IRIS Accounts Production v24.3.2.46 02296299 Board of Directors 1.4.23 31.3.24 31.3.24 25.2.25 false true false false true false Auditors Opinion iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh022962992023-03-31022962992024-03-31022962992023-04-012024-03-31022962992022-03-31022962992022-04-012023-03-31022962992023-03-3102296299ns15:EnglandWales2023-04-012024-03-3102296299ns14:PoundSterling2023-04-012024-03-3102296299ns10:Director12023-04-012024-03-3102296299ns10:PrivateLimitedCompanyLtd2023-04-012024-03-3102296299ns10:SmallEntities2023-04-012024-03-3102296299ns10:Audited2023-04-012024-03-3102296299ns10:SmallCompaniesRegimeForDirectorsReport2023-04-012024-03-3102296299ns10:SmallCompaniesRegimeForAccounts2023-04-012024-03-3102296299ns10:FullAccounts2023-04-012024-03-3102296299ns10:Director22023-04-012024-03-3102296299ns10:Director32023-04-012024-03-3102296299ns10:Director42023-04-012024-03-3102296299ns10:RegisteredOffice2023-04-012024-03-3102296299ns5:CurrentFinancialInstruments2024-03-3102296299ns5:CurrentFinancialInstruments2023-03-3102296299ns5:Non-currentFinancialInstruments2024-03-3102296299ns5:Non-currentFinancialInstruments2023-03-3102296299ns5:ShareCapital2024-03-3102296299ns5:ShareCapital2023-03-3102296299ns5:RetainedEarningsAccumulatedLosses2024-03-3102296299ns5:RetainedEarningsAccumulatedLosses2023-03-3102296299ns5:LeaseholdImprovements2023-04-012024-03-3102296299ns5:PlantMachinery2023-04-012024-03-3102296299ns5:FurnitureFittings2023-04-012024-03-3102296299ns5:MotorVehicles2023-04-012024-03-3102296299ns5:ComputerEquipment2023-04-012024-03-3102296299ns5:LeaseholdImprovements2023-03-3102296299ns5:PlantMachinery2023-03-3102296299ns5:FurnitureFittings2023-03-3102296299ns5:LeaseholdImprovements2024-03-3102296299ns5:PlantMachinery2024-03-3102296299ns5:FurnitureFittings2024-03-3102296299ns5:LeaseholdImprovements2023-03-3102296299ns5:PlantMachinery2023-03-3102296299ns5:FurnitureFittings2023-03-3102296299ns5:MotorVehicles2023-03-3102296299ns5:ComputerEquipment2023-03-3102296299ns5:MotorVehicles2024-03-3102296299ns5:ComputerEquipment2024-03-3102296299ns5:MotorVehicles2023-03-3102296299ns5:ComputerEquipment2023-03-3102296299ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2023-04-012024-03-3102296299ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2024-03-3102296299ns5:WithinOneYearns5:CurrentFinancialInstruments2024-03-3102296299ns5:WithinOneYearns5:CurrentFinancialInstruments2023-03-3102296299ns5:CurrentFinancialInstruments2023-04-012024-03-3102296299ns5:Non-currentFinancialInstruments2023-04-012024-03-3102296299ns5:WithinOneYearns5:CurrentFinancialInstrumentsns5:HirePurchaseContracts2024-03-3102296299ns5:WithinOneYearns5:CurrentFinancialInstrumentsns5:HirePurchaseContracts2023-03-3102296299ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2024-03-3102296299ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2023-03-3102296299ns5:HirePurchaseContracts2024-03-3102296299ns5:HirePurchaseContracts2023-03-3102296299ns5:WithinOneYear2024-03-3102296299ns5:WithinOneYear2023-03-3102296299ns5:BetweenOneFiveYears2024-03-3102296299ns5:BetweenOneFiveYears2023-03-3102296299ns5:AllPeriods2024-03-3102296299ns5:AllPeriods2023-03-31
REGISTERED NUMBER: 02296299 (England and Wales)















AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

FOR

WAGTECH PROJECTS LTD

WAGTECH PROJECTS LTD (REGISTERED NUMBER: 02296299)






CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


WAGTECH PROJECTS LTD

COMPANY INFORMATION
for the year ended 31 March 2024







DIRECTORS: Mr N F Durham
Mrs A Durham
Mr C J Stapleton
Mr J Dickson


REGISTERED OFFICE: 10 St Ann Street
Salisbury
Wiltshire
SP1 2DN


REGISTERED NUMBER: 02296299 (England and Wales)


SENIOR STATUTORY AUDITOR: Lisa Wilson FCA


AUDITORS: Rothmans Audit LLP
Avebury House
St Peter Street
Winchester
Hampshire
SO23 8BN


BANKERS: HSBC plc
Basingstoke Commercial Centre
8 London Street
Basingstoke
Hampshire
RG21 7NU


SOLICITORS: Thomas Eggar
Newbury House
20 Kings Road West
Newbury
Berkshire
RG14 5XR

WAGTECH PROJECTS LTD (REGISTERED NUMBER: 02296299)

BALANCE SHEET
31 March 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 44,819 19,645

CURRENT ASSETS
Stocks 5 61,490 53,942
Debtors 6 5,472,217 2,991,397
Cash at bank and in hand 317,454 177,053
5,851,161 3,222,392
CREDITORS
Amounts falling due within one year 7 4,836,354 2,082,672
NET CURRENT ASSETS 1,014,807 1,139,720
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,059,626

1,159,365

CREDITORS
Amounts falling due after more than one
year

8

(26,156

)

(27,778

)

PROVISIONS FOR LIABILITIES (6,634 ) -
NET ASSETS 1,026,836 1,131,587

CAPITAL AND RESERVES
Called up share capital 24,000 24,000
Retained earnings 1,002,836 1,107,587
SHAREHOLDERS' FUNDS 1,026,836 1,131,587

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 Statement of Income and Retained Earnings 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:





Mr C J Stapleton - Director


WAGTECH PROJECTS LTD (REGISTERED NUMBER: 02296299)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 March 2024

1. STATUTORY INFORMATION

Wagtech Projects Ltd 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 presentation currency of the financial statements is the Pound Sterling (£).


