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Registration number: 07118528

WJL Contracts Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2024

 

WJL Contracts Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

WJL Contracts Limited

Company Information

Directors

Mr James Lovatt

Mr Anthony Simms

Mrs Sharon Evans

Registered office

Units 1 & 2 Ormonde Street
Stoke on Trent
ST4 3RR

Accountants

APL Accountants Limited
Chartered Accountants

 

WJL Contracts Limited

(Registration number: 07118528)
Balance Sheet as at 31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

15,546

18,995

Tangible assets

5

216,841

235,211

 

232,387

254,206

Current assets

 

Stocks

6

28,044

22,776

Debtors

7

1,536,666

1,264,874

Cash at bank and in hand

 

871,392

222,328

 

2,436,102

1,509,978

Creditors: Amounts falling due within one year

8

(1,420,825)

(889,696)

Net current assets

 

1,015,277

620,282

Total assets less current liabilities

 

1,247,664

874,488

Creditors: Amounts falling due after more than one year

8

(380,752)

(98,121)

Provisions for liabilities

(45,374)

(48,703)

Net assets

 

821,538

727,664

Capital and reserves

 

Called up share capital

9

60,000

60,000

Retained earnings

761,538

667,664

Shareholders' funds

 

821,538

727,664

For the financial year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

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

The directors acknowledge their 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 and 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 24 April 2025 and signed on its behalf by:
 

 

WJL Contracts Limited

(Registration number: 07118528)
Balance Sheet as at 31 December 2024

.........................................
Mr James Lovatt
Director

 

WJL Contracts Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

1

General information

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

The address of its registered office is:
Units 1 & 2 Ormonde Street
Stoke on Trent
ST4 3RR
United Kingdom

The principal place of business is:
Units 1 & 2 Ormonde Street
Stoke on Trent
ST4 3RR
United Kingdom

These financial statements were authorised for issue by the Board on 24 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.

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

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.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity.

Tax

The tax expense for the period comprises current and 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.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

WJL Contracts Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet 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 over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant

10% reducing balance

Fixtures & fittings

15% reducing balance

Motor vehicles

25% reducing balance

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.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

Straight line over ten years

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

WJL Contracts Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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.

Leases

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.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

WJL Contracts Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 40 (2023 - 35).

 

WJL Contracts Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 January 2024

31,659

31,659

At 31 December 2024

31,659

31,659

Amortisation

At 1 January 2024

12,664

12,664

Amortisation charge

3,449

3,449

At 31 December 2024

16,113

16,113

Carrying amount

At 31 December 2024

15,546

15,546

At 31 December 2023

18,995

18,995

5

Tangible assets

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 January 2024

104,449

257,597

362,046

Additions

7,068

-

7,068

At 31 December 2024

111,517

257,597

369,114

Depreciation

At 1 January 2024

43,008

83,827

126,835

Charge for the year

8,836

16,602

25,438

At 31 December 2024

51,844

100,429

152,273

Carrying amount

At 31 December 2024

59,673

157,168

216,841

At 31 December 2023

61,441

173,770

235,211

6

Stocks

2024
£

2023
£

Other inventories

28,044

22,776

 

WJL Contracts Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

7

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

611,770

979,656

Amounts owed by related parties

729,847

195,405

Other debtors

 

195,049

89,813

   

1,536,666

1,264,874

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

301,664

57,956

Trade creditors

 

914,858

599,852

Taxation and social security

 

83,565

43,343

Other creditors

 

120,738

188,545

 

1,420,825

889,696

Creditors include net obligations under finance lease and hire purchase contracts which are secured on the assets concerned of £18,577 (2022 - £4,676)

 

WJL Contracts Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

380,752

98,121

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

60,000

60,000

60,000

60,000

       

10

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

380,752

87,500

Hire purchase contracts

-

10,621

380,752

98,121

Current loans and borrowings

2024
£

2023
£

Bank borrowings

162,512

50,000

Hire purchase contracts

10,616

7,956

Other borrowings

128,536

-

301,664

57,956

11

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of contingencies not included in the balance sheet is £Nil (2023 - £314,000).

12

Parent and ultimate parent undertaking

The company's immediate parent is Charlwood Holdings Limited, incorporated in England & Wales.