Wirefield Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 02628148 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 December 2022

for

Wirefield Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

J H MacLeod

K A Davis

L Chapman

REGISTERED OFFICE:

38 Standard Way

Fareham Industrial Estate

Fareham

Hampshire

PO16 8XG

REGISTERED NUMBER:

02628148 (England and Wales)

ACCOUNTANTS:

Roches Chartered Accountants

1 Manor Court

6 Barnes Wallis Road

Segensworth

Fareham

Hampshire

PO15 5TH

FIXED ASSETS

Tangible assets

5

46,012

67,486

CURRENT ASSETS

Stocks

6

479,999

514,727

Debtors

7

1,898,720

1,925,115

Cash at bank

439,967

43,191

2,818,686

2,483,033

CREDITORS

Amounts falling due within one year

8

532,699

849,621

NET CURRENT ASSETS

2,285,987

1,633,412

TOTAL ASSETS LESS CURRENT LIABILITIES

2,331,999

1,700,898

CREDITORS

Amounts falling due after more than one year

9

31,567

41,294

NET ASSETS

2,300,432

1,659,604

CAPITAL AND RESERVES

Called up share capital

100,000

100,000

Retained earnings

2,200,432

1,559,604

SHAREHOLDERS' FUNDS

2,300,432

1,659,604

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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 20 September 2023 and were signed on its behalf by:

J H MacLeod - Director

1.	STATUTORY INFORMATION

Wirefield 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 net invoiced sales of goods, excluding value added tax, measured at the fair value of consideration received or receivable.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Short leasehold

-

4% on cost

Plant and machinery

-

10% on cost

Fixtures and fittings

-

25% on cost and Straight line over 7 years

Motor vehicles

-

40% on reducing balance

Computer equipment

-

25% on cost

Stocks

Stocks have been valued at the lower of cost and net realisable value being the estimated selling price less costs to sell. Cost is based on the cost of purchase measured on a weighted average basis.

At each reporting date, stocks are assessed for impairment and allowance is made for obsolete and slow-moving items.

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable and loans to related parties.

Financial assets & financial liabilities are initially recognised at the transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method. However, if the arrangement constitutes a financing transaction then it is measured at the present value of the future receipts discounted at a market rate of interest.

Financial assets & financial liabilities classified as receivable within one year are not amortised.

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 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.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet 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.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 15 (2021 - 15 ) .

5.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 January 2022

9,117

292,432

301,549

Additions

-

2,176

2,176

At 31 December 2022

9,117

294,608

303,725

DEPRECIATION

At 1 January 2022

1,170

232,893

234,063

Charge for year

365

23,285

23,650

At 31 December 2022

1,535

256,178

257,713

NET BOOK VALUE

At 31 December 2022

7,582

38,430

46,012

At 31 December 2021

7,947

59,539

67,486

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

Plant and

machinery

etc

£

COST

At 1 January 2022

21,490

Transfer to ownership

(21,490

)

At 31 December 2022

-

DEPRECIATION

At 1 January 2022

15,204

Charge for year

838

Transfer to ownership

(16,042

)

At 31 December 2022

-

NET BOOK VALUE

At 31 December 2022

-

At 31 December 2021

6,286

6.

STOCKS

31.12.22

31.12.21

£

£

Stocks

479,999

514,727

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.22

31.12.21

£

£

Trade debtors

398,106

883,485

Amounts owed by group undertakings

1,432,011

897,011

Other debtors

68,603

144,619

1,898,720

1,925,115

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.22

31.12.21

£

£

Bank loans and overdrafts

9,727

271,286

Hire purchase contracts

-

1,485

Trade creditors

293,091

382,772

Taxation and social security

185,253

130,332

Other creditors

44,628

63,746

532,699

849,621

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.22

31.12.21

£

£

Bank loans

31,567

41,294

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

-

885

10.	SECURED DEBTS

The following secured debts are included within creditors:

31.12.22

31.12.21

£

£

Bank overdraft

-

262,580

Hire purchase contracts

-

1,485

-

264,065

The bank overdraft is secured by a fixed and floating charge over the company's assets.

A charge is held over the book debts of the company by HSBC Invoice Finance (UK) Limited.

Hire purchase debt is secured on the assets concerned.

11.	OTHER FINANCIAL COMMITMENTS

Wirefield Limited and Mandaco 516 Limited have issued to HSBC Bank PLC, an unlimited composite company guarantee to secure all liabilities of each other.

As at the year end, the company had obligations totalling £79,900 (2021: £138,713) in respect of non-cancellable operating leases.