Wrights Retail Limited 06768873 false 2024-01-01 2024-12-31 2024-12-31 The principal activity of the company is that of retailers through the operation of various retail outlets Digita Accounts Production Advanced 6.30.9574.0 true 06768873 2024-01-01 2024-12-31 06768873 2024-12-31 06768873 core:RetainedEarningsAccumulatedLosses 2024-12-31 06768873 core:ShareCapital 2024-12-31 06768873 core:CurrentFinancialInstruments core:WithinOneYear 2024-12-31 06768873 core:Non-currentFinancialInstruments core:AfterOneYear 2024-12-31 06768873 core:Goodwill 2024-12-31 06768873 core:FurnitureFittingsToolsEquipment 2024-12-31 06768873 core:LandBuildings 2024-12-31 06768873 core:MotorVehicles 2024-12-31 06768873 bus:SmallEntities 2024-01-01 2024-12-31 06768873 bus:AuditExemptWithAccountantsReport 2024-01-01 2024-12-31 06768873 bus:FilletedAccounts 2024-01-01 2024-12-31 06768873 bus:SmallCompaniesRegimeForAccounts 2024-01-01 2024-12-31 06768873 bus:RegisteredOffice 2024-01-01 2024-12-31 06768873 bus:Director2 2024-01-01 2024-12-31 06768873 bus:Director3 2024-01-01 2024-12-31 06768873 bus:OrdinaryShareClass1 2024-01-01 2024-12-31 06768873 bus:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 06768873 bus:Agent1 2024-01-01 2024-12-31 06768873 core:RetainedEarningsAccumulatedLosses 2024-01-01 2024-12-31 06768873 core:ShareCapital 2024-01-01 2024-12-31 06768873 core:Goodwill 2024-01-01 2024-12-31 06768873 core:Buildings 2024-01-01 2024-12-31 06768873 core:FurnitureFittings 2024-01-01 2024-12-31 06768873 core:FurnitureFittingsToolsEquipment 2024-01-01 2024-12-31 06768873 core:LandBuildings 2024-01-01 2024-12-31 06768873 core:MotorVehicles 2024-01-01 2024-12-31 06768873 core:OfficeEquipment 2024-01-01 2024-12-31 06768873 countries:EnglandWales 2024-01-01 2024-12-31 06768873 2023-12-31 06768873 core:RetainedEarningsAccumulatedLosses 2023-12-31 06768873 core:ShareCapital 2023-12-31 06768873 core:Goodwill 2023-12-31 06768873 core:FurnitureFittingsToolsEquipment 2023-12-31 06768873 core:LandBuildings 2023-12-31 06768873 core:MotorVehicles 2023-12-31 06768873 2023-01-01 2023-12-31 06768873 2023-12-31 06768873 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 06768873 core:Non-currentFinancialInstruments core:AfterOneYear 2023-12-31 06768873 core:FurnitureFittingsToolsEquipment 2023-12-31 06768873 core:LandBuildings 2023-12-31 06768873 core:MotorVehicles 2023-12-31 06768873 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 06768873 core:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 06768873 core:ShareCapital 2023-01-01 2023-12-31 06768873 2022-12-31 06768873 core:RetainedEarningsAccumulatedLosses 2022-12-31 06768873 core:ShareCapital 2022-12-31 iso4217:GBP xbrli:pure

Registration number: 06768873

Wrights Retail Limited

Annual Report and Unaudited Financial Statements

Pages for filing with the Registrar

for the Year Ended 31 December 2024

 

Wrights Retail Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Statement of Changes in Equity

5

Notes to the Unaudited Financial Statements

6 to 13

 

Wrights Retail Limited

Company Information

Directors

Mr A P Wright

Mrs D Last

Registered office

Unit 14, Riduna Park
Station Road
Melton
Woodbridge
Suffolk
IP12 1QT

Accountants

Oxlade & Bond Limited
Chartered Certified AccountantsUnit 14, Riduna Park
Station Road
Melton
Woodbridge
Suffolk
IP12 1QT

 

Chartered Certified Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Wrights Retail Limited
for the Year Ended 31 December 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Wrights Retail Limited for the year ended 31 December 2024 as set out on pages 3 to 13 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at
http://www.accaglobal.com/gb/en/member/professional-standards/rules-standards/acca-rulebook.html.

This report is made solely to the Board of Directors of Wrights Retail Limited, as a body, in accordance with the terms of our engagement letter dated 28 May 2024. Our work has been undertaken solely to prepare for your approval the accounts of Wrights Retail Limited and state those matters that we have agreed to state to the Board of Directors of Wrights Retail Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Wrights Retail Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Wrights Retail Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Wrights Retail Limited. You consider that Wrights Retail Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Wrights Retail Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Oxlade & Bond Limited
Chartered Certified Accountants
Unit 14, Riduna Park
Station Road
Melton
Woodbridge
Suffolk
IP12 1QT

3 June 2025

 

Wrights Retail Limited

(Registration number: 06768873)
Balance Sheet as at 31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

101,300

113,036

Current assets

 

Stocks

6

182,685

194,279

Debtors

7

751

727

Cash at bank and in hand

 

63,314

77,759

 

246,750

272,765

Creditors: Amounts falling due within one year

8

(75,669)

(73,312)

Net current assets

 

171,081

199,453

Total assets less current liabilities

 

272,381

312,489

Creditors: Amounts falling due after more than one year

8

(4,136)

(15,602)

Provisions for liabilities (deferred taxation)

(1,285)

(5,950)

Net assets

 

266,960

290,937

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

266,860

290,837

Shareholders' funds

 

266,960

290,937

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.

 

Wrights Retail Limited

(Registration number: 06768873)
Balance Sheet as at 31 December 2024

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 3 June 2025 and signed on its behalf by:
 

.........................................
Mr A P Wright
Director

 

Wrights Retail Limited

Statement of Changes in Equity for the Year Ended 31 December 2024

Called up share capital
£

Profit and loss account
£

Total equity
£

At 1 January 2024

100

290,837

290,937

Loss for the year

-

(22,017)

(22,017)

Total comprehensive income

-

(22,017)

(22,017)

Dividends

-

(1,960)

(1,960)

At 31 December 2024

100

266,860

266,960

Called up share capital
£

Profit and loss account
£

Total equity
£

At 1 January 2023

100

294,086

294,186

Profit for the year

-

673

673

Total comprehensive income

-

673

673

Dividends

-

(3,922)

(3,922)

At 31 December 2023

100

290,837

290,937

 

Wrights Retail 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:
Unit 14, Riduna Park
Station Road
Melton
Woodbridge
Suffolk
IP12 1QT
United Kingdom

These financial statements were authorised for issue by the Board on 3 June 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 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 company. Monetary amounts in these 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 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;
and specific criteria have been met for each of the company's activities.

 

Wrights Retail Limited

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

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 corporation 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.

There is no corporation tax liability for the 2024 year due to tax losses for the year. These tax losses will carry forward to offset against future taxable profits made by the company.

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, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold property

write off costs over a 50 year period

Fixtures and fittings

15% reducing balance basis

Office equipment

15% reducing balance basis

Motor vehicles

25% reducing balance basis

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.

The goodwill had been fully amortised at the year end.

 

Wrights Retail Limited

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

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

amortised over a period of 10 years - fully amortised

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 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.

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 value of stocks relates to the value of goods held for resale at the balance sheet date. 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.

 

Wrights Retail Limited

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

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 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 hire purchase agreements are capitalised as tangible fixed assets and are depreciated over their useful lives The capital element of future finance payments is included within creditors. Finance charges are allocated to accounting periods over the length of the agreement and represent a constant proportion of the balance of capital repayments outstanding.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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.

The pension charge includes employer contributions to employees work place pension schemes under the pensions auto enrolment regulations.

 

Wrights Retail Limited

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

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found an impairment loss is recognised in the profit and loss.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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.


3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 22 (2023 - 22).

 

Wrights Retail Limited

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

4

Intangible assets

Goodwill
 £

Total
£

Cost

At 1 January 2024

6,938

6,938

At 31 December 2024

6,938

6,938

Amortisation

At 1 January 2024

6,938

6,938

At 31 December 2024

6,938

6,938

Carrying amount

At 31 December 2024

-

-

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost

At 1 January 2024

100,951

24,860

58,488

184,299

Additions

-

425

-

425

At 31 December 2024

100,951

25,285

58,488

184,724

Depreciation

At 1 January 2024

30,315

20,000

20,948

71,263

Charge for the year

2,021

755

9,385

12,161

At 31 December 2024

32,336

20,755

30,333

83,424

Carrying amount

At 31 December 2024

68,615

4,530

28,155

101,300

At 31 December 2023

70,636

4,860

37,540

113,036

6

Stocks

2024
£

2023
£

Stock of goods for resale

182,685

194,279

 

Wrights Retail Limited

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

7

Debtors

2024
£

2023
£

Prepayments

751

727

751

727

8

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

 

Hire purchase obligations and bank borrowings

11,982

14,648

Trade creditors

 

16,568

3,716

Taxation and social security

 

33,922

36,209

Accruals and deferred income

 

2,805

2,775

Other creditors

 

10,392

15,964

 

75,669

73,312

Creditors include net obligations under finance lease and hire purchase contracts which are secured of £1,333 (2023 - £4,000).

Creditors includes a £10,649 (2023 £10,648) coronavirus bounce back loan from the company's bankers which is not secured.

Creditors: amounts falling due after more than one year

2024
£

2023
£

Due after one year

 

Hire purchase obligations and bank borrowings

4,136

15,602

Creditors include net obligations under finance lease and hire purchase contracts which are secured of £nil (2023 - £1,333).

Creditors includes a £4,136 (2023 £14,269) coronavirus bounce back loan from the company's bankers which is not secured.

9

Reserves

The profit and loss reserves of the company are fully distributable.

 

Wrights Retail Limited

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

10

Dividends

Interim dividends paid

2024
£

2023
£

Interim dividend of £19.61 (2023 - £39.22) per each Ordinary shares

1,961

3,922

 

 

11

Related party transactions

Other transactions with directors

Included in creditors at the 31st December 2024 is an amount of £10,392 (2023 £392) owed to the director, Mr A Wright, in respect of expenses not drawn by him at the year end and personal monies he has introduced into the company.

During the course of the year the director injected total funds of £21,000 and withdrew £11,000 from the company.

Included in creditors at 31st December 2024 is an amount of £nil (2023 £15,000) owed to a former director of the company. This was in respect of a short term loan made by a former director to the company and the loan was repaid in full by the company during the 2024 year.

These loans are repayable on demand and the company is not charged interest on the loan balances.