IRIS Accounts Production v24.2.0.383 08357299 Board of Directors 1.4.23 31.3.24 31.3.24 false true false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh083572992023-03-31083572992024-03-31083572992023-04-012024-03-31083572992022-03-31083572992022-04-012023-03-31083572992023-03-3108357299ns15:EnglandWales2023-04-012024-03-3108357299ns14:PoundSterling2023-04-012024-03-3108357299ns10:Director12023-04-012024-03-3108357299ns10:PrivateLimitedCompanyLtd2023-04-012024-03-3108357299ns10:SmallEntities2023-04-012024-03-3108357299ns10:AuditExempt-NoAccountantsReport2023-04-012024-03-3108357299ns10:SmallCompaniesRegimeForDirectorsReport2023-04-012024-03-3108357299ns10:SmallCompaniesRegimeForAccounts2023-04-012024-03-3108357299ns10:FullAccounts2023-04-012024-03-3108357299ns10:Director22023-04-012024-03-3108357299ns10:RegisteredOffice2023-04-012024-03-3108357299ns5:CurrentFinancialInstruments2024-03-3108357299ns5:CurrentFinancialInstruments2023-03-3108357299ns5:Non-currentFinancialInstruments2024-03-3108357299ns5:Non-currentFinancialInstruments2023-03-3108357299ns5:ShareCapital2024-03-3108357299ns5:ShareCapital2023-03-3108357299ns5:RetainedEarningsAccumulatedLosses2024-03-3108357299ns5:RetainedEarningsAccumulatedLosses2023-03-3108357299ns5:PlantMachinery2023-04-012024-03-3108357299ns5:PlantMachinery2023-03-3108357299ns5:PlantMachinery2024-03-3108357299ns5:PlantMachinery2023-03-3108357299ns5:WithinOneYearns5:CurrentFinancialInstruments2024-03-3108357299ns5:WithinOneYearns5:CurrentFinancialInstruments2023-03-3108357299ns5:WithinOneYearns5:CurrentFinancialInstrumentsns5:HirePurchaseContracts2024-03-3108357299ns5:WithinOneYearns5:CurrentFinancialInstrumentsns5:HirePurchaseContracts2023-03-3108357299ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2024-03-3108357299ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2023-03-3108357299ns5:HirePurchaseContracts2024-03-3108357299ns5:HirePurchaseContracts2023-03-3108357299ns5:WithinOneYear2024-03-3108357299ns5:WithinOneYear2023-03-3108357299ns5:BetweenOneFiveYears2024-03-3108357299ns5:BetweenOneFiveYears2023-03-3108357299ns5:AllPeriods2024-03-3108357299ns5:AllPeriods2023-03-3108357299ns5:Secured2024-03-3108357299ns5:Secured2023-03-31
REGISTERED NUMBER: 08357299 (England and Wales)















WT AUTOS LIMITED

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024






WT AUTOS LIMITED (REGISTERED NUMBER: 08357299)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024










Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


WT AUTOS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: L T Buck
P R Buck





REGISTERED OFFICE: 641-651 Liverpool Road
Irlam
Manchester
M44 5XD





REGISTERED NUMBER: 08357299 (England and Wales)





ACCOUNTANTS: DJH Bury Limited
The Exchange
5 Bank Street
Bury
BL9 0DN

WT AUTOS LIMITED (REGISTERED NUMBER: 08357299)

STATEMENT OF FINANCIAL POSITION
31 MARCH 2024

2024 2023
Notes £    £   
FIXED ASSETS
Property, plant and equipment 4 564,081 483,411

CURRENT ASSETS
Inventories 61,500 61,500
Debtors 5 785,712 747,180
Cash at bank 79,354 75,792
926,566 884,472
CREDITORS
Amounts falling due within one year 6 (1,017,393 ) (837,827 )
NET CURRENT (LIABILITIES)/ASSETS (90,827 ) 46,645
TOTAL ASSETS LESS CURRENT
LIABILITIES

473,254

530,056

CREDITORS
Amounts falling due after more than one
year

7

(53,963

)

(24,705

)

PROVISIONS FOR LIABILITIES (119,841 ) (105,404 )
NET ASSETS 299,450 399,947

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 299,350 399,847
299,450 399,947

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 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.

