REGISTERED NUMBER: |
WINGS OF PETERBOROUGH LTD |
STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
AUDITED FINANCIAL STATEMENTS |
FOR THE PERIOD |
1 FEBRUARY 2022 TO 30 JANUARY 2023 |
REGISTERED NUMBER: |
WINGS OF PETERBOROUGH LTD |
STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
AUDITED FINANCIAL STATEMENTS |
FOR THE PERIOD |
1 FEBRUARY 2022 TO 30 JANUARY 2023 |
WINGS OF PETERBOROUGH LTD (REGISTERED NUMBER: 03880270) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE PERIOD 1 FEBRUARY 2022 TO 30 JANUARY 2023 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 5 |
Report of the Independent Auditors | 7 |
Income Statement | 10 |
Other Comprehensive Income | 11 |
Balance Sheet | 12 |
Statement of Changes in Equity | 13 |
Cash Flow Statement | 14 |
Notes to the Cash Flow Statement | 15 |
Notes to the Financial Statements | 16 |
WINGS OF PETERBOROUGH LTD |
COMPANY INFORMATION |
FOR THE PERIOD 1 FEBRUARY 2022 TO 30 JANUARY 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: |
AUDITORS: |
(Statutory Auditor) |
Rollestone House |
Bridge Street |
Horncastle |
Lincolnshire |
LN9 5HZ |
WINGS OF PETERBOROUGH LTD (REGISTERED NUMBER: 03880270) |
STRATEGIC REPORT |
FOR THE PERIOD 1 FEBRUARY 2022 TO 30 JANUARY 2023 |
Strategic Report for the year ended 30th January 2023. |
Introduction: |
The Directors present their strategic report for the year ended 30th January 2023. |
REVIEW OF BUSINESS |
2023 was a year of mixed performance for Wings Skoda Group that saw overall financial performance regress, but still with strong commercial performances overall. |
As the world continued to emerge from the COVID-19 pandemic supply chains continued to be disrupted, which impacted both new and used car markets. Component shortages meant that new car supply was unreliable, and forecast build times were rarely met. The used car market continued to experience demand outpacing supply, but as this had continued from the year prior we saw that wholesale prices for stock were drastically increased and margins were reduced despite retail prices remaining buoyant. |
The unexpected event of Russia's invasion of Ukraine early in 2022 had profound impacts on electrical components for new cars, and this obliterated planned supply and availability in particular of newer products (such as BEV and PHEV vehicles). These interruptions have also impacted parts supplies, and in particular towbars and similar retrofit items that provide significant individual contributions have been halted. |
Linked to the Ukraine conflict, utility bills have increased to unprecedented levels, and this has had significant impact in both of our sites; in particular Kings Lynn which is noted to be much less thermally efficient. |
Interest rates have risen from their stable and low position, which may present a passive income opportunity moving forward. However these rates have yet to impact deposit accounts that we can access. This should be reviewed moving forward to both capitalise on rising rates and hedge against inflation. |
The cost-of-living crisis has seen a greater focus on servicing costs, but this has been offset by the high proportion of our customers on service plans. In turn this has created added value for these plans, and as such we have placed greater focus on their penetration within our customer base. |
Net profit was down over the year, but indirect expenses have played a huge part in this. It is felt that although the move was negative, the increase a year prior was in large part due to market forces (significant increases in GPU for car sales) that were not within our control, or sustainable. On reflection, it is agreed that the results are satisfactory in line with the trading conditions and wider economic landscape. |
It is especially noted that the new car order book is at it's highest ever level (over 200 units) and this represents well over 60% of annual new car target coverage as work in progress. |
WINGS OF PETERBOROUGH LTD (REGISTERED NUMBER: 03880270) |
STRATEGIC REPORT |
FOR THE PERIOD 1 FEBRUARY 2022 TO 30 JANUARY 2023 |
PRINCIPAL RISKS AND UNCERTAINTIES |
There are certain risks which could materially and adversely impact the company's result compared to expectation. A summary of the key risks is set out below. This is not an exhaustive list of the factors that could exist. |
