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Registration number: 04058717

H C Wraxall & Co Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2024

 

H C Wraxall & Co Ltd

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 12

 

H C Wraxall & Co Ltd

(Registration number: 04058717)
Statement of Financial Position as at 31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

20,805

25,264

Tangible assets

5

372,872

426,011

 

393,677

451,275

Current assets

 

Stocks

6

578,392

442,339

Debtors

7

627,469

302,356

Cash at bank and in hand

 

196,643

146,351

 

1,402,504

891,046

Creditors: Amounts falling due within one year

8

(777,929)

(552,187)

Net current assets

 

624,575

338,859

Total assets less current liabilities

 

1,018,252

790,134

Creditors: Amounts falling due after more than one year

8

(4,167)

(93,133)

Provisions for liabilities

(91,694)

(104,644)

Net assets

 

922,391

592,357

Capital and reserves

 

Called up share capital

175,100

175,100

Profit and loss account

747,291

417,257

Shareholders' funds

 

922,391

592,357

 

H C Wraxall & Co Ltd

(Registration number: 04058717)
Statement of Financial Position as at 31 December 2024 (continued)

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 Statement of Comprehensive Income.

Approved and authorised by the Board on 28 May 2025 and signed on its behalf by:
 


Mr N C Wraxall
Director

 

H C Wraxall & Co Ltd

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:
Timberly
South Street
Axminster
Devon
EX13 5AD

Principal activity

The principal activity of the company is that of stone and gravel merchants.

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 are prepared in sterling which is the functional currency of the entity.

 

H C Wraxall & Co Ltd

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

2

Accounting policies (continued)

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

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 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;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

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.

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.

 

H C Wraxall & Co Ltd

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

2

Accounting policies (continued)

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

Short leasehold property

Straight line over the life of the lease

Plant and machinery

10% straight line

Fittings fixtures and equipment

15% straight line

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

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

Written off in equal annual instalments over 10 to 20 years

Patent Rights

Written off in equal annual instalments over 4 years

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, 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. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

 

H C Wraxall & Co Ltd

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

2

Accounting policies (continued)

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Costs include all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition. .

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.

 

H C Wraxall & Co Ltd

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

2

Accounting policies (continued)

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 statement of comprehensive income 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 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 statement of financial position as a finance lease obligation.

Lease payments are apportioned between finance costs in the statement of comprehensive income 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.

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 

H C Wraxall & Co Ltd

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

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 10 (2023 - 9).

 

H C Wraxall & Co Ltd

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

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 January 2024

291,472

291,472

At 31 December 2024

291,472

291,472

Amortisation

At 1 January 2024

266,208

266,208

Amortisation charge

4,459

4,459

At 31 December 2024

270,667

270,667

Carrying amount

At 31 December 2024

20,805

20,805

At 31 December 2023

25,264

25,264

5

Tangible assets

Short leasehold property
£

Fixtures, fittings and equipment
£

Plant and machinery
£

Total
£

Cost or valuation

At 1 January 2024

33,583

60,127

870,516

964,226

Additions

-

1,710

7,559

9,269

Disposals

-

(16,914)

(75,249)

(92,163)

At 31 December 2024

33,583

44,923

802,826

881,332

Depreciation

At 1 January 2024

33,583

35,917

468,715

538,215

Charge for the year

-

5,073

57,335

62,408

Eliminated on disposal

-

(16,914)

(75,249)

(92,163)

At 31 December 2024

33,583

24,076

450,801

508,460

Carrying amount

At 31 December 2024

-

20,847

352,025

372,872

At 31 December 2023

-

24,210

401,801

426,011

 

H C Wraxall & Co Ltd

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

6

Stocks

2024
£

2023
£

Finished goods and goods for resale

578,392

442,339

7

Debtors

2024
£

2023
£

Trade debtors

520,954

233,143

Other debtors

75,060

44,399

Prepayments

31,455

24,814

627,469

302,356

 

H C Wraxall & Co Ltd

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

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

41,607

89,750

Trade creditors

 

347,298

148,121

Taxation and social security

 

301,722

128,753

Accruals and deferred income

 

5,420

5,890

Other creditors

 

81,882

179,673

 

777,929

552,187

Creditors include net obligations under finance lease and hire purchase contracts which are secured of £29,486(2023 - £32,803).

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

4,167

15,067

Other creditors

 

-

78,066

 

4,167

93,133

Creditors include net obligations under finance lease and hire purchase contracts which are secured of £ nil (2023 - £29,486 ).

9

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

 

H C Wraxall & Co Ltd

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

10

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Later than one year and not later than five years

131,475

206,475

11

Related party transactions

Transactions with directors

2024

At 1 January 2024
£

Advances to director
£

At 31 December 2024
£

44,398

22,688

67,086

       
     

 

2023

At 1 January 2023
£

Advances to director
£

At 31 December 2023
£

37,798

6,600

44,398

 

Other transactions with directors

Interest on overdrawn loans has been charged at the official rate.