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WYNNE ASSOCIATES LIMITED

Registered Number
SC435878
(Scotland)

Unaudited Financial Statements for the Year ended
31 October 2023

WYNNE ASSOCIATES LIMITED
Company Information
for the year from 1 November 2022 to 31 October 2023

Directors

ROBINSON, Melvin Sean
WYNNE, Judith

Registered Address

4d Auchingramont Road
Hamilton
ML3 6JT

Place of Business

Orchard Cottage

The Old Orchard

Limekilns

Dunfermline

KY11 3HS


Registered Number

SC435878 (Scotland)
WYNNE ASSOCIATES LIMITED
Balance Sheet as at
31 October 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets3389,62772,189
Investment property4-328,498
389,627400,687
Current assets
Debtors52,9122,912
Cash at bank and on hand62,57723,877
65,48926,789
Creditors amounts falling due within one year6(227,974)(203,711)
Net current assets (liabilities)(162,485)(176,922)
Total assets less current liabilities227,142223,765
Creditors amounts falling due after one year7-(78,000)
Net assets227,142145,765
Capital and reserves
Called up share capital44
Profit and loss account227,138145,761
Shareholders' funds227,142145,765
The financial statements were approved and authorised for issue by the Board of Directors on 29 July 2024, and are signed on its behalf by:
WYNNE, Judith
Director
Registered Company No. SC435878
WYNNE ASSOCIATES LIMITED
Notes to the Financial Statements
for the year ended 31 October 2023

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Judgements and key sources of estimation uncertainty
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. These critical accounting judgements and estimations are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. The critical judgements made by management that have a significant effect on the amounts recognised in the financial statements are described below.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services.
Revenue from rendering of services
Revenue from the rendering of services is recognised by reference to the stage of completion of the service at the balance sheet date.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:

Reducing balance (%)Straight line (years)
Plant and machinery2030
Fixtures and fittings15-
Office Equipment15-
Investment property
The investment property is accounted for under FRS 102, Section 16 Investment Property. Investment property is remeasured to fair value at each balance sheet date with fair value gains and losses being reported in profit or loss. Investment properties are valued using RICS open market valuation on a freehold basis.
Trade and other debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less. Bank overdrafts are disclosed separately. For the purpose of the cash flow statement, bank overdrafts form an integral part of the company's cash management and are included as a component of cash and cash equivalents.
Trade and other creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
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 transaction price and measured at amortised cost using the effective interest method. Where investments in non-derivative financial instruments are publicly traded, or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value through profit and loss. All other investments are subsequently measured at cost less impairment. Financial assets which are measured at cost or amortised cost are reviewed for objective evidence of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. All equity instruments, regardless of significance, and other financial assets that are individually significant, are assessed individually for impairment.
Related parties
For the purposes of these financial statements, a related party could be a person or an entity. Careful consideration is given to the definition of a related party to ensure that all related party relationships, transactions and balances are identified.
2.Average number of employees

20232022
Average number of employees during the year00
3.Tangible fixed assets

Plant & machinery

Fixtures & fittings

Office Equipment

Total

££££
Cost or valuation
At 01 November 22228,75933,9371,771264,467
Additions341,500--341,500
At 31 October 23570,25933,9371,771605,967
Depreciation and impairment
At 01 November 22168,99022,1861,102192,278
Charge for year22,1991,76310024,062
At 31 October 23191,18923,9491,202216,340
Net book value
At 31 October 23379,0709,988569389,627
At 31 October 2259,76911,75166972,189
4.Investment property

£
Fair value at 01 November 22328,498
Disposals(328,498)
At 31 October 23-
5.Debtors: amounts due within one year

2023

2022

££
Other debtors2,9122,912
Total2,9122,912
6.Creditors: amounts due within one year

2023

2022

££
Trade creditors / trade payables613728
Amounts owed to related parties225,892201,690
Accrued liabilities and deferred income1,4691,293
Total227,974203,711
7.Creditors: amounts due after one year

2023

2022

££
Bank borrowings and overdrafts-78,000
Total-78,000
8.Related party transactions
During the year, the company received an interest free loan from the directors amounting to £225,892 (2022 : £201,690).