Manufacturer relationship: |
The company relies on the strength and history of its relationship with the vehicle manufacturer to deliver a significant component of company profitability. Changes in the fortunes and strategy of the company's key manufacturer partner could directly and materially impact the company's results. The manufacturer's insistence on pursuing an Agency vehicle sales strategy may adversely impact GPU, and it is currently impossible to forecast if sufficient cost reductions will be possible to offset this. |
The directors are confident that the future new products, largely smaller electric vehicles, from the manufacturer will continue to be competitively priced and of increasingly high quality and therefore consider this "manufacturer risk" minimal in such areas that can be influenced internally. It is, in any case, mitigated by the other core areas of the business, including used vehicle sales, and workshop services - an area of intended expansion. |
Used vehicle prices: |
Used vehicle price volatility presents a significant risk, especially as the market sits at an historic and unsustainable high point. EVs represent the biggest financial risk as the market is in its infancy and as such, historic data is not available. Steps should be taken to limit over-exposure to used EV risk during the interim period and extreme price volatility and inconsistent demand should be expected. |
Used cars price risk is mitigated by close working relationships between the Managing Director and Head of Sales. Rich data is available to understand demand and live market supply levels, and this is leveraged at least weekly in continual price and performance reviews to ensure that applied strategies remain in line with the market. |
Company, people and reputation: |
The company has invested heavily in its people and its reputation over a large number of years. It is therefore reliant on several key individuals to a degree in the delivery of company results and reinforcing the underlying Wings brand. The company recognises the need to conduct more regular reviews of remuneration, employment packages and working terms and conditions to ensure that it retains, and attracts, the best talent available locally. |
General economic conditions: |
The general economic environment and levels of consumer and business confidence have a direct impact on levels of demand in the motor retail sector. In addition, fuel prices, interest rates, energy prices, and levels of unemployment can all significantly impact sales levels. Demand levels are monitored by the business via both sales and enquiry analyses and appropriate action taken accordingly if these measures deviate from expectation. |
WINGS OF PETERBOROUGH LTD (REGISTERED NUMBER: 03880270) |
STRATEGIC REPORT |
FOR THE PERIOD 1 FEBRUARY 2022 TO 30 JANUARY 2023 |
SECTION 172(1) STATEMENT |
Statement by the directors in performance of their statutory duties in accordance with S172(1) companies act 2006. |
The directors of Wings Skoda consider, both individually and collectively, that they have acted in the way they consider, in good faith, would be most likely to promote the success of the company for the benefit of its members as a whole (having regard to the stakeholders and matters et out in S172(1)(a)-(f) of the Companies Act 2006) in the decisions taken during the year ended 31st January 2023. |
- Our plan was designed to have a long-term beneficial impact on the company and to contribute to its success in delivering a high quality of service across all areas of our business. |
- Our team members are fundamental to the delivery of our plan. We aim to be a responsible employer in our approach to the pay and benefits our team members receive. The health, safety and wellbeing of our team members is one of our primary considerations in the way we do business. |
- Engagement with supplies and customers is key to our success. We meet with our major partners regularly and take appropriate action, where necessary, to prevent involvement in modern slavery, corruption, bribery, and breaches of competition law. |
