WECS Precision Limited - Period Ending 2022-03-31
WECS Precision Limited - Period Ending 2022-03-31
Registration number:
WECS Precision Limited
for the Year Ended 31 March 2022
WECS Precision Limited
Contents
Company Information |
|
Statement of Financial Position |
|
Notes to the Unaudited Financial Statements |
WECS Precision Limited
Company Information
Director |
N J Pooles |
Company secretary |
A A Pooles |
Registered office |
|
Accountants |
|
WECS Precision Limited
(Registration number: 05114474)
Statement of Financial Position as at 31 March 2022
Note |
2022 |
2021 |
|
Non-current assets |
|||
Property, plant and equipment |
|
|
|
Current assets |
|||
Inventories |
|
|
|
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Total assets less current liabilities |
|
|
|
Provisions for liabilities |
( |
( |
|
Net assets |
|
|
|
Equity |
|||
Called up share capital |
|
|
|
Profit and loss account |
|
|
|
Shareholders' funds |
|
|
For the financial year ending 31 March 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
• |
|
• |
The director acknowledges his 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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Income statement has been taken.
WECS Precision Limited
(Registration number: 05114474)
Statement of Financial Position as at 31 March 2022 (continued)
The financial statements of WECS Precision Limited were approved and authorised for issue by the
.........................................
Director
WECS Precision Limited
Notes to the Unaudited Financial Statements
for the Year Ended 31 March 2022
General information |
WECS Precision Limited (the 'company') is a private company limited by share capital, registered in England and Wales under the Companies Act. The address of the registered office is given on page 1.
Accounting policies |
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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
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 functional currency of the company is considered to be pound sterling (£) because that is the currency of the primary economic environment in which the company operates. The financial statements are presented in pound sterling (£).
Summary of disclosure exemptions
The company meets the definition of a qualifying entity under FRS 102 and has therefore taken advantage of the disclosure exemptions available to it in respect of its separate financial statements. The company is consolidated in the financial statements of its parent, , which may be obtained from . Exemptions have been taken in these separate company financial statements in relation to financial instruments, presentation of a cash flow statement, transactions with group entities and remuneration of key management personnel..
WECS Precision Limited
Notes to the Unaudited Financial Statements
for the Year Ended 31 March 2022 (continued)
2 |
Accounting policies (continued) |
Going concern
The directors have considered the ongoing effects of COVID-19 on the company's operations and the financial projections for the company over the foreseeable future [[and have also reviewed the ongoing committed financial support from the company's parent undertaking and are confident that this will be available for the foreseeable future]]. After making enquiries, the directors are satisfied that the company has sufficient resources to continue in operation for the foreseeable future, being at least 12 months from the date of signing the financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements. OR
The directors have considered the ongoing effects of COVID-19 on the company's operations and the financial projections for the company and have concluded that they have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis in preparing the annual financial statements.
Critical judgements and key sources of estimation uncertainties
There were no key sources of estimation uncertainties or critical judgements made by the directors in the process of applying the company’s accounting policies with significant effect on the amounts recognised in the financial statements.
Revenue recognition
Revenue 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. Revenue is shown net of sales/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.
WECS Precision Limited
Notes to the Unaudited Financial Statements
for the Year Ended 31 March 2022 (continued)
2 |
Accounting policies (continued) |
Property, plant and equipment
Property, plant and equipment are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of property, plant and equipment includes directly attributable incremental costs incurred in their acquisition and installation.
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 |
Fixtures and fittings |
10% straight line |
Plant and machinery |
10% straight line |
Motor vehicles |
25% straight line |
Office equipment |
33% straight line |
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 years straight line |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, 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.
Receivables
Receivables are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Receivables are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of receivables is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
WECS Precision Limited
Notes to the Unaudited Financial Statements
for the Year Ended 31 March 2022 (continued)
2 |
Accounting policies (continued) |
Inventories
Inventories are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
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, inventories are assessed for impairment. If inventories 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.
Payables
Payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Payables are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Financial instruments
WECS Precision Limited
Notes to the Unaudited Financial Statements
for the Year Ended 31 March 2022 (continued)
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
WECS Precision Limited
Notes to the Unaudited Financial Statements
for the Year Ended 31 March 2022 (continued)
Intangible assets |
Goodwill |
Total |
|
Cost or valuation |
||
At 1 April 2021 |
|
|
At 31 March 2022 |
|
|
Amortisation |
||
At 1 April 2021 |
|
|
At 31 March 2022 |
|
|
Carrying amount |
||
At 31 March 2022 |
- |
- |
Property, plant and equipment |
Plant and machinery |
Fixtures and fittings |
Motor vehicles |
Office equipment |
Total |
|
Cost or valuation |
|||||
At 1 April 2021 |
|
|
|
|
|
At 31 March 2022 |
|
|
|
|
|
Depreciation |
|||||
At 1 April 2021 |
|
|
|
|
|
Charge for the year |
|
|
- |
- |
|
At 31 March 2022 |
|
|
|
|
|
Carrying amount |
|||||
At 31 March 2022 |
|
|
- |
- |
|
At 31 March 2021 |
|
|
- |
- |
|
Inventories |
2022 |
2021 |
|
Raw materials and consumables |
|
|
WECS Precision Limited
Notes to the Unaudited Financial Statements
for the Year Ended 31 March 2022 (continued)
Receivables |
2022 |
2021 |
|
Trade receivables |
|
|
Amounts owed by related parties |
|
|
Other receivables |
|
|
Corporation tax asset |
|
|
Prepayments |
|
|
|
|
Creditors |
Creditors: amounts falling due within one year
2022 |
2021 |
|
Due within one year |
||
Trade payable |
|
|
Social security and other taxes |
|
|
Corporation tax |
20,376 |
50,287 |
Outstanding defined contribution pension costs |
|
- |
Other payables |
|
|
Accruals |
|
|
|
|
Provisions for liabilities |
Deferred tax |
Total |
|
At 1 April 2021 |
|
|
Increase (decrease) in existing provisions |
|
|
At 31 March 2022 |
|
|
|
WECS Precision Limited
Notes to the Unaudited Financial Statements
for the Year Ended 31 March 2022 (continued)
Share capital |
Allotted, called up and fully paid shares
2022 |
2021 |
|||
No. |
£ |
No. |
£ |
|
|
|
1,000 |
|
1,000 |
Related party transactions |
Directors' remuneration
The director's remuneration for the year was as follows:
2022 |
2021 |
|
Remuneration |
|
|
Contributions paid to money purchase schemes |
|
|
10,113 |
10,113 |