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REGISTERED NUMBER: SC408272 (Scotland)










Financial Statements

For The Year Ended 30 September 2023

for

Wallace Power Services Ltd

Wallace Power Services Ltd (Registered number: SC408272)






Contents of the Financial Statements
For The Year Ended 30 September 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Wallace Power Services Ltd

Company Information
For The Year Ended 30 September 2023







DIRECTORS: R Wallace
Mrs L J Wallace





REGISTERED OFFICE: Maryland Farm
Garshake Road
Dumbarton
G82 3PY





REGISTERED NUMBER: SC408272 (Scotland)





ACCOUNTANTS: Cahill Jack Associates Limited
91 Alexander Street
Airdrie
North Lanarkshire
ML6 0BD

Wallace Power Services Ltd (Registered number: SC408272)

Balance Sheet
30 September 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 105,083 81,231
105,083 81,231

CURRENT ASSETS
Stocks 202,667 157,479
Debtors 6 226,986 124,243
Cash at bank 179,127 157,611
608,780 439,333
CREDITORS
Amounts falling due within one year 7 238,473 209,701
NET CURRENT ASSETS 370,307 229,632
TOTAL ASSETS LESS CURRENT
LIABILITIES

475,390

310,863

PROVISIONS FOR LIABILITIES 8 23,060 -
NET ASSETS 452,330 310,863

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 452,230 310,763
SHAREHOLDERS' FUNDS 452,330 310,863

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

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 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 Power Services Ltd (Registered number: SC408272)

Balance Sheet - continued
30 September 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 Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 9 February 2024 and were signed on its behalf by:





R Wallace - Director


Wallace Power Services Ltd (Registered number: SC408272)

Notes to the Financial Statements
For The Year Ended 30 September 2023

1. STATUTORY INFORMATION

Wallace Power Services 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.

The company's presentational currency is pounds sterling.

Going concern
The directors consider the going concern basis to be appropriate following their assessment of the company's financial position and its ability to meet its obligations as and when they fall due. In making the going concern assessment, the directors have taken into account the following:

The company had implemented stringent safeguards to ensure the safety of employees working within the factory and ensure that operations continued while lockdown measures were in place.
Projections and management accounts prepared for the subsequent years show that the company will continue to meet its obligations as they fall due now that lockdown measures have ceased.

On that basis, the directors are satisfied that the going concern basis of preparation for the financial statements continues to be appropriate and the financial statements have been prepared accordingly.

Significant judgements and estimates
The preparation of financial information in compliance with FRS 102 requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates.

The directors have identified the following areas which give rise to estimation uncertainty:

1) Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and any residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation and maintenance programmes are taken into account.

2) Valuation of stock of parts uses estimations for provisions against old and obsolete items of stock.

Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised and in any future periods affected.

3) Debtors recoverability. For any balance considered irrecoverable, provision is made against the debtor. The remaining debtor balance at the year end not provided for, is therefore considered fully recoverable.

Wallace Power Services Ltd (Registered number: SC408272)

Notes to the Financial Statements - continued
For The Year Ended 30 September 2023

2. ACCOUNTING POLICIES - continued

Turnover
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding value added tax and any other sales taxes The following criteria must also be met before revenue is recognised:

Sale of goods
Revenue from sale of goods is recognised when all of the following conditions are satisfied:

- the company has transferred the significant risks and rewards of ownership to the buyer;
- the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
- the amount of revenue can be measured reliably;
- it is probable that the company will receive the consideration due under the transaction;
- the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services
Revenue from agreement to provide services is recognised in the period in which the services are provided when all of the following conditions are satisfied:

- the amount of revenue can be measured reliably;
- it is probable that the company will receive the consideration due under the agreement.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2011, is being amortised evenly over its estimated useful life of five 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.
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on reducing balance

The company adds to the carrying amount of an item of fixed asset the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the
company. Any carrying amount of the replaced part is written off. Repairs and maintenance are charged to
the profit and loss during the year in which they are incurred except for any parts unused at the year end.
Asset residual values, useful lives and depreciation methods of relevant assets are reviewed, and adjusted
prospectively if appropriate. Gains and losses on disposals are determined by comparing the proceeds with
the carrying amount and recognised in the profit and loss during the year of disposal.

At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit or loss.

If an impairment loss subsequently reverses, the carry amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.

Wallace Power Services Ltd (Registered number: SC408272)

Notes to the Financial Statements - continued
For The Year Ended 30 September 2023

2. ACCOUNTING POLICIES - continued

Government grants
Grants considered to be revenue in nature are credited to the profit and loss account in the same period as the related expenditure.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Stocks are stated at the lower of cost and net realisable value being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, inventories are assessed for impairment. If inventory is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

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.

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.

Financial instruments
The following assets and liabilities are classified as financial instruments - trade debtors, trade creditors, bank loans and directors' loans.

Any bank loans are initially measured at the present value of future payments, discounted at a market rate of interest, and subsequently at amortised cost using the effective interest method. Directors' loans (being repayable on demand), trade debtors and trade creditors are measured at the undiscounted amount of the cash or other consideration expected to be paid or received. Gains and losses arising from changes in the fair value of derivative financial instruments are included in the profit or loss in the period in which they arise.

Any financial assets that are measured at amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit and loss.

Wallace Power Services Ltd (Registered number: SC408272)

Notes to the Financial Statements - continued
For The Year Ended 30 September 2023

2. ACCOUNTING POLICIES - continued

Other items
Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest rate method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting. Dividends on shares recognised as liabilities are recognised as expenses and classified within interest payable.

Holiday pay
A liability is recognised to the extent of any unused holiday pay entitlement which has accrued at the balance sheet date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the balance sheet date.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2022 - 4 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 October 2022
and 30 September 2023 20,000
AMORTISATION
At 1 October 2022
and 30 September 2023 20,000
NET BOOK VALUE
At 30 September 2023 -
At 30 September 2022 -

Wallace Power Services Ltd (Registered number: SC408272)

Notes to the Financial Statements - continued
For The Year Ended 30 September 2023

5. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 October 2022 56,733 643 114,956 5,795 178,127
Additions 33,942 - 32,045 484 66,471
Disposals (5,670 ) - (11,300 ) - (16,970 )
At 30 September 2023 85,005 643 135,701 6,279 227,628
DEPRECIATION
At 1 October 2022 40,463 402 52,401 3,630 96,896
Charge for year 11,755 60 22,548 662 35,025
Eliminated on disposal (2,481 ) - (6,895 ) - (9,376 )
At 30 September 2023 49,737 462 68,054 4,292 122,545
NET BOOK VALUE
At 30 September 2023 35,268 181 67,647 1,987 105,083
At 30 September 2022 16,270 241 62,555 2,165 81,231

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 226,823 124,243
Other debtors 163 -
226,986 124,243

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 84,628 126,305
Taxation and social security 76,746 27,113
Other creditors 77,099 56,283
238,473 209,701

8. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 23,060 -

Deferred
tax
£   
Accelerated capital allowances 23,060
Balance at 30 September 2023 23,060

Wallace Power Services Ltd (Registered number: SC408272)

Notes to the Financial Statements - continued
For The Year Ended 30 September 2023

9. ULTIMATE CONTROLLING PARTY

In the opinion of the directors, there is no single ultimate controlling party.