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COMPANY REGISTRATION NUMBER: SC643997
CWP Erskine Limited
Filleted Unaudited Financial Statements
For the year ended
31 October 2023
CWP Erskine Limited
Statement of Financial Position
31 October 2023
2023
2022
Note
£
£
£
£
Current assets
Stocks
197,361
158,136
Debtors
4
4,755
5,279
Cash at bank and in hand
46,079
5,747
---------
---------
248,195
169,162
Creditors: amounts falling due within one year
5
( 258,767)
( 161,995)
---------
---------
Net current (liabilities)/assets
( 10,572)
7,167
--------
-------
Total assets less current liabilities
( 10,572)
7,167
Creditors: amounts falling due after more than one year
6
( 16,667)
( 26,667)
--------
--------
Net liabilities
( 27,239)
( 19,500)
--------
--------
Capital and reserves
Called up share capital
7
100
100
Profit and loss account
( 27,339)
( 19,600)
--------
--------
Shareholders deficit
( 27,239)
( 19,500)
--------
--------
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 .
These financial statements were approved by the board of directors and authorised for issue on 30 July 2024 , and are signed on behalf of the board by:
Mr B C Weir
Director
Company registration number: SC643997
CWP Erskine 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 Torsonce Mains, Stow, Galashiels, Selkirkshire, TDI 2SN, 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, 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 financial statements have been prepared on a going concern basis. The director has assessed the Company's ability to continue as a going concern and has reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. The director notes that the company had net liabilities as at 31 October 2023 of £27,239 (2022 - £19,500). The Director continues to provide financial support to the company and is not aware of any circumstances which would lead to the financial support and the loan (see note 9) provided being recalled during the 12 months post signing of these financial statements. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.
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.
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 and other debtors and cash, 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 trade and other creditors, 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. Debtors
2023
2022
£
£
Other debtors
4,755
5,279
-------
-------
5. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
10,000
10,000
Trade creditors
5,357
8,841
Other creditors
243,410
143,154
---------
---------
258,767
161,995
---------
---------
6. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
16,667
26,667
--------
--------
7. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
----
----
----
----
8. Related party transactions
As at 31 October 2023, the company owed £240,594 (2022:£140,594) to Bruce Weir Holdings Limited, a company in which the director, B C Weir, is also a director. The loan is interest free and repayable on demand.