REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED |
31ST MAY 2024 |
FOR |
WYE VALLEY ENGINEERING LIMITED |
REGISTERED NUMBER: |
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: |
Secretary: |
Registered office: |
Registered number: |
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 |
Current assets |
Stocks | 6 |
Debtors | 7 |
Cash at bank and in hand |
Creditors |
Amounts falling due within one year | 8 |
Net current (liabilities)/assets | ( |
) |
Total assets less current liabilities |
Creditors |
Amounts falling due after more than one year |
9 |
( |
) |
( |
) |
Provisions for liabilities | 12 | ( |
) |
Net assets |
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 |
Retained earnings |
Shareholders' funds |
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 were approved by the Board of Directors and authorised for issue on |
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 |
2. | Accounting policies |
Basis of preparing the financial statements |
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 & machinery | 15% reducing balance |
Motor vehicles | 15% reducing balance |
Office equipment | 25% 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 |
4. | Intangible fixed assets |
Trade Mark |
£ |
Cost |
At 1st June 2023 |
and 31st May 2024 |
Amortisation |
At 1st June 2023 |
and 31st May 2024 |
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 |
Additions |
Disposals | ( |
) | ( |
) |
At 31st May 2024 |
Depreciation |
At 1st June 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31st May 2024 |
Net book value |
At 31st May 2024 |
At 31st May 2023 |
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 |
7. | Debtors: amounts falling due within one year |
31.5.24 | 31.5.23 |
£ | £ |
Trade debtors |
Work in progress | - | 41,408 |
Directors' loan accounts | 67,407 | 28,889 |
Corporation tax |
Prepayments |
8. | Creditors: amounts falling due within one year |
31.5.24 | 31.5.23 |
£ | £ |
Bank loans & overdrafts (see note 10) |
Hire purchase contracts (see note 11) |
Trade creditors |
Social security & other tax |
Other creditors |
Accruals & deferred income |
9. | Creditors: amounts falling due after more than one year |
31.5.24 | 31.5.23 |
£ | £ |
Bank loans (see note 10) |
Hire purchase contracts (see note 11) |
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 |
Bank loans |
Amounts falling due between one and two years: |
Bank loans - one to two years |
Amounts falling due between two and five years: |
Bank loans - two to five years |
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 |
Between one and five years |
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 |
Between one and five years |
12. | Provisions for liabilities |
31.5.24 | 31.5.23 |
£ | £ |
Deferred tax | - | 28,000 |
Deferred tax |
£ |
Balance at 1st June 2023 |
Utilised during year | ( |
) |
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: | £ | £ |
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). |