Wheelwash Limited - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: 02667013 (England and Wales)

Unaudited Financial Statements

for the Year Ended 30 September 2022

for

Wheelwash Limited

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

G J Stubbs

A J Pinkney

I Jolly

SECRETARY:

Mrs S T Mclean

REGISTERED OFFICE:

Unit 1 & 2

Road 4

Winsford Industrial Estate

Winsford

Cheshire

CW7 3QN

REGISTERED NUMBER:

02667013 (England and Wales)

FIXED ASSETS

Intangible assets

5

-

-

Tangible assets

6

1,380,694

1,186,826

Investments

7

4,050

-

1,384,744

1,186,826

CURRENT ASSETS

Stocks

8

182,224

210,715

Debtors

9

1,050,438

594,726

Cash at bank and in hand

6,428

6,055

1,239,090

811,496

CREDITORS

Amounts falling due within one year

10

(1,183,806

)

(899,431

)

NET CURRENT ASSETS/(LIABILITIES)

55,284

(87,935

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,440,028

1,098,891

CREDITORS

Amounts falling due after more than one year

11

(101,495

)

(188,737

)

PROVISIONS FOR LIABILITIES

15

(307,476

)

(237,076

)

NET ASSETS

1,031,057

673,078

CAPITAL AND RESERVES

Called up share capital

7,000

7,000

Share premium

157,200

157,200

Retained earnings

866,857

508,878

SHAREHOLDERS' FUNDS

1,031,057

673,078

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 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 Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 21 December 2022 and were signed on its behalf by:

I Jolly - Director

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

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

Summary of significant 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 years presented, unless otherwise stated.

Basis of preparation

The financial statements are prepared on the going concern basis under the historical cost convention and comply with the United Kingdom Accounting Standards and Companies Act 2006.

Going concern

No other material uncertainties that may cast significant doubt about the ability of the company to continue as a going concern have been identified by the directors.

On this basis the directors considers 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.

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%

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

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.

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 24 (2021 - 22 ) .

5.	INTANGIBLE FIXED ASSETS

Development

Goodwill

costs

Totals

£

£

£

COST

At 1 October 2021

and 30 September 2022

73,937

157,718

231,655

AMORTISATION

At 1 October 2021

and 30 September 2022

73,937

157,718

231,655

NET BOOK VALUE

At 30 September 2022

-

-

-

At 30 September 2021

-

-

-

6.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

Plant and

and

property

machinery

fittings

£

£

£

COST

At 1 October 2021

100,409

623,754

78,180

Additions

10,806

7,045

-

Disposals

-

-

-

At 30 September 2022

111,215

630,799

78,180

DEPRECIATION

At 1 October 2021

30,123

492,787

76,676

Charge for year

11,121

26,716

1,219

Eliminated on disposal

-

-

-

At 30 September 2022

41,244

519,503

77,895

NET BOOK VALUE

At 30 September 2022

69,971

111,296

285

At 30 September 2021

70,286

130,967

1,504

Motor

Hire

vehicles

Plant

Totals

£

£

£

COST

At 1 October 2021

50,490

1,856,475

2,709,308

Additions

-

658,569

676,420

Disposals

-

(809,478

)

(809,478

)

At 30 September 2022

50,490

1,705,566

2,576,250

DEPRECIATION

At 1 October 2021

31,498

891,398

1,522,482

Charge for year

9,265

150,865

199,186

Eliminated on disposal

-

(526,112

)

(526,112

)

At 30 September 2022

40,763

516,151

1,195,556

NET BOOK VALUE

At 30 September 2022

9,727

1,189,415

1,380,694

At 30 September 2021

18,992

965,077

1,186,826

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 2021

31,958

74,312

30,785

262,731

399,786

Additions

-

-

-

109,728

109,728

Transfer to ownership

(31,958

)

(12,312

)

(14,139

)

(64,691

)

(123,100

)

At 30 September 2022

-

62,000

16,646

307,768

386,414

DEPRECIATION

At 1 October 2021

9,588

21,955

13,517

41,602

86,662

Charge for year

3,196

7,431

7,542

33,263

51,432

Transfer to ownership

(12,784

)

(4,948

)

(12,735

)

(27,971

)

(58,438

)

At 30 September 2022

-

24,438

8,324

46,894

79,656

NET BOOK VALUE

At 30 September 2022

-

37,562

8,322

260,874

306,758

At 30 September 2021

22,370

52,357

17,268

221,129

313,124

7.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

Additions

4,050

At 30 September 2022

4,050

NET BOOK VALUE

At 30 September 2022

4,050

8.

STOCKS

2022

2021

£

£

Raw materials

58,540

26,172

Work-in-progress

14,674

27,530

Finished goods

109,010

157,013

182,224

210,715

9.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade debtors

855,434

461,531

Amounts owed by group undertakings

11,111

-

Other debtors

36,736

24,399

Tax

3,272

-

Prepayments and accrued income

143,885

108,796

1,050,438

594,726

Amounts owed by group undertakings are interest free and repayable on demand.

10.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Bank loans and overdrafts

44,371

3,742

Hire purchase contracts (see note 12)

89,956

101,103

Trade creditors

525,425

438,752

Social security and other taxes

5,260

171

VAT

76,874

27,932

Other creditors

222,090

60,868

Directors' current accounts

83,850

120,000

Deferred income

59,978

77,252

Accrued expenses

76,002

69,611

1,183,806

899,431

11.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2022

2021

£

£

Hire purchase contracts (see note 12)

101,495

111,731

Directors' accounts

-

77,006

101,495

188,737

12.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2022

2021

£

£

Within one year

134,252

134,252

Between one and five years

483,313

502,565

In more than five years

56,000

176,000

678,565

812,817

13.	SECURED DEBTS

The following secured debts are included within creditors:

2022

2021

£

£

Bank overdrafts

44,371

3,742

Hire purchase contracts

191,451

212,834

235,822

216,576

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

2022

2021

£

£

Deferred tax

294,096

223,179

Other provisions

Warranty provision

10,000

10,000

Leave pay

3,380

3,897

13,380

13,897

Aggregate amounts

307,476

237,076

Deferred

Other

tax

provisions

£

£

Balance at 1 October 2021

223,179

13,897

Utilised during the year

70,917

-

Balance at 30 September 2022

294,096

13,897

The provision for deferred taxation consists of the tax effect of the following timing differences in respect of:

2022

2021

£

£

Excess of taxation allowances over depreciation on fixed assets

345,174

296,707

Valuation of tax losses

(50,341

)

(72,882

)

Other short term timing differences

(737

)

(646

)

294,096

223,179

The leave pay provision of £3,380 (2021: £3,897) represents holiday balances accrued as a result of services rendered in the current period and which employees are entitled to carry forward. The provision is measured as the salary cost payable for the period of absence.