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COMPANY REGISTRATION NUMBER: SC541700
MacWilson Wickham Investing Limited
Filleted Unaudited Financial Statements
31 March 2023
MacWilson Wickham Investing Limited
Financial Statements
Year ended 31 March 2023
Contents
Page
Statement of financial position
1
Notes to the financial statements
2
MacWilson Wickham Investing Limited
Statement of Financial Position
31 March 2023
2023
2022
Note
£
£
Current assets
Debtors
5
159
239
Cash at bank and in hand
9,250
10,468
-------
--------
9,409
10,707
Creditors: amounts falling due within one year
6
94,923
109,445
--------
---------
Net current liabilities
85,514
98,738
--------
--------
Total assets less current liabilities
( 85,514)
( 98,738)
--------
--------
Net liabilities
( 85,514)
( 98,738)
--------
--------
Capital and reserves
Called up share capital
7
4
4
Profit and loss account
( 85,518)
( 98,742)
--------
--------
Shareholders deficit
( 85,514)
( 98,738)
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 March 2023 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 27 October 2023 , and are signed on behalf of the board by:
Mr C. M. Wilson
Director
Company registration number: SC541700
MacWilson Wickham Investing Limited
Notes to the Financial Statements
Year ended 31 March 2023
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is Stannergate House, 41 Dundee Road West, Broughty Ferry, Dundee, DD5 1NB.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The company made a profit for the year before taxation of £13,224 (2022 - loss of £9,613). The directors have confirmed that, despite the balance sheet deficit of £85,514 (2022 - £98,738) they will continue to financially support the company. For this reason the financial statements have been prepared on a going concern basis which presumes the realisation of assets and liabilities in the normal course of business.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
-
33% straight line
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
4. Tangible assets
Fixtures and fittings
£
Cost
At 1 April 2022
542
Disposals
( 542)
----
At 31 March 2023
----
Depreciation
At 1 April 2022
542
Disposals
( 542)
----
At 31 March 2023
----
Carrying amount
At 31 March 2023
----
At 31 March 2022
----
5. Debtors
2023
2022
£
£
Other debtors
159
239
----
----
6. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
3,025
931
Other creditors
91,898
108,514
--------
---------
94,923
109,445
--------
---------
7. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
4
4
4
4
----
----
----
----
8. Directors' advances, credits and guarantees
At the year end the company is due to repay M Wickham £9,498 (2022 - £9,498)