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Company No: SC399487 (Scotland)

M & W PRODUCTS LTD T/A ALBA TOWING

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL PERIOD FROM 01 JULY 2022 TO 31 DECEMBER 2023
PAGES FOR FILING WITH THE REGISTRAR

M & W PRODUCTS LTD T/A ALBA TOWING

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL PERIOD FROM 01 JULY 2022 TO 31 DECEMBER 2023

Contents

M & W PRODUCTS LTD T/A ALBA TOWING

BALANCE SHEET

AS AT 31 DECEMBER 2023
M & W PRODUCTS LTD T/A ALBA TOWING

BALANCE SHEET (continued)

AS AT 31 DECEMBER 2023
Note 31.12.2023 30.06.2022
£ £
Fixed assets
Tangible assets 3 7,259 8,737
7,259 8,737
Current assets
Stocks 4 33,117 27,931
Debtors 5 16,055 10,534
Cash at bank and in hand 6 87,245 94,377
136,417 132,842
Creditors: amounts falling due within one year 7 ( 60,638) ( 42,871)
Net current assets 75,779 89,971
Total assets less current liabilities 83,038 98,708
Provision for liabilities 8, 9 ( 1,815) ( 2,184)
Net assets 81,223 96,524
Capital and reserves
Called-up share capital 10 50 50
Capital redemption reserve 50 50
Profit and loss account 81,123 96,424
Total shareholders' funds 81,223 96,524

For the financial period ending 31 December 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 M & W Products Ltd t/a Alba Towing (registered number: SC399487) were approved and authorised for issue by the Board of Directors on 22 March 2024. They were signed on its behalf by:

Iain Peter Waddell
Director
M & W PRODUCTS LTD T/A ALBA TOWING

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL PERIOD FROM 01 JULY 2022 TO 31 DECEMBER 2023
M & W PRODUCTS LTD T/A ALBA TOWING

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL PERIOD FROM 01 JULY 2022 TO 31 DECEMBER 2023
1. Accounting policies

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

General information and basis of accounting

M & W Products Ltd (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 66 Tay Street, Perth, PH2 8RA, 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 £.

Reporting period length

The financial statements have been prepared for the 18 month period from 1 July 2022 to 31 December 2023. The comparative financial statements were prepared for the year ended 30 June 2022, as such the two periods are not entirely comparable.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and is shown net of VAT and trade discounts.

Turnover is recognised on the dispatch of goods.

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.

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, 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:

Plant and machinery 5 years straight line
Vehicles 25 % reducing balance
Fixtures and fittings 5 years straight line

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
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 Statement of Income and Retained Earnings as described below.

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

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. Provision is made for obsolete, slow-moving or defective items where appropriate.

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. Reversals of impairment losses are also recognised in profit or loss.

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, cash and bank balances, are measured at transaction price including transaction costs.

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

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.

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.

Provisions

Deferred tax provisions are recognised when the Company has a present obligation as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation.

2. Employees

Period from
01.07.2022 to
31.12.2023
Year ended
30.06.2022
Number Number
Monthly average number of persons employed by the Company during the period, including directors 3 2

3. Tangible assets

Plant and machinery Vehicles Fixtures and fittings Total
£ £ £ £
Cost
At 01 July 2022 6,603 15,995 3,279 25,877
Additions 1,664 0 666 2,330
Disposals ( 400) 0 0 ( 400)
At 31 December 2023 7,867 15,995 3,945 27,807
Accumulated depreciation
At 01 July 2022 5,576 8,872 2,692 17,140
Charge for the financial period 546 2,671 471 3,688
Disposals ( 280) 0 0 ( 280)
At 31 December 2023 5,842 11,543 3,163 20,548
Net book value
At 31 December 2023 2,025 4,452 782 7,259
At 30 June 2022 1,027 7,123 587 8,737

4. Stocks

31.12.2023 30.06.2022
£ £
Stocks 32,717 27,931
Work in progress 400 0
33,117 27,931

5. Debtors

31.12.2023 30.06.2022
£ £
Trade debtors 16,055 9,667
Other debtors 0 867
16,055 10,534

6. Cash and cash equivalents

31.12.2023 30.06.2022
£ £
Cash at bank and in hand 87,245 94,377

7. Creditors: amounts falling due within one year

31.12.2023 30.06.2022
£ £
Trade creditors 23,258 18,550
Corporation tax 14,415 10,992
Other taxation and social security 4,185 5,264
Other creditors 18,780 8,065
60,638 42,871

8. Provision for liabilities

31.12.2023 30.06.2022
£ £
Deferred tax 1,815 2,184

9. Deferred tax

31.12.2023 30.06.2022
£ £
At the beginning of financial period/year ( 2,184) ( 2,738)
Credited to the Statement of Income and Retained Earnings 369 554
At the end of financial period/year ( 1,815) ( 2,184)

10. Called-up share capital

31.12.2023 30.06.2022
£ £
Allotted, called-up and fully-paid
50 Ordinary B shares of £ 1.00 each 50 50

11. Financial commitments

Commitments

31.12.2023 30.06.2022
£ £
Total future minimum lease payments under non-cancellable operating lease 12,960 8,640

12. Related party transactions

Transactions with the entity's directors

31.12.2023 30.06.2022
£ £
Amounts due to directors 15,674 5,063

Advances totalling £86,211 were made to directors in this period and £75,600 was repaid. This loan is unsecured, interest free and repayable on demand.