2 false false false false false false false false false false true false false false false false false No description of principal activity 2022-09-01 Sage Accounts Production Advanced 2023 - FRS102_2023 4,466 1,457 687 5,236 3,036 1,362 591 3,807 1,429 xbrli:pure xbrli:shares iso4217:GBP SC639587 2022-09-01 2023-08-31 SC639587 2023-08-31 SC639587 2022-08-31 SC639587 2021-09-01 2022-08-31 SC639587 2022-08-31 SC639587 2021-08-31 SC639587 bus:OrdinaryShareClass1 2022-09-01 2023-08-31 SC639587 bus:Director2 2022-09-01 2023-08-31 SC639587 core:WithinOneYear 2023-08-31 SC639587 core:WithinOneYear 2022-08-31 SC639587 core:ShareCapital 2023-08-31 SC639587 core:ShareCapital 2022-08-31 SC639587 core:RetainedEarningsAccumulatedLosses 2023-08-31 SC639587 core:RetainedEarningsAccumulatedLosses 2022-08-31 SC639587 bus:SmallEntities 2022-09-01 2023-08-31 SC639587 bus:AuditExemptWithAccountantsReport 2022-09-01 2023-08-31 SC639587 bus:SmallCompaniesRegimeForAccounts 2022-09-01 2023-08-31 SC639587 bus:PrivateLimitedCompanyLtd 2022-09-01 2023-08-31 SC639587 bus:FullAccounts 2022-09-01 2023-08-31 SC639587 bus:OrdinaryShareClass1 2023-08-31 SC639587 bus:OrdinaryShareClass1 2022-08-31 SC639587 core:PlantMachinery 2022-09-01 2023-08-31 SC639587 core:PlantMachinery 2022-08-31 SC639587 core:PlantMachinery 2023-08-31
COMPANY REGISTRATION NUMBER: SC639587
William Mathers Ltd
Filleted Unaudited Financial Statements
For the period ended
31 August 2023
William Mathers Ltd
Statement of Financial Position
31 August 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
5
1,429
1,431
Current assets
Debtors
6
6,400
2,700
Cash at bank and in hand
195,636
188,037
---------
---------
202,036
190,737
Creditors: amounts falling due within one year
7
18,981
26,312
---------
---------
Net current assets
183,055
164,425
---------
---------
Total assets less current liabilities
184,484
165,856
Provisions
358
358
---------
---------
Net assets
184,126
165,498
---------
---------
Capital and reserves
Called up share capital
8
100
100
Profit and loss account
184,026
165,398
---------
---------
Shareholders funds
184,126
165,498
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- 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 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 5 April 2024 , and are signed on behalf of the board by:
William Mathers
Director
Company registration number: SC639587
William Mathers Ltd
Notes to the Financial Statements
Year ended 31 August 2023
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 2 Weston Gardens, Haddington, EH41 3DD, Scotland.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity. Going Concern The financial statements have been prepared on a going concern basis. The directors have assessed the Company's ability to continue as a going concern and have 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. In March 2020, the United Kingdom entered a public health crisis in the form of COVID-19. At the time of signing the full impact of this is unknown however the directors believe at this point in time, the financial statements should be prepared on a going concern basis on the grounds that current and future sources of funding from the directors will be adequate to meet the company's needs for the period of at least 12 months from the date of approval of these financial statements.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period. When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively.Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Equipment
-
33% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial assets, which include trade debtors and cash at bank, are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Basic financial liabilities, which include other payables and taxes due, are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. At each reporting date the company assesses whether there is objective evidence that any financial asset has been impaired. A provision for impairment is established when there is objective evidence that the company will not be able to collect all amounts due. The amount of the provision is recognised immediately in profit or loss.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2022: 2 ).
5. Tangible assets
Equipment
£
Cost
At 1 September 2022
4,466
Additions
1,457
Disposals
( 687)
-------
At 31 August 2023
5,236
-------
Depreciation
At 1 September 2022
3,036
Charge for the year
1,362
Disposals
( 591)
-------
At 31 August 2023
3,807
-------
Carrying amount
At 31 August 2023
1,429
-------
At 31 August 2022
1,430
-------
6. Debtors
2023
2022
£
£
Other debtors
6,400
2,700
-------
-------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Corporation tax
12,056
17,735
Social security and other taxes
2,515
4,993
Other creditors
4,410
3,584
--------
--------
18,981
26,312
--------
--------
8. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
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