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Company No: 00821571 (England and Wales)

WROXHAM BUILDERS LTD

Unaudited Financial Statements
For the financial year ended 30 September 2024
Pages for filing with the registrar

WROXHAM BUILDERS LTD

Unaudited Financial Statements

For the financial year ended 30 September 2024

Contents

WROXHAM BUILDERS LTD

STATEMENT OF FINANCIAL POSITION

As at 30 September 2024
WROXHAM BUILDERS LTD

STATEMENT OF FINANCIAL POSITION (continued)

As at 30 September 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 154,544 95,645
154,544 95,645
Current assets
Stocks 259,197 259,637
Debtors
- due within one year 4 38,964 39,140
- due after more than one year 4 26,605 50,000
Cash at bank and in hand 202,945 210,078
527,711 558,855
Creditors: amounts falling due within one year 5 ( 242,616) ( 248,990)
Net current assets 285,095 309,865
Total assets less current liabilities 439,639 405,510
Creditors: amounts falling due after more than one year 6 ( 19,647) 0
Provision for liabilities 7 ( 16,978) ( 24,179)
Net assets 403,014 381,331
Capital and reserves
Called-up share capital 16,500 16,500
Capital redemption reserve 37,500 37,500
Profit and loss account 349,014 327,331
Total shareholder's funds 403,014 381,331

For the financial year ending 30 September 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Wroxham Builders Ltd (registered number: 00821571) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

Claire Louise Hurrell
Director

03 April 2025

WROXHAM BUILDERS LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 September 2024
WROXHAM BUILDERS LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 September 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Wroxham Builders Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Unit 1 Station Business Park Horning Road West, Hoveton, Norwich, NR12 8QJ, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

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 is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Income Statement in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.

Finance costs

Finance costs are charged to the Income Statement over the term of the debt using the effective interest method so 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.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

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 fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery 25 % reducing balance
Vehicles 25 % reducing balance
Office equipment 15 % reducing balance
5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Income Statement over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Income Statement as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

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.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

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 creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either 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.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 9 9

3. Tangible assets

Plant and machinery Vehicles Office equipment Total
£ £ £ £
Cost
At 01 October 2023 143,090 144,186 18,282 305,558
Additions 4,622 110,305 0 114,927
Disposals 0 ( 38,221) 0 ( 38,221)
Transfers ( 5,440) 5,181 259 0
At 30 September 2024 142,272 221,451 18,541 382,264
Accumulated depreciation
At 01 October 2023 102,454 96,765 10,694 209,913
Charge for the financial year 9,517 22,419 2,197 34,133
Disposals 0 ( 16,326) 0 ( 16,326)
At 30 September 2024 111,971 102,858 12,891 227,720
Net book value
At 30 September 2024 30,301 118,593 5,650 154,544
At 30 September 2023 40,636 47,421 7,588 95,645
Leased assets included above:
Net book value
At 30 September 2024 0 91,000 0 91,000
At 30 September 2023 0 0 0 0

4. Debtors

2024 2023
£ £
Debtors: amounts falling due within one year
Trade debtors 27,790 28,015
Other debtors 11,174 11,125
38,964 39,140
Debtors: amounts falling due after more than one year
Amounts owed by Group undertakings 26,605 50,000

5. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 98,498 81,387
CIS withheld 1,330 10,847
Taxation and social security 92,057 91,727
Obligations under finance leases and hire purchase contracts (secured) 32,251 0
Other creditors 18,480 65,029
242,616 248,990

Obligations on hire purchase contracts are secured on the assets to which they relate.

6. Creditors: amounts falling due after more than one year

2024 2023
£ £
Obligations under finance leases and hire purchase contracts (secured) 19,647 0

Obligations on hire purchase contracts are secured on the assets to which they relate.

7. Deferred tax

2024 2023
£ £
At the beginning of financial year ( 24,179) ( 29,267)
Credited to the Income Statement 7,201 5,088
At the end of financial year ( 16,978) ( 24,179)

The deferred taxation balance is made up as follows:

2024 2023
£ £
Accelerated capital allowances ( 16,824) ( 23,202)
Pension ( 154) ( 977)
( 16,978) ( 24,179)

8. Financial commitments

Pensions

The Company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.

2024 2023
£ £
Unpaid contributions due to the fund (inc. in other creditors) 325 399

The pension cost charge represents contributions payable by the company to the fund and amounted to £26,986 (2023: £27,356)

9. Ultimate controlling party

The controlling party is Maycroft Holdings Ltd by way of owning 100% of the issues share capital. The company is under ultimate control of its Directors, J M Hurrell and C L Hurrell.