WFF Ayrshire Limited SC336156 false 2023-02-01 2024-01-31 2024-01-31 The principal activity of the company is frozen food distribution. Digita Accounts Production Advanced 6.30.9574.0 true false true SC336156 2023-02-01 2024-01-31 SC336156 2024-01-31 SC336156 core:RetainedEarningsAccumulatedLosses 2024-01-31 SC336156 core:ShareCapital 2024-01-31 SC336156 core:HirePurchaseContracts core:CurrentFinancialInstruments 2024-01-31 SC336156 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2024-01-31 SC336156 core:CurrentFinancialInstruments 2024-01-31 SC336156 core:CurrentFinancialInstruments core:WithinOneYear 2024-01-31 SC336156 core:Non-currentFinancialInstruments 2024-01-31 SC336156 core:Non-currentFinancialInstruments core:AfterOneYear 2024-01-31 SC336156 core:FurnitureFittingsToolsEquipment 2024-01-31 SC336156 core:MotorVehicles 2024-01-31 SC336156 bus:SmallEntities 2023-02-01 2024-01-31 SC336156 bus:AuditExemptWithAccountantsReport 2023-02-01 2024-01-31 SC336156 bus:FullAccounts 2023-02-01 2024-01-31 SC336156 bus:SmallCompaniesRegimeForAccounts 2023-02-01 2024-01-31 SC336156 bus:RegisteredOffice 2023-02-01 2024-01-31 SC336156 bus:Director1 2023-02-01 2024-01-31 SC336156 bus:Director3 2023-02-01 2024-01-31 SC336156 bus:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 SC336156 core:Goodwill 2023-02-01 2024-01-31 SC336156 core:FurnitureFittingsToolsEquipment 2023-02-01 2024-01-31 SC336156 core:MotorVehicles 2023-02-01 2024-01-31 SC336156 core:PlantMachinery 2023-02-01 2024-01-31 SC336156 1 2023-02-01 2024-01-31 SC336156 countries:Scotland 2023-02-01 2024-01-31 SC336156 2023-01-31 SC336156 core:FurnitureFittingsToolsEquipment 2023-01-31 SC336156 core:MotorVehicles 2023-01-31 SC336156 2022-02-01 2023-01-31 SC336156 2023-01-31 SC336156 core:RetainedEarningsAccumulatedLosses 2023-01-31 SC336156 core:ShareCapital 2023-01-31 SC336156 core:HirePurchaseContracts core:CurrentFinancialInstruments 2023-01-31 SC336156 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2023-01-31 SC336156 core:CurrentFinancialInstruments 2023-01-31 SC336156 core:CurrentFinancialInstruments core:WithinOneYear 2023-01-31 SC336156 core:Non-currentFinancialInstruments 2023-01-31 SC336156 core:Non-currentFinancialInstruments core:AfterOneYear 2023-01-31 SC336156 core:FurnitureFittingsToolsEquipment 2023-01-31 SC336156 core:MotorVehicles 2023-01-31 iso4217:GBP xbrli:pure

Registration number: SC336156

WFF Ayrshire Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 January 2024

 

WFF Ayrshire Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

WFF Ayrshire Limited

Company Information

Directors

G A M Rose

G McWatt

Registered office

4 Simpson Place
Kilwinning
Ayrshire
KA13 6PT

Accountants

Kelly Accounting Limited
42 Comrie Street
Crieff
Perthshire
PH7 4AX

 

WFF Ayrshire Limited

(Registration number: SC336156)
Balance Sheet as at 31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

72,176

66,975

Current assets

 

Stocks

5

32,415

33,708

Debtors

6

187,053

158,810

Cash at bank and in hand

 

84,413

86,644

 

303,881

279,162

Creditors: Amounts falling due within one year

7

(215,637)

(170,751)

Net current assets

 

88,244

108,411

Total assets less current liabilities

 

160,420

175,386

Creditors: Amounts falling due after more than one year

7

(104,038)

(142,942)

Provisions for liabilities

(18,044)

(12,725)

Net assets

 

38,338

19,719

Capital and reserves

 

Called up share capital

1

1

Retained earnings

38,337

19,718

Shareholders' funds

 

38,338

19,719

For the financial 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.

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their 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 the financial year and of its profit or loss for each financial year in accordancce 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.

 

WFF Ayrshire Limited

(Registration number: SC336156)
Balance Sheet as at 31 January 2024 (continued)

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 30 August 2024 and signed on its behalf by:
 

.........................................
G A M Rose
Director

.........................................
G McWatt
Director

 

WFF Ayrshire Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

1

General information

The company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
4 Simpson Place
Kilwinning
Ayrshire
KA13 6PT

These financial statements were authorised for issue by the Board on 30 August 2024.

2

Accounting policies

Statement of compliance

Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention except that, as disclosed in the accounting policies, certain assets are shown at fair value.

The exemptions under section 1A regarding cashflow statement and under s414B of the Companies Act regarding the strategic report have been taken this year.

Going concern

After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operation for the foreseeable future. The company therefore continues to adopt the going concern basis of accounting in preparing its financial statements.

