IRIS Accounts Production v23.3.0.418 SC557631 Board of Directors 1.3.22 28.2.23 28.2.23 false true false false true false Ordinary A 1.00000 Ordinary B 1.00000 Ordinary C 1.00000 Ordinay D 1.00000 11989 40466 208007 168545 216150 221000 20132 11989 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWhSC5576312022-02-28SC5576312023-02-28SC5576312022-03-012023-02-28SC5576312021-02-28SC5576312021-03-012022-02-28SC5576312022-02-28SC557631ns10:Originalns15:Scotland2022-03-012023-02-28SC557631ns14:PoundSterlingns10:Original2022-03-012023-02-28SC557631ns10:Originalns10:Director12022-03-012023-02-28SC557631ns10:Original2022-03-012023-02-28SC557631ns10:Original2023-02-28SC557631ns10:Originalns10:PrivateLimitedCompanyLtd2022-03-012023-02-28SC557631ns10:Originalns10:SmallEntities2022-03-012023-02-28SC557631ns10:Originalns10:AuditExempt-NoAccountantsReport2022-03-012023-02-28SC557631ns10:Originalns10:SmallCompaniesRegimeForDirectorsReport2022-03-012023-02-28SC557631ns10:SmallCompaniesRegimeForAccountsns10:Original2022-03-012023-02-28SC557631ns10:Originalns10:FullAccounts2022-03-012023-02-28SC557631ns10:Originalns10:OrdinaryShareClass12022-03-012023-02-28SC557631ns10:Originalns10:OrdinaryShareClass22022-03-012023-02-28SC557631ns10:OrdinaryShareClass3ns10:Original2022-03-012023-02-28SC557631ns10:Originalns10:OrdinaryShareClass42022-03-012023-02-28SC557631ns10:Original42ns10:Director22022-02-28SC557631ns10:Original42ns10:Director22021-02-28SC557631ns10:Original42ns10:Director22022-03-012023-02-28SC557631ns10:Original42ns10:Director22021-03-012022-02-28SC557631ns10:Original42ns10:Director22023-02-28SC557631ns10:Original42ns10:Director22022-02-28SC557631ns10:Originalns10:Director22022-03-012023-02-28SC557631ns10:Originalns10:RegisteredOffice2022-03-012023-02-28SC557631ns10:Original2022-02-28SC557631ns10:Originalns5:CurrentFinancialInstruments2023-02-28SC557631ns10:Originalns5:CurrentFinancialInstruments2022-02-28SC557631ns10:Originalns5:Non-currentFinancialInstruments2023-02-28SC557631ns10:Originalns5:Non-currentFinancialInstruments2022-02-28SC557631ns5:ShareCapitalns10:Original2023-02-28SC557631ns5:ShareCapitalns10:Original2022-02-28SC557631ns10:Originalns5:RetainedEarningsAccumulatedLosses2023-02-28SC557631ns10:Originalns5:RetainedEarningsAccumulatedLosses2022-02-28SC557631ns10:Originalns5:PlantMachinery2022-03-012023-02-28SC557631ns10:Original2021-03-012022-02-28SC557631ns10:Originalns5:PlantMachinery2022-02-28SC557631ns10:Originalns5:PlantMachinery2023-02-28SC557631ns10:Originalns5:PlantMachinery2022-02-28SC557631ns10:Originalns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2022-02-28SC557631ns10:Originalns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2022-03-012023-02-28SC557631ns10:Originalns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2023-02-28SC557631ns10:Originalns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2022-02-28SC557631ns10:Originalns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-02-28SC557631ns10:Originalns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-02-28SC557631ns10:Originalns10:OrdinaryShareClass12023-02-28SC557631ns10:Originalns10:OrdinaryShareClass22023-02-28SC557631ns10:OrdinaryShareClass3ns10:Original2023-02-28SC557631ns10:Originalns10:OrdinaryShareClass42023-02-28SC557631ns10:Original1ns10:Director12022-02-28SC557631ns10:Original1ns10:Director12021-02-28SC557631ns10:Original1ns10:Director12022-03-012023-02-28SC557631ns10:Original1ns10:Director12021-03-012022-02-28SC557631ns10:Original1ns10:Director12023-02-28SC557631ns10:Original1ns10:Director12022-02-28
















Unaudited Financial Statements for the Year Ended 28 February 2023

for

Wallace Sealants Ltd.

Wallace Sealants Ltd. (Registered number: SC557631)






Contents of the Financial Statements
for the Year Ended 28 February 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Wallace Sealants Ltd.

Company Information
for the Year Ended 28 February 2023







DIRECTORS: Mr S Wallace
Mrs L E Wallace





REGISTERED OFFICE: 2 Melville Street
Falkirk
FK1 1HZ





REGISTERED NUMBER: SC557631 (Scotland)





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

Wallace Sealants Ltd. (Registered number: SC557631)

Balance Sheet
28 February 2023

28.2.23 28.2.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 52,439 36,652

CURRENT ASSETS
Debtors 5 137,014 92,520
Cash at bank and in hand 203,594 61,127
340,608 153,647
CREDITORS
Amounts falling due within one year 6 127,311 76,747
NET CURRENT ASSETS 213,297 76,900
TOTAL ASSETS LESS CURRENT
LIABILITIES

265,736

113,552

CREDITORS
Amounts falling due after more than one year 7 (13,968 ) (14,237 )

PROVISIONS FOR LIABILITIES (9,964 ) (2,423 )
NET ASSETS 241,804 96,892

CAPITAL AND RESERVES
Called up share capital 8 106 106
Retained earnings 241,698 96,786
SHAREHOLDERS' FUNDS 241,804 96,892

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 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.

Wallace Sealants Ltd. (Registered number: SC557631)

Balance Sheet - continued
28 February 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 21 August 2023 and were signed on its behalf by:





Mr S Wallace - Director


Wallace Sealants Ltd. (Registered number: SC557631)

Notes to the Financial Statements
for the Year Ended 28 February 2023

1. STATUTORY INFORMATION

Wallace Sealants 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.

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

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.

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.

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.

Wallace Sealants Ltd. (Registered number: SC557631)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2023

3. EMPLOYEES AND DIRECTORS

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

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 March 2022 65,122
Additions 31,495
At 28 February 2023 96,617
DEPRECIATION
At 1 March 2022 28,470
Charge for year 15,708
At 28 February 2023 44,178
NET BOOK VALUE
At 28 February 2023 52,439
At 28 February 2022 36,652

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

Plant and
machinery
etc
£   
COST
At 1 March 2022 52,493
Additions 19,348
At 28 February 2023 71,841
DEPRECIATION
At 1 March 2022 21,068
Charge for year 12,693
At 28 February 2023 33,761
NET BOOK VALUE
At 28 February 2023 38,080
At 28 February 2022 31,425

Wallace Sealants Ltd. (Registered number: SC557631)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2023

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
28.2.23 28.2.22
£    £   
Trade debtors 48,334 32,635
Other debtors 88,680 59,885
137,014 92,520

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
28.2.23 28.2.22
£    £   
Hire purchase contracts 14,014 11,128
Trade creditors 15,718 404
Taxation and social security 75,110 51,981
Other creditors 22,469 13,234
127,311 76,747

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
28.2.23 28.2.22
£    £   
Hire purchase contracts 13,968 14,237

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 28.2.23 28.2.22
value: £    £   
75 Ordinary A £1 75 75
21 Ordinary B £31 21 21
5 Ordinary C £1 5 5
5 Ordinay D £1 5 5
106 106

Wallace Sealants Ltd. (Registered number: SC557631)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2023

9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 28 February 2023 and 28 February 2022:

28.2.23 28.2.22
£    £   
Mr S Wallace and Mrs L E Wallace
Balance outstanding at start of year (11,989 ) 40,466
Amounts advanced 208,007 168,545
Amounts repaid (216,150 ) (221,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (20,132 ) (11,989 )

10. ULTIMATE CONTROLLING PARTY

The controlling party is Mr S Wallace.