WT AUTOS LIMITED (REGISTERED NUMBER: 08357299)

STATEMENT OF FINANCIAL POSITION - continued
31 MARCH 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 21 February 2025 and were signed on its behalf by:





L T Buck - Director


WT AUTOS LIMITED (REGISTERED NUMBER: 08357299)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024


1. STATUTORY INFORMATION

WT Autos Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 08357299 and the registered office address is 641-651 Liverpool Road, Irlam, Manchester, M44 5XD.

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.

Significant judgements and estimates
In the application of the company's accounting policies, the directors are required to make estimates and judgements. The estimates are based on historical experience and other relevant factors. Actual results may differ from these estimates.

The estimates are continually evaluated. Revisions to accounting estimates are recognised in the period in which the estimate is revised.

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are outlined below:

Estimating the useful economic life of an asset and the anticipated residual value are considered key in calculating an appropriate depreciation charge.

In categorising leases as finance or operating leases, the directors make judgements as to whether significant risks and rewards of ownership have transferred to the company as lessee.

Revenue
Revenue comprises the aggregate of the fair value of the sale of goods provided, net of value-added tax, rebates and discounts.

Revenue is recognised on the sale of goods when the company has delivered products to the customer, the customer has accepted the products and collectability of the related receivables is fairly stated.

Service revenue is recognised as those services are provided to customers.

Property, plant and equipment
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 25% on reducing balance, 15% on reducing balance and 10% on reducing balance

The residual values, estimated useful lives and depreciation method of property, plant and equipment are reviewed, and adjusted as appropriate, at each statement of financial position date. The effects of any revision are recognised in the income statement when the change arises.

Inventories
Inventories are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow-moving items. Net realisable value is selling price less costs to complete and sell.

The cost comprises of actual purchase price.

WT AUTOS LIMITED (REGISTERED NUMBER: 08357299)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


2. ACCOUNTING POLICIES - continued

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and loans to related parties.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the income statement.

Basic financial liabilities are initially measured at transaction price and subsequently measured at amortised cost, being the transaction price less any amounts settled.

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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the statement of financial position. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to the income statement on a straight-line basis over the period of the lease.

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 the income statement in the period to which they relate.

Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks and other short-term liquid investments with original maturities of three months or less.

WT AUTOS LIMITED (REGISTERED NUMBER: 08357299)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


2. ACCOUNTING POLICIES - continued

Dividends
Equity dividends are recognised when they become legally payable and are no longer at the discretion of the company.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 30 (2023 - 30 ) .

4. PROPERTY, PLANT AND EQUIPMENT
Plant and
machinery
etc
£   
COST
At 1 April 2023 985,856
Additions 205,323
At 31 March 2024 1,191,179
DEPRECIATION
At 1 April 2023 502,445
Charge for year 124,653
At 31 March 2024 627,098
NET BOOK VALUE
At 31 March 2024 564,081
At 31 March 2023 483,411

The net book value of assets under hire purchase agreements as at the year end is £102,402 (2023: £34,546)

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 771,635 684,568
Amounts owed by group undertakings 6,441 34,303
Other debtors 7,636 28,309
785,712 747,180

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Hire purchase contracts (see note 8) 20,788 4,236
Trade creditors 324,179 297,587
Taxation and social security 168,283 92,739
Other creditors 504,143 443,265
1,017,393 837,827

WT AUTOS LIMITED (REGISTERED NUMBER: 08357299)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Hire purchase contracts (see note 8) 53,963 24,705

8. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 20,788 4,236
Between one and five years 53,963 24,705
74,751 28,941

Non-cancellable operating leases
2024 2023
£    £   
Within one year 8,990 8,990
Between one and five years 1,498 10,488
10,488 19,478

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Hire purchase contracts 74,751 28,941
Invoice discounting 474,846 425,645
549,597 454,586

Hire purchase contracts are secured over the assets to which they relate.

The invoice discounting creditor is secured over the related trade debtors.

There is a fixed and floating charge over all of the assets of the company by way of a debenture in favour of Bibby Financial Services Ltd.

WT AUTOS LIMITED (REGISTERED NUMBER: 08357299)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

Included in other creditors at the year end is directors' loan balances of £6,488 (2023: £10,740 overdrawn) and the maximum overdrawn amounts in the year were £156,851 (2023: 37,106).

The balances are unsecured, interest free and repayable on demand.

There were no advances made during the year that are considered to be material.