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REGISTERED NUMBER: 00504742 (England and Wales)






Fred Wagstaff & Sons Limited

Financial Statements

for the Year Ended 31 May 2024






Fred Wagstaff & Sons Limited (Registered number: 00504742)

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


Fred Wagstaff & Sons Limited

Company Information
for the year ended 31 May 2024







DIRECTORS: Mr J P Wagstaff
Mr D E Wagstaff





SECRETARY: Mr D E Wagstaff





REGISTERED OFFICE: Notton Grange
Chevet Lane
Notton
Wakefield
West Yorkshire
WF4 2PB





REGISTERED NUMBER: 00504742 (England and Wales)





ACCOUNTANTS: SMH Jolliffe Cork Ltd
Chartered Accountants
33 George Street
Wakefield
West Yorkshire
WF1 1LX

Fred Wagstaff & Sons Limited (Registered number: 00504742)

Balance Sheet
31 May 2024

2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible assets 4 741,798 647,851

CURRENT ASSETS
Stocks 192,001 190,089
Debtors 5 23,949 28,860
Cash at bank 35,679 113,580
251,629 332,529
CREDITORS
Amounts falling due within one year 6 121,380 110,817
NET CURRENT ASSETS 130,249 221,712
TOTAL ASSETS LESS CURRENT
LIABILITIES

872,047

869,563

CREDITORS
Amounts falling due after more than one year 7 - (23,000 )

PROVISIONS FOR LIABILITIES (74,710 ) (56,145 )
NET ASSETS 797,337 790,418

Fred Wagstaff & Sons Limited (Registered number: 00504742)

Balance Sheet - continued
31 May 2024

2024 2023
Notes £ £ £ £

CAPITAL AND RESERVES
Called up share capital 9 8,020 8,020
Retained earnings 789,317 782,398
SHAREHOLDERS' FUNDS 797,337 790,418

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.

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 17 February 2025 and were signed on its behalf by:




Mr D E Wagstaff - Director



Mr J P Wagstaff - Director


Fred Wagstaff & Sons Limited (Registered number: 00504742)

Notes to the Financial Statements
for the year ended 31 May 2024


1. STATUTORY INFORMATION

Fred Wagstaff & Sons 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 functional and presentational currency for the company is the pound sterling (£). All financial information presented has been rounded to the nearest (£), unless otherwise stated.

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.
Freehold property - in accordance with the property
Plant and machinery - 15% on reducing balance
Motor vehicles - 25% on reducing balance

All fixed assets are initially recorded at cost.

Stocks and work in progress
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Work in progress is valued on the basis of direct costs plus attributable overheads based on normal level of activity. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress.

Fred Wagstaff & Sons Limited (Registered number: 00504742)

Notes to the Financial Statements - continued
for the year ended 31 May 2024


2. ACCOUNTING POLICIES - continued

Financial instruments
The company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments.

All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Financial assets and liabilities are only offset in the balance sheet when and only when there exists a legally enforceable right to set off the recognised amounts and the company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Financial assets are derecognised when and only when; a) the contractual rights to the cash flows from the financial asset expire or are settled, b) the company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or, c) the company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

Pension costs and other post-retirement benefits
The company makes employer contributions into a director's personal pension scheme. Contributions payable to this pension scheme are charged to the profit and loss account in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2023 - 3 ) .

Fred Wagstaff & Sons Limited (Registered number: 00504742)

Notes to the Financial Statements - continued
for the year ended 31 May 2024


4. TANGIBLE FIXED ASSETS
Freehold Plant and Motor
property machinery vehicles Totals
£ £ £ £
COST
At 1 June 2023 376,398 662,963 58,492 1,097,853
Additions - 203,294 - 203,294
Disposals - (142,606 ) - (142,606 )
At 31 May 2024 376,398 723,651 58,492 1,158,541
DEPRECIATION
At 1 June 2023 24,045 399,033 26,924 450,002
Charge for year 3,764 65,226 7,892 76,882
Eliminated on disposal - (110,141 ) - (110,141 )
At 31 May 2024 27,809 354,118 34,816 416,743
NET BOOK VALUE
At 31 May 2024 348,589 369,533 23,676 741,798
At 31 May 2023 352,353 263,930 31,568 647,851

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Trade debtors 5,249 15,460
Other debtors 1,537 -
VAT 4,939 3,800
Prepayments and accrued income 12,224 9,600
23,949 28,860

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Hire purchase contracts 23,000 44,667
Trade creditors 26,723 9,871
Tax - 1,513
Other creditors 2,268 2,268
Directors' current accounts 61,973 16,050
Accruals and deferred income 7,416 36,448
121,380 110,817

Fred Wagstaff & Sons Limited (Registered number: 00504742)

Notes to the Financial Statements - continued
for the year ended 31 May 2024


7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£ £
Hire purchase contracts - 23,000

8. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£ £
Hire purchase contracts 23,000 67,667

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £ £
8,020 Ordinary £1 8,020 8,020