Tangible Fixed Assets

Tangible fixed assets are stated at cost (or deemed cost) less accumulated depreciation and accumulated impairment losses. Cost includes costs which are directly attributable in bringing the asset to its location and condition so that it is capable of operating in the manner intended by management. Depreciation is provided on all tangible fixed assets at rates which are calculated to write off the cost, less 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), of each asset on a systematic basis over its expected useful life as follows:

Asset class

Depreciation method and rate

Plant and machinery etc.

20% on cost

Motor vehicles

20% on cost

 

WFF Ayrshire Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024 (continued)

2

Accounting policies (continued)

Profits and losses on the disposal of fixed assets are included in the calculation of profit for the period. The directors assess the company’s tangible assets for evidence of impairment at each reporting date. Where there are indicators of impairment, the directors calculate recoverable amount of the asset(s) and compare this with the carrying amount. If recoverable amount is lower than carrying amount, the asset is written down to recoverable amount by way of an impairment loss which is recognised in profit or loss for the period. Impairment losses are reversed when there is evidence that the reasons giving rise to the original impairment have ceased to apply. Impairment losses are reversed through profit and loss but only to the extent that the reversal does not increase the carrying amount of the asset to the amount which would have been stated, net of depreciation, had no impairment loss been recognised.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Stocks

Stock is valued at the lower of cost and estimated selling price less costs to complete and sell. Cost
includes all costs of purchase, freight, irrecoverable taxes and other directly attributable costs which
are incurred by the entity in bringing the stock to its present location and condition. The cost
methodology employed by the entity is the first-in first-out method. Estimated selling price less costs
to complete and sell are derived from the selling price which the goods would fetch in an open market
transaction with established customers less the costs expected to be incurred to enable the sale to
complete. Provision is made for slow-moving and obsolete items of stock

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

WFF Ayrshire Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024 (continued)

2

Accounting policies (continued)

Financial instruments

The following assets and liabilities are classified as financial instruments - trade debtors, trade creditors, bank loans, hire purchase and directors loans.

Bank loans are initially measured at the present value of future payments, discounted at a market rate of interest, and subequently at amortised cost using the effective interest method.

Directors' loans (being repayable on demand), trade debtors and trade creditors are measured at the undiscounted amount of cash or other consideration expected to be paid or received.

Financial assets that are measured at amortised cost are assessed at the end of each reportingperiod for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the statement of Income and Retained Earnings.

 

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity.

 

WFF Ayrshire Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024 (continued)

2

Accounting policies (continued)

Tax

Current tax represents the amount of tax payable (receivable) in respect of taxable profit (loss) for the current, or past, reporting periods. Current tax is measured at the amount expected to be paid (recovered) using the tax rates and laws which have been enacted, or substantively enacted, by the balance sheet date. Where payments to HM Revenue and Customs exceed liabilities owed, an assetis recognised to the extent of the amount of tax recoverable.

Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods and is recognised in respect of all timing differences; although with certain exceptions. Timing differences are differences between taxable profit and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. Unrelieved tax losses and other deferred tax assets are only recognised to the extent that it is probable that they will be recoverable 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 balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on investment property (and other non-depreciable tangible fixed assets) is measured using the tax rates and allowances which will apply to the sale of the asset. Amounts of current and deferred tax are generally recognised in profit or loss, except when they relate to items which are recognised in other comprehensive income or directly in equity and in such cases the amounts are also recognised in other comprehensive income or equity as the case may be.

Retirement benefits

 

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 14 (2023 - 15).

 

WFF Ayrshire Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024 (continued)

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 February 2023

80,263

136,916

217,179

Additions

4,903

18,000

22,903

Disposals

(655)

(39,230)

(39,885)

At 31 January 2024

84,511

115,686

200,197

Depreciation

At 1 February 2023

62,623

87,581

150,204

Charge for the year

4,996

12,331

17,327

Eliminated on disposal

(280)

(39,230)

(39,510)

At 31 January 2024

67,339

60,682

128,021

Carrying amount

At 31 January 2024

17,172

55,004

72,176

At 31 January 2023

17,640

49,335

66,975

5

Stocks

2024
£

2023
£

Other inventories

32,415

33,708

 

WFF Ayrshire Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024 (continued)

6

Debtors

Note

2024
£

2023
£

Trade debtors

 

5,572

1,112

Amounts owed by group undertakings and undertakings in which the company has a participating interest

158,267

142,613

Prepayments

 

2,595

-

Other debtors

 

20,619

15,085

 

187,053

158,810

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

38,933

35,839

Trade creditors

 

66,829

86,782

Taxation and social security

 

43,224

43,668

Accruals and deferred income

 

5,232

2,000

Other creditors

 

61,419

2,462

 

215,637

170,751

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

104,038

142,942

 

WFF Ayrshire Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024 (continued)

8

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

93,925

128,162

Hire purchase contracts

10,113

14,780

104,038

142,942

2024
£

2023
£

Current loans and borrowings

Bank borrowings

34,266

31,172

Hire purchase contracts

4,667

4,667

38,933

35,839

The Bank borrowings are unsecured and interest is charged at 9.75% per annum.

9

Parent and ultimate parent undertaking

The company's immediate parent is GMR Scotland Limited, incorporated in Scotland.

 The ultimate controlling party is G A M Rose.