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 judgments, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The accounting policies requiring the most judgment within the financial statements are those relating to the valuation of provisions for bad debts and accounting for sales under bill and hold agreements.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of revision and future periods where the revision affects both the current and future periods.

Revenue recognition
Revenue is measured at the fair value of the consideration received or receivable for water and environmental, agronomy, soil testing, materials testing, laboratory and mobile laboratory products and services.

Revenue from the sale of goods is recognised when the goods have been despatched from the warehouse and the significant risks and rewards have passed to the customer.

Revenue from services such as installation and training is recognised once the services have taken place, the customer has signed off the works and the significant risks and rewards have passed to the customer.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Improvements to property - 20% on cost
Plant and machinery - 33% on cost
Fixtures and fittings - 33% on cost
Motor vehicles - 33% on cost
Computer equipment - 33% on cost and 20% on cost

Tangible fixed assets are stated at cost, being purchase price together with any incidental costs of acquisition, less accumulated depreciation.

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Stocks
Stock is valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.


WAGTECH PROJECTS LTD (REGISTERED NUMBER: 02296299)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2024

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. 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 profit or loss on a straight line basis over the period of the lease.

Assets held under finance leases and hire purchase contracts are capitalised at the original cost of the asset at the inception of the lease, with an equivalent liability categorised as appropriate under creditors due within and after more than one year. The interest element of the rental obligations is charged to the profit and loss account 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 profit or loss in the period to which they relate.

Debtors
Debtors do not carry and interest and are stated at their nominal value. Appropriate allowances for estimated irrecoverable amounts are recognised in the Profit and Loss account when there is objective evidence that the asset is impaired.

Creditors
Creditors are not interest bearing and are stated at their nominal value.

Cash and cash equivalents
These comprise cash at bank and other short term highly liquid deposits.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 14 (2023 - 15 ) .

WAGTECH PROJECTS LTD (REGISTERED NUMBER: 02296299)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2024

4. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and
property machinery fittings
£    £    £   
COST
At 1 April 2023 10,490 37,016 56,263
Additions - 2,170 162
Disposals - - -
At 31 March 2024 10,490 39,186 56,425
DEPRECIATION
At 1 April 2023 10,490 36,819 55,931
Charge for year - 921 329
Eliminated on disposal - - -
At 31 March 2024 10,490 37,740 56,260
NET BOOK VALUE
At 31 March 2024 - 1,446 165
At 31 March 2023 - 197 332

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 April 2023 6,999 285,091 395,859
Additions 36,500 4,826 43,658
Disposals (6,999 ) (1,198 ) (8,197 )
At 31 March 2024 36,500 288,719 431,320
DEPRECIATION
At 1 April 2023 6,999 265,975 376,214
Charge for year 4,056 12,639 17,945
Eliminated on disposal (6,999 ) (659 ) (7,658 )
At 31 March 2024 4,056 277,955 386,501
NET BOOK VALUE
At 31 March 2024 32,444 10,764 44,819
At 31 March 2023 - 19,116 19,645

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
Additions 36,500
At 31 March 2024 36,500
DEPRECIATION
Charge for year 4,056
At 31 March 2024 4,056
NET BOOK VALUE
At 31 March 2024 32,444

WAGTECH PROJECTS LTD (REGISTERED NUMBER: 02296299)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2024

5. STOCKS
31.3.24 31.3.23
£    £   
Stocks 61,490 53,942

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade debtors 3,696,087 2,217,241
Other debtors 1,776,130 774,156
5,472,217 2,991,397

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Bank loans and overdrafts 1,438,289 921,021
Hire purchase contracts (see note 9) 258 -
Trade creditors 3,142,098 982,821
Taxation and social security 18,226 27,778
Other creditors 237,483 151,052
4,836,354 2,082,672

Bank loans and overdrafts are secured by a fixed and floating charge over the assets of the company. As at 31 March 2024, secured liabilities included within Bank loans and overdrafts above totalled £1,403,567 (2023: £837,688). Hire purchase contracts are secured on the assets to which they relate.

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.3.24 31.3.23
£    £   
Bank loans - 27,778
Hire purchase contracts (see note 9) 26,156 -
26,156 27,778

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

9. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
31.3.24 31.3.23
£    £   
Net obligations repayable:
Within one year 258 -
Between one and five years 26,156 -
26,414 -

Non-cancellable operating leases
31.3.24 31.3.23
£    £   
Within one year 6,300 11,149
Between one and five years - 8,050
6,300 19,199

WAGTECH PROJECTS LTD (REGISTERED NUMBER: 02296299)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2024

10. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Lisa Wilson FCA (Senior Statutory Auditor)
for and on behalf of Rothmans Audit LLP

11. CONTINGENT LIABILITIES

At the year end there were no contingent liabilities that require adjustment or disclosure.

12. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 March 2024 and
31 March 2023:
31.3.2431.3.23
£ £

Balance outstanding at the start of year44,43259,161
Amounts advanced92,213109,080
Amounts repaid(60,000)(123,809)
Balance outstanding at the end of year76,64544,432
The loan is repayable on demand and subject to interest at commercial rates.

13. RELATED PARTY DISCLOSURES

During the year the company paid rent of £40,800 to a pension scheme whose beneficiaries are the directors, Mr N Durham and Mrs A Durham .