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REGISTERED NUMBER: 03763149 (England and Wales)













Unaudited Financial Statements

for the Year Ended 31 May 2024

for

Washington Components Limited

Washington Components Limited (Registered number: 03763149)






Contents of the Financial Statements
for the Year Ended 31 May 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Washington Components Limited

Company Information
for the Year Ended 31 May 2024







DIRECTORS: A Sutherland
J T Sutherland
A C Sutherland





SECRETARY: A Sutherland





REGISTERED OFFICE: Prestex House
Hertburn Industrial Estate
Washington
Tyne and Wear
NE37 2SF





REGISTERED NUMBER: 03763149 (England and Wales)





ACCOUNTANTS: Clive Owen LLP
Chartered Accountants
Kepier House
Belmont Business Park
Durham
DH1 1TW

Washington Components Limited (Registered number: 03763149)

Balance Sheet
31 May 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 728,986 518,696

CURRENT ASSETS
Stocks 5 82,900 64,900
Debtors 6 1,880,082 1,256,415
Cash at bank and in hand 800,194 1,032,917
2,763,176 2,354,232
CREDITORS
Amounts falling due within one year 7 1,013,515 1,057,225
NET CURRENT ASSETS 1,749,661 1,297,007
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,478,647

1,815,703

CREDITORS
Amounts falling due after more than one
year

8

(28,947

)

(8,333

)

PROVISIONS FOR LIABILITIES 10 (171,523 ) (128,549 )
NET ASSETS 2,278,177 1,678,821

CAPITAL AND RESERVES
Called up share capital 11 1,100 1,100
Retained earnings 2,277,077 1,677,721
SHAREHOLDERS' FUNDS 2,278,177 1,678,821

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Washington Components Limited (Registered number: 03763149)

Balance Sheet - continued
31 May 2024


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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 18 November 2024 and were signed on its behalf by:





A C Sutherland - Director


Washington Components Limited (Registered number: 03763149)

Notes to the Financial Statements
for the Year Ended 31 May 2024

1. STATUTORY INFORMATION

Washington Components 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.

2. ACCOUNTING POLICIES

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

There were no material departures from the standard.

The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.

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

Income recognition
Turnover represents the sale of goods and is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on delivery of goods.

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 - 25% on cost
Plant and machinery - 25% on cost
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance

Tangible fixed assets are measured at cost less any depreciation and impairment.

Government grants
Capital based grants are credited to the profit and loss account in equal instalments, over the estimated useful life of the related asset.

Revenue based grants are credited to the profit and loss in the period to which they relate.

Stocks
Stocks and work in progress are valued at the lower of cost and selling price less estimated costs to sell, after making due allowance for obsolete and slow moving items.

Financial instruments
Basic financial instruments are recognised at amortised cost with changes recognised in profit and loss.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.


Washington Components Limited (Registered number: 03763149)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

2. ACCOUNTING POLICIES - continued
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.

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.

Leasing commitments
Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 42 (2023 - 38 ) .

4. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 June 2023 83,362 1,913,733 62,532 84,455 2,144,082
Additions 5,920 453,284 10,734 19,999 489,937
Disposals - (1,400 ) - (11,935 ) (13,335 )
At 31 May 2024 89,282 2,365,617 73,266 92,519 2,620,684
DEPRECIATION
At 1 June 2023 24,173 1,545,278 29,237 26,698 1,625,386
Charge for year 19,388 242,787 9,395 7,293 278,863
Eliminated on disposal - (1,400 ) - (11,151 ) (12,551 )
At 31 May 2024 43,561 1,786,665 38,632 22,840 1,891,698
NET BOOK VALUE
At 31 May 2024 45,721 578,952 34,634 69,679 728,986
At 31 May 2023 59,189 368,455 33,295 57,757 518,696

5. STOCKS
2024 2023
£    £   
Stocks 4,400 4,400
Work-in-progress 78,500 60,500
82,900 64,900

Washington Components Limited (Registered number: 03763149)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 1,837,049 1,234,482
Other debtors 6,000 -
Prepayments and accrued income 37,033 21,933
1,880,082 1,256,415

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 392,612 626,659
Taxation and social security 350,585 200,978
Other creditors 9,818 5,469
Directors' current accounts 147,967 153,964
Accruals and deferred income 112,533 70,155
1,013,515 1,057,225

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Deferred government grants 28,947 8,333

9. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 21,656 1,656
Between one and five years 65,000 -
86,656 1,656

10. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 171,523 128,549

Deferred
tax
£   
Balance at 1 June 2023 128,549
Accelerated capital allowances 42,974
Balance at 31 May 2024 171,523

Washington Components Limited (Registered number: 03763149)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
440 Ordinary £1 440 440
660 Ordinary A £1 660 660
1,100 1,100

12. RELATED PARTY DISCLOSURES

There were no related party transactions other than those concluded under normal market conditions, except for those shown below.

2024 2023
£ £

Amounts due to directors 147,967 153,964

No interest has been charged.