H C Wright Limited 04470718 false 2023-08-01 2024-07-29 2024-07-29 The principal activity of the company is Freight transport Digita Accounts Production Advanced 6.30.9574.0 true true 04470718 2023-08-01 2024-07-29 04470718 2024-07-29 04470718 core:RetainedEarningsAccumulatedLosses 2024-07-29 04470718 core:RevaluationReserve 2024-07-29 04470718 core:ShareCapital 2024-07-29 04470718 core:CurrentFinancialInstruments 2024-07-29 04470718 core:CurrentFinancialInstruments core:WithinOneYear 2024-07-29 04470718 core:Non-currentFinancialInstruments core:AfterOneYear 2024-07-29 04470718 core:Goodwill 2024-07-29 04470718 core:BetweenTwoFiveYears 2024-07-29 04470718 core:WithinOneYear 2024-07-29 04470718 core:FurnitureFittingsToolsEquipment 2024-07-29 04470718 core:LandBuildings 2024-07-29 04470718 core:MotorVehicles 2024-07-29 04470718 bus:SmallEntities 2023-08-01 2024-07-29 04470718 bus:AuditExemptWithAccountantsReport 2023-08-01 2024-07-29 04470718 bus:FilletedAccounts 2023-08-01 2024-07-29 04470718 bus:SmallCompaniesRegimeForAccounts 2023-08-01 2024-07-29 04470718 bus:RegisteredOffice 2023-08-01 2024-07-29 04470718 bus:Director1 2023-08-01 2024-07-29 04470718 bus:PrivateLimitedCompanyLtd 2023-08-01 2024-07-29 04470718 core:Goodwill 2023-08-01 2024-07-29 04470718 core:Buildings 2023-08-01 2024-07-29 04470718 core:FurnitureFittings 2023-08-01 2024-07-29 04470718 core:FurnitureFittingsToolsEquipment 2023-08-01 2024-07-29 04470718 core:LandBuildings 2023-08-01 2024-07-29 04470718 core:MotorVehicles 2023-08-01 2024-07-29 04470718 core:PlantMachinery 2023-08-01 2024-07-29 04470718 core:Vehicles 2023-08-01 2024-07-29 04470718 countries:AllCountries 2023-08-01 2024-07-29 04470718 2023-07-31 04470718 core:Goodwill 2023-07-31 04470718 core:FurnitureFittingsToolsEquipment 2023-07-31 04470718 core:LandBuildings 2023-07-31 04470718 core:MotorVehicles 2023-07-31 04470718 2022-08-01 2023-07-31 04470718 2023-07-31 04470718 core:RetainedEarningsAccumulatedLosses 2023-07-31 04470718 core:RevaluationReserve 2023-07-31 04470718 core:ShareCapital 2023-07-31 04470718 core:CurrentFinancialInstruments 2023-07-31 04470718 core:CurrentFinancialInstruments core:WithinOneYear 2023-07-31 04470718 core:Non-currentFinancialInstruments core:AfterOneYear 2023-07-31 04470718 core:BetweenTwoFiveYears 2023-07-31 04470718 core:WithinOneYear 2023-07-31 04470718 core:FurnitureFittingsToolsEquipment 2023-07-31 04470718 core:LandBuildings 2023-07-31 04470718 core:MotorVehicles 2023-07-31 iso4217:GBP xbrli:pure

Registration number: 04470718

H C Wright Limited

Unaudited Filleted Financial Statements

for the Period from 1 August 2023 to 29 July 2024

 

H C Wright Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

H C Wright Limited

Company Information

Director

Mr J B Wright

Registered office

Millfield Barn
Mansgate Hill
Nettleton
Market Rasen
Lincolnshire
LN7 6NT

 

H C Wright Limited

(Registration number: 04470718)
Balance Sheet as at 29 July 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

634,355

682,774

Current assets

 

Debtors

6

235,670

316,278

Cash at bank and in hand

 

5,404

2,442

 

241,074

318,720

Creditors: Amounts falling due within one year

7

(812,058)

(874,442)

Net current liabilities

 

(570,984)

(555,722)

Total assets less current liabilities

 

63,371

127,052

Creditors: Amounts falling due after more than one year

7

(271,346)

(340,869)

