WILTONS INSULATION FLUES & CHIMNEYS LIMITED

WILTONS INSULATION FLUES & CHIMNEYS LIMITED - Company Information

2022-09-012023-08-312023-08-31false03257258WILTONS INSULATION FLUES & CHIMNEYS 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Registered Number
03257258
(England and Wales)

Unaudited Financial Statements for the Year ended
31 August 2023

WILTONS INSULATION FLUES & CHIMNEYS LIMITED

Company Information
for the year from 1 September 2022 to 31 August 2023


Directors	BROWN, Dionisia
	MURPHY, Michael Glen


Company Secretary	BROWN, Dionisia


Registered Address	Unit 6, Spitfire Business Park
	1, Hawker Road
	Croydon
	CR0 4WD


Registered Number	03257258 (England and Wales)

WILTONS INSULATION FLUES & CHIMNEYS LIMITED

Statement of Financial Position
31 August 2023

	Notes	2023		2022
		£	£	£	£
Fixed assets
Tangible assets	3		22,258		28,508
			22,258		28,508
Current assets
Stocks	4	2,000		3,383
Debtors	5	604,823		895,981
Cash at bank and on hand		-		1,319
		606,823		900,683
Creditors amounts falling due within one year	6	(407,356)		(639,178)
Net current assets (liabilities)			199,467		261,505
Total assets less current liabilities			221,725		290,013
Creditors amounts falling due after one year	7		(11,482)		(18,043)
Provisions for liabilities	9		(4,674)		(6,164)
Net assets			205,569		265,806
Capital and reserves
Called up share capital			610		610
Profit and loss account			204,959		265,196
Shareholders' funds			205,569		265,806

The company was entitled to exemption from audit for this reporting period under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The Directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The directors have chosen to not file a copy of the company’s profit and loss account under section 444 (5A) Companies Act 2006.

The financial statements were approved and authorised for issue by the Board of Directors on 11 April 2024, and are signed on its behalf by:

BROWN, Dionisia
Director

MURPHY, Michael Glen
Director

Registered Company No. 03257258

WILTONS INSULATION FLUES & CHIMNEYS LIMITED

Notes to the Financial Statements
for the year ended 31 August 2023

1.	Accounting policies

	Statutory information
	The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

	Statement of compliance
	The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.

	Turnover policy
	Turnover represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the value of the consideration due. Turnover represents sales of goods net of VAT and trade discounts. Turnover is recognised when the goods are physically delivered to the customer.

	Employee benefits
	Contributions to defined contribution plans are expensed in the period to which they relate.

	Current taxation
	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.

	Deferred tax
	Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

Deferred tax

Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

	Tangible fixed assets and depreciation
	Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:


		Reducing balance (%)
	Fixtures and fittings	15
	Vehicles	25
	Office Equipment	25

	Finance leases and hire purchase contracts
	Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the balance sheet. They are depreciated over the shorter of their useful lives or the term of the lease.

	Stocks and work in progress
	Inventories are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete).

2.	Average number of employees


		2023		2022
	Average number of employees during the year	6		11

3.	Tangible fixed assets

	Vehicles	Fixtures & fittings	Office Equipment	Total
	£	£	£	£
Cost or valuation
At 01 September 22	30,999	5,867	1,187	38,053
Additions	-	-	583	583
At 31 August 23	30,999	5,867	1,770	38,636
Depreciation and impairment
At 01 September 22	7,750	1,498	297	9,545
Charge for year	5,810	655	368	6,833
At 31 August 23	13,560	2,153	665	16,378
Net book value
At 31 August 23	17,439	3,714	1,105	22,258
At 31 August 22	23,249	4,369	890	28,508

4.	Stocks

	2023	2022
	£	£
Other stocks	2,000	3,383
Total	2,000	3,383

5.	Debtors: amounts due within one year

	2023	2022
	£	£
Trade debtors / trade receivables	471,561	742,939
Other debtors	133,262	153,042
Total	604,823	895,981

6.	Creditors: amounts due within one year

	2023	2022
	£	£
Trade creditors / trade payables	257,259	459,965
Bank borrowings and overdrafts	7,771	-
Taxation and social security	37,775	32,753
Finance lease and HP contracts	6,561	6,561
Other creditors	97,990	139,899
Total	407,356	639,178

7.	Creditors: amounts due after one year

	2023	2022
	£	£
Other creditors	11,482	18,043
Total	11,482	18,043

8.	Obligations under finance leases

		2023		2022
		£		£
	Finance lease and HP contracts	11,482		18,043

9.	Provisions for liabilities

	2023	2022
	£	£
Net deferred tax liability (asset)	4,674	6,164
Total	4,674	6,164

10.	Related party transactions
	At the balance sheet date, included in amounts owed by associated undertakings were amounts of £89,342 (2022: £89,342) due from Wiltons Insulation Limited , the company under common control. Wiltons Insulation Ltd is in the process of liquidation. At the balance sheet date, included in trade creditors were amounts of £3,600 (2022: £7,200) due to Wiltons Building Services Ltd, the company under common control. During the year Wiltons Building Services Ltd, the company under common control charged rent to Wiltons Insulation Flues & Chimneys Limited of £36,000 (2022: £36,000).

10.

Related party transactions

At the balance sheet date, included in amounts owed by associated undertakings were amounts of £89,342 (2022: £89,342) due from Wiltons Insulation Limited , the company under common control. Wiltons Insulation Ltd is in the process of liquidation. 
At the balance sheet date, included in trade creditors were amounts of £3,600 (2022: £7,200) due to Wiltons Building Services Ltd, the company under common control. During the year Wiltons Building Services Ltd, the company under common control charged rent to Wiltons Insulation Flues & Chimneys Limited of £36,000 (2022: £36,000).

11.	Further information regarding the company's financial position
	The company's overdraft facilities are secured by a debenture on the company and directors unsupported guarantees.