Wirefield Limited - Accounts to registrar (filleted) - small 18.1
Wirefield Limited - Accounts to registrar (filleted) - small 18.1
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 December 2017 |
for |
Wirefield Limited |
Wirefield Limited (Registered number: 02628148) |
Contents of the Financial Statements |
for the Year Ended 31 December 2017 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Wirefield Limited |
Company Information |
for the Year Ended 31 December 2017 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
1 Manor Court |
6 Barnes Wallis Road |
Segensworth |
Fareham |
Hampshire |
PO15 5TH |
Wirefield Limited (Registered number: 02628148) |
Balance Sheet |
31 December 2017 |
31.12.17 | 31.12.16 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
CURRENT ASSETS |
Stocks | 6 |
Debtors | 7 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
9 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
SHAREHOLDERS' FUNDS |
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. |
Wirefield Limited (Registered number: 02628148) |
Balance Sheet - continued |
31 December 2017 |
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 on |
Wirefield Limited (Registered number: 02628148) |
Notes to the Financial Statements |
for the Year Ended 31 December 2017 |
1. | STATUTORY INFORMATION |
Wirefield Limited is a |
registered number and registered office address can be found on the Company Information page. |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
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. |
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 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. |
Wirefield Limited (Registered number: 02628148) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2017 |
3. | ACCOUNTING POLICIES - continued |
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 |
5. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 January 2017 |
Additions |
Disposals | ( |
) |
At 31 December 2017 |
DEPRECIATION |
At 1 January 2017 |
Charge for year |
Eliminated on disposal | ( |
) |
At 31 December 2017 |
NET BOOK VALUE |
At 31 December 2017 |
At 31 December 2016 |
Wirefield Limited (Registered number: 02628148) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2017 |
5. | TANGIBLE FIXED ASSETS - continued |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Plant and |
machinery |
etc |
£ |
COST |
At 1 January 2017 |
Additions |
Disposals | ( |
) |
At 31 December 2017 |
DEPRECIATION |
At 1 January 2017 |
Charge for year |
Eliminated on disposal | ( |
) |
At 31 December 2017 |
NET BOOK VALUE |
At 31 December 2017 |
At 31 December 2016 |
6. | STOCKS |
31.12.17 | 31.12.16 |
£ | £ |
Stocks |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.17 | 31.12.16 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.17 | 31.12.16 |
£ | £ |
Bank loans and overdrafts |
Hire purchase contracts |
Trade creditors |
Taxation and social security |
Other creditors |
Wirefield Limited (Registered number: 02628148) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2017 |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.12.17 | 31.12.16 |
£ | £ |
Hire purchase contracts |
Other creditors |
10. | SECURED DEBTS |
The following secured debts are included within creditors: |
31.12.17 | 31.12.16 |
£ | £ |
Bank overdrafts |
Bank loans |
Other loans |
Hire purchase contracts | 34,640 | 52,054 |
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 and finance lease debts are secured on the assets concerned. |
The other loan is secured by a fixed charge and a floating charge over all present and future property, as well as a |
separate fixed charge over specific automated light assembly equipment owned by the company. This has been |
discharged since the year end. |
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 31st December 2017, the company had obligations totalling £67,121 (2016: £185,199) in respect of |
non-cancellable operating leases. |