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REGISTERED NUMBER: NI642262 (Northern Ireland)















Unaudited Financial Statements for the Year Ended 30 November 2024

for

WALLACE & SONS LIMITED

WALLACE & SONS LIMITED (Registered number: NI642262)






Contents of the Financial Statements
for the Year Ended 30 November 2024




Page

Company Information 1

Report of the Accountants 2

Balance Sheet 3

Notes to the Financial Statements 5


WALLACE & SONS LIMITED

Company Information
for the Year Ended 30 November 2024







DIRECTOR: N WALLACE



REGISTERED OFFICE: 17 BELLEVUE TERRACE
RICHHILL
Co. Armagh
BT61 9QE



REGISTERED NUMBER: NI642262 (Northern Ireland)



ACCOUNTANTS: Henderson & Co
Chartered Certified Accountants
15 Killuney Drive
Armagh
Co. Armagh
BT60 1AY



BANKERS: Ulster Bank
Belfast City Office 1 Branch
PO Box 232
11-16 Donegal Sq East
Belfast
BT1 5UB

WALLACE & SONS LIMITED

Report of the Accountants to the Director of
WALLACE & SONS LIMITED

The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

As described on the Balance Sheet you are responsible for the preparation of the financial statements for the year ended 30 November 2024 set out on pages four to eleven and you consider that the company is exempt from an audit.

In accordance with your instructions, we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and information and explanations supplied to us.






Henderson & Co
Chartered Certified Accountants
15 Killuney Drive
Armagh
Co. Armagh
BT60 1AY


27 August 2025

WALLACE & SONS LIMITED (Registered number: NI642262)

Balance Sheet
30 November 2024

30.11.24 30.11.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 79,032 120,700

CURRENT ASSETS
Debtors 5 20,440 15,844
Cash at bank 8,110 7,082
28,550 22,926
CREDITORS
Amounts falling due within one year 6 24,403 40,147
NET CURRENT ASSETS/(LIABILITIES) 4,147 (17,221 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

83,179

103,479

CREDITORS
Amounts falling due after more than
one year

7

33,820

61,909
NET ASSETS 49,359 41,570

CAPITAL AND RESERVES
Called up share capital 9 1 1
Retained earnings 10 49,358 41,569
SHAREHOLDERS' FUNDS 49,359 41,570

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 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.

WALLACE & SONS LIMITED (Registered number: NI642262)

Balance Sheet - continued
30 November 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 27 August 2025 and were signed by:





N WALLACE - Director


WALLACE & SONS LIMITED (Registered number: NI642262)

Notes to the Financial Statements
for the Year Ended 30 November 2024

1. STATUTORY INFORMATION

WALLACE & SONS LIMITED is a private company, limited by shares , registered in Northern Ireland. 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 or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 10% on reducing balance
Motor vehicles - 10% on reducing balance

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.

WALLACE & SONS LIMITED (Registered number: NI642262)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2024

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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 7 (2023 - 10 ) .

4. TANGIBLE FIXED ASSETS
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 December 2023 113,010 44,850 157,860
Disposals (42,000 ) - (42,000 )
At 30 November 2024 71,010 44,850 115,860
DEPRECIATION
At 1 December 2023 27,018 10,142 37,160
Charge for year 5,859 3,471 9,330
Eliminated on disposal (9,662 ) - (9,662 )
At 30 November 2024 23,215 13,613 36,828
NET BOOK VALUE
At 30 November 2024 47,795 31,237 79,032
At 30 November 2023 85,992 34,708 120,700

WALLACE & SONS LIMITED (Registered number: NI642262)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2024

4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 December 2023 92,500 25,100 117,600
Disposals (42,000 ) - (42,000 )
At 30 November 2024 50,500 25,100 75,600
DEPRECIATION
At 1 December 2023 10,248 228 10,476
Charge for year 4,588 1,781 6,369
At 30 November 2024 14,836 2,009 16,845
NET BOOK VALUE
At 30 November 2024 35,664 23,091 58,755
At 30 November 2023 82,252 24,872 107,124

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.11.24 30.11.23
£    £   
Trade debtors 7,594 7,659
Other debtors 11,869 8,185
VAT 977 -
20,440 15,844

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.11.24 30.11.23
£    £   
Bank loans and overdrafts (see note 8)
4,660

4,660
Hire purchase contracts 11,500 19,893
Trade creditors 262 360
Tax 740 2,960
Social security and other taxes 1,288 1,381
VAT - 5,072
Other creditors 3,545 3,545
Directors' current accounts 36 48
Accrued expenses 2,372 2,228
24,403 40,147

WALLACE & SONS LIMITED (Registered number: NI642262)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2024

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
30.11.24 30.11.23
£    £   
Bank loans (see note 8) 19,095 23,083
Hire purchase contracts 14,725 38,826
33,820 61,909

8. LOANS

An analysis of the maturity of loans is given below:

30.11.24 30.11.23
£    £   
Amounts falling due within one year or on demand:
Bank loans 4,660 4,660

Amounts falling due between two and five years:
Bank loans - 2-5 years 19,095 23,083

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.11.24 30.11.23
value: £    £   
100 Ordinary 0.01 1 1

10. RESERVES
Retained
earnings
£   

At 1 December 2023 41,569
Profit for the year 11,789
Dividends (4,000 )
At 30 November 2024 49,358