Silverfin false 31/03/2023 01/04/2022 31/03/2023 Mrs M Stuart 24/05/2017 Mr W Stuart 24/05/2017 24 November 2023 The principal activity of the Company during the financial year continued to be that of the provision of plumbing and heating services. SC566993 2023-03-31 SC566993 bus:Director1 2023-03-31 SC566993 bus:Director2 2023-03-31 SC566993 2022-03-31 SC566993 core:CurrentFinancialInstruments 2023-03-31 SC566993 core:CurrentFinancialInstruments 2022-03-31 SC566993 core:Non-currentFinancialInstruments 2023-03-31 SC566993 core:Non-currentFinancialInstruments 2022-03-31 SC566993 core:ShareCapital 2023-03-31 SC566993 core:ShareCapital 2022-03-31 SC566993 core:SharePremium 2023-03-31 SC566993 core:SharePremium 2022-03-31 SC566993 core:RetainedEarningsAccumulatedLosses 2023-03-31 SC566993 core:RetainedEarningsAccumulatedLosses 2022-03-31 SC566993 core:Goodwill 2022-03-31 SC566993 core:Goodwill 2023-03-31 SC566993 core:LandBuildings 2022-03-31 SC566993 core:PlantMachinery 2022-03-31 SC566993 core:Vehicles 2022-03-31 SC566993 core:OfficeEquipment 2022-03-31 SC566993 core:LandBuildings 2023-03-31 SC566993 core:PlantMachinery 2023-03-31 SC566993 core:Vehicles 2023-03-31 SC566993 core:OfficeEquipment 2023-03-31 SC566993 bus:OrdinaryShareClass1 2023-03-31 SC566993 2022-04-01 2023-03-31 SC566993 bus:FullAccounts 2022-04-01 2023-03-31 SC566993 bus:SmallEntities 2022-04-01 2023-03-31 SC566993 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 SC566993 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 SC566993 bus:Director1 2022-04-01 2023-03-31 SC566993 bus:Director2 2022-04-01 2023-03-31 SC566993 core:Goodwill core:TopRangeValue 2022-04-01 2023-03-31 SC566993 core:LandBuildings core:TopRangeValue 2022-04-01 2023-03-31 SC566993 core:PlantMachinery 2022-04-01 2023-03-31 SC566993 core:Vehicles 2022-04-01 2023-03-31 SC566993 core:OfficeEquipment 2022-04-01 2023-03-31 SC566993 2021-04-01 2022-03-31 SC566993 core:Goodwill 2022-04-01 2023-03-31 SC566993 core:LandBuildings 2022-04-01 2023-03-31 SC566993 core:CurrentFinancialInstruments 2022-04-01 2023-03-31 SC566993 core:Non-currentFinancialInstruments 2022-04-01 2023-03-31 SC566993 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 SC566993 bus:OrdinaryShareClass1 2021-04-01 2022-03-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC566993 (Scotland)

W & M STUART LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH THE REGISTRAR

W & M STUART LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2023

Contents

W & M STUART LIMITED

BALANCE SHEET

AS AT 31 MARCH 2023
W & M STUART LIMITED

BALANCE SHEET (continued)

AS AT 31 MARCH 2023
Note 2023 2022
£ £
Fixed assets
Intangible assets 3 212,500 262,500
Tangible assets 4 821,119 714,631
1,033,619 977,131
Current assets
Stocks 216,825 184,802
Debtors 5 239,626 184,875
Cash at bank and in hand 252,527 201,277
708,978 570,954
Creditors: amounts falling due within one year 6 ( 419,359) ( 297,782)
Net current assets 289,619 273,172
Total assets less current liabilities 1,323,238 1,250,303
Creditors: amounts falling due after more than one year 7 ( 68,749) ( 84,069)
Provision for liabilities 8 ( 92,469) ( 87,064)
Net assets 1,162,020 1,079,170
Capital and reserves
Called-up share capital 9 200 200
Share premium account 960,669 960,669
Profit and loss account 201,151 118,301
Total shareholders' funds 1,162,020 1,079,170

For the financial 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 financial statements of W & M Stuart Limited (registered number: SC566993) were approved and authorised for issue by the Director on 24 November 2023. They were signed on its behalf by:

Mrs M Stuart
Director
Mr W Stuart
Director
W & M STUART LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2023
W & M STUART LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

W & M Stuart Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is Old Military Road, Kingsford, Alford, AB33 8HN, United Kingdom.

The financial statements have been prepared under the historical cost convention and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

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

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

The company is included in the Plumbing and Industry Services (UK) Industry Pension Scheme, which is a multi-employer pension plan. There is insufficient information available to account for this as a defined benefit plan, therefore under FRS 102 this will be accounted for as if it was a defined contribution plan.

The latest actuarial report published in 2020 noted that the Actuary found that the pension assets were enough to cover 99% of the Scheme's liabilities. The scheme is now closed for new entrants therefore, there should be future benefit building up due to this.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 10 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings 2 years straight line
Plant and machinery 20 % reducing balance
Vehicles 20 % reducing balance
Office equipment 20 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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 profit or loss.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible and intangible 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).

Financial assets
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs.

Basic financial liabilities
Basic financial liabilities, including creditors, are initially recognised at transaction price.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Government grants

Government grants are recognised based on the performance model and are measured at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received.

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

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 27 26

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 April 2022 500,000 500,000
At 31 March 2023 500,000 500,000
Accumulated amortisation
At 01 April 2022 237,500 237,500
Charge for the financial year 50,000 50,000
At 31 March 2023 287,500 287,500
Net book value
At 31 March 2023 212,500 212,500
At 31 March 2022 262,500 262,500

4. Tangible assets

Land and buildings Plant and machinery Vehicles Office equipment Total
£ £ £ £ £
Cost
At 01 April 2022 410,837 109,375 388,119 15,865 924,196
Additions 114,381 12,034 74,763 956 202,134
Disposals 0 ( 11,011) ( 24,817) 0 ( 35,828)
At 31 March 2023 525,218 110,398 438,065 16,821 1,090,502
Accumulated depreciation
At 01 April 2022 28,833 46,642 125,642 8,448 209,565
Charge for the financial year 9,948 13,451 60,196 1,555 85,150
Disposals 0 ( 7,944) ( 17,388) 0 ( 25,332)
At 31 March 2023 38,781 52,149 168,450 10,003 269,383
Net book value
At 31 March 2023 486,437 58,249 269,615 6,818 821,119
At 31 March 2022 382,004 62,733 262,477 7,417 714,631

5. Debtors

2023 2022
£ £
Trade debtors 220,494 149,148
Corporation tax 0 16,950
Other debtors 19,132 18,777
239,626 184,875

6. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 277,546 181,413
Taxation and social security 78,411 53,865
Obligations under finance leases and hire purchase contracts 46,449 41,721
Other creditors 16,953 20,783
419,359 297,782

Obligations under finance leases and hire purchase contracts are secured on the assets to which they relate.

The bank holds a standard security and floating charge over the assets of the business.

7. Creditors: amounts falling due after more than one year

2023 2022
£ £
Obligations under finance leases and hire purchase contracts 68,749 84,069

Obligations under finance leases and hire purchase contracts are secured on the assets to which they relate.

The bank holds a standard security and floating charge over the assets of the business.

8. Provision for liabilities

2023 2022
£ £
Deferred tax 92,469 87,064

9. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
200 Ordinary shares of £ 1.00 each 200 200