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Registration number: SC473868

Wee Gems Corstorphine Limited

Annual Report and Unaudited Financial Statements

for the Period from 1 April 2021 to 21 March 2022

 

Wee Gems Corstorphine Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Wee Gems Corstorphine Limited

Company Information

Directors

Mr S M Booty

Ms C E Wilson

Registered office

 

Argyll House
Quarrywood Court
Livingston
West Lothian
EH54 6AX

 

Wee Gems Corstorphine Limited

(Registration number: SC473868)
Balance Sheet as at 21 March 2022

Note

2022
£

2021
£

Fixed assets

 

Tangible assets

4

9,251

16,779

Current assets

 

Stocks

5

334

334

Debtors

6

59,096

1,822

Cash at bank and in hand

 

109,103

43,892

 

168,533

46,048

Creditors: Amounts falling due within one year

7

(88,685)

(54,871)

Net current assets/(liabilities)

 

79,848

(8,823)

Total assets less current liabilities

 

89,099

7,956

Creditors: Amounts falling due after more than one year

7

(1,300)

(3,250)

Provisions for liabilities

1,311

151

Net assets

 

89,110

4,857

Capital and reserves

 

Called up share capital

9

1

1

Retained earnings

89,109

4,856

Shareholders' funds

 

89,110

4,857

For the financial period ending 21 March 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the Sections 386 and 387 of the Companies Act 2006 with respect to accounting records and the preparation of the 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.

 

Wee Gems Corstorphine Limited

(Registration number: SC473868)
Balance Sheet as at 21 March 2022

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 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 30 August 2022 and signed on its behalf by:
 

.........................................
Ms C E Wilson
Director

 

Wee Gems Corstorphine Limited

Notes to the Unaudited Financial Statements for the Period from 1 April 2021 to 21 March 2022

1

General information

The company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
Argyll House
Quarrywood Court
Livingston
West Lothian
EH54 6AX

These financial statements were authorised for issue by the Board on 30 August 2022.

2

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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. There were no material departures from that standard.

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.

The presentation currency of the financial statements is the Pound Sterling (£).

Revenue recognition

Turnover comprises the fair value of the consideration derived from childcare services. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

 

Wee Gems Corstorphine Limited

Notes to the Unaudited Financial Statements for the Period from 1 April 2021 to 21 March 2022

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

At the balance sheet date, the company reviews the carrying amounts of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss. Where it is not possible to estimate the recoverable amount of the asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Expenditure of £500 or more on individual tangible fixed assets is capitalised at cost. Expenditure on assets below this threshold is charged directly to the profit and loss account in the period it is incurred.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Tenant improvements

20% Straight line

Furniture, fittings and equipment

15% Straight line

Motor Vehicles

33% Straight line

Amortisation

Asset class

Amortisation method and rate

Goodwill

Fully amortised in the year

 

Wee Gems Corstorphine Limited

Notes to the Unaudited Financial Statements for the Period from 1 April 2021 to 21 March 2022

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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 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.

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.

 

Wee Gems Corstorphine Limited

Notes to the Unaudited Financial Statements for the Period from 1 April 2021 to 21 March 2022

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

3

Staff numbers

The average number of persons employed by the company (including directors) during the period was 21 (2021 - 20).

4

Tangible assets

Tenant improvements
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2021

59,224

17,834

9,360

86,418

At 21 March 2022

59,224

17,834

9,360

86,418

Depreciation

At 1 April 2021

53,006

12,473

4,160

69,639

Charge for the period

2,024

2,384

3,120

7,528

At 21 March 2022

55,030

14,857

7,280

77,167

Carrying amount

At 21 March 2022

4,194

2,977

2,080

9,251

At 31 March 2021

6,218

5,361

5,200

16,779


 

5

Stocks

2022
£

2021
£

Other inventories

334

334

 

Wee Gems Corstorphine Limited

Notes to the Unaudited Financial Statements for the Period from 1 April 2021 to 21 March 2022

6

Debtors

Note

2022
£

2021
£

Trade debtors

 

3,526

1,442

Amounts owed by related parties

10

50,001

380

Other debtors

 

4,588

-

Prepayments

 

981

-

 

59,096

1,822

 

Wee Gems Corstorphine Limited

Notes to the Unaudited Financial Statements for the Period from 1 April 2021 to 21 March 2022

7

Creditors

Creditors: amounts falling due within one year

Note

2022
£

2021
£

Due within one year

 

Loans and borrowings

8

2,892

1,950

Trade creditors

 

5,390

10,555

Taxation and social security

 

27,570

19,031

Accruals and deferred income

 

52,833

23,171

Other creditors

 

-

164

 

88,685

54,871

There is a floating charge over the assets and undertakings of the company held by Clydesdale Bank PLC.

Creditors: amounts falling due after more than one year

Note

2022
£

2021
£

Due after one year

 

Loans and borrowings

8

1,300

3,250

8

Loans and borrowings

2022
£

2021
£

Non-current loans and borrowings

Hire purchase contracts

1,300

3,250

2022
£

2021
£

Current loans and borrowings

Hire purchase contracts

2,892

1,950

 

Wee Gems Corstorphine Limited

Notes to the Unaudited Financial Statements for the Period from 1 April 2021 to 21 March 2022

9

Share capital

Allotted, called up and fully paid shares

 

2022

2021

 

No.

£

No.

£

Ordinary Shares of £1 each

1

1

1

1

         

10

Related party transactions

Summary of transactions with other related parties

Wee Gems Livingston Limited
(A company in which M Mortazavi & J B Murdoch are also directors)

During the year, Wee Gems Livingston repaid loans totalling £380 to the company. At the balance sheet date, the amount due from Wee Gems Livingston Limited was £0 (2021 - £380). This loan is unsecured, interest free and has no fixed repayment terms.

Wee Gems Holdings Limited
(Parent company)

During the year, the company advanced loans totalling £50,000 to Wee Gems Holdings Ltd. At the balance sheet date, the amount due from Wee Gems Holdings Limited was £50,000 (2021 - £0). This loan is unsecured, interest free and has no fixed repayment terms.



 

11

Parent and ultimate parent undertaking

The company is controlled by Wee Gems Holdings Limited. The ultimate controlling party is Mr M Mortazavi.