- Our plan considers the impact of the company operations on the community, environment, and our wider social responsibilities, how we comply with environmental legislation, pursue waste saving opportunities and react promptly to local community concerns. |
- Our intention is to behave responsibly and ensure that management operate the business in a responsible manner, operating within the high standards of business conduct and good governance expected for a business such as ours and in doing so, will contribute to the delivery of our plan. The intention is to nurture our reputation, through both the constructions and delivery of our plan, that reflects our responsible behaviour. |
- Our intention is to behave responsibly towards our shareholders and treat them fairly and equally, so they too may benefit from the successful delivery of our plan. |
ON BEHALF OF THE BOARD: |
15 January 2024 |
WINGS OF PETERBOROUGH LTD (REGISTERED NUMBER: 03880270) |
REPORT OF THE DIRECTORS |
FOR THE PERIOD 1 FEBRUARY 2022 TO 30 JANUARY 2023 |
The directors present their report with the financial statements of the company for the period 1 February 2022 to 30 January 2023. |
PRINCIPAL ACTIVITY |
The principal activity of the company in the period under review was that of motor vehicle sales and maintenance. |
DIVIDENDS |
The total distribution of dividends for the period ended 30 January 2023 will be £ |
DIRECTORS |
The directors set out in the table below have held office during the whole of the period from 1 February 2022 to the date of this report. |
The beneficial interests of the directors holding office at 30 January 2023 in the shares of the company, according to the register of directors' interests, were as follows: |
30.1.23 | 1.2.22 |
Ordinary shares of £1 each |
10,000 | 10,000 |
10,000 | 10,000 |
'E'Shares shares of £1 each |
125,000 | 125,000 |
125,000 | 125,000 |
'P' shares of £1 each |
70,000 | 70,000 |
70,000 | 70,000 |
These directors did not hold any non-beneficial interests in any of the shares of the company. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
WINGS OF PETERBOROUGH LTD (REGISTERED NUMBER: 03880270) |
REPORT OF THE DIRECTORS |
FOR THE PERIOD 1 FEBRUARY 2022 TO 30 JANUARY 2023 |
STATEMENT OF DIRECTORS' RESPONSIBILITIES - continued |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
AUDITORS |
The auditors, Dexter & Sharpe Audit Services Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
BY ORDER OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
WINGS OF PETERBOROUGH LTD |
Opinion |
We have audited the financial statements of Wings of Peterborough Ltd (the 'company') for the period ended 30 January 2023 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 30 January 2023 and of its profit for the period then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
WINGS OF PETERBOROUGH LTD |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on pages five and six, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
WINGS OF PETERBOROUGH LTD |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
We have enquired of those charged with governance around actual and potential litigation and claims. |
We have reviewed financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations. |
We have enquired of staff engaged in the completion of VAT, tax and compliance work to identify any instances of non compliance with laws and regulations. |
We have audited the risk of management override of controls including review of journal entries and large or unusual transactions, evaluating the business rationale of any significant transactions outside the course of business. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
for and on behalf of |
(Statutory Auditor) |
Rollestone House |
Bridge Street |
Horncastle |
Lincolnshire |
LN9 5HZ |
WINGS OF PETERBOROUGH LTD (REGISTERED NUMBER: 03880270) |
INCOME STATEMENT |
FOR THE PERIOD 1 FEBRUARY 2022 TO 30 JANUARY 2023 |
Period |
1.2.22 |
to | Year Ended |
30.1.23 | 31.1.22 |
Notes | £ | £ |
TURNOVER |
Cost of sales | ( |
) | ( |
) |
GROSS PROFIT |
Distribution costs | ( |
) | ( |
) |
Administrative expenses | ( |
) | ( |
) |
929,631 | 1,119,720 |
Other operating income |
OPERATING PROFIT | 4 |
Interest receivable and similar income |
1,069,574 | 1,260,562 |
Interest payable and similar expenses | 5 | ( |
) | ( |
) |
PROFIT BEFORE TAXATION |
Tax on profit | 6 | ( |
) | ( |
