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COMPANY REGISTRATION NUMBER: SC612088
CWC3 Limited formerly known as C W Cameron Limited
Filleted Unaudited Financial Statements
31 October 2023
CWC3 Limited formerly known as C W Cameron Limited
Statement of Financial Position
31 October 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
5
560
881
Investments
6
27,976
31,448
--------
--------
28,536
32,329
Current assets
Stocks
2,211
Debtors
7
9,463
6,003
Cash at bank and in hand
558
2,081
--------
--------
10,021
10,295
Creditors: amounts falling due within one year
8
253,205
262,304
---------
---------
Net current liabilities
243,184
252,009
---------
---------
Total assets less current liabilities
( 214,648)
( 219,680)
---------
---------
Net liabilities
( 214,648)
( 219,680)
---------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
( 214,748)
( 219,780)
---------
---------
Shareholders deficit
( 214,648)
( 219,680)
---------
---------
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 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
CWC3 Limited formerly known as C W Cameron Limited
Statement of Financial Position (continued)
31 October 2023
These financial statements were approved by the board of directors and authorised for issue on 29 July 2024 , and are signed on behalf of the board by:
Mr B Cameron
Director
Company registration number: SC612088
CWC3 Limited formerly known as C W Cameron Limited
Notes to the Financial Statements
Year ended 31 October 2023
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is Forbes House, 36 Huntly Street, Inverness, IV3 5PR.
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, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The company incurred losses in it's early years of trading which has resulted in a balance sheet deficit of £214,648 - (2022 - £219,680). The company has made a profit during the current year and is anticpated to make profits going forward. The director has confirmed his continued support of the company and on this basis finds it appropriate that the accounts are prepared on the going concern basis
Revenue recognition
Turnover is measured at the fair value of the consideration receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax.
Income tax
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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
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 instruments 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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2022: 1 ).
5. Tangible assets
Equipment
£
Cost
At 1 November 2022
4,932
Additions
840
-------
At 31 October 2023
5,772
-------
Depreciation
At 1 November 2022
4,051
Charge for the year
1,161
-------
At 31 October 2023
5,212
-------
Carrying amount
At 31 October 2023
560
-------
At 31 October 2022
881
-------
6. Investments
Other investments other than loans
£
Cost
At 1 November 2022
31,448
Revaluations
( 3,472)
--------
At 31 October 2023
27,976
--------
Impairment
At 1 November 2022 and 31 October 2023
--------
Carrying amount
At 31 October 2023
27,976
--------
At 31 October 2022
31,448
--------
7. Debtors
2023
2022
£
£
Trade debtors
1,114
Other debtors
9,463
4,889
-------
-------
9,463
6,003
-------
-------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
14
2,382
Corporation tax
2,105
Social security and other taxes
216
Other creditors
251,086
259,706
---------
---------
253,205
262,304
---------
---------
9. Director's advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2023
Balance brought forward
Advances/ (credits) to the director
Balance outstanding
£
£
£
Mr B Cameron
( 5)
6
1
----
----
----
2022
Balance brought forward
Advances/ (credits) to the director
Balance outstanding
£
£
£
Mr B Cameron
----
----
----
This loan is interest free and has no definite terms of repayment.
10. Related party transactions
At 31 October 2023 the company owed one (2022 - one) close family member of the director £ 249,446 (2022 - £257,451). This loan is interest free and has no definite terms of repayment . During the year one director agreed to write off part of the loan due to him amounting to £nil (2022 - £118,500). At 31 October 2023 the company owed a company in which the director is also a director and shareholder £ 5,000 (2022 - £nil). This loan is interest free and has no definite terms of repayments.