WECJET_LTD - Accounts


Company Registration No. 08489604 (England and Wales)
WECJET LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2022
31 December 2022
PAGES FOR FILING WITH REGISTRAR
PM+M Solutions for Business LLP
Chartered Accountants
New Century House
Greenbank Technology Park
Challenge Way
Blackburn
Lancashire
BB1 5QB
WECJET LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
WECJET LTD
BALANCE SHEET
AS AT
31 DECEMBER 2022
31 December 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
3
229,168
269,365
Current assets
Stocks
200,403
103,640
Debtors
4
1,479,971
1,640,283
Cash at bank and in hand
63,202
82,239
1,743,576
1,826,162
Creditors: amounts falling due within one year
5
(571,544)
(755,258)
Net current assets
1,172,032
1,070,904
Total assets less current liabilities
1,401,200
1,340,269
Creditors: amounts falling due after more than one year
6
(123,617)
(164,286)
Provisions for liabilities
(15,676)
(16,595)
Net assets
1,261,907
1,159,388
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
1,261,807
1,159,288
Total equity
1,261,907
1,159,388

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 28 June 2023 and are signed on its behalf by:
J S Hartley
Director
Company Registration No. 08489604
WECJET LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
- 2 -
1
Accounting policies
Company information

Wecjet Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Britannia House, Junction Street, Darwen, Lancashire, BB3 2RB.

 

The trading address is Premier House, Sett End Road North, Shadsworth Business Park, Blackburn, BB1 2PT.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Plant and equipment
10% to 20% on cost
Fixtures and fittings
20% on cost

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.5
Stocks

Stocks are stated at the lower of either cost or estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

WECJET LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 3 -

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.6
Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include debtors, cash and bank balances, are measured at transaction price.

Basic financial liabilities

Basic financial liabilities, including creditors and loans from fellow group companies are recognised at transaction price.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. Trade creditors are recognised initially at transaction price.

WECJET LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 4 -
1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences.

 

Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.9
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.10
Hire purchase and operating leases

A hire purchase arises whenever the terms of the contract transfer substantially all the risks and rewards of ownership to the company.

 

Assets held under hire purchase are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum hire purchase payments. The related liability is included in the balance sheet as a hire purchase obligation. Payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease.

1.11
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

2
Employees
The average monthly number of employees (including directors) employed by the company during the year was 13 (2021:11)
WECJET LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 5 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2022
1,208,632
Additions
19,740
Disposals
(1,103)
At 31 December 2022
1,227,269
Depreciation and impairment
At 1 January 2022
939,267
Depreciation charged in the year
59,937
Eliminated in respect of disposals
(1,103)
At 31 December 2022
998,101
Carrying amount
At 31 December 2022
229,168
At 31 December 2021
269,365
4
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
281,064
171,650
Corporation tax recoverable
10,502
-
0
Amounts owed by group undertakings
1,178,274
1,458,899
Other debtors
10,131
9,734
1,479,971
1,640,283
The amounts owed by group undertakings have no fixed repayment terms and are interest free.
WECJET LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 6 -
5
Creditors: amounts falling due within one year
2022
2021
£
£
Obligations under hire purchase contracts
42,316
43,115
Trade creditors
101,707
61,903
Amounts owed to group undertakings
327,612
547,763
Corporation tax
-
0
1,089
Other taxation and social security
46,359
57,654
Other creditors
16,973
16,945
Accruals and deferred income
36,577
26,789
571,544
755,258

The obligations under hire purchase contracts are secured on the assets to which they relate.

Included within other creditors is an amount due to related parties £13,600 (2021 - £13,600).

 

Amounts owed to group undertakings are interest free.

6
Creditors: amounts falling due after more than one year
2022
2021
Notes
£
£
Obligations under hire purchase contracts
123,617
164,286

Creditors due after one year relate to obligations under hire purchase contracts secured on the assets to which they relate.

7
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Ceri Dixon BSc ACA
Statutory Auditor:
PM+M Solutions for Business LLP
8
Operating lease commitments

At the reporting date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2022
2021
£
£
Total
147,333
215,333
2022-12-312022-01-01false28 June 2023CCH SoftwareCCH Accounts Production 2023.100No description of principal activityThis audit opinion is unqualifiedJ S HartleyW TierneyA B Sedgley084896042022-01-012022-12-31084896042022-12-31084896042021-12-3108489604core:OtherPropertyPlantEquipment2022-12-3108489604core:OtherPropertyPlantEquipment2021-12-3108489604core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-3108489604core:CurrentFinancialInstrumentscore:WithinOneYear2021-12-3108489604core:Non-currentFinancialInstrumentscore:AfterOneYear2022-12-3108489604core:Non-currentFinancialInstrumentscore:AfterOneYear2021-12-3108489604core:CurrentFinancialInstruments2022-12-3108489604core:CurrentFinancialInstruments2021-12-3108489604core:ShareCapital2022-12-3108489604core:ShareCapital2021-12-3108489604core:RetainedEarningsAccumulatedLosses2022-12-3108489604core:RetainedEarningsAccumulatedLosses2021-12-3108489604bus:Director12022-01-012022-12-3108489604core:PlantMachinery2022-01-012022-12-3108489604core:FurnitureFittings2022-01-012022-12-31084896042021-01-012021-12-3108489604core:OtherPropertyPlantEquipment2021-12-3108489604core:OtherPropertyPlantEquipment2022-01-012022-12-3108489604core:WithinOneYear2022-12-3108489604core:WithinOneYear2021-12-3108489604core:Non-currentFinancialInstruments2022-12-3108489604core:Non-currentFinancialInstruments2021-12-3108489604bus:PrivateLimitedCompanyLtd2022-01-012022-12-3108489604bus:SmallCompaniesRegimeForAccounts2022-01-012022-12-3108489604bus:FRS1022022-01-012022-12-3108489604bus:Audited2022-01-012022-12-3108489604bus:Director22022-01-012022-12-3108489604bus:CompanySecretary12022-01-012022-12-3108489604bus:FullAccounts2022-01-012022-12-31xbrli:purexbrli:sharesiso4217:GBP