Company registration number 05576801 (England and Wales)
W. T. Leasing Limited
Unaudited financial statements
For the period ended 28 August 2023
W. T. Leasing Limited
Contents
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 6
W. T. Leasing Limited
Statement of financial position
As at 28 August 2023
28 August 2023
- 1 -
28 August 2023
28 February 2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
-
0
648
Current assets
Debtors
4
6,417
9,303
Cash at bank and in hand
1,373
10,228
7,790
19,531
Creditors: amounts falling due within one year
5
(10,484)
(10,970)
Net current (liabilities)/assets
(2,694)
8,561
Total assets less current liabilities
(2,694)
9,209
Creditors: amounts falling due after more than one year
6
(8,165)
(9,750)
Net liabilities
(10,859)
(541)
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
(10,959)
(641)
Total equity
(10,859)
(541)
W. T. Leasing Limited
Statement of financial position (continued)
As at 28 August 2023
28 August 2023
- 2 -

For the financial period ended 28 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The member has not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

The director of the company has elected not to include a copy of the income statement within the financial statements.true

The financial statements were approved and signed by the director and authorised for issue on 2 June 2025
Mr D Davies
Director
Company registration number 05576801 (England and Wales)
W. T. Leasing Limited
Notes to the financial statements
For the period ended 28 August 2023
- 3 -
1
Accounting policies
Company information

W. T. Leasing Limited is a private company limited by shares incorporated in England and Wales. The registered office is Sunnybank, Southwood, Madeley Park Wood, Baldwins Gate, Newcastle under Lyme, Staffordshire, ST5 5EY.

1.1
Reporting period

The financial statements cover an 18 month period, as the reporting date was extended from 1st March 2022 to 28th August 2023. Therefore, the comparative amounts presented in the financial statements (including the related notes) are not entirely comparable.

 

1.2
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

 

The company ceased trading on 28 February 2023 and the financial statements have been prepared on a basis other than that of the going concern basis. This basis includes, where applicable, writing the company’s assets down to net realisable value. No provision has been made for the future costs of terminating the business unless such costs were committed to at the reporting date

 

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

The principal accounting policies adopted are set out below.

 

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods 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.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on despatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and machinery
15% reducing balance
Motor vehicles
25% reducing balance

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.

W. T. Leasing Limited
Notes to the financial statements (continued)
For the period ended 28 August 2023
1
Accounting policies
(Continued)
- 4 -
1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention 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.

Classification of financial liabilities

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.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

1.8
Taxation

The tax expense represents the sum of the tax currently payable.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

W. T. Leasing Limited
Notes to the financial statements (continued)
For the period ended 28 August 2023
1
Accounting policies
(Continued)
- 5 -
1.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.10
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2
Employees

The average monthly number of persons (including directors) employed by the company during the period was:

2023
2022
Number
Number
Total
2
2
3
Tangible fixed assets
Plant and machinery
Motor vehicles
Total
£
£
£
Cost
At 1 March 2022
1,550
705
2,255
Disposals
(1,550)
(705)
(2,255)
At 28 August 2023
-
0
-
0
-
0
Depreciation and impairment
At 1 March 2022
996
611
1,607
Eliminated in respect of disposals
(996)
(611)
(1,607)
At 28 August 2023
-
0
-
0
-
0
Carrying amount
At 28 August 2023
-
0
-
0
-
0
At 28 February 2022
554
94
648
W. T. Leasing Limited
Notes to the financial statements (continued)
For the period ended 28 August 2023
- 6 -
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
6,417
9,303
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
2,431
3,000
Trade creditors
-
0
4,364
Taxation and social security
-
0
2,291
Other creditors
8,053
1,315
10,484
10,970
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
8,165
9,750
7
Directors' transactions

Advances or credits have been granted by the company to its directors as follows:

The advance is unsecured, repayable on demand and interest is charged at HMRC's official rate of interest per annum, where the balance exceeds £10,000.

Description
% Rate
Opening balance
Amounts repaid
Closing balance
£
£
£
Director Loan
2.00
2,957
(2,957)
-
2,957
(2,957)
-
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