Registration number:
H C Wright Limited
for the Period from 1 August 2023 to 29 July 2024
H C Wright Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
H C Wright Limited
Company Information
Director |
Mr J B Wright |
Registered office |
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H C Wright Limited
(Registration number: 04470718)
Balance Sheet as at 29 July 2024
Note |
2024 |
2023 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current liabilities |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
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Provisions for liabilities |
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Net liabilities |
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Capital and reserves |
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Called up share capital |
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Revaluation reserve |
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Retained earnings |
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Shareholders' deficit |
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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:
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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
H C Wright Limited
(Registration number: 04470718)
Balance Sheet as at 29 July 2024
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H C Wright Limited
Notes to the Unaudited Financial Statements for the Period from 1 August 2023 to 29 July 2024
General information |
The Company is a private company limited by share capital, incorporated in England & Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
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.
Staff numbers |
The average number of persons employed by the Company (including the Director) during the period, was
H C Wright Limited
Notes to the Unaudited Financial Statements for the Period from 1 August 2023 to 29 July 2024
Intangible assets |
Goodwill |
Total |
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Cost or valuation |
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At 1 August 2023 |
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At 29 July 2024 |
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Amortisation |
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At 1 August 2023 |
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At 29 July 2024 |
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Carrying amount |
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At 29 July 2024 |
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Tangible assets |
Land and buildings |
Furniture, fittings and equipment |
Motor vehicles |
Total |
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Cost or valuation |
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At 1 August 2023 |
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Additions |
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Disposals |
- |
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( |
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At 29 July 2024 |
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Depreciation |
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At 1 August 2023 |
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Charge for the period |
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Eliminated on disposal |
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( |
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At 29 July 2024 |
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Carrying amount |
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At 29 July 2024 |
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At 31 July 2023 |
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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
Debtors |
Current |
2024 |
2023 |
Trade debtors |
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Prepayments |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
2024 |
2023 |
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Due within one year |
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Bank loans |
17,230 |
18,305 |
HP and finance leases |
139,911 |
105,430 |
Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Creditors: amounts falling due after more than one year
2024 |
2023 |
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Due after one year |
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Bank loans |
39,281 |
53,178 |
HP and finance lease liabilities |
232,065 |
287,691 |
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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
Obligations under leases and hire purchase contracts |
Operating leases
The total of future minimum lease payments is as follows:
2024 |
2023 |
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Not later than one year |
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Later than one year and not later than five years |
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- |
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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.