REGISTERED NUMBER: |
Report of the Director and |
Unaudited Financial Statements for the Year Ended 28 February 2023 |
for |
WRTC UK Limited |
REGISTERED NUMBER: |
Report of the Director and |
Unaudited Financial Statements for the Year Ended 28 February 2023 |
for |
WRTC UK Limited |
WRTC UK Limited (Registered number: SC261029) |
Contents of the Financial Statements |
for the Year Ended 28 February 2023 |
Page |
Company Information | 1 |
Report of the Director | 2 |
Statement of Financial Position | 3 |
Notes to the Financial Statements | 4 |
WRTC UK Limited |
Company Information |
for the Year Ended 28 February 2023 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Management Accountants |
Drumsheugh Toll |
2 Belford Road |
Edinburgh |
Midlothian |
EH4 3BL |
WRTC UK Limited (Registered number: SC261029) |
Report of the Director |
for the Year Ended 28 February 2023 |
The director presents his report with the financial statements of the company for the year ended 28 February 2023. |
PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of the retail sale of sports goods. |
REVIEW OF BUSINESS |
The accounts for the year ended 28th February 2023 highlight the challenges of sales revenue recovery following the Covid-19 pandemic. Gross profit recovery was more positive throughout the year, with an increase from 40.4% in the previous year to 42.86%. |
During the period, as referenced in the previous annual report, the company undertook a process of restructuring in order to address the consequences of the slower than anticipated recovery. The outcome of this restructure led to a reduction in administrative expenses and a return to profitability. This included reduced expenditure on wages and an average headcount reduction of 7.4%. |
Due to associated write downs and costs, the decision to close an underperforming shop had a detrimental impact on the annual profits. This decision was taken in the longer term interest of delivering a stronger business performance in the future. |
The company's focus remains to grow its profitability and reduce it's debt. The leadership team has implemented a strategic plan to deliver this. |
DIRECTOR |
This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies. |
ON BEHALF OF THE BOARD: |
WRTC UK Limited (Registered number: SC261029) |
Statement of Financial Position |
28 February 2023 |
28.2.23 | 28.2.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks |
Debtors | 5 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
CREDITORS |
Amounts falling due after more than one year | 7 |
NET LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | ( |
) | ( |
) |
( |
) | ( |
) |
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. |
In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
WRTC UK Limited (Registered number: SC261029) |
Notes to the Financial Statements |
for the Year Ended 28 February 2023 |
1. | STATUTORY INFORMATION |
WRTC UK Limited 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 |
Going concern |
The company is operating by utilising external sources of finance along with funds made available by the director. The director has confirmed that they will continue to provide this support and accordingly, they have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements. |
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 |
Long leasehold | - |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipments | - |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Financial instruments |
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties. Debt instruments, including loans and other accounts receivable and payable are initially measured at transaction price adjusted for transaction costs. They are subsequently recognised at amortised costs using the effective interest method. |
Creditors payable within one year, typically trade payables, are measured initially and subsequently at the undiscounted amount of the cash or other consideration expected to be paid. Debtors receivable within one year, typically trade receivables, are measured initially and subsequently at the undiscounted amount of the cash or other consideration expected to be received. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 statement of financial position date. |
Hire purchase and leasing commitments |
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. |
WRTC UK Limited (Registered number: SC261029) |
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 |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
Long | and | Motor | Computer |
leasehold | fittings | vehicles | equipments | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 March 2022 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) |
At 28 February 2023 |
DEPRECIATION |
At 1 March 2022 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) |
At 28 February 2023 |
NET BOOK VALUE |
At 28 February 2023 |
At 28 February 2022 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
28.2.23 | 28.2.22 |
£ | £ |
Trade debtors |
Other debtors |
Prepayments and accrued income |
Bikes to work | - | 389 |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
28.2.23 | 28.2.22 |
£ | £ |
Bank loans and overdrafts |
Other loans |
Trade creditors |
Gift vouchers | 84,247 | 97,633 |
Social security and other taxes |
VAT | 153,558 | 158,902 |
Other creditors |
Accruals and deferred income |
WRTC UK Limited (Registered number: SC261029) |
Notes to the Financial Statements - continued |
for the Year Ended 28 February 2023 |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
28.2.23 | 28.2.22 |
£ | £ |
Bank loans - 2-5 years |
Other loans - 2-5 years |
Director's loans | 84,931 | 84,931 |
Other creditors |
The director's loans to the company are unsecured, interest free and there are no fixed repayment terms. |
8. | SECURED DEBTS |
The following secured debts are included within creditors: |
28.2.23 | 28.2.22 |
£ | £ |
Bank overdraft |
Bank loans |
The company's overdraft and loans with HSBC Bank PLC are secured by a floating charge over all assets and undertaking of the company. |