Company registration number SC407614 (Scotland)
WMA GROUP LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 SEPTEMBER 2023
PAGES FOR FILING WITH REGISTRAR
WMA GROUP LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
WMA GROUP LIMITED
BALANCE SHEET
AS AT
29 SEPTEMBER 2023
29 September 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
10,847
10,523
Investment property
4
1,096,495
1,086,738
1,107,342
1,097,261
Current assets
Debtors
5
7,414
7,265
Cash at bank and in hand
55,480
86,722
62,894
93,987
Creditors: amounts falling due within one year
6
(414,142)
(478,006)
Net current liabilities
(351,248)
(384,019)
Total assets less current liabilities
756,094
713,242
Creditors: amounts falling due after more than one year
7
(465,432)
(497,501)
Provisions for liabilities
(1,999)
Net assets
290,662
213,742
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
290,562
213,642
Total equity
290,662
213,742
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 29 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
WMA GROUP LIMITED
BALANCE SHEET (CONTINUED)
AS AT
29 SEPTEMBER 2023
29 September 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 15 March 2024 and are signed on its behalf by:
Mr R Murray
Director
Company Registration No. SC407614
WMA GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 SEPTEMBER 2023
- 3 -
1
Accounting policies
Company information
WMA Group Limited is a private company limited by shares incorporated in Scotland. The registered office is 6 Alloway Place, Ayr, Ayrshire, United Kingdom, KA7 2AA.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
15% reducing blance.
Computers
3 years straight line
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.
1.4
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
WMA GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 SEPTEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.6
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
2
2
3
Tangible fixed assets
Fixtures and fittings
Computers
Total
£
£
£
Cost
At 30 September 2022
12,637
1,456
14,093
Additions
1,671
1,910
3,581
At 29 September 2023
14,308
3,366
17,674
Depreciation and impairment
At 30 September 2022
3,090
480
3,570
Depreciation charged in the year
2,146
1,111
3,257
At 29 September 2023
5,236
1,591
6,827
Carrying amount
At 29 September 2023
9,072
1,775
10,847
At 29 September 2022
9,547
976
10,523
4
Investment property
2023
£
Fair value
At 30 September 2022
1,086,739
Additions
9,756
At 29 September 2023
1,096,495
WMA GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 SEPTEMBER 2023
4
Investment property
(Continued)
- 5 -
The fair value of the investment property has been arrived at on the basis of a valuation carried out on 29 September 2023 by both directors, R Murray and B Williamson. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
WMA GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 SEPTEMBER 2023
- 6 -
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
6,251
4,093
Other debtors
1,163
3,172
7,414
7,265
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
51,588
51,588
Trade creditors
19,014
6,592
Corporation tax
18,147
20,155
Other creditors
325,393
399,671
414,142
478,006
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
465,432
497,501
8
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2023
2022
Balances:
£
£
Accelerated capital allowances
-
1,999
2023
Movements in the year:
£
Liability at 30 September 2022
1,999
Credit to profit or loss
(1,999)
Liability at 29 September 2023
-
WMA GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 SEPTEMBER 2023
- 7 -
9
Related party transactions
Included within other debtors is £444 (2022: £53) owed by Ayrspace Limited, a company in which Mr R Murray & Mr B Williamson are both directors.
Included within creditors is £119,900 (2022: £119,900) which is a loan from the directors. This loan was made on an interest free basis.
Included within creditors is £137,150 (2022: £199,180) owed to Ekko Waste Solutions Limited, a company in which Mr R Murray & Mr B Williamson are both directors.
Included within creditors is £54,660 (2022: £69,660) owed to ABC 4D Limited, a company in which Mr R Murray & Mr B Williamson are both directors.
Included within creditors is £4,720 owed to Cambusdoon Limited, a company in which Mr B Williamson is a director.
10
Ultimate controlling party
The company has no ultimate controlling party.