Registered number
SC137744
WKW Partnership Limited
Filleted Accounts
30 April 2023
WKW Partnership Limited
Registered number: SC137744
Balance Sheet
as at 30 April 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 14,244 16,210
Tangible assets 4 902,464 914,135
916,708 930,345
Current assets
Stocks 47,467 46,612
Debtors 5 23,057 8,362
Cash at bank and in hand 1,108,382 1,335,774
1,178,906 1,390,748
Creditors: amounts falling due within one year 6 (466,331) (675,379)
Net current assets 712,575 715,369
Total assets less current liabilities 1,629,283 1,645,714
Creditors: amounts falling due after more than one year 7 (34,800) (40,600)
Provisions for liabilities (9,371) (11,887)
Net assets 1,585,112 1,593,227
Capital and reserves
Called up share capital 150,000 150,000
Profit and loss account 1,435,112 1,443,227
Shareholders' funds 1,585,112 1,593,227
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
J Steinle
Director
Approved by the board on 25 September 2023
WKW Partnership Limited
Notes to the Accounts
for the year ended 30 April 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the letting of rooms as well as operation of restaurant and bar facilities. Income form the letting of rooms is recognised on the departure date of a guest stay. Restaurant and bar sales are recognised as consumed.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings No depreciation
Plant and machinery over 5 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 47 51
3 Intangible fixed assets £
Trade Marks
Cost
At 1 May 2022 19,662
At 30 April 2023 19,662
Amortisation
At 1 May 2022 3,452
Provided during the year 1,966
At 30 April 2023 5,418
Net book value
At 30 April 2023 14,244
At 30 April 2022 16,210
Trade Marks are being written off in equal annual instalments over their estimated economic life of 10 years.
4 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 May 2022 855,782 638,360 1,494,142
At 30 April 2023 855,782 638,360 1,494,142
Depreciation
At 1 May 2022 - 580,007 580,007
Charge for the year - 11,671 11,671
At 30 April 2023 - 591,678 591,678
Net book value
At 30 April 2023 855,782 46,682 902,464
At 30 April 2022 855,782 58,353 914,135
5 Debtors 2023 2022
£ £
Trade debtors 17,595 2,497
Other debtors 5,462 5,865
23,057 8,362
6 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 137,365 132,855
Taxation and social security costs 48,222 116,830
Other creditors 280,744 425,694
466,331 675,379
7 Creditors: amounts falling due after one year 2023 2022
£ £
Other creditors 34,800 40,600
8 Pension commitments
The company contribute to a workplace stakeholder pension scheme for all eligible employees, in line with current government legislation.
9 Related party transactions
During the year dividends of £66,000 (2022 : £200,000) were paid to the Directors.
10 Controlling party
The ultimate controlling party is J Steinle who owns the simple majority of the issued share capital of the company.
11 Other information
WKW Partnership Limited is a private company limited by shares and incorporated in Scotland. Its registered office is:
32a Hamilton Street
Saltcoats
Ayrshire
KA21 5DS
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