Company registration number 02001848 (England and Wales)
WYNBROOK LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
PAGES FOR FILING WITH REGISTRAR
WYNBROOK LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 10
WYNBROOK LIMITED
BALANCE SHEET
AS AT
30 SEPTEMBER 2024
30 September 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
9,288
12,301
Tangible assets
4
45,102
1,664
Investment property
5
550,000
550,000
604,390
563,965
Current assets
Stocks
60,000
172,020
Debtors
6
4,314,461
5,740,783
Cash at bank and in hand
85,109
16,987
4,459,570
5,929,790
Creditors: amounts falling due within one year
7
(4,253,602)
(5,847,876)
Net current assets
205,968
81,914
Total assets less current liabilities
810,358
645,879
Creditors: amounts falling due after more than one year
8
(322,459)
(225,612)
Provisions for liabilities
(41,032)
(31,014)
Net assets
446,867
389,253
Capital and reserves
Called up share capital
100
100
Non-distributable profits reserve
119,782
119,782
Distributable profit and loss reserves
326,985
269,371
Total equity
446,867
389,253
WYNBROOK LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 SEPTEMBER 2024
30 September 2024
- 2 -

For the financial year ended 30 September 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 of its financial statements for the year in question in accordance with section 476.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 17 April 2025 and are signed on its behalf by:
M R Day
Director
Company registration number 02001848 (England and Wales)
WYNBROOK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 3 -
1
Accounting policies
Company information

Wynbrook Limited is a private company, limited by shares and incorporated in England and Wales. The company's registered number is 02001848. The address of its registered office is Park View House, 58 The Ropewalk, Nottingham, NG1 5DW.

 

The principal activity of the company continued to be that of a construction company.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

The financial statements have been prepared on a going concern basis. The validity of this assumption depends upon the continued financial support of the directors who have indicated their willingness to support the company financially. On this basis the directors consider the company is a going concern for the foreseeable future.true

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, turnover is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.4
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Software
15% straight line
1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

WYNBROOK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 4 -

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings
15% straight line
Motor vehicles
33% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.6
Investment property

Investment property, which is property held to earn rentals and for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.7
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.8
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.9
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.10
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with 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 debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

WYNBROOK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 5 -
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 deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans and loans from fellow group companies are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.11
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.12
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.13
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

WYNBROOK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 6 -
1.14
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

1.15
Government grants

The UK government has offered a range of financial support packages to help companies, including government backed financing arrangements, furlough schemes, deferment of VAT payments and, for some sectors, business rates holidays. Of the offered schemes, the company used the furlough scheme, the Bounce Back Loan Scheme and deferral of VAT payments. The income from the furlough scheme has been recognised within 'Other income'. They are recognised when the entity has reasonable assurance that they will comply with the conditions attaching the grant, and that the grant will be received.

1.16

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
16
14
WYNBROOK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 7 -
3
Intangible fixed assets
Software
£
Cost
At 1 October 2023 and 30 September 2024
20,084
Amortisation and impairment
At 1 October 2023
7,783
Amortisation charged for the year
3,013
At 30 September 2024
10,796
Carrying amount
At 30 September 2024
9,288
At 30 September 2023
12,301
4
Tangible fixed assets
Fixtures and fittings
Motor vehicles
Total
£
£
£
Cost
At 1 October 2023
48,868
-
0
48,868
Additions
-
0
45,416
45,416
At 30 September 2024
48,868
45,416
94,284
Depreciation and impairment
At 1 October 2023
47,204
-
0
47,204
Depreciation charged in the year
729
1,249
1,978
At 30 September 2024
47,933
1,249
49,182
Carrying amount
At 30 September 2024
935
44,167
45,102
At 30 September 2023
1,664
-
0
1,664
5
Investment property
2024
£
Fair value
At 1 October 2023 and 30 September 2024
550,000

The 2024 valuations were made by the directors, on an open market value for existing purposes.

WYNBROOK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 8 -
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
2,444,412
3,688,256
Amounts owed by related parties
1,053,269
1,144,832
Other debtors
134,448
207,396
Prepayments and accrued income
682,332
700,299
4,314,461
5,740,783
7
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
49,384
228,440
Obligations under finance leases
9,014
-
0
Other borrowings
194,000
235,642
Trade creditors
3,503,281
3,533,033
Amounts owed to related parties
109,570
109,570
Corporation tax
11,103
34,143
Other taxation and social security
64,759
67,284
Other creditors
304,231
390,044
Accruals and deferred income
8,260
1,249,720
4,253,602
5,847,876

The aggregate amount of creditors for which security has been given amounted to £452,190 (2023: £518,159).

 

The directors provided personal guarantees in respect of secured creditors amounting to £372,000 (2023: £299,719).

8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans
6,667
16,667
Obligations under finance leases
31,792
-
0
Other borrowings
284,000
208,945
322,459
225,612

See note 7 for security details.

 

WYNBROOK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 9 -
9
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
43,059
59,933
WYNBROOK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 10 -
10
Related party transactions

As at 30 September 2024 included in other creditors was an amount of £372,000 (2023: £299,719) owed by the company to the trustees of the Wynbrook Limited pension scheme. Interest of £22,721 (2023: £26,516) was charged on these amounts.

 

As at 30 September 2024 included in creditors was an amount of £109,570 (2023: £93,790) owed to a company in which M Day and S Day are also directors. This loan is interest free and repayable on demand.

 

As at 30 September 2024 included in debtors were amounts of £2,308,691 (2023: £2,743,804) owed to the company from various companies in which M Day and S Day are also directors. This amounts are interest free and repayable on demand.

 

As at 30 September 2024 included in debtors was an amount of £50,418 (2023: £50,418) owed to the company from a company in which S Day is a director. This loan is interest free and repayable on demand.

 

As at 30 September 2024 included in debtors was an amount of £Nil (2023: £1,010) owed to the company from a company in which M Day is a director. This loan is interest free and repayable on demand.

 

As at 30 September 2024 included in other debtors was an amount of £31,933 (2023: £31,933) owed to the company by a shareholder of the company. An amount of £Nil (2023: £Nil) was repaid by the shareholder during the year. Interest of £Nil (2023: £Nil) was charged on these amounts.

11
Directors' transactions

As at 30 September 2024 included in other creditors was an amount of £241,399 (2023: £72,399) owed by the company to a director of the company. An amount of £31,000 (2023: £Nil) was repaid to the director during the year. Interest of £Nil (2023: £16,000) was charged on these amounts.

 

As at 30 September 2024 included in other debtors was an amount of £36,962 (2023: £36,962) owed to the company by a director of the company. An amount of £Nil (2023: £Nil) was repaid by the director during the year. Interest of £Nil (2023: £Nil) was charged on these amounts.

 

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