REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
FOR |
WRIGHTFIELD LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
FOR |
WRIGHTFIELD LIMITED |
WRIGHTFIELD LIMITED (REGISTERED NUMBER: 02347731) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the year ended 30 September 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
WRIGHTFIELD LIMITED |
COMPANY INFORMATION |
for the year ended 30 September 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Certified Accountants |
124 Thorpe Road |
Norwich |
Norfolk |
NR1 1RS |
WRIGHTFIELD LIMITED (REGISTERED NUMBER: 02347731) |
BALANCE SHEET |
30 September 2024 |
2024 | 2023 |
Notes | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
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. |
WRIGHTFIELD LIMITED (REGISTERED NUMBER: 02347731) |
BALANCE SHEET - continued |
30 September 2024 |
The financial statements were approved by the Board of Directors and authorised for issue on |
WRIGHTFIELD LIMITED (REGISTERED NUMBER: 02347731) |
NOTES TO THE FINANCIAL STATEMENTS |
for the year ended 30 September 2024 |
1. | STATUTORY INFORMATION |
Wrightfield Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover and long term contracts |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Where the outcome of a contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract at the balance sheet date. The company uses the 'percentage of completion method' to determine the appropriate amount to recognise in a given period. The assessment of the stage of completion is dependent on the nature of the contract, but will generally be based on the estimated proportion of the total contract costs which have been incurred to date. If a contract is expected to be loss-making, a provision is recognised for the entire loss. |
The value of works on contracts substantially complete at the balance sheet date is recorded as turnover. The amount by which recorded turnover is in excess of work invoiced is shown as amounts recoverable on contracts and is disclosed separately within debtors. |
Goodwill |
Goodwill, being the amount paid in connection with the acquisition of a business, has been fully written off over its estimated useful life. |
Tangible fixed assets |
Land and buildings | - |
Plant and machinery etc | - |
The directors perform an annual impairment review of freehold property to ensure that the recoverable amount is not lower than the carrying value. They consider that the freehold property is maintained in such a state of repair that the residual value is at least equal to the net book value. |
Stocks |
Stocks and work in progress are stated at the lower of cost and net realisable value. Cost includes all direct expenditure and production overheads based on a normal level of activity. Net realisable value is the price at which stocks and work in progress could be realised in the normal course of business after allowing for costs of realisation. |
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. |
WRIGHTFIELD LIMITED (REGISTERED NUMBER: 02347731) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 30 September 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. |
Foreign currencies |
Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. |
Pension costs and 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. |
Leasing commitments |
Rentals paid under operating leases are charged to the profit and loss account as incurred. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 October 2023 |
and 30 September 2024 |
AMORTISATION |
At 1 October 2023 |
and 30 September 2024 |
NET BOOK VALUE |
At 30 September 2024 |
At 30 September 2023 |
WRIGHTFIELD LIMITED (REGISTERED NUMBER: 02347731) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 30 September 2024 |
5. | TANGIBLE FIXED ASSETS |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
COST |
At 1 October 2023 |
Additions |
At 30 September 2024 |
DEPRECIATION |
At 1 October 2023 |
Charge for year |
At 30 September 2024 |
NET BOOK VALUE |
At 30 September 2024 |
At 30 September 2023 |
The freehold land and buildings were valued on an open market basis in December 2012 by Bidwells (an independent valuer). The valuation was in excess of the carrying value. The directors have performed an impairment review and still consider the recoverable amount to be in excess of the carrying value. |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Amounts recoverable on contracts | ( |
) |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Taxation and social security |
Other creditors |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans |
WRIGHTFIELD LIMITED (REGISTERED NUMBER: 02347731) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 30 September 2024 |
9. | SECURED DEBTS |
The following secured debts are included within creditors: |
2024 | 2023 |
£ | £ |
Bank overdraft |
Bank loans |
The bank loan and overdraft is secured by legal charges over the freehold property. Hire purchase contracts are secured over the assets financed. |
10. | PENSION COMMITMENTS |
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £51,155 (2023 £47,392). |
11. | OTHER FINANCIAL COMMITMENTS |
The company had lease commitments of £116,760 at the balance sheet date (2023 £97,642). |