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REGISTERED NUMBER: SC645076 (Scotland)















Financial Statements for the Year Ended 31 October 2023

for

Wet Wall Installations Ltd

Wet Wall Installations Ltd (Registered number: SC645076)






Contents of the Financial Statements
for the Year Ended 31 October 2023




Page

Balance Sheet 1

Notes to the Financial Statements 2


Wet Wall Installations Ltd (Registered number: SC645076)

Balance Sheet
31 October 2023

31.10.23 31.10.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 91,904 115,744

CURRENT ASSETS
Debtors 5 20,899 17,067
Cash at bank 98,250 64,535
119,149 81,602
CREDITORS
Amounts falling due within one year 6 60,499 41,453
NET CURRENT ASSETS 58,650 40,149
TOTAL ASSETS LESS CURRENT
LIABILITIES

150,554

155,893

CREDITORS
Amounts falling due after more than one
year

7

(71,167

)

(89,061

)

PROVISIONS FOR LIABILITIES (17,106 ) (21,777 )
NET ASSETS 62,281 45,055

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings 62,280 45,054
SHAREHOLDERS' FUNDS 62,281 45,055

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 30 July 2024 and were signed by:





C K Anderson - Director


Wet Wall Installations Ltd (Registered number: SC645076)

Notes to the Financial Statements
for the Year Ended 31 October 2023

1. STATUTORY INFORMATION

Wet Wall Installations Limited is a private company, limited by shares, domiciled in Scotland, registration number SC645076. The registered office is 1 South Broomage Avenue, Larbert, Stirlingshire, FK5 3LD.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents net invoiced sales of goods and services in respect of wet wall, homeware and bathroom supply and fitting services, excluding value added tax. Sales are recognised at the point at which the goods are transferred and the service is complete.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 25% on cost
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost

Tangible fixed assets are stated at cost less depreciation. Cost represent purchase price together with any incidental costs of acquisition.

The directors have considered the residual value of all tangible fixed assets to be immaterial and therefore all tangible fixed assets are depreciated to nil value.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Wet Wall Installations Ltd (Registered number: SC645076)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

2. ACCOUNTING POLICIES - continued

Provisions
Provisions are recognised when the company has a legal or constructive obligation as a result of a past event, it is probable that an outflow of resources will be required to settle the obligation, and the amount has been reliably estimated. Provisions are not recognised for future operating losses. Provisions are discounted where the time value of money is material.

Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is determined by considering the class of obligations as a whole. A provision is recognised even if the likelihood of an outflow with respect to any one item included in the same class of obligations may be small.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2022 - 2 ) .

4. TANGIBLE FIXED ASSETS
Plant and Motor Computer
machinery vehicles equipment Totals
£    £    £    £   
COST
At 1 November 2022 417 121,853 2,388 124,658
Additions 5,596 - - 5,596
At 31 October 2023 6,013 121,853 2,388 130,254
DEPRECIATION
At 1 November 2022 14 7,286 1,614 8,914
Charge for year 257 28,642 537 29,436
At 31 October 2023 271 35,928 2,151 38,350
NET BOOK VALUE
At 31 October 2023 5,742 85,925 237 91,904
At 31 October 2022 403 114,567 774 115,744

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 November 2022
and 31 October 2023 93,558
DEPRECIATION
At 1 November 2022 833
Charge for year 23,182
At 31 October 2023 24,015
NET BOOK VALUE
At 31 October 2023 69,543
At 31 October 2022 92,725

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.10.23 31.10.22
£    £   
Trade debtors 610 -
Other debtors 20,289 17,067
20,899 17,067

Wet Wall Installations Ltd (Registered number: SC645076)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.10.23 31.10.22
£    £   
Bank loans and overdrafts 5,018 4,894
Hire purchase contracts 14,046 14,046
Trade creditors 2,489 3,126
Taxation and social security 38,139 18,504
Other creditors 807 883
60,499 41,453

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.10.23 31.10.22
£    £   
Bank loans 9,531 14,549
Hire purchase contracts 61,636 74,512
71,167 89,061

8. SECURED DEBTS

The following secured debts are included within creditors:

31.10.23 31.10.22
£    £   
Hire purchase contracts 75,682 88,558

Hire purchase liabilities are secured on the assets to which they relate.

9. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

At the balance sheet date the following amounts were advanced to director:-

C Anderson £20,289 (2022:- £17,548)