0 false false false false false false false false false false true false false false false false false No description of principal activity 2023-02-01 Sage Accounts Production Advanced 2023 - FRS102_2023 422,370 422,370 422,370 xbrli:pure xbrli:shares iso4217:GBP SC685426 2023-02-01 2024-01-31 SC685426 2024-01-31 SC685426 2023-01-31 SC685426 2022-02-01 2023-01-31 SC685426 2023-01-31 SC685426 2022-01-31 SC685426 bus:Director1 2023-02-01 2024-01-31 SC685426 core:AfterOneYear 2024-01-31 SC685426 core:AfterOneYear 2023-01-31 SC685426 core:WithinOneYear 2024-01-31 SC685426 core:WithinOneYear 2023-01-31 SC685426 core:ShareCapital 2024-01-31 SC685426 core:ShareCapital 2023-01-31 SC685426 core:RetainedEarningsAccumulatedLosses 2024-01-31 SC685426 core:RetainedEarningsAccumulatedLosses 2023-01-31 SC685426 core:CostValuation core:Non-currentFinancialInstruments 2024-01-31 SC685426 core:Non-currentFinancialInstruments 2024-01-31 SC685426 core:Non-currentFinancialInstruments 2023-01-31 SC685426 bus:SmallEntities 2023-02-01 2024-01-31 SC685426 bus:AuditExemptWithAccountantsReport 2023-02-01 2024-01-31 SC685426 bus:SmallCompaniesRegimeForAccounts 2023-02-01 2024-01-31 SC685426 bus:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 SC685426 bus:FullAccounts 2023-02-01 2024-01-31
COMPANY REGISTRATION NUMBER: SC685426
Wilson Lets Ltd
Filleted Unaudited Financial Statements
For the year ended
31 January 2024
Wilson Lets Ltd
Statement of Financial Position
31 January 2024
2024
2023
Note
£
£
Fixed assets
Investments
4
422,370
422,370
Current assets
Debtors
5
2,785
Cash at bank and in hand
9,233
14,936
--------
--------
12,018
14,936
Creditors: amounts falling due within one year
6
132,026
135,019
---------
---------
Net current liabilities
120,008
120,083
---------
---------
Total assets less current liabilities
302,362
302,287
Creditors: amounts falling due after more than one year
7
292,937
292,937
---------
---------
Net assets
9,425
9,350
---------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
9,325
9,250
-------
-------
Shareholder funds
9,425
9,350
-------
-------
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 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The member has 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 .
Wilson Lets Ltd
Statement of Financial Position (continued)
31 January 2024
These financial statements were approved by the board of directors and authorised for issue on 14 May 2024 , and are signed on behalf of the board by:
A Wilson
Director
Company registration number: SC685426
Wilson Lets Ltd
Notes to the Financial Statements
Year ended 31 January 2024
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 33 Kittoch Street, East Kilbride, G74 4JW.
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.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
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.
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.
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Investments in joint ventures
Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.
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. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
4. Investments
Investment properties
£
Cost
At 1 February 2023 and 31 January 2024
422,370
---------
Impairment
At 1 February 2023 and 31 January 2024
---------
Carrying amount
At 31 January 2024
422,370
---------
At 31 January 2023
422,370
---------
5. Debtors
2024
2023
£
£
Trade debtors
2,785
-------
----
6. Creditors: amounts falling due within one year
2024
2023
£
£
Corporation tax
252
2,451
Rent deposits
2,785
2,739
Other creditors
128,989
129,829
---------
---------
132,026
135,019
---------
---------
7. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
292,937
292,937
---------
---------
8. Related party transactions
Control:- The company was under the control of A Wilson throughout the period under review. A Wilson is the sole director and shareholder. Transactions:- No transactions with related parties were undertaken such as are required to be disclosed under Section 1A of FRS 102.