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Registered number: 05176573
WG Safety & Environmental Ltd
Unaudited Financial Statements
For The Year Ended 31 July 2024
Richards Associates Limited
North Lodge
Hawkesyard
Rugeley
Staffordshire
WS15 1PS
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 05176573
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 25,193 36,701
25,193 36,701
CURRENT ASSETS
Debtors 5 131,881 144,497
Cash at bank and in hand 410,720 282,263
542,601 426,760
Creditors: Amounts Falling Due Within One Year 6 (192,147 ) (93,030 )
NET CURRENT ASSETS (LIABILITIES) 350,454 333,730
TOTAL ASSETS LESS CURRENT LIABILITIES 375,647 370,431
PROVISIONS FOR LIABILITIES
Deferred Taxation (6,275 ) (9,148 )
NET ASSETS 369,372 361,283
CAPITAL AND RESERVES
Called up share capital 8 2 2
Profit and Loss Account 369,370 361,281
SHAREHOLDERS' FUNDS 369,372 361,283
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Page 2
For the year ending 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr R Wright
Director
21 February 2025
The notes on pages 3 to 5 form part of these financial statements.
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Page 3
Notes to the Financial Statements
1. General Information
WG Safety & Environmental Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 05176573 . The registered office is Suite 104 Point South Park Plaza, Hayes Way, Cannock, Staffordshire, WS12 2DB.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 20% on cost
Fixtures & Fittings 20% on cost
Computer Equipment 20% on cost
2.4. Financial Instruments
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, and loans to related parties.
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
...CONTINUED
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2.5. Taxation - continued
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
2.6. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
2.7. 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 the foreseeable future.
The directors continue to adopt the going concern basis of accounting in preparing financial statements.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 8 (2023: 7)
8 7
4. Tangible Assets
Plant & Machinery Fixtures & Fittings Computer Equipment Total
£ £ £ £
Cost
As at 1 August 2023 66,596 2,663 27,262 96,521
Additions - - 1,886 1,886
As at 31 July 2024 66,596 2,663 29,148 98,407
Depreciation
As at 1 August 2023 36,671 371 22,778 59,820
Provided during the period 10,062 533 2,799 13,394
As at 31 July 2024 46,733 904 25,577 73,214
Net Book Value
As at 31 July 2024 19,863 1,759 3,571 25,193
As at 1 August 2023 29,925 2,292 4,484 36,701
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5. Debtors
2024 2023
£ £
Due within one year
Trade debtors 127,254 140,151
Prepayments and accrued income 1,985 1,704
Other debtors 2,642 2,642
131,881 144,497
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 34,547 41,047
Corporation tax 46,350 27,336
Other taxes and social security 4,546 4,412
VAT 21,607 19,142
Pension creditor (100 ) (146 )
Accruals and deferred income 900 800
Director's loan account 84,297 439
192,147 93,030
7. Provisions for Liabilities
Deferred Tax Total
£ £
As at 1 August 2023 9,148 9,148
Utilised (2,873 ) (2,873)
Balance at 31 July 2024 6,275 6,275
8. Share Capital
2024 2023
Allotted, called up and fully paid £ £
2 Ordinary Shares of £ 1.00 each 2 2
9. Ultimate Controlling Party
The company's ultimate controlling party is Mr and Mrs Wright by virtue of their ownership of 100% of the issued share capital in the company.
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