Provisions for liabilities

-

(8,820)

Net liabilities

 

(207,975)

(222,637)

Capital and reserves

 

Called up share capital

1,000

1,000

Revaluation reserve

7,059

7,059

Retained earnings

(216,034)

(230,696)

Shareholders' deficit

 

(207,975)

(222,637)

For the financial period ending 29 July 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the Company to obtain an audit of its accounts for the period in question in accordance with section 476; and

The Director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the Director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 29 April 2025
 

 

H C Wright Limited

(Registration number: 04470718)
Balance Sheet as at 29 July 2024

.........................................
Mr J B Wright
Director

 

H C Wright Limited

Notes to the Unaudited Financial Statements for the Period from 1 August 2023 to 29 July 2024

1

General information

The Company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Millfield Barn
Mansgate Hill
Nettleton
Market Rasen
Lincolnshire
LN7 6NT

These financial statements were authorised for issue by the director on 29 April 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements have been prepared in sterling and are rounded to the nearest pound.

The financial statements cover the individual entity, H C Wright Limited.

Going concern

The director has confirmed that post year-end changes to the company will be sufficient enough to improve the profitability and cash flow of the company and because of this the financial statements should be prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the Company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

H C Wright Limited

Notes to the Unaudited Financial Statements for the Period from 1 August 2023 to 29 July 2024

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the Company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures & fittings

20% on reducing balance

Plant & Machinery

10% and 12.5% on straightline

Vehicles

20% on reducing balance

Freehold property

25% on straightline

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the Company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the Company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

H C Wright Limited

Notes to the Unaudited Financial Statements for the Period from 1 August 2023 to 29 July 2024

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the Company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the Company (including the Director) during the period, was 9 (2023 - 10).

 

H C Wright Limited

Notes to the Unaudited Financial Statements for the Period from 1 August 2023 to 29 July 2024

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 August 2023

100,000

100,000

At 29 July 2024

100,000

100,000

Amortisation

At 1 August 2023

100,000

100,000

At 29 July 2024

100,000

100,000

Carrying amount

At 29 July 2024

-

-

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 August 2023

49,537

1,210,265

37,500

1,297,302

Additions

-

147,219

-

147,219

Disposals

-

(417,370)

(12,500)

(429,870)

At 29 July 2024

49,537

940,114

25,000

1,014,651

Depreciation

At 1 August 2023

-

591,168

23,360

614,528

Charge for the period

12,385

118,204

3,687

134,276

Eliminated on disposal

-

(356,008)

(12,500)

(368,508)

At 29 July 2024

12,385

353,364

14,547

380,296

Carrying amount

At 29 July 2024

37,152

586,750

10,453

634,355

At 31 July 2023

49,537

619,097

14,140

682,774

Included within the net book value of land and buildings above is £37,152 (2023 - £49,537) in respect of freehold land and buildings.
 

 

H C Wright Limited

Notes to the Unaudited Financial Statements for the Period from 1 August 2023 to 29 July 2024

6

Debtors

Current

2024
£

2023
£

Trade debtors

227,502

300,375

Prepayments

-

7,497

Other debtors

8,168

8,406

 

235,670

316,278

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Bank loans

17,230

18,305

HP and finance leases

139,911

105,430

Trade creditors

75,193

155,127

Taxation and social security

179,548

69,611

Accruals and deferred income

3,000

7,613

Other creditors

397,176

518,356

812,058

874,442

Creditors: amounts falling due after more than one year

2024
£

2023
£

Due after one year

Bank loans

39,281

53,178

HP and finance lease liabilities

232,065

287,691

271,346

340,869

Creditors include secured bank loans, hire obligations and debt factoring totalling £588,0027 (2023 £764,675), the bank loans have been secured against fixed and floating charges of the company, the debt factoring has been secured against the trade receivables, and the hire purchase liabilities have been secured against the assets purchased under the agreements.

 

H C Wright Limited

Notes to the Unaudited Financial Statements for the Period from 1 August 2023 to 29 July 2024

8

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

34,944

-

Later than one year and not later than five years

8,736

-

43,680

-

9 Exceptional Items

Within the profit and loss account there is £85,852 of exceptional income, this was non-recurring and considered non-operating income.