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REGISTERED NUMBER: SC261029 (Scotland)















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: D H Riddoch





REGISTERED OFFICE: 21 Holburn Street
Aberdeen
AB10 6BS





REGISTERED NUMBER: SC261029 (Scotland)





ACCOUNTANTS: One Accounting Ltd
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
D H Riddoch held office during the whole of the period from 1 March 2022 to the date of this report.

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:





D H Riddoch - Director


29 November 2023

WRTC UK Limited (Registered number: SC261029)

Statement of Financial Position
28 February 2023

28.2.23 28.2.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 135,527 251,270

CURRENT ASSETS
Stocks 698,612 699,507
Debtors 5 95,306 68,249
Cash at bank and in hand 151,067 4,697
944,985 772,453
CREDITORS
Amounts falling due within one year 6 1,025,935 1,233,384
NET CURRENT LIABILITIES (80,950 ) (460,931 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

54,577

(209,661

)

CREDITORS
Amounts falling due after more than one year 7 525,162 366,093
NET LIABILITIES (470,585 ) (575,754 )

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings (470,685 ) (575,854 )
(470,585 ) (575,754 )

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 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.

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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 29 November 2023 and were signed by:





D H Riddoch - Director


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
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.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Long leasehold - at varying rates on cost
Fixtures and fittings - 20% on cost
Motor vehicles - 25% on cost
Computer equipments - 33% on cost

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 76 (2022 - 82 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Long and Motor Computer
leasehold fittings vehicles equipments Totals
£    £    £    £    £   
COST
At 1 March 2022 366,891 591,904 5,362 331,300 1,295,457
Additions - - - 7,731 7,731
Disposals (62,884 ) (15,811 ) (5,362 ) (8,061 ) (92,118 )
At 28 February 2023 304,007 576,093 - 330,970 1,211,070
DEPRECIATION
At 1 March 2022 269,271 535,526 5,362 234,028 1,044,187
Charge for year 18,469 26,922 - 46,130 91,521
Eliminated on disposal (32,865 ) (14,273 ) (5,362 ) (7,665 ) (60,165 )
At 28 February 2023 254,875 548,175 - 272,493 1,075,543
NET BOOK VALUE
At 28 February 2023 49,132 27,918 - 58,477 135,527
At 28 February 2022 97,620 56,378 - 97,272 251,270

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
28.2.23 28.2.22
£    £   
Trade debtors 2,916 4,237
Other debtors - 2,300
Prepayments and accrued income 92,390 61,323
Bikes to work - 389
95,306 68,249

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
28.2.23 28.2.22
£    £   
Bank loans and overdrafts 58,728 106,500
Other loans 8,978 15,120
Trade creditors 625,560 752,712
Gift vouchers 84,247 97,633
Social security and other taxes 28,070 62,021
VAT 153,558 158,902
Other creditors 25,368 19,149
Accruals and deferred income 41,426 21,347
1,025,935 1,233,384

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 264,272 223,204
Other loans - 2-5 years 12,718 57,958
Director's loans 84,931 84,931
Other creditors 163,241 -
525,162 366,093

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 - 16,076
Bank loans 323,000 313,628
323,000 329,704

The company's overdraft and loans with HSBC Bank PLC are secured by a floating charge over all assets and undertaking of the company.