Company registration number SC032246 (Scotland)
WILLIAM DUNNET & COMPANY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
WILLIAM DUNNET & COMPANY LIMITED
CONTENTS
Page
Company information
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 9
WILLIAM DUNNET & COMPANY LIMITED
COMPANY INFORMATION
- 1 -
Directors
Mr H D Sutherland
Mrs A Gordon
Mr W Sutherland
Secretary
Mrs A Gordon
Company number
SC032246
Registered office
Mansons Lane
Thurso
Caithness
Scotland
KW14 8EW
Accountants
Consilium Chartered Accountants
169 West George Street
Glasgow
Scotland
G2 2LB
WILLIAM DUNNET & COMPANY LIMITED
BALANCE SHEET
AS AT
30 APRIL 2023
30 April 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
341,584
305,288
Current assets
Stocks
534,641
370,421
Debtors
4
459,500
649,936
Investments
5
1,531,239
1,562,653
Cash at bank and in hand
1,812,666
1,697,212
4,338,046
4,280,222
Creditors: amounts falling due within one year
6
(685,993)
(556,678)
Net current assets
3,652,053
3,723,544
Total assets less current liabilities
3,993,637
4,028,832
Provisions for liabilities
7
(42,089)
(42,291)
Net assets
3,951,548
3,986,541
Capital and reserves
Called up share capital
9
40,000
40,000
Share premium account
15,241
15,241
Other reserves
822,652
841,883
Profit and loss reserves
3,073,655
3,089,417
Total equity
3,951,548
3,986,541

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 April 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

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

WILLIAM DUNNET & COMPANY LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 APRIL 2023
30 April 2023
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 5 November 2023 and are signed on its behalf by:
Mr H D Sutherland
Director
Company Registration No. SC032246
WILLIAM DUNNET & COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
- 4 -
1
Accounting policies
Company information

William Dunnet & Company Limited is a private company limited by shares incorporated in Scotland. The registered office is Mansons Lane, Thurso, Caithness, Scotland, KW14 8EW. The company's registration number is SC032246.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of listed investments at fair value. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover represents the total amount receivable in the ordinary course of business for goods sold, rebates received and services rendered exclusive of VAT. Turnover is recorded as goods are despatched or services are delivered.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Land and buildings
2.5% to 12.5% reducing balance
Motor vehicles
25% reducing balance
Office equipment
12.5% to 33% on cost
Plant and machinery
20% and 33% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to the profit and loss account.

1.4
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.5
Stocks

Stock are valued at the lower of cost and net realisable value, after making due allowances for obsolete and slow moving items. Cost represents purchase price on a first in first out basis.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in the profit and loss account.

WILLIAM DUNNET & COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
1
Accounting policies
(Continued)
- 5 -
1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

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.

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 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.

1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

WILLIAM DUNNET & COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
1
Accounting policies
(Continued)
- 6 -
1.11
Retirement benefits

The company contributes to a defined contribution pension scheme for certain employees. Contributions payable to the company's pension scheme are charged to the profit and loss account in the period to which they relate. The assets of the scheme are held separately from those of the company in an independently administered fund.

1.12
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

1.13

Current asset investments

Current asset investments comprise investments in investment bonds which are measured at fair value. The fair value of the investments represents the closing stock market value of the listed investments. Changes in fair value are recognised in the profit and loss account.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Total
21
18
WILLIAM DUNNET & COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
- 7 -
3
Tangible fixed assets
Land and buildings
Plant and machinery
Office equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 May 2022
349,673
408,641
100,171
38,546
897,031
Additions
-
0
70,769
-
0
-
0
70,769
Disposals
-
0
-
0
-
0
(15,049)
(15,049)
At 30 April 2023
349,673
479,410
100,171
23,497
952,751
Depreciation and impairment
At 1 May 2022
147,721
329,653
99,559
14,810
591,743
Depreciation charged in the year
3,179
23,706
496
7,092
34,473
Eliminated in respect of disposals
-
0
-
0
-
0
(15,049)
(15,049)
At 30 April 2023
150,900
353,359
100,055
6,853
611,167
Carrying amount
At 30 April 2023
198,773
126,051
116
16,644
341,584
At 30 April 2022
201,952
78,988
612
23,736
305,288
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
167,077
131,525
Other debtors
292,423
518,411
459,500
649,936
5
Current asset investments
2023
2022
£
£
Listed investments
1,531,239
1,562,653
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
378,265
321,528
Taxation and social security
168,268
132,996
Other creditors
139,460
102,154
685,993
556,678
WILLIAM DUNNET & COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
6
Creditors: amounts falling due within one year
(Continued)
- 8 -

Trade creditors include £263,141 (2022: £137,392) over which security has been given.

7
Provisions for liabilities
2023
2022
£
£
Deferred tax liabilities
8
42,089
42,291
8
Deferred taxation

The following are the major deferred tax liabilities recognised by the company and movements thereon:

2023
2022
Balances:
£
£
Accelerated capital allowances
17,821
5,840
Other timing differences
24,268
36,451
42,089
42,291
2023
Movements in the year:
£
Liability at 1 May 2022
42,291
Credit to profit or loss
(202)
Liability at 30 April 2023
42,089
WILLIAM DUNNET & COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
- 9 -
9
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
40,000 Ordinary shares of £1 each
40,000
40,000
10
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

At the balance sheet date an amount totalling £112,500 (2022: £75,000) was due to a director.

 

At the year end amounts of £229,212 (2022: £429,212) were due from a company connected via common director. The loan is interest free and repayable on demand.

 

No other transactions with related parties were undertaken such as are required to be disclosed under the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".

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