Waingap Contracts Limited - Period Ending 2023-03-31
Waingap Contracts Limited - Period Ending 2023-03-31
Registration number:
Waingap Contracts Limited
Information for Filing with The Registrar
31 March 2023
Waingap Contracts Limited
(Registration number: 03699107)
Balance Sheet
31 March 2023
Note |
2023 |
2022 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Investment property |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Revaluation reserve |
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Retained earnings |
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Shareholders' funds |
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For the financial year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their 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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.
Waingap Contracts Limited
(Registration number: 03699107)
Balance Sheet
31 March 2023
Approved and authorised by the
R.T. Phillips
Company secretary and director
Waingap Contracts Limited
Notes to the Accounts
Year Ended 31 March 2023
General information |
The company is a private company limited by share capital, incorporated in England.
The address of its registered office is:
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
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.
Revenue recognition
Turnover 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.
The company recognises revenue when the amount of revenue can be reliably measured, and it is probable that future economic benefits will flow to the entity.
Tax
The tax expense for the period comprises corporation and deferred tax.
The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date.
Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
Tangible assets
Tangible assets are stated at cost, less any subsequent accumulated depreciation.
Waingap Contracts Limited
Notes to the Accounts
Year Ended 31 March 2023
Depreciation
Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Plant and Machinery |
10 years straight line basis |
Motor Vehicles |
4 years straight line basis |
Leasehold Improvements |
10 years straight line basis |
Investment property
Amortisation
Amortisation is provided on intangible assets so as to write off the cost over their useful life as follows:
Asset class |
Amortisation method and rate |
Computer software |
3 years straight line basis |
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Waingap Contracts Limited
Notes to the Accounts
Year Ended 31 March 2023
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.
Staff numbers |
The average number of persons employed by the company during the year, was
Profit before tax |
Arrived at after charging:
2023 |
2022 |
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Depreciation |
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Amortisation |
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Intangible assets |
Other intangible assets |
Total |
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Cost |
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At 1 April 2022 |
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At 31 March 2023 |
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Amortisation |
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At 1 April 2022 |
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Charge for the year |
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At 31 March 2023 |
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Carrying amount |
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At 31 March 2023 |
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At 31 March 2022 |
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Waingap Contracts Limited
Notes to the Accounts
Year Ended 31 March 2023
Tangible assets |
Short leasehold land and buildings |
Plant and machinery |
Office equipment |
Motor |
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Cost |
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At 1 April 2022 |
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Additions |
- |
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Disposals |
- |
- |
- |
( |
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At 31 March 2023 |
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Depreciation |
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At 1 April 2022 |
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Charge for the year |
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Eliminated on disposal |
- |
- |
- |
( |
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At 31 March 2023 |
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Carrying amount |
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At 31 March 2023 |
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At 31 March 2022 |
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Total |
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Cost |
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At 1 April 2022 |
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Additions |
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Disposals |
( |
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At 31 March 2023 |
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Depreciation |
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At 1 April 2022 |
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Charge for the year |
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Eliminated on disposal |
( |
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At 31 March 2023 |
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Carrying amount |
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At 31 March 2023 |
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At 31 March 2022 |
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Waingap Contracts Limited
Notes to the Accounts
Year Ended 31 March 2023
Investment properties |
2023 |
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At 1 April 2022 |
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At 31 March 2023 |
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The investment property is included at fair value. Gains are recognised in the income statement. Deferred tax is provided on these gains at the rate expected to apply when the property is sold.
There has been no valuation of investment property by an independent valuer.
Debtors |
Current |
2023 |
2022 |
Trade debtors |
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Prepayments |
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Other debtors |
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Creditors |
Note |
2023 |
2022 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Amounts due to related parties |
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Corporation tax |
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Other taxes and social security |
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Other creditors |
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Note |
2023 |
2022 |
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Due after one year |
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Loans and borrowings |
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Waingap Contracts Limited
Notes to the Accounts
Year Ended 31 March 2023
Share capital |
Allotted, called up and fully paid shares
2023 |
2022 |
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No. |
£ |
No. |
£ |
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400 |
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400 |
Reserves |
The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:
Revaluation reserve |
Total |
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Surplus/deficit on property, plant and equipment revaluation |
( |
( |
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Loans and borrowings |
2023 |
2022 |
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Non-current loans and borrowings |
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Bank borrowings |
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Finance lease liabilities |
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2023 |
2022 |
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Current loans and borrowings |
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Bank borrowings |
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Finance lease liabilities |
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