Registration number:
WFF Ayrshire Limited
for the Year Ended 31 January 2024
WFF Ayrshire Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
WFF Ayrshire Limited
Company Information
Directors |
G A M Rose G McWatt |
Registered office |
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Accountants |
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WFF Ayrshire Limited
(Registration number: SC336156)
Balance Sheet as at 31 