) |
PROFIT FOR THE FINANCIAL PERIOD |
WINGS OF PETERBOROUGH LTD (REGISTERED NUMBER: 03880270) |
OTHER COMPREHENSIVE INCOME |
FOR THE PERIOD 1 FEBRUARY 2022 TO 30 JANUARY 2023 |
Period |
1.2.22 |
to | Year Ended |
30.1.23 | 31.1.22 |
Notes | £ | £ |
PROFIT FOR THE PERIOD |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD |
WINGS OF PETERBOROUGH LTD (REGISTERED NUMBER: 03880270) |
BALANCE SHEET |
30 JANUARY 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 8 |
Tangible assets | 9 |
CURRENT ASSETS |
Stocks | 10 |
Debtors | 11 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 12 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 14 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 15 |
Retained earnings | 16 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
WINGS OF PETERBOROUGH LTD (REGISTERED NUMBER: 03880270) |
STATEMENT OF CHANGES IN EQUITY |
FOR THE PERIOD 1 FEBRUARY 2022 TO 30 JANUARY 2023 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 February 2021 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31 January 2022 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 30 January 2023 |
WINGS OF PETERBOROUGH LTD (REGISTERED NUMBER: 03880270) |
CASH FLOW STATEMENT |
FOR THE PERIOD 1 FEBRUARY 2022 TO 30 JANUARY 2023 |
Period |
1.2.22 |
to | Year Ended |
30.1.23 | 31.1.22 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 |
Interest paid | ( |
) | ( |
) |
Tax paid | ( |
) | ( |
) |
Net cash from operating activities |
Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
) | ( |
) |
Interest received |
Net cash from investing activities | ( |
) | ( |
) |
Cash flows from financing activities |
Amount withdrawn by directors | (39,500 | ) | (7,573 | ) |
Equity dividends paid | ( |
) | ( |
) |
Net cash from financing activities | ( |
) | ( |
) |
Increase in cash and cash equivalents |
Cash and cash equivalents at beginning of period |
2 |
2,650,408 |
Cash and cash equivalents at end of period |
2 |
4,069,898 |
3,281,500 |
WINGS OF PETERBOROUGH LTD (REGISTERED NUMBER: 03880270) |
NOTES TO THE CASH FLOW STATEMENT |
FOR THE PERIOD 1 FEBRUARY 2022 TO 30 JANUARY 2023 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
Period |
1.2.22 |
to | Year Ended |
30.1.23 | 31.1.22 |
£ | £ |
Profit before taxation |
Depreciation charges |
Finance costs | 19,957 | 18,460 |
Finance income | (19,812 | ) | (4,005 | ) |
1,182,985 | 1,366,326 |
Decrease/(increase) in stocks | ( |
) |
Increase in trade and other debtors | ( |
) | ( |
) |
Increase in trade and other creditors |
Cash generated from operations |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Period ended 30 January 2023 |
30.1.23 | 1.2.22 |
£ | £ |
Cash and cash equivalents | 4,069,898 | 3,281,500 |
Year ended 31 January 2022 |
31.1.22 | 1.2.21 |
£ | £ |
Cash and cash equivalents | 3,281,500 | 2,650,408 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1.2.22 | Cash flow | At 30.1.23 |
£ | £ | £ |
Net cash |
Cash at bank | 3,281,500 | 788,398 | 4,069,898 |
3,281,500 | 4,069,898 |
Total | 3,281,500 | 788,398 | 4,069,898 |
WINGS OF PETERBOROUGH LTD (REGISTERED NUMBER: 03880270) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE PERIOD 1 FEBRUARY 2022 TO 30 JANUARY 2023 |
1. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Tangible fixed assets |
Freehold property | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Taxation |
Taxation for the period 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 period 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. |
WINGS OF PETERBOROUGH LTD (REGISTERED NUMBER: 03880270) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 FEBRUARY 2022 TO 30 JANUARY 2023 |
1. | ACCOUNTING POLICIES - continued |
Hire purchase and leasing commitments |
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. |
2. | EMPLOYEES AND DIRECTORS |
Period |
1.2.22 |
to | Year Ended |
30.1.23 | 31.1.22 |
£ | £ |
Wages and salaries |
Other pension costs |
The average number of employees during the period was as follows: |
Period |
1.2.22 |
to | Year Ended |
30.1.23 | 31.1.22 |
3. | DIRECTORS' EMOLUMENTS |
Period |
1.2.22 |
to | Year Ended |
30.1.23 | 31.1.22 |
£ | £ |
Directors' remuneration |
WINGS OF PETERBOROUGH LTD (REGISTERED NUMBER: 03880270) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 FEBRUARY 2022 TO 30 JANUARY 2023 |
4. | OPERATING PROFIT |
The operating profit is stated after charging: |
Period |
1.2.22 |
to | Year Ended |
30.1.23 | 31.1.22 |
£ | £ |
Hire of plant and machinery |
Depreciation - owned assets |
Auditors' remuneration |
5. | INTEREST PAYABLE AND SIMILAR EXPENSES |
Period |
1.2.22 |
to | Year Ended |
30.1.23 | 31.1.22 |
£ | £ |
Finance costs |
6. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the period was as follows: |
Period |
1.2.22 |
to | Year Ended |
30.1.23 | 31.1.22 |
£ | £ |
Current tax: |
UK corporation tax |
Deferred tax | ( |
) |
Tax on profit |
7. | DIVIDENDS |
Period |
1.2.22 |
to | Year Ended |
30.1.23 | 31.1.22 |
£ | £ |
Ordinary shares of £1 each |
Final |
WINGS OF PETERBOROUGH LTD (REGISTERED NUMBER: 03880270) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 FEBRUARY 2022 TO 30 JANUARY 2023 |
8. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 February 2022 |
and 30 January 2023 |
NET BOOK VALUE |
At 30 January 2023 |
At 31 January 2022 |
9. | TANGIBLE FIXED ASSETS |
Short | Freehold | Plant and |
leasehold | property | machinery |
£ | £ | £ |
COST |
At 1 February 2022 |
Additions |
At 30 January 2023 |
DEPRECIATION |
At 1 February 2022 |
Charge for period |
At 30 January 2023 |
NET BOOK VALUE |
At 30 January 2023 |
At 31 January 2022 |
WINGS OF PETERBOROUGH LTD (REGISTERED NUMBER: 03880270) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 FEBRUARY 2022 TO 30 JANUARY 2023 |
9. | TANGIBLE FIXED ASSETS - continued |
Fixtures |
and | Motor |
fittings | vehicles | Totals |
£ | £ | £ |
COST |
At 1 February 2022 |
Additions |
At 30 January 2023 |
DEPRECIATION |
At 1 February 2022 |
Charge for period |
At 30 January 2023 |
NET BOOK VALUE |
At 30 January 2023 |
At 31 January 2022 |
10. | STOCKS |
2023 | 2022 |
£ | £ |
Stocks |
11. | DEBTORS |
2023 | 2022 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
Other debtors |
Directors' current accounts | 94,444 | 54,944 |
Income tax on Directors loans |
repayable |
VAT |
Prepayments |
WINGS OF PETERBOROUGH LTD (REGISTERED NUMBER: 03880270) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 FEBRUARY 2022 TO 30 JANUARY 2023 |
11. | DEBTORS - continued |
2023 | 2022 |
£ | £ |
Amounts falling due after more than one year: |
Other debtors |
Aggregate amounts |
12. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade creditors |
Corporation tax |
Social security and other taxes |
VAT | - | 95,375 |
Accrued expenses |
13. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2023 | 2022 |
£ | £ |
Within one year |
Between one and five years |
14. | PROVISIONS FOR LIABILITIES |
2023 | 2022 |
£ | £ |
Deferred tax |
Accelerated capital allowances | 63,935 | 29,486 |
Deferred |
tax |
£ |
Balance at 1 February 2022 |
Increase in provision | 34,449 |
Balance at 30 January 2023 |
WINGS OF PETERBOROUGH LTD (REGISTERED NUMBER: 03880270) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 FEBRUARY 2022 TO 30 JANUARY 2023 |
15. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £1 | 20,000 | 20,000 |
Allotted and issued: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
'E' | £1 | 2,500 | 2,500 |
'P' shares | £1 | 1,400 | 1,400 |
3,900 | 3,900 |
16. | RESERVES |
Retained |
earnings |
£ |
At 1 February 2022 |
Profit for the period |
Dividends | ( |
) |
At 30 January 2023 |
17. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to a director subsisted during the period ended 30 January 2023 and the year ended 31 January 2022: |
2023 | 2022 |
£ | £ |
Balance outstanding at start of period |
Amounts advanced |
Amounts repaid |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of period |
The loans to the directors are interest free and repayable on demand. |
WINGS OF PETERBOROUGH LTD (REGISTERED NUMBER: 03880270) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 FEBRUARY 2022 TO 30 JANUARY 2023 |
18. | RELATED PARTY DISCLOSURES |
The company has extended a loan of £170,000 to Wings Developments (Peterborough) Ltd, a company owned and controlled by Paul and Justin Wing. There is no repayment plan and no interest charge. The loan is included in Debtors due after one year. |
19. | ULTIMATE CONTROLLING PARTY |
The Company is controlled by the two directors. Each director holds 50% of the ordinary share capital. |