Groundworks Limited, as a body, in accordance with the terms of our engagement letter dated 2 October 2018. Our work has been undertaken solely to prepare for your approval the financial statements of Tim Wedge Groundworks Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Tim Wedge Groundworks Limited and its director as a body for our work or for this report.
It is your duty to ensure that Tim Wedge Groundworks Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Tim Wedge Groundworks Limited. You consider that Tim Wedge Groundworks Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Tim Wedge Groundworks Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Heywoods
Chartered Accountants
Countrywide House
Knights Way
Shrewsbury
Shropshire
SY1 3AB
24 January 2025
TIM WEDGE GROUNDWORKS LIMITED
STATEMENT OF FINANCIAL POSITION
30TH JUNE 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 5 10,008 13,328
_______ _______
10,008 13,328
Current assets
Stocks - 11,157
Debtors 6 40,883 12,959
Cash at bank and in hand 12,588 13,278
_______ _______
53,471 37,394
Creditors: amounts falling due
within one year 7 ( 44,264) ( 17,494)
_______ _______
Net current assets 9,207 19,900
_______ _______
Total assets less current liabilities 19,215 33,228
Creditors: amounts falling due
after more than one year 8 ( 9,167) ( 19,167)
Provisions for liabilities ( 1,901) ( 2,532)
_______ _______
Net assets 8,147 11,529
_______ _______
Capital and reserves
Called up share capital 2 2
Profit and loss account 8,145 11,527
_______ _______
Shareholders funds 8,147 11,529
_______ _______
For the year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges their responsibilities for complying with the requirements of the Act 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 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 comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 17 January 2025 , and are signed on behalf of the board by:
Mr T W Wedge
Director
Company registration number: 05851682
TIM WEDGE GROUNDWORKS LIMITED
STATEMENT OF CHANGES IN EQUITY
YEAR ENDED 30TH JUNE 2024
Called up share capital Profit and loss account Total
£ £ £
At 1 July 2022 2 70,883 70,885
Profit/(loss) for the year ( 11,856) ( 11,856)
_______ _______ _______
Total comprehensive income for the year - ( 11,856) ( 11,856)
Dividends paid and payable ( 47,500) ( 47,500)
_______ _______ _______
Total investments by and distributions to owners - ( 47,500) ( 47,500)
_______ _______ _______
At 30 June 2023 and 1 July 2023 2 11,527 11,529
Profit/(loss) for the year 29,618 29,618
_______ _______ _______
Total comprehensive income for the year - 29,618 29,618
Dividends paid and payable ( 33,000) ( 33,000)
_______ _______ _______
Total investments by and distributions to owners - ( 33,000) ( 33,000)
_______ _______ _______
At 30 June 2024 2 8,145 8,147
_______ _______ _______
TIM WEDGE GROUNDWORKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30TH JUNE 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 Countrywide House, Knights Way, Shrewsbury, Shropshire, SY1 3AB.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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 prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for services supplied, net of discounts and Value Added Tax.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
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:
Fittings fixtures and equipment - 15 % reducing balance
Motor vehicles - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist.
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 stocks to their present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2023: 2 ).
5. Tangible assets
Fixtures, fittings and equipment Motor vehicles Total
£ £ £
Cost
At 1 July 2023 8,771 36,331 45,102
Disposals ( 1,340) - ( 1,340)
_______ _______ _______
At 30 June 2024 7,431 36,331 43,762
_______ _______ _______
Depreciation
At 1 July 2023 5,980 25,795 31,775
Charge for the year 371 2,634 3,005
Disposals ( 1,026) - ( 1,026)
_______ _______ _______
At 30 June 2024 5,325 28,429 33,754
_______ _______ _______
Carrying amount
At 30 June 2024 2,106 7,902 10,008
_______ _______ _______
At 30 June 2023 2,791 10,536 13,327
_______ _______ _______
6. Debtors
2024 2023
£ £
Trade debtors 29,919 10,543
Other debtors 10,964 2,416
_______ _______
40,883 12,959
_______ _______
7. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts 10,000 10,000
Trade creditors 24,324 1,709
Corporation tax 5,703 -
Social security and other taxes - 218
Other creditors 4,237 5,567
_______ _______
44,264 17,494
_______ _______
8. Creditors: amounts falling due after more than one year
2024 2023
£ £
Bank loans and overdrafts 9,167 19,167
_______ _______
9. Directors advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2024
Balance brought forward Advances /(credits) to the director Amounts repaid Balance o/standing
£ £ £ £
Mr T W Wedge ( 828) - 510 ( 318)
_______ _______ _______ _______
2023
Balance brought forward Advances /(credits) to the director Amounts repaid Balance o/standing
£ £ £ £
Mr T W Wedge ( 339) ( 489) - ( 828)
_______ _______ _______ _______