Registered number
08193591
Wells & Hewitt Ltd
Filleted Accounts
31 August 2024
Wells & Hewitt Ltd
Registered number: 08193591
Director's Report
The director presents his report and accounts for the year ended 31 August 2024.
Principal activities
The company's principal activity during the year is the design and supply of bespoke furniture.
Directors
The following persons served as directors during the year:
Peter Wells
Small company provisions
This report has been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime.
This report was approved by the board on 31 May 2025 and signed on its behalf.
Peter Wells
Director
Wells & Hewitt Ltd
Registered number: 08193591
Balance Sheet
as at 31 August 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 16,292 22,101
Current assets
Debtors 4 82,830 63,994
Cash at bank and in hand 1,616 41,747
84,446 105,741
Creditors: amounts falling due within one year 5 (86,359) (105,013)
Net current (liabilities)/assets (1,913) 728
Total assets less current liabilities 14,379 22,829
Creditors: amounts falling due after more than one year 6 (13,741) (22,279)
Net assets 638 550
Capital and reserves
Called up share capital 1 1
Profit and loss account 637 549
Shareholder's funds 638 550
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Peter Wells
Director
Approved by the board on 31 May 2025
Wells & Hewitt Ltd
Notes to the Accounts
for the year ended 31 August 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Showroom & display 20% straight line
Motor vehicles 20% straight line
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Showroom & display Motor vehicles Total
£ £ £
Cost
At 1 September 2023 24,675 22,915 47,590
At 31 August 2024 24,675 22,915 47,590
Depreciation
At 1 September 2023 22,051 3,438 25,489
Charge for the year 1,226 4,583 5,809
At 31 August 2024 23,277 8,021 31,298
Net book value
At 31 August 2024 1,398 14,894 16,292
At 31 August 2023 2,624 19,477 22,101
4 Debtors 2024 2023
£ £
Other debtors 82,830 63,994
5 Creditors: amounts falling due within one year 2024 2023
£ £
Taxation and social security costs 15,572 22,117
Other creditors 70,787 82,896
86,359 105,013
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 13,741 22,279
7 Other information
Wells & Hewitt Ltd is a private company limited by shares and incorporated in England. Its registered office is:
First Floor, Swan Buildings,
20 Swan Street,
Manchester
M4 5JW
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