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Registered number: 01634450
Wessex Industrial Doors (Yeovil) Limited
Unaudited Financial Statements
For The Year Ended 31 May 2024
HAP Accountancy Ltd
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 01634450
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 34,989 45,759
34,989 45,759
CURRENT ASSETS
Stocks 5 203,688 206,474
Debtors 6 193,754 203,448
Cash at bank and in hand 357,931 329,207
755,373 739,129
Creditors: Amounts Falling Due Within One Year 7 (201,857 ) (253,550 )
NET CURRENT ASSETS (LIABILITIES) 553,516 485,579
TOTAL ASSETS LESS CURRENT LIABILITIES 588,505 531,338
PROVISIONS FOR LIABILITIES
Provisions For Charges (78,102 ) (77,313 )
Deferred Taxation (8,747 ) (11,439 )
NET ASSETS 501,656 442,586
CAPITAL AND RESERVES
Called up share capital 8 1,000 1,000
Profit and Loss Account 500,656 441,586
SHAREHOLDERS' FUNDS 501,656 442,586
Page 1
Page 2
For the year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their 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 David Gould
Director
27 February 2025
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Wessex Industrial Doors (Yeovil) Limited is a private company, limited by shares, incorporated in England & Wales, registered number 01634450 . The registered office is The Barnhouse, Home Farm Lane, Rimpton, Somerset, BA22 8AS.
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 sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
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 25%
Motor Vehicles 15%
Fixtures & Fittings 25%
Computer Equipment 25%
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
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.
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 or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
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2.6. Provisions
Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation.  Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 18 (2023: 17)
18 17
4. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 June 2023 124,652 84,485 7,817 66,274 283,228
Additions - - - 349 349
As at 31 May 2024 124,652 84,485 7,817 66,623 283,577
Depreciation
As at 1 June 2023 120,578 48,138 7,772 60,981 237,469
Provided during the period 611 9,087 11 1,410 11,119
As at 31 May 2024 121,189 57,225 7,783 62,391 248,588
Net Book Value
As at 31 May 2024 3,463 27,260 34 4,232 34,989
As at 1 June 2023 4,074 36,347 45 5,293 45,759
5. Stocks
2024 2023
£ £
Stock 203,688 206,474
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 168,279 176,340
Prepayments and accrued income 10,305 13,078
Other debtors 15,170 13,630
Directors' loan accounts - 400
193,754 203,448
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7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 93,436 121,667
Corporation tax 70,634 57,508
Other taxes and social security 6,990 7,158
VAT 23,567 60,357
Other creditors 1,731 1,628
Accruals and deferred income 5,499 5,232
201,857 253,550
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 1,000 1,000
9. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
2024 2023
£ £
Not later than one year 68,168 68,168
Later than one year and not later than five years 135,808 203,976
203,976 272,144
10. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 June 2023 Amounts advanced Amounts repaid Amounts written off As at 31 May 2024
£ £ £ £ £
Mr David Gould 400 - 400 - -
The above loan is unsecured, interest free and repayable on demand.
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