Wise Handling Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 01239959 (England and Wales)

Unaudited Financial Statements

for the Year Ended 28 February 2022

for

Wise Handling Limited

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

Chartered Accountants' Report

9

DIRECTORS:

J K Watson

P S Illingworth

B M Sutcliffe

A D Bates

SECRETARY:

P S Illingworth

REGISTERED OFFICE:

Haworth Road

Cullingworth

Bradford

West Yorkshire

BD13 5DU

REGISTERED NUMBER:

01239959 (England and Wales)

ACCOUNTANTS:

Stirk Lambert & Co

Chartered Accountants

Russell Chambers

61a North Street

Keighley

West Yorkshire

BD21 3DS

FIXED ASSETS

Tangible assets

5

106,210

133,607

CURRENT ASSETS

Stocks

6

640,230

225,779

Debtors

7

1,232,205

760,689

Cash at bank and in hand

854,014

1,761,102

2,726,449

2,747,570

CREDITORS

Amounts falling due within one year

8

(1,569,009

)

(1,666,327

)

NET CURRENT ASSETS

1,157,440

1,081,243

TOTAL ASSETS LESS CURRENT LIABILITIES

1,263,650

1,214,850

CREDITORS

Amounts falling due after more than one year

9

-

(1,275

)

PROVISIONS FOR LIABILITIES

11

(4,331

)

-

NET ASSETS

1,259,319

1,213,575

CAPITAL AND RESERVES

Called up share capital

10,000

10,000

Retained earnings

1,249,319

1,203,575

1,259,319

1,213,575

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2022 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 applicable to companies subject to the small companies regime.

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

The financial statements were approved by the Board of Directors and authorised for issue on 18 July 2022 and were signed on its behalf by:

B M Sutcliffe - Director

1.	STATUTORY INFORMATION

Wise Handling Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

Turnover

Turnover represents the amounts received or receivable for goods and services provided to customers, excluding VAT.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its expected useful life.

Freehold property

2% to 25% on cost

Plant & machinery

10% to 25% on cost

Fixtures & fittings

10% to 50% on cost

Motor vehicles

25% on cost

Computer equipment

25% to 50% on cost

Stock and work in progress

Stock and work in progress is stated at the lower of cost and net realisable value.

In the case of raw materials and consumable stores, cost means purchase price including transport and handling costs, less trade discounts, calculated on a first in first out basis. In the case of work in progress, cost consists of direct materials, direct labour and attributable production overheads. The amount of work in progress has been reduced by progress payments.

Net realisable value means estimated selling price (less trade discounts) less all further costs to completion and all costs to be incurred in marketing, selling and distribution.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 commitments or finance leases are capitalised in the balance sheet and depreciated over their expected useful lives.

The interest element of the rental obligation is charged to the profit and loss account over the relevant period. The capital element of the future payments is treated as liability.

Rentals payable under operating leases are charged to the profit and loss account as incurred.

Pension costs and other post-retirement benefits

The company operates a number of defined contribution pension schemes. Contributions payable for the year are charged in the profit and loss account.

Government grants

Government grants in respect of capital expenditure are credited to the profit and loss account over the estimated useful life of the relevant fixed assets. The grants shown in the balance sheet as deferred credits represent the total grants receivable to date less the amounts so far credited to profits.

Research and development

Research and development is charged to the profit and loss account during the period in which it is incurred.

Investments

Listed investments are stated at market value.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 19 (2021 - 17 ) .

5.	TANGIBLE FIXED ASSETS

Freehold

Plant &

Fixtures

property

machinery

& fittings

£

£

£

COST

At 1 March 2021

356,157

294,513

62,306

Disposals

-

-

-

At 28 February 2022

356,157

294,513

62,306

DEPRECIATION

At 1 March 2021

267,829

276,318

62,305

Charge for year

5,871

10,048

-

Eliminated on disposal

-

-

-

At 28 February 2022

273,700

286,366

62,305

NET BOOK VALUE

At 28 February 2022

82,457

8,147

1

At 28 February 2021

88,328

18,195

1

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 March 2021

54,800

164,486

932,262

Disposals

(27,920

)

-

(27,920

)

At 28 February 2022

26,880

164,486

904,342

DEPRECIATION

At 1 March 2021

54,799

137,404

798,655

Charge for year

-

11,478

27,397

Eliminated on disposal

(27,920

)

-

(27,920

)

At 28 February 2022

26,879

148,882

798,132

NET BOOK VALUE

At 28 February 2022

1

15,604

106,210

At 28 February 2021

1

27,082

133,607

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Computer

equipment

£

COST

At 1 March 2021

and 28 February 2022

45,913

DEPRECIATION

At 1 March 2021

19,130

Charge for year

11,478

At 28 February 2022

30,608

NET BOOK VALUE

At 28 February 2022

15,305

At 28 February 2021

26,783

6.

STOCKS

28.2.22

28.2.21

£

£

Raw materials & consumables

90,636

110,837

Work in progress

1,002,624

548,400

Payments on account

(453,030

)

(433,458

)

640,230

225,779

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

28.2.22

28.2.21

£

£

Trade debtors

1,176,186

754,859

Value added tax

47,650

-

Prepayments & accrued income

8,369

5,830

1,232,205

760,689

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

28.2.22

28.2.21

£

£

Hire purchase contracts

1,275

15,304

Trade creditors

345,817

418,764

Corporate taxation

13,508

87

Social security & other taxes

14,086

11,283

Value added tax

-

5,418

Other creditors

243,192

341,251

Payments on account

310,308

207,164

Regional development grant

2,360

2,665

Accrued expenses

638,463

664,391

1,569,009

1,666,327

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

28.2.22

28.2.21

£

£

Hire purchase contracts

-

1,275

10.	SECURED DEBTS

The following secured debts are included within creditors:

28.2.22

28.2.21

£

£

Hire purchase contracts

1,275

16,580

11.	PROVISIONS FOR LIABILITIES

28.2.22

28.2.21

£

£

Deferred tax

4,331

-

Deferred

tax

£

Provided during year

4,331

Transfer-profit and loss

Balance at 28 February 2022

4,331

12.	ULTIMATE CONTROLLING PARTY

The directors control the company by virtue of their shareholdings.

The following reproduces the text of the report prepared for the directors 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 Statement of Financial Position. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Wise Handling Limited for the year ended 28 February 2022 which comprise the Statement of Income and Retained Earnings, Statement of Financial Position and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Wise Handling Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Wise Handling Limited and state those matters that we have agreed to state to the Board of Directors of Wise Handling Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Wise Handling Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Wise Handling Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Wise Handling Limited. You consider that Wise Handling Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Wise Handling Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Stirk Lambert & Co

Chartered Accountants

Russell Chambers

61a North Street

Keighley

West Yorkshire

BD21 3DS

18 July 2022