Company Registration No. SC190506 (Scotland)
Failte Wholesale Limited
Unaudited filleted financial statements
for the period from 1 June 2022 to 31 January 2023
Failte Wholesale Limited
Unaudited filleted financial statements
Contents
Failte Wholesale Limited
Company Information
for the period from 1 June 2022 to 31 January 2023
Directors
Mr J Cummiskey
Mrs M Cummiskey
Company Number
SC190506 (Scotland)
Registered Office
East Warehouse
Glasgow Fruit Market
130 Blochairn Road
Glasgow
G21 2DU
Accountants
F & R Watson Accountants Limited
16 Kirk Brae
Maybole
KA19 7ER
Chartered Certified Accountants' report to the board of directors on the preparation of the unaudited statutory accounts of
Failte Wholesale Limited
for the period from 1 June 2022 to 31 January 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of
Failte Wholesale Limited for the period from
1 June 2022 to
31 January 2023 as set out on pages
5 -
9 from the Company's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/uk/en/about-us/regulation/rulebook.html
This report is made solely to the Board of Directors of Failte Wholesale Limited, as a body, in accordance with the terms of our engagement letter dated 23 May 2018. Our work has been undertaken solely to prepare for your approval the accounts of Failte Wholesale Limited and state those matters that we have agreed to state to the Board of Directors of Failte Wholesale Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Failte Wholesale Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Failte Wholesale Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Failte Wholesale Limited. You consider that Failte Wholesale Limited is exempt from the statutory audit requirement for the period.
We have not been instructed to carry out an audit or a review of the accounts of Failte Wholesale Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
F & R Watson Accountants Limited
Chartered Certified Accountants
16 Kirk Brae
Maybole
KA19 7ER
13 October 2023
Failte Wholesale Limited
Statement of financial position
as at 31 January 2023
Tangible assets
32,267
36,960
Investment property
323,520
318,520
Cash at bank and in hand
536,765
543,716
Creditors: amounts falling due within one year
(150,825)
(152,817)
Net current assets
755,935
654,892
Total assets less current liabilities
1,111,822
1,010,472
Provisions for liabilities
Deferred tax
(17,178)
(16,911)
Net assets
1,094,644
993,561
Called up share capital
25,000
25,000
Fair value reserve
30,492
26,775
Profit and loss account
1,039,152
941,786
Shareholders' funds
1,094,644
993,561
For the period ending 31 January 2023 the company was entitled to exemption from audit 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 and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 13 October 2023 and were signed on its behalf by
Mr J Cummiskey
Director
Company Registration No. SC190506
Failte Wholesale Limited
Notes to the Accounts
for the period from 1 June 2022 to 31 January 2023
Failte Wholesale Limited is a private company, limited by shares, registered in Scotland, registration number SC190506. The registered office is East Warehouse, Glasgow Fruit Market, 130 Blochairn Road, Glasgow, G21 2DU.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous period, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Investment property is measured initially at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Inventories are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Failte Wholesale Limited
Notes to the Accounts
for the period from 1 June 2022 to 31 January 2023
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 arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Financial instruments are classified and accounted for as financial assets, financial liabilities or equity instruments according to the substance of the contractual arrangement.
Financial assets are measured at cost less any provision for impairment. Financial liabilities are measured at principal capital amounts outstanding at the period end.
An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. A financial liability is any contractual arrangement for an entity to deliver cash to the holder of the associated financial instrument.
4
Tangible fixed assets
Plant & machinery
Motor vehicles
Total
Cost or valuation
At cost
At cost
At 1 June 2022
17,814
44,000
61,814
At 31 January 2023
17,814
44,000
61,814
At 1 June 2022
17,814
7,040
24,854
Charge for the period
-
4,693
4,693
At 31 January 2023
17,814
11,733
29,547
At 31 January 2023
-
32,267
32,267
At 31 May 2022
-
36,960
36,960
Fair value at 1 June 2022
318,520
Net gain from fair value adjustments
5,000
At 31 January 2023
323,520
The investment property has seen a fair value gain as at 31 January 2023 of £5,000. The valuations were carried out by Mr Cummiskey, a director of the company, who is not a professionally qualified valuer. The valuations were arrived at by reference to the state of the property market in the locations where the properties are located.
Failte Wholesale Limited
Notes to the Accounts
for the period from 1 June 2022 to 31 January 2023
6
Investments
Subsidiary undertakings
Valuation at 1 June 2022
100
Valuation at 31 January 2023
100
Amounts falling due within one year
Trade debtors
67,341
34,699
Amounts due from group undertakings etc.
265,000
150,000
Accrued income and prepayments
352
180
Other debtors
20,997
3,815
8
Creditors: amounts falling due within one year
2023
2022
Trade creditors
115,487
130,391
Taxes and social security
14,366
12,856
Other creditors
1,893
5,507
Brought
Forward
Advance/
credit
Repaid
Carried
Forward
Directors loans
-
26,019
8,333
17,686
During the period, the company advanced £26,019 (2022: £40,000) to a director. The loan was repayable on demand and interest was charged at 2.50% on the outstanding balance. During the period £8,333 was repaid and at the statement of financial position date there was £17,686 outstanding (2022: £nil).
10
Transactions with related parties
During the year the company entered into the following transactions with related parties:
Value of sales made to an associated company £237,497 (2022: £396,803)
Value of purchases made from an associated company £26,809 (2022: £35,580)
At the year end there were no outstanding balances to/from an associated company.
Failte Wholesale Limited
Notes to the Accounts
for the period from 1 June 2022 to 31 January 2023
11
Average number of employees
During the period the average number of employees was 2 (2022: 2).