IRIS Accounts Production v23.3.0.418 SC682916 Board of Directors 1.4.22 31.3.23 31.3.23 false true false false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureSC6829162022-03-31SC6829162023-03-31SC6829162022-04-012023-03-31SC6829162020-12-03SC6829162020-12-042022-03-31SC6829162022-03-31SC682916ns16:Scotland2022-04-012023-03-31SC682916ns15:PoundSterling2022-04-012023-03-31SC682916ns11:Director12022-04-012023-03-31SC682916ns11:PrivateLimitedCompanyLtd2022-04-012023-03-31SC682916ns11:SmallEntities2022-04-012023-03-31SC682916ns11:AuditExemptWithAccountantsReport2022-04-012023-03-31SC682916ns11:SmallCompaniesRegimeForDirectorsReport2022-04-012023-03-31SC682916ns11:SmallCompaniesRegimeForAccounts2022-04-012023-03-31SC682916ns11:FullAccounts2022-04-012023-03-31SC68291612022-04-012023-03-31SC682916ns11:Director22022-04-012023-03-31SC682916ns11:RegisteredOffice2022-04-012023-03-31SC682916ns6:CurrentFinancialInstruments2023-03-31SC682916ns6:CurrentFinancialInstruments2022-03-31SC682916ns6:Non-currentFinancialInstruments2023-03-31SC682916ns6:Non-currentFinancialInstruments2022-03-31SC682916ns6:ShareCapital2023-03-31SC682916ns6:ShareCapital2022-03-31SC682916ns6:FurtherSpecificReserve1ComponentTotalEquity2023-03-31SC682916ns6:FurtherSpecificReserve1ComponentTotalEquity2022-03-31SC682916ns6:NetGoodwill2022-04-012023-03-31SC682916ns6:IntangibleAssetsOtherThanGoodwill2022-04-012023-03-31SC682916ns6:PlantMachinery2022-04-012023-03-31SC682916ns6:NetGoodwill2022-03-31SC682916ns6:NetGoodwill2023-03-31SC682916ns6:NetGoodwill2022-03-31SC682916ns6:PlantMachinery2022-03-31SC682916ns6:PlantMachinery2023-03-31SC682916ns6:PlantMachinery2022-03-31SC682916ns6:PlantMachineryns6:LeasedAssetsHeldAsLessee2022-03-31SC682916ns6:PlantMachineryns6:LeasedAssetsHeldAsLessee2022-04-012023-03-31SC682916ns6:PlantMachineryns6:LeasedAssetsHeldAsLessee2023-03-31SC682916ns6:PlantMachineryns6:LeasedAssetsHeldAsLessee2022-03-31SC682916ns6:WithinOneYearns6:CurrentFinancialInstruments2023-03-31SC682916ns6:WithinOneYearns6:CurrentFinancialInstruments2022-03-31SC6829162ns11:Director22022-03-31SC6829162ns11:Director22020-12-03SC6829162ns11:Director22022-04-012023-03-31SC6829162ns11:Director22020-12-042022-03-31SC6829162ns11:Director22023-03-31SC6829162ns11:Director22022-03-31
REGISTERED NUMBER: SC682916 (Scotland)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

FOR

W C IN FIELDS LIMITED

W C IN FIELDS LIMITED (REGISTERED NUMBER: SC682916)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Chartered Accountants' Report 10

W C IN FIELDS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2023







DIRECTORS: M R Ball
Mrs S H Simpson





REGISTERED OFFICE: Unit 3 Tongland Depot
Tongland
KIRKCUDBRIGHT
DG6 4NB





REGISTERED NUMBER: SC682916 (Scotland)





ACCOUNTANTS: Bell Ogilvy
Chartered Accountants
36 King Street
Castle Douglas
Dumfries & Galloway
DG7 1AF

W C IN FIELDS LIMITED (REGISTERED NUMBER: SC682916)

BALANCE SHEET
31 MARCH 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 82,603 112,603
Tangible assets 5 316,483 380,177
Investments 6 32,595 30,111
431,681 522,891

CURRENT ASSETS
Stocks 5,000 5,000
Debtors 7 117,543 118,127
Cash at bank and in hand 13,488 52,823
136,031 175,950
CREDITORS
Amounts falling due within one year 8 385,830 420,065
NET CURRENT LIABILITIES (249,799 ) (244,115 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

181,882

278,776

CREDITORS
Amounts falling due after more than one
year

9

(45,718

)

(110,227

)

PROVISIONS FOR LIABILITIES (79,742 ) (95,249 )
NET ASSETS 56,422 73,300

CAPITAL AND RESERVES
Called up share capital 200 200
Other reserves 3,305 821
Retained earnings 52,917 72,279
56,422 73,300

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing 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.

W C IN FIELDS LIMITED (REGISTERED NUMBER: SC682916)

BALANCE SHEET - continued
31 MARCH 2023


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 12 October 2023 and were signed on its behalf by:





M R Ball - Director


W C IN FIELDS LIMITED (REGISTERED NUMBER: SC682916)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023


1. STATUTORY INFORMATION

W C in Fields Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

TURNOVER
Turnover represents net invoiced sales of goods and services supplied to customers during the year, excluding value added tax.

GOODWILL
Goodwill, being the amount paid in connection with the acquisition of a business in 2022, is being amortised evenly over its estimated useful life of five years.

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.

The assets are reviewed for impairment if there are any factors that indicate that the carrying amount may be impaired.

TANGIBLE FIXED ASSETS
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery etc - 20% on reducing balance and 15% on reducing balance

The assets' residual values and useful lives are reviewed, and adjusted, if appropriate, at the end of each reporting period.

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 year 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.


W C IN FIELDS LIMITED (REGISTERED NUMBER: SC682916)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


2. ACCOUNTING POLICIES - continued
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 year 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.

HIRE PURCHASE AND LEASING COMMITMENTS
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

REVENUE RECOGNITION
In accordance with the principle of revenue recognition, income is recognised as the right to consideration through performance of contractual obligations and is included in the financial statements when the company is legally entitled to the income.

W C IN FIELDS LIMITED (REGISTERED NUMBER: SC682916)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


2. ACCOUNTING POLICIES - continued

FINANCIAL INSTRUMENTS
Cash

Cash and cash equivalents comprise cash on hand and call deposits, and other short term high liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade Debtors

Trade debtors are amounts due from customers for the sale of goods and services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price and represent the full value of the goods and services charged to customers, including any amounts charged on for third parties.

Trade Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Accounts payable are classified as current liabilities if the company does not have conditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date they are represented as non current liabilities.

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 statement of financial activities over the period of the relevant borrowing.

Provisions and contingencies

Provisions are recognised when the organisation has a present legal or constructive obligation as a result of past events; it is probable that an outflow of resources will be required to settle the obligation; and the amount of the obligation can be estimated reliably.

GOLD INVESTMENTS
Gold is initially recognised at fair value, and any changes in fair value are recognised through the profit and loss account at the end of the reporting period.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2022 - 7 ) .

W C IN FIELDS LIMITED (REGISTERED NUMBER: SC682916)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2022
and 31 March 2023 150,000
AMORTISATION
At 1 April 2022 37,397
Charge for year 30,000
At 31 March 2023 67,397
NET BOOK VALUE
At 31 March 2023 82,603
At 31 March 2022 112,603

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 April 2022 460,247
Additions 1,220
Disposals (2,233 )
At 31 March 2023 459,234
DEPRECIATION
At 1 April 2022 80,070
Charge for year 63,086
Eliminated on disposal (405 )
At 31 March 2023 142,751
NET BOOK VALUE
At 31 March 2023 316,483
At 31 March 2022 380,177

Additionally, within fixed assets there are also hire purchase assets costing £30,000, with a net book value of £20,873.

W C IN FIELDS LIMITED (REGISTERED NUMBER: SC682916)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


5. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
At 1 April 2022
and 31 March 2023 140,883
DEPRECIATION
At 1 April 2022 17,404
Charge for year 19,879
At 31 March 2023 37,283
NET BOOK VALUE
At 31 March 2023 103,600
At 31 March 2022 123,479

6. FIXED ASSET INVESTMENTS

Investments (neither listed nor unlisted) were as follows:
2023 2022
£    £   
Gold B/fwd 30,111 -
Gold - Additions - 29,290
Gold Revaluations 2,484 821
32,595 30,111

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 101,661 102,045
Other debtors 15,882 16,082
117,543 118,127

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 10,509 10,000
Hire purchase contracts 45,225 69,225
Trade creditors 158,951 124,982
Taxation and social security 32,830 39,393
Other creditors 138,315 176,465
385,830 420,065

W C IN FIELDS LIMITED (REGISTERED NUMBER: SC682916)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 20,892 31,667
Hire purchase contracts 24,826 78,560
45,718 110,227

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the year ended 31 March 2023 and the period ended 31 March 2022:

2023 2022
£    £   
Mrs S H Simpson
Balance outstanding at start of year (1,777 ) -
Amounts advanced 13,592 1,923
Amounts repaid (1,815 ) (3,700 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 10,000 (1,777 )

No interest is payable on this loan.

11. RELATED PARTY DISCLOSURES

During the year a Director advanced the company a loan. At the year end £133,375 was outstanding. No interest is payable on this loan and the loan is repayable on demand.

CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
W C IN FIELDS LIMITED


The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of W C in Fields Limited for the year ended 31 March 2023 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.

This report is made solely to the Board of Directors of W C in Fields Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of W C in Fields Limited and state those matters that we have agreed to state to the Board of Directors of W C in Fields Limited, as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that W C in Fields Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of W C in Fields Limited. You consider that W C in Fields Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of W C in Fields 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 financial statements.






Bell Ogilvy
Chartered Accountants
36 King Street
Castle Douglas
Dumfries & Galloway
DG7 1AF


1 November 2023