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Registered number: 08634639
Woolmer Classic Engineering Ltd
Unaudited Financial Statements
For The Year Ended 31 August 2024
Focal Business Group Limited
Chartered Institue of Management Accountants
4A Church Street
Market Harborough
Leicestershire
LE16 7AA
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 08634639
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 207,870 211,513
207,870 211,513
CURRENT ASSETS
Debtors 5 130,122 129,038
Cash at bank and in hand 45,248 38,897
175,370 167,935
Creditors: Amounts Falling Due Within One Year 6 (327,893 ) (318,543 )
NET CURRENT ASSETS (LIABILITIES) (152,523 ) (150,608 )
TOTAL ASSETS LESS CURRENT LIABILITIES 55,347 60,905
NET ASSETS 55,347 60,905
CAPITAL AND RESERVES
Called up share capital 103 103
Profit and Loss Account 55,244 60,802
SHAREHOLDERS' FUNDS 55,347 60,905
Page 1
Page 2
For the year ending 31 August 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 Paul Michael Woolmer
Director
17 February 2025
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Woolmer Classic Engineering Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 08634639 . The registered office is Roothams Farm, Roothams Green, Colmworth, Bedfordshire, MK44 2NH.
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:
Freehold Revaluation method
Plant & Machinery 25% reducing balance
Motor Vehicles 25% reducing balance
Fixtures & Fittings 25% reducing balance
Computer Equipment 33% straight line
2.4. 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.
...CONTINUED
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2.4. Taxation - continued
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.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 9 (2023: 10)
9 10
4. Tangible Assets
Land & Property
Freehold Plant & Machinery Motor Vehicles Fixtures & Fittings
£ £ £ £
Cost
As at 1 September 2023 123,195 88,596 103,195 3,097
Additions - - 24,500 -
As at 31 August 2024 123,195 88,596 127,695 3,097
Depreciation
As at 1 September 2023 - 65,715 41,010 1,974
Provided during the period - 5,719 20,640 282
As at 31 August 2024 - 71,434 61,650 2,256
Net Book Value
As at 31 August 2024 123,195 17,162 66,045 841
As at 1 September 2023 123,195 22,881 62,185 1,123
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Computer Equipment Total
£ £
Cost
As at 1 September 2023 9,164 327,247
Additions 380 24,880
As at 31 August 2024 9,544 352,127
Depreciation
As at 1 September 2023 7,035 115,734
Provided during the period 1,882 28,523
As at 31 August 2024 8,917 144,257
Net Book Value
As at 31 August 2024 627 207,870
As at 1 September 2023 2,129 211,513
5. Debtors
2024 2023
£ £
Due within one year
Trade debtors 55,342 85,272
Other debtors 74,780 43,766
130,122 129,038
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 29,738 25,190
Other creditors 280,744 273,035
Taxation and social security 17,411 20,318
327,893 318,543
Page 5