Wheelwash Limited - Accounts to registrar (filleted) - small 18.2
Wheelwash Limited - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| Unaudited Financial Statements |
| for the Year Ended 30 September 2020 |
| for |
| Wheelwash Limited |
| Wheelwash Limited (Registered number: 02667013) |
| Contents of the Financial Statements |
| for the year ended 30 September 2020 |
| Page |
| Company Information | 1 |
| Statement of Financial Position | 2 |
| Notes to the Financial Statements | 4 |
| Wheelwash Limited |
| Company Information |
| for the year ended 30 September 2020 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| Wheelwash Limited (Registered number: 02667013) |
| Statement of Financial Position |
| 30 September 2020 |
| 2020 | 2019 |
| Notes | £ | £ |
| FIXED ASSETS |
| Intangible assets | 5 |
| Tangible assets | 6 |
| Investments | 7 |
| CURRENT ASSETS |
| Stocks | 8 |
| Debtors | 9 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 10 | ( |
) | ( |
) |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
11 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | 15 | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Share premium |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| 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. |
| Wheelwash Limited (Registered number: 02667013) |
| Statement of Financial Position - continued |
| 30 September 2020 |
| In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered. |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| Wheelwash Limited (Registered number: 02667013) |
| Notes to the Financial Statements |
| for the year ended 30 September 2020 |
| 1. | STATUTORY INFORMATION |
| Wheelwash Ltd ('The Company') is primarily engaged in the provision of the hire and sale of wheelwash units. |
| The company is a private company limited by shares and is incorporated in England and Wales. The address of the principal place of business and of the registered office is Unit 1 & 2 Road Four, Winsford Industrial Estate, Winsford, Cheshire, England, CW7 3QN. The registered company number is 02667013. |
| The functional and presentational currency of the financial statements is the Pound Sterling (£). Monetary amounts in these financial statements are rounded to the nearest £. |
| 2. | STATEMENT OF COMPLIANCE |
| 3. | ACCOUNTING POLICIES |
| Summary of significant accounting policies |
| The principle accounting policies applied in the preparation of the financial statements are set out below. |
| Basis of preparation |
| No material uncertainties that may cast doubt about the ability of the company to continue as a going concern have been identified by the directors, other than those related to COVID-19 and its effect on the company and the economy in general. |
| Notwithstanding the uncertainties relating to COVID-19, the directors consider it appropriate to prepare the financial statements on the going concern basis. |
| Revenue recognition |
| Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. |
| Income is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. |
| Goodwill |
| Goodwill, being the amount paid in connection with the acquisition of a business in 2002, was fully provided for in the year to 30 September 2007. |
| Intangible assets |
| Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated losses. |
| Development costs have been fully amortised. |
| Research and development |
| Research and development expenditure is written off in the year in which it is incurred. Development costs incurred are capitalised when recoverability can be assessed with reasonable certainty and amortised over a five year period. All other development costs are written off in the year of expenditure. |
| Wheelwash Limited (Registered number: 02667013) |
| Notes to the Financial Statements - continued |
| for the year ended 30 September 2020 |
| 3. | ACCOUNTING POLICIES - continued |
| Tangible fixed assets |
| Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter. |
| Improvements to property | - 10% on cost |
| Plant and machinery | - at varying rates on cost between 10% and 25% |
| Fixtures and fittings | - 50% on cost |
| Motor vehicles | - 25% on cost |
| Hire plant | - at varying rates on cost between 10% and 20% |
| Government grants |
| Government grants are recognised on an accruals basis. |
| Stocks |
| Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell (net realisable value). |
| 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 statement of financial position date. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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. |
| Foreign currencies |
| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
| 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. |
| Wheelwash Limited (Registered number: 02667013) |
| Notes to the Financial Statements - continued |
| for the year ended 30 September 2020 |
| 3. | ACCOUNTING POLICIES - continued |
| 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. |
| Assets held for rental under operating leases |
| Assets held for rental are capitalised in the balance sheet and depreciated over their expected useful lives. |
| Rentals receivable under operating leases are credited to the profit and loss account on a straight line basis over the term of the rental. |
| Warranty provision |
| A warranty provision is included to cover the cost of warranty work outstanding at the balance sheet date. |
| Share options |
| The company has issued share options to a director. These options are priced at market value at the date of the grant. Consequently there is no fair value attributable to the options that requires to be expenses to the profit and loss account during the option period. |
| 4. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 5. | INTANGIBLE FIXED ASSETS |
| Development |
| Goodwill | costs | Totals |
| £ | £ | £ |
| COST |
| At 1 October 2019 |
| and 30 September 2020 |
| AMORTISATION |
| At 1 October 2019 |
| and 30 September 2020 |
| NET BOOK VALUE |
| At 30 September 2020 |
| At 30 September 2019 |
| Wheelwash Limited (Registered number: 02667013) |
| Notes to the Financial Statements - continued |
| for the year ended 30 September 2020 |
| 6. | TANGIBLE FIXED ASSETS |
| Improvements | Fixtures |
| to | Plant and | and |
| property | machinery | fittings |
| £ | £ | £ |
| COST |
| At 1 October 2019 |
| Additions |
| Disposals |
| At 30 September 2020 |
| DEPRECIATION |
| At 1 October 2019 |
| Charge for year |
| Eliminated on disposal |
| At 30 September 2020 |
| NET BOOK VALUE |
| At 30 September 2020 |
| At 30 September 2019 |
| Motor | Hire |
| vehicles | Plant | Totals |
| £ | £ | £ |
| COST |
| At 1 October 2019 |
| Additions |
| Disposals | ( |
) | ( |
) |
| At 30 September 2020 |
| DEPRECIATION |
| At 1 October 2019 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) |
| At 30 September 2020 |
| NET BOOK VALUE |
| At 30 September 2020 |
| At 30 September 2019 |
| Wheelwash Limited (Registered number: 02667013) |
| Notes to the Financial Statements - continued |
| for the year ended 30 September 2020 |
| 6. | TANGIBLE FIXED ASSETS - continued |
| Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
| Improvements |
| to | Plant and | Motor | Hire |
| property | machinery | vehicles | Plant | Totals |
| £ | £ | £ | £ | £ |
| COST |
| At 1 October 2019 |
| Additions |
| Disposals | ( |
) | ( |
) |
| Transfer to ownership | - | (6,445 | ) | - | - | (6,445 | ) |
| At 30 September 2020 |
| DEPRECIATION |
| At 1 October 2019 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) |
| Transfer to ownership | - | (2,256 | ) | - | - | (2,256 | ) |
| At 30 September 2020 |
| NET BOOK VALUE |
| At 30 September 2020 |
| At 30 September 2019 |
| 7. | FIXED ASSET INVESTMENTS |
| Other |
| investments |
| £ |
| COST |
| At 1 October 2019 |
| and 30 September 2020 |
| NET BOOK VALUE |
| At 30 September 2020 |
| At 30 September 2019 |
| 8. | STOCKS |
| 2020 | 2019 |
| £ | £ |
| Raw materials |
| Work-in-progress |
| Finished goods |
| Wheelwash Limited (Registered number: 02667013) |
| Notes to the Financial Statements - continued |
| for the year ended 30 September 2020 |
| 9. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2020 | 2019 |
| £ | £ |
| Trade debtors |
| Other debtors |
| Tax |
| Social security and other tax | 2,059 | 1,259 |
| Prepayments and accrued income |
| 10. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2020 | 2019 |
| £ | £ |
| Hire purchase contracts (see note 12) |
| Trade creditors |
| Amounts owed to group undertakings |
| VAT | 1,971 | 16,516 |
| Other creditors |
| Directors' current accounts | 194,064 | 80,852 |
| Deferred income |
| Accrued expenses |
| 11. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2020 | 2019 |
| £ | £ |
| Hire purchase contracts (see note 12) |
| Directors' accounts |
| 12. | LEASING AGREEMENTS |
| Minimum lease payments under non-cancellable operating leases fall due as follows: |
| 2020 | 2019 |
| £ | £ |
| Within one year | 125,623 | 128,434 |
| Between one and five years | 480,000 | 485,623 |
| In more than five years | 296,000 | 416,000 |
| 901,623 | 1,030,057 |
| Wheelwash Limited (Registered number: 02667013) |
| Notes to the Financial Statements - continued |
| for the year ended 30 September 2020 |
| 13. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2020 | 2019 |
| £ | £ |
| Hire purchase contracts | 147,954 | 189,168 |
| Hire purchase and finance lease assets are secured to the relevant finance company until all payments have been made. |
| 14. | FINANCIAL INSTRUMENTS |
| The following assets and liabilities are classified as financial instruments - trade debtors, trade creditors and directors' loans. |
| Directors' loans (being repayable on demand), trade debtors and trade creditors are measured at undiscounted amount of cash or other consideration excepted to be paid or received. |
| Financial assets that are measured at 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 Statement of Income and Retained Earnings. |
| 15. | PROVISIONS FOR LIABILITIES |
| 2020 | 2019 |
| £ | £ |
| Deferred tax | 136,591 | 114,940 |
| Warranty provision | 10,000 | 10,000 |
| Deferred | Warranty |
| tax | provision |
| £ | £ |
| Balance at 1 October 2019 |
| Provided during year |
| Utilised during the year |
| Balance at 30 September 2020 |
| The provision for deferred taxation consists of the tax effect of the following timing differences in respect of: |
| 2020 | 2019 |
| £ | £ |
| Excess of taxation allowances over depreciation on fixed assets | 172,919 | 171,337 |
| Valuation of tax losses | (36,328 | ) | (56,397 | ) |
| 136,591 | 114,940 |