Silverfin false false 31/10/2023 01/11/2022 31/10/2023 Mr I M Williamson 26/10/2001 Mr M C Williamson 26/10/2001 Mr P Williamson 26/10/2001 Mark Clive Williamson 06 March 2024 The principal activity of the Company continued to be that of a scrap metal dealer. The company resigned as a partner in D&S Metals on 1 August 2023. SC224648 2023-10-31 SC224648 bus:Director1 2023-10-31 SC224648 bus:Director2 2023-10-31 SC224648 bus:Director3 2023-10-31 SC224648 2022-10-31 SC224648 core:CurrentFinancialInstruments 2023-10-31 SC224648 core:CurrentFinancialInstruments 2022-10-31 SC224648 core:ShareCapital 2023-10-31 SC224648 core:ShareCapital 2022-10-31 SC224648 core:CapitalRedemptionReserve 2023-10-31 SC224648 core:CapitalRedemptionReserve 2022-10-31 SC224648 core:RetainedEarningsAccumulatedLosses 2023-10-31 SC224648 core:RetainedEarningsAccumulatedLosses 2022-10-31 SC224648 core:LandBuildings 2022-10-31 SC224648 core:PlantMachinery 2022-10-31 SC224648 core:Vehicles 2022-10-31 SC224648 core:FurnitureFittings 2022-10-31 SC224648 core:LandBuildings 2023-10-31 SC224648 core:PlantMachinery 2023-10-31 SC224648 core:Vehicles 2023-10-31 SC224648 core:FurnitureFittings 2023-10-31 SC224648 core:CostValuation 2022-10-31 SC224648 core:DisposalsRepaymentsInvestments 2023-10-31 SC224648 core:CostValuation 2023-10-31 SC224648 bus:OrdinaryShareClass1 2023-10-31 SC224648 bus:OrdinaryShareClass2 2023-10-31 SC224648 bus:OrdinaryShareClass3 2023-10-31 SC224648 2022-11-01 2023-10-31 SC224648 bus:FilletedAccounts 2022-11-01 2023-10-31 SC224648 bus:SmallEntities 2022-11-01 2023-10-31 SC224648 bus:AuditExemptWithAccountantsReport 2022-11-01 2023-10-31 SC224648 bus:PrivateLimitedCompanyLtd 2022-11-01 2023-10-31 SC224648 bus:Director1 2022-11-01 2023-10-31 SC224648 bus:Director2 2022-11-01 2023-10-31 SC224648 bus:Director3 2022-11-01 2023-10-31 SC224648 bus:Director4 2022-11-01 2023-10-31 SC224648 core:LandBuildings core:TopRangeValue 2022-11-01 2023-10-31 SC224648 core:PlantMachinery 2022-11-01 2023-10-31 SC224648 core:Vehicles 2022-11-01 2023-10-31 SC224648 core:FurnitureFittings 2022-11-01 2023-10-31 SC224648 2021-11-01 2022-10-31 SC224648 core:LandBuildings 2022-11-01 2023-10-31 SC224648 bus:OrdinaryShareClass1 2022-11-01 2023-10-31 SC224648 bus:OrdinaryShareClass1 2021-11-01 2022-10-31 SC224648 bus:OrdinaryShareClass2 2022-11-01 2023-10-31 SC224648 bus:OrdinaryShareClass2 2021-11-01 2022-10-31 SC224648 bus:OrdinaryShareClass3 2022-11-01 2023-10-31 SC224648 bus:OrdinaryShareClass3 2021-11-01 2022-10-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC224648 (Scotland)

WILLCORP LIMITED

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

WILLCORP LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 OCTOBER 2023

Contents

WILLCORP LIMITED

BALANCE SHEET

AS AT 31 OCTOBER 2023
WILLCORP LIMITED

BALANCE SHEET (continued)

AS AT 31 OCTOBER 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 308,937 320,284
Investments 4 0 470,085
308,937 790,369
Current assets
Stocks 271,230 360,320
Debtors 5 361,040 91,851
Cash at bank and in hand 419,051 131,365
1,051,321 583,536
Creditors: amounts falling due within one year 6 ( 68,392) ( 54,603)
Net current assets 982,929 528,933
Total assets less current liabilities 1,291,866 1,319,302
Provision for liabilities 7 ( 1,611) ( 6,591)
Net assets 1,290,255 1,312,711
Capital and reserves
Called-up share capital 8 75 75
Capital redemption reserve 25 25
Profit and loss account 1,290,155 1,312,611
Total shareholders' funds 1,290,255 1,312,711

For the financial year ending 31 October 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 Willcorp Limited (registered number: SC224648) were approved and authorised for issue by the Board of Directors on 06 March 2024. They were signed on its behalf by:

Mark Clive Williamson
Director
WILLCORP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 OCTOBER 2023
WILLCORP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 OCTOBER 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

Willcorp 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 Greshop, Industrial Estate, Forres, IV36 2GW, 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 £.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for the sale of scrap metal.

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 Statement of Income and Retained Earnings 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.

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.

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 50 years straight line
Plant and machinery 25 % reducing balance
Vehicles 25 % reducing balance
Fixtures and fittings 25 % 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.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

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.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

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

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

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 unless the arrangement constitutes a financing transaction.

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 5 5

3. Tangible assets

Land and buildings Plant and machinery Vehicles Fixtures and fittings Total
£ £ £ £ £
Cost
At 01 November 2022 462,400 146,676 46,807 512 656,395
At 31 October 2023 462,400 146,676 46,807 512 656,395
Accumulated depreciation
At 01 November 2022 159,166 136,408 40,041 496 336,111
Charge for the financial year 8,236 2,567 540 4 11,347
At 31 October 2023 167,402 138,975 40,581 500 347,458
Net book value
At 31 October 2023 294,998 7,701 6,226 12 308,937
At 31 October 2022 303,234 10,268 6,766 16 320,284

4. Fixed asset investments

2023 2022
£ £
Other investments and loans 0 470,085

Other investments Total
£ £
Cost or valuation before impairment
At 01 November 2022 470,085 470,085
Disposals ( 470,085) ( 470,085)
At 31 October 2023 0 0
Carrying value at 31 October 2023 0 0
Carrying value at 31 October 2022 470,085 470,085

5. Debtors

2023 2022
£ £
Trade debtors 354,178 84,506
Other debtors 6,862 7,345
361,040 91,851

6. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 7,130 5,593
Other taxation and social security 54,761 15,947
Other creditors 6,501 33,063
68,392 54,603

7. Provision for liabilities

2023 2022
£ £
Deferred tax 1,611 6,591

8. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
25 Ordinary A shares of £ 1.00 each 25 25
25 Ordinary C shares of £ 1.00 each 25 25
25 Ordinary D shares of £ 1.00 each 25 25
75 75

9. Related party transactions

Other related party transactions

2023 2022
£ £
Sales 1,384,136 0
Purchases 18,967 0
Amounts due to related parties 4,367 0
Amounts due from related parties 297,153 0