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REGISTERED NUMBER: 00429755 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

FOR

F. W. WALLACE LIMITED

F. W. WALLACE LIMITED (REGISTERED NUMBER: 00429755)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


F. W. WALLACE LIMITED

COMPANY INFORMATION
for the Year Ended 31 March 2024







DIRECTOR: M S Glaves





REGISTERED OFFICE: 170 Fitzwilliam Street
Sheffield
South Yorkshire
S1 4JR





REGISTERED NUMBER: 00429755 (England and Wales)





ACCOUNTANTS: Hodgson & Oldfield
Aizlewood's Mill
Nursery Street
Sheffield
S3 8GG

F. W. WALLACE LIMITED (REGISTERED NUMBER: 00429755)

BALANCE SHEET
31 March 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 86,676 80,149

CURRENT ASSETS
Stocks 30,959 35,651
Debtors 5 176,173 176,331
Cash at bank and in hand 792,323 618,494
999,455 830,476
CREDITORS
Amounts falling due within one year 6 220,405 216,851
NET CURRENT ASSETS 779,050 613,625
TOTAL ASSETS LESS CURRENT
LIABILITIES

865,726

693,774

CAPITAL AND RESERVES
Called up share capital 17,400 17,400
Share premium 100 100
Capital redemption reserve 6,600 6,600
Retained earnings 841,626 669,674
SHAREHOLDERS' FUNDS 865,726 693,774

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

F. W. WALLACE LIMITED (REGISTERED NUMBER: 00429755)

BALANCE SHEET - continued
31 March 2024


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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 28 March 2025 and were signed by:





M S Glaves - Director


F. W. WALLACE LIMITED (REGISTERED NUMBER: 00429755)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

F. W. Wallace 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.

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.

Turnover
Turnover represents net invoiced sales of goods and services, excluding value added tax. Turnover is recognised when the work on a vehicle is complete.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and buildings - 33% on cost and Over term of the lease
Plant and machinery etc - 25% on cost, 20% on cost and 10% on cost

Stocks
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 items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.


F. W. WALLACE LIMITED (REGISTERED NUMBER: 00429755)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued
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 and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pensions
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an indendently administered fund. Contributions payable for the year are charged in the profit and loss account.


3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2023 - 9 ) .

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 April 2023 47,192 385,751 432,943
Additions - 23,269 23,269
At 31 March 2024 47,192 409,020 456,212
DEPRECIATION
At 1 April 2023 25,074 327,720 352,794
Charge for year 524 16,218 16,742
At 31 March 2024 25,598 343,938 369,536
NET BOOK VALUE
At 31 March 2024 21,594 65,082 86,676
At 31 March 2023 22,118 58,031 80,149

F. W. WALLACE LIMITED (REGISTERED NUMBER: 00429755)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2024

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade debtors 154,699 157,845
Other debtors 21,474 18,486
176,173 176,331

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade creditors 90,078 66,381
Taxation and social security 82,314 51,184
Other creditors 48,013 99,286
220,405 216,851

7. ULTIMATE CONTROLLING PARTY

The controlling party is M S Glaves.