Wychanger Limited

Contents

Statement of Financial Position	1
Notes to the Unaudited Financial Statements	2 to 8

Wychanger Limited

(Registration number: 08903743)
Statement of Financial Position as at 31 May 2025

	Note	2025 £	2024 £
Fixed assets
Intangible assets	4	106,500	142,000
Tangible assets	5	177,170	154,576
		283,670	296,576
Current assets
Stocks	6	843,700	709,000
Debtors	7	24,867	487
Cash at bank and in hand		-	85,533
		868,567	795,020
Creditors: Amounts falling due within one year	8	(783,350)	(712,664)
Net current assets		85,217	82,356
Total assets less current liabilities		368,887	378,932
Creditors: Amounts falling due after more than one year	8	(54,499)	(64,908)
Provisions for liabilities		(37,921)	(38,644)
Net assets		276,467	275,380
Capital and reserves
Profit and loss account		276,467	275,380
Shareholders' funds		276,467	275,380

For the financial year ending 31 May 2025 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 10 December 2025 and signed on its behalf by:
 

Mr R Male Director

Wychanger Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2025

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:
7 Castle Street
Bridgwater
Somerset
TA6 3DD

Principal activity

The principal activity of the company is retail.

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.

Wychanger Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2025 (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.

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.

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.

Wychanger Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2025 (continued)

2	Accounting policies (continued)

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
Plant and machinery	20% reducing balance
Motor vehicles	20% reducing balance
Leasehold improvements	2% 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	10% straight line

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

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.

Wychanger Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2025 (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.

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.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 22 (2024 - 24).

Wychanger Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2025 (continued)

4	Intangible assets

	Goodwill  £	Total £
Cost or valuation
At 1 June 2024	355,000	355,000
At 31 May 2025	355,000	355,000
Amortisation
At 1 June 2024	213,000	213,000
Amortisation charge	35,500	35,500
At 31 May 2025	248,500	248,500
Carrying amount
At 31 May 2025	106,500	106,500
At 31 May 2024	142,000	142,000

Wychanger Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2025 (continued)

5	Tangible assets

	Long leasehold land and buildings £	Plant and machinery £	Motor vehicles  £	Total £
Cost or valuation
At 1 June 2024	-	40,127	197,149	237,276
Additions	31,859	-	56,350	88,209
Disposals	-	-	(17,450)	(17,450)
At 31 May 2025	31,859	40,127	236,049	308,035
Depreciation
At 1 June 2024	-	27,257	55,443	82,700
Charge for the year	6,372	2,616	42,667	51,655
Eliminated on disposal	-	-	(3,490)	(3,490)
At 31 May 2025	6,372	29,873	94,620	130,865
Carrying amount
At 31 May 2025	25,487	10,254	141,429	177,170
At 31 May 2024	-	12,870	141,706	154,576

Included within the net book value of land and buildings above is £25,487 (2024 - £Nil) in respect of long leasehold land and buildings.
 

6

Stocks

	2025 £	2024 £
Raw materials and consumables	843,700	709,000

7

Debtors

	2025 £	2024 £
Other debtors	24,490	-
Prepayments	377	487
	24,867	487

Wychanger Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2025 (continued)

8

Creditors

Creditors: amounts falling due within one year

	Note	2025 £	2024 £
Due within one year
Loans and borrowings	10	155,464	27,086
Trade creditors		575,560	594,564
Taxation and social security		12,145	35,753
Accruals and deferred income		2,310	3,000
Other creditors		37,871	52,261
		783,350	712,664

Creditors: amounts falling due after more than one year

	Note	2025 £	2024 £
Due after one year
Loans and borrowings	10	54,499	64,908

9

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

10	Loans and borrowings

Non-current loans and borrowings

	2025 £	2024 £
Hire purchase contracts	54,499	64,908

Current loans and borrowings

	2025 £	2024 £
Bank overdrafts	116,649	-
Hire purchase contracts	38,815	27,086
	155,464	27,086