Wallis Auto Engineering Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 06022249 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 December 2021

for

Wallis Auto Engineering Limited

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

Mr M R Wallis

REGISTERED OFFICE:

160a Albert Avenue

Anlaby Road

Hull

East Yorkshire

HU3 6QA

REGISTERED NUMBER:

06022249 (England and Wales)

ACCOUNTANTS:

360 Accountants Limited

18-19 Albion Street

Hull

East Yorkshire

HU1 3TG

BANKERS:

The Royal Bank of Scotland

10 Silver Street

Hull

East Yorkshire

HU1 1JE

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

55,349

25,532

55,349

25,532

CURRENT ASSETS

Stocks

670

620

Debtors

2,495

2,401

Cash at bank

116,902

99,193

120,067

102,214

CREDITORS

Amounts falling due within one year

49,372

21,958

NET CURRENT ASSETS

70,695

80,256

TOTAL ASSETS LESS CURRENT LIABILITIES

126,044

105,788

CREDITORS

Amounts falling due after more than one year

45,265

50,000

NET ASSETS

80,779

55,788

CAPITAL AND RESERVES

Called up share capital

6

2

2

Retained earnings

80,777

55,786

SHAREHOLDERS' FUNDS

80,779

55,788

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2021 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 December 2021 in accordance with Section 444(2A) of the Companies Act 2006.

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

The financial statements were approved by the director and authorised for issue on 30 September 2022 and were signed by:

Mr M R Wallis - Director

1.	STATUTORY INFORMATION

Wallis Auto Engineering 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.

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.

Goodwill

Being the amounts paid in 2007 (£35,000) and 2009 (£27,000) for the acquisition of businesses which are being written off over their useful life of 5 years.

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 impairment losses.

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

Motor vehicles

-

20% on reducing balance

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.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2020 - 5 ) .

4.	INTANGIBLE FIXED ASSETS

Totals

£

COST

At 1 January 2021

and 31 December 2021

62,000

AMORTISATION

At 1 January 2021

and 31 December 2021

62,000

NET BOOK VALUE

At 31 December 2021

-

At 31 December 2020

-

5.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 January 2021

145,907

Additions

36,000

At 31 December 2021

181,907

DEPRECIATION

At 1 January 2021

120,375

Charge for year

6,183

At 31 December 2021

126,558

NET BOOK VALUE

At 31 December 2021

55,349

At 31 December 2020

25,532

6.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31/12/21

31/12/20

value:

£

£

1

Ordinary

1

1

1

50

Ordinary B

£1

1

1

2

2

7.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mr M R Wallis.