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Unaudited Financial Statements for the Year Ended 30 June 2023

for

W C Recovery Ltd

W C Recovery Ltd (Registered number: SC452356)






Contents of the Financial Statements
for the Year Ended 30 June 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


W C Recovery Ltd

Company Information
for the Year Ended 30 June 2023







DIRECTOR: W H Campbell





REGISTERED OFFICE: 2 Melville Street
Falkirk
FK1 1HZ





REGISTERED NUMBER: SC452356 (Scotland)





ACCOUNTANTS: Ian Macfarlane Limited
Chartered Accountants
2 Melville Street
Falkirk
FK1 1HZ

W C Recovery Ltd (Registered number: SC452356)

Balance Sheet
30 June 2023

30.6.23 30.6.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 340 1,340
Tangible assets 5 39,880 47,688
40,220 49,028

CURRENT ASSETS
Stocks 1,750 1,750
Debtors 6 29,880 25,262
Cash at bank 10,112 15,101
41,742 42,113
CREDITORS
Amounts falling due within one year 7 42,805 33,724
NET CURRENT (LIABILITIES)/ASSETS (1,063 ) 8,389
TOTAL ASSETS LESS CURRENT
LIABILITIES

39,157

57,417

CREDITORS
Amounts falling due after more than one year 8 28,956 41,642
NET ASSETS 10,201 15,775

CAPITAL AND RESERVES
Called up share capital 9 100 100
Retained earnings 10,101 15,675
SHAREHOLDERS' FUNDS 10,201 15,775

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 Recovery Ltd (Registered number: SC452356)

Balance Sheet - continued
30 June 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 director and authorised for issue on 13 September 2023 and were signed by:





W H Campbell - Director


W C Recovery Ltd (Registered number: SC452356)

Notes to the Financial Statements
for the Year Ended 30 June 2023

1. STATUTORY INFORMATION

W C Recovery Ltd 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 is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2013, is being amortised evenly over its estimated useful life of ten 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.

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 - 25% on reducing balance and 15% on reducing balance

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.

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.

W C Recovery Ltd (Registered number: SC452356)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2023

2. ACCOUNTING POLICIES - continued

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 July 2022
and 30 June 2023 10,000
AMORTISATION
At 1 July 2022 8,660
Charge for year 1,000
At 30 June 2023 9,660
NET BOOK VALUE
At 30 June 2023 340
At 30 June 2022 1,340

W C Recovery Ltd (Registered number: SC452356)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2023

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 July 2022 133,712
Additions 3,000
At 30 June 2023 136,712
DEPRECIATION
At 1 July 2022 86,024
Charge for year 10,808
At 30 June 2023 96,832
NET BOOK VALUE
At 30 June 2023 39,880
At 30 June 2022 47,688

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

Plant and
machinery
etc
£   
COST
At 1 July 2022
and 30 June 2023 36,996
DEPRECIATION
At 1 July 2022 16,187
Charge for year 5,202
At 30 June 2023 21,389
NET BOOK VALUE
At 30 June 2023 15,607
At 30 June 2022 20,809

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.23 30.6.22
£    £   
Trade debtors 29,880 21,022
Other debtors - 4,240
29,880 25,262

W C Recovery Ltd (Registered number: SC452356)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2023

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.23 30.6.22
£    £   
Bank loans and overdrafts 10,000 10,000
Hire purchase contracts 3,000 3,000
Trade creditors 5,134 6,686
Taxation and social security 22,309 12,077
Other creditors 2,362 1,961
42,805 33,724

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30.6.23 30.6.22
£    £   
Bank loans 23,206 32,892
Hire purchase contracts 5,750 8,750
28,956 41,642

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.6.23 30.6.22
value: £    £   
97 Class A Ordinary 1 97 97
1 Class B Ordinary 1 1 1
2 Class C Ordinary 1 2 2
100 100

10. RELATED PARTY DISCLOSURES

The company was under the control of its director and major shareholder Mr. William Campbell during the year.

The company paid rental to Mr Campbell totalling £11,400 (2022 - £11,400) during the year.