Wyepak Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 08685543 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2018

FOR

WYEPAK LTD

Page

Balance Sheet

1

Notes to the Financial Statements

3

FIXED ASSETS

Tangible assets

4

202,270

214,432

CURRENT ASSETS

Stocks

12,745

12,745

Debtors

5

635,088

1,326,057

Cash at bank

1,398,481

1,462,973

2,046,314

2,801,775

CREDITORS

Amounts falling due within one year

6

298,568

886,418

NET CURRENT ASSETS

1,747,746

1,915,357

TOTAL ASSETS LESS CURRENT LIABILITIES

1,950,016

2,129,789

PROVISIONS FOR LIABILITIES

(38,331

)

(1,042,886

)

PENSION LIABILITY

(987,000

)

-

NET ASSETS

924,685

1,086,903

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

7

924,585

1,086,803

924,685

1,086,903

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2018 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 3 April 2019 and were signed on its behalf by:

Mr M R Tooth - Director

1.	STATUTORY INFORMATION

Wyepak Ltd is a private company, limited by shares , registered in England and Wales. The company's registered

number and registered office address are as below:

Registered number:

08685543

Registered office:

Unit 5 Wallbrook Court

Rotherwas Industrial Estate

Hereford

HR2 6JG

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.

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

25% on cost

Computer equipment

-

33% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

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.

Hire purchase and leasing commitments

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

Pensions

For a defined benefit scheme, the liability recorded in the balance sheet is the present value of the defined

obligation at that date. The defined benefit obligation is calculated on an annual basis by independent actuaries.

Actuarial gains and losses are recognised in full in the period in which they occur and are shown in Other

Comprehensive Income.

Current and past service costs, along with settlements or curtailments, are charged to the Income Statement.

Interest on pension plan liabilities are recognised within finance expense.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 36 (2017 - 35 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Computer

machinery

fittings

equipment

Totals

£

£

£

£

COST

At 1 October 2017

342,386

2,108

17,300

361,794

Additions

47,601

474

-

48,075

At 30 September 2018

389,987

2,582

17,300

409,869

DEPRECIATION

At 1 October 2017

129,889

1,440

16,033

147,362

Charge for year

58,959

346

932

60,237

At 30 September 2018

188,848

1,786

16,965

207,599

NET BOOK VALUE

At 30 September 2018

201,139

796

335

202,270

At 30 September 2017

212,497

668

1,267

214,432

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.18

30.9.17

£

£

Trade debtors

605,338

1,286,344

Other debtors

29,750

39,713

635,088

1,326,057

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.18

30.9.17

£

£

Trade creditors

137,027

419,091

Taxation and social security

133,159

390,312

Other creditors

28,382

77,015

298,568

886,418

7.

RESERVES

Retained

earnings

£

At 1 October 2017

1,086,803

Deficit for the year

(72,818

)

Dividends

(104,400

)

Actuarial gain on def cont sch

15,000

At 30 September 2018

924,585

8.	RELATED PARTY DISCLOSURES

Included with Other Creditors is an amount due the Directors of £8,920 (2017: £9,280)

During the period, the following shareholder directors agreed to take on the Company’s pension obligations as

follows:

- Mark Tooth in respect of James Cooper for £489,600 - James Cooper in respect of Mark Tooth for £534,000

The Company agreed to pay the respective individuals amounts equivalent to the actuarial valuations of the

pension obligations at transfer

9.	ULTIMATE CONTROLLING PARTY

The ultimate controlling parties are the Directors.