0 false false false false false false false false false false true false false false false false false No description of principal activity 2023-04-01 Sage Accounts Production Advanced 2023 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP SC047566 2023-04-01 2024-03-31 SC047566 2024-03-31 SC047566 2023-03-31 SC047566 2022-04-01 2023-03-31 SC047566 2023-03-31 SC047566 2022-03-31 SC047566 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 SC047566 bus:Director3 2023-04-01 2024-03-31 SC047566 core:WithinOneYear 2024-03-31 SC047566 core:WithinOneYear 2023-03-31 SC047566 core:UKTax 2023-04-01 2024-03-31 SC047566 core:UKTax 2022-04-01 2023-03-31 SC047566 core:ShareCapital 2024-03-31 SC047566 core:ShareCapital 2023-03-31 SC047566 core:RetainedEarningsAccumulatedLosses 2024-03-31 SC047566 core:RetainedEarningsAccumulatedLosses 2023-03-31 SC047566 bus:SmallEntities 2023-04-01 2024-03-31 SC047566 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 SC047566 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 SC047566 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 SC047566 bus:FullAccounts 2023-04-01 2024-03-31 SC047566 bus:OrdinaryShareClass1 2024-03-31 SC047566 bus:OrdinaryShareClass1 2023-03-31
COMPANY REGISTRATION NUMBER: SC047566
Walco Developments (Edinburgh) Limited
Filleted Unaudited Financial Statements
For the year ended
31 March 2024
Walco Developments (Edinburgh) Limited
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
£
Current assets
Stocks
217,463
217,463
Debtors
5
22,205
19,421
Cash at bank and in hand
670,133
639,896
---------
---------
909,801
876,780
Creditors: amounts falling due within one year
6
217,300
219,923
---------
---------
Net current assets
692,501
656,857
---------
---------
Total assets less current liabilities
692,501
656,857
---------
---------
Net assets
692,501
656,857
---------
---------
Capital and reserves
Called up share capital
7
2
2
Profit and loss account
692,499
656,855
---------
---------
Shareholder funds
692,501
656,857
---------
---------
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 March 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 her 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 23 August 2024 , and are signed on behalf of the board by:
G L Walker
Director
Company registration number: SC047566
Walco Developments (Edinburgh) Limited
Notes to the Financial Statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 61 Dublin Street, Edinburgh, Midlothian, EH3 6NL.
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. 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. Thus she continues to adopt the going concern basis of accounting in preparing these financial statements.
Revenue recognition
Turnover represents rental income generated from property letting during the year.
Taxation
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.
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. Tax on profit
Major components of tax expense
2024
2023
£
£
Current tax:
UK current tax expense
16,520
12,641
--------
--------
Tax on profit
16,520
12,641
--------
--------
The company has an unrecognised deferred tax asset of £13,438 at 31 March 2024 (2023: £13,438) which has arisen from losses carried forward. Its recoverability is dependent upon future taxable profits arising, the likelihood of which cannot at this stage be determined with reasonable certainty.
5. Debtors
2024
2023
£
£
Trade debtors
18,450
16,250
Other debtors
3,755
3,171
--------
--------
22,205
19,421
--------
--------
6. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
1,786
1,510
Corporation tax
16,497
12,641
Other creditors
199,017
205,772
---------
---------
217,300
219,923
---------
---------
7. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
2
2
2
2
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