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REGISTERED NUMBER: 02382461 (England and Wales)





UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31ST MAY 2024

FOR

WYE VALLEY ENGINEERING LIMITED

WYE VALLEY ENGINEERING LIMITED (REGISTERED NUMBER: 02382461)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MAY 2024










Page

Company information 1

Balance sheet 2

Notes to the financial statements 4


WYE VALLEY ENGINEERING LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST MAY 2024







Directors: E D Roberts
Mrs D M Roberts





Secretary: Mrs D M Roberts





Registered office: Durabase House, Netherwood Road
Rotherwas Industrial Estate
Hereford
Herefordshire
HR2 6JU





Registered number: 02382461 (England and Wales)

WYE VALLEY ENGINEERING LIMITED (REGISTERED NUMBER: 02382461)

BALANCE SHEET
31ST MAY 2024

31.5.24 31.5.23
Notes £ £ £ £
Fixed assets
Trade Mark 4 - -
Tangible assets 5 111,267 124,523
111,267 124,523

Current assets
Stocks 6 85,793 112,410
Debtors 7 249,997 265,792
Cash at bank and in hand 166 169
335,956 378,371
Creditors
Amounts falling due within one year 8 368,673 308,413
Net current (liabilities)/assets (32,717 ) 69,958
Total assets less current liabilities 78,550 194,481

Creditors
Amounts falling due after more than one
year

9

(77,445

)

(30,133

)

Provisions for liabilities 12 - (28,000 )
Net assets 1,105 136,348

WYE VALLEY ENGINEERING LIMITED (REGISTERED NUMBER: 02382461)

BALANCE SHEET - continued
31ST MAY 2024

31.5.24 31.5.23
Notes £ £ £ £
Capital and reserves
Called up share capital 13 10 10
Retained earnings 1,095 136,338
Shareholders' funds 1,105 136,348

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31st 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 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 29th November 2024 and were signed on its behalf by:





E D Roberts - Director


WYE VALLEY ENGINEERING LIMITED (REGISTERED NUMBER: 02382461)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MAY 2024


1. Statutory information

Wye Valley Engineering 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 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.

Intangible assets
All intangible assets are initially recorded at cost.

Amortisation is provided at the following annual rates in order to write off each asset over its estimated useful life:

Trade mark - 5 years straight line.

Tangible fixed assets
Tangible fixed assets are stated in the Balance sheet at cost less depreciation. Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant & machinery15% reducing balance
Motor vehicles15% reducing balance
Office equipment25% reducing balance

Stock & work in progress
Stock has been valued at the lower of cost and net realisable value. Work in progress has been
valued as a percentage of the full contract value according to the level of completion. At the year
end the work in progress value is included within debtors in the balance sheet.

WYE VALLEY ENGINEERING LIMITED (REGISTERED NUMBER: 02382461)

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


2. Accounting policies - continued

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and
'Other Financial Instruments Issues' of FRS102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the
company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset and the net amounts presented in the financial statements
when there is a legally enforceable right to set off the recognised amounts and there is an intention
to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include trade and other receivables and cash and bank balances, are
measured at transaction price less any impairment. Loans receivable are measured initially at fair
value, net of transaction costs, and are measured subsequently at amortised cost using the effective
interest method, less any impairment.

Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries,
associates or joint ventures, are initially measured at fair value, which is normally the transaction
price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at the cost less impairment.

Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for
indicators of impairment at each reporting date.
Financial assets are impaired where there is objective evidence that, as a result of one or more
events that occurred after initial recognition of the financial asset, the estimated future cash flows
have been affected. If an asset is impaired, the impairment loss is the difference between the
carrying amount and the present value of the estimated cash flows discounted at the assets original
effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment
was recognised, the impairment is reversed. The reversal is such that the current carrying amount
does not exceed what the carrying amount would have been, had the impairment not previously
been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset
expire or are settled, or if some significant risks and rewards of ownership are retained but control
of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the
contractual arrangements entered into. An equity instrument is any contract that evidences a
residual interest in the assets of the company after deducing all of its liabilities.
Basic financial liabilities, including trade and other payables are measured at the transaction price.
Other financial liabilities, including bank loans and preference shares that are classified as debt, aremeasured initially at fair value, net of transaction costs, and are measured subsequently at

WYE VALLEY ENGINEERING LIMITED (REGISTERED NUMBER: 02382461)

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


2. Accounting policies - continued
amortised cost using the effective interest method.

Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic
financial instruments. Derivatives are initially recognised at fair value on the date a derivative
contract is entered into and are subsequently re-measured at their fair value. Changes in the fair
value of derivatives are recognised in profit or loss in finance costs or finance income as
appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Derecognition of financial liabilities
Financial liabilities are derecognised when the company's contractual obligations expire or are
discharged or cancelled.

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.

Hire purchase & 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.

WYE VALLEY ENGINEERING LIMITED (REGISTERED NUMBER: 02382461)

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


2. Accounting policies - continued

Pension costs & 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.

3. Employees (including officers)

The average number of employees during the year was 21 (2023 - 24 ) .

4. Intangible fixed assets
Trade Mark
£
Cost
At 1st June 2023
and 31st May 2024 1,485
Amortisation
At 1st June 2023
and 31st May 2024 1,485
Net book value
At 31st May 2024 -
At 31st May 2023 -

5. Tangible fixed assets
Plant & Motor Office
machinery vehicles equipment Totals
£ £ £ £
Cost
At 1st June 2023 205,767 93,190 27,889 326,846
Additions 8,037 - 562 8,599
Disposals (8,419 ) - - (8,419 )
At 31st May 2024 205,385 93,190 28,451 327,026
Depreciation
At 1st June 2023 151,118 30,612 20,593 202,323
Charge for year 9,404 9,388 1,968 20,760
Eliminated on disposal (7,324 ) - - (7,324 )
At 31st May 2024 153,198 40,000 22,561 215,759
Net book value
At 31st May 2024 52,187 53,190 5,890 111,267
At 31st May 2023 54,649 62,578 7,296 124,523

WYE VALLEY ENGINEERING LIMITED (REGISTERED NUMBER: 02382461)

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


5. Tangible fixed assets - continued

The net book value of tangible fixed assets includes £ 43,074 (2023 - £ 42,764 ) in respect of assets held under hire purchase contracts.

6. Stocks
31.5.24 31.5.23
£ £
Stocks 85,793 112,410

7. Debtors: amounts falling due within one year
31.5.24 31.5.23
£ £
Trade debtors 145,132 152,067
Work in progress - 41,408
Directors' loan accounts 67,407 28,889
Corporation tax - 7,400
Prepayments 37,458 36,028
249,997 265,792

8. Creditors: amounts falling due within one year
31.5.24 31.5.23
£ £
Bank loans & overdrafts (see note 10) 136,864 62,750
Hire purchase contracts (see note 11) 11,626 10,367
Trade creditors 169,185 137,147
Social security & other tax 48,859 39,614
Other creditors 223 56,749
Accruals & deferred income 1,916 1,786
368,673 308,413

9. Creditors: amounts falling due after more than one year
31.5.24 31.5.23
£ £
Bank loans (see note 10) 73,291 20,880
Hire purchase contracts (see note 11) 4,154 9,253
77,445 30,133

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more than five years 16,108 -

WYE VALLEY ENGINEERING LIMITED (REGISTERED NUMBER: 02382461)

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


10. Loans

An analysis of the maturity of loans is given below:

31.5.24 31.5.23
£ £
Amounts falling due within one year or on demand:
Bank overdrafts 117,616 53,044
Bank loans 19,248 9,706
136,864 62,750

Amounts falling due between one and two years:
Bank loans - one to two years 19,248 9,706

Amounts falling due between two and five years:
Bank loans - two to five years 37,935 11,174

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more than five years 16,108 -

The bank loans of £71,900 are secured by a fixed and floating charge over the assets of the company.

11. Leasing agreements

Minimum lease payments fall due as follows:

Hire purchase contracts
31.5.24 31.5.23
£ £
Net obligations repayable:
Within one year 11,626 10,367
Between one and five years 4,154 9,253
15,780 19,620

WYE VALLEY ENGINEERING LIMITED (REGISTERED NUMBER: 02382461)

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


11. Leasing agreements - continued

Non-cancellable
operating leases
31.5.24 31.5.23
£ £
Within one year 71,200 40,000
Between one and five years 13,333 53,333
84,533 93,333

12. Provisions for liabilities
31.5.24 31.5.23
£ £
Deferred tax - 28,000

Deferred tax
£
Balance at 1st June 2023 28,000
Utilised during year (28,000 )
Balance at 31st May 2024 -

13. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 31.5.24 31.5.23
value: £ £
10 Ordinary shares £1 10 10

14. Contingent liabilities

There were no contingent liabilities at 31st May 2024.

15. Directors' advances, credits and guarantees

During the year, the directors used a current account with the company to record amounts due to them and amounts drawn by them. Loans and advances totalling £44,484 and repayments of £5,966 were made during the year. The balance at the year end was £67,407 owed to the company (2023: £28,889).
The loans and advances were made interest free and were repayable on demand.

WYE VALLEY ENGINEERING LIMITED (REGISTERED NUMBER: 02382461)

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


16. Related party disclosures

The directors

The company paid rent for the use of premises owned by the directors during the year amounting to £31,200 (2023: £36,000).