Wades of Wednesbury Limited 30/04/2022 iXBRL

Wades of Wednesbury Limited 30/04/2022 iXBRL

WADES OF WEDNESBURY LIMITED - Company Information

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REGISTRAR
Company registration number: 1621632
Wades of Wednesbury Limited
Unaudited filleted financial statements
30 April 2022
Wades of Wednesbury Limited
Contents
Statement of financial position
Notes to the financial statements
Wades of Wednesbury Limited
Statement of financial position
30 April 2022
2022 2021
Note £ £ £ £
Current assets
Stocks 143,338 231,864
Debtors 5 356,396 412,667
Cash at bank and in hand 247,256 245,477
_______ _______
746,990 890,008
Creditors: amounts falling due
within one year 6 ( 448,298) ( 679,623)
_______ _______
Net current assets 298,692 210,385
_______ _______
Total assets less current liabilities 298,692 210,385
_______ _______
Net assets 298,692 210,385
_______ _______
Capital and reserves
Called up share capital 7 2 2
Profit and loss account 298,690 210,383
_______ _______
Shareholders funds 298,692 210,385
_______ _______
For the year ending 30 April 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 25 July 2022 , and are signed on behalf of the board by:
J.W. Wade
Director
Company registration number: 1621632
Wades of Wednesbury Limited
Notes to the financial statements
Year ended 30 April 2022
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Webb Street, Coseley, Bilston, West Midlands, WV14 8XL.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis.The financial statements are prepared in sterling, which is the functional currency of the entity.The accounts are rounded to the nearest £1.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
Debtors and creditors receivable/payable within one year
Debtors and creditors with no stated interest rate and receivable and payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 9 (2021: 12 ).
5. Debtors
2022 2021
£ £
Trade debtors 345,681 380,954
Other debtors 10,715 31,713
_______ _______
356,396 412,667
_______ _______
6. Creditors: amounts falling due within one year
2022 2021
£ £
Trade creditors 260,897 431,877
Amounts owed to group undertakings and undertakings in which the company has a participating interest 146,798 224,904
Social security and other taxes 30,993 13,663
Other creditors 9,610 9,179
_______ _______
448,298 679,623
_______ _______
7. Called up share capital
Issued, called up and fully paid
2022 2021
No £ No £
Ordinary shares shares of £ 1.00 each 2 2 2 2
_______ _______ _______ _______