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REGISTERED NUMBER: 08806622 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 December 2024

for

Wisbey Salvage And Spares Limited

Wisbey Salvage And Spares Limited (Registered number: 08806622)






Contents of the Financial Statements
for the year ended 31 December 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Wisbey Salvage And Spares Limited

Company Information
for the year ended 31 December 2024







DIRECTOR: A J Wisbey





SECRETARY:





REGISTERED OFFICE: Lower Farm
Steeple Road
Mayland
Essex
CM3 6EG





REGISTERED NUMBER: 08806622 (England and Wales)





ACCOUNTANTS: Simpson Forbes Accountants
Unit 6,CherryTree Farm
Blackmore End Road
Sible Hedingham
Essex
CO9 3LZ

Wisbey Salvage And Spares Limited (Registered number: 08806622)

Balance Sheet
31 December 2024

2024 2023
as restated
Notes £    £    £   
FIXED ASSETS
Tangible assets 4 551,853 643,628

CURRENT ASSETS
Stocks 60,000 60,000
Debtors 5 946,484 400,334
Cash at bank 440,131 341,104
1,446,615 801,438
CREDITORS
Amounts falling due within one year 6 579,529 224,506
NET CURRENT ASSETS 867,086 576,932
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,418,939

1,220,560

PROVISIONS FOR LIABILITIES 7 26,516 45,676
NET ASSETS 1,392,423 1,174,884

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings 8 1,392,422 1,174,883
1,392,423 1,174,884

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

Wisbey Salvage And Spares Limited (Registered number: 08806622)

Balance Sheet - continued
31 December 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 20 May 2025 and were signed by:





A J Wisbey - Director


Wisbey Salvage And Spares Limited (Registered number: 08806622)

Notes to the Financial Statements
for the year ended 31 December 2024

1. STATUTORY INFORMATION

Wisbey Salvage And Spares Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 25% on cost and 20% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2023 - 8 ) .

Wisbey Salvage And Spares Limited (Registered number: 08806622)

Notes to the Financial Statements - continued
for the year ended 31 December 2024

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 January 2024 1,383,403
Additions 65,520
At 31 December 2024 1,448,923
DEPRECIATION
At 1 January 2024 739,775
Charge for year 157,295
At 31 December 2024 897,070
NET BOOK VALUE
At 31 December 2024 551,853
At 31 December 2023 643,628

5. DEBTORS
2024 2023
as restated
£    £   
Amounts falling due within one year:
Trade debtors 19,074 21,235
Other debtors 257,137 229,099
276,211 250,334

Amounts falling due after more than one year:
Other debtors 670,273 150,000

Aggregate amounts 946,484 400,334

During the year, interest of £10,098 was charged on the overdrawn directors loan account.

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
as restated
£    £   
Trade creditors 7,875 2,800
Taxation and social security 565,961 219,814
Other creditors 5,693 1,892
579,529 224,506

Wisbey Salvage And Spares Limited (Registered number: 08806622)

Notes to the Financial Statements - continued
for the year ended 31 December 2024

7. PROVISIONS FOR LIABILITIES
2024 2023
as restated
£    £   
Deferred tax 26,516 45,676

Deferred
tax
£   
Balance at 1 January 2024 45,676
Utilised during year (19,160 )
Balance at 31 December 2024 26,516

8. RESERVES
Retained
earnings
£   

At 1 January 2024 585,962
Prior year adjustment 588,921
1,174,883
Profit for the year 577,539
Dividends (360,000 )
At 31 December 2024 1,392,422

9. RELATED PARTY DISCLOSURES

For the year ended December 2024, Wisbey Salvage and Spares Ltd was owed £670,273 by Wisbey Holdings limited. Both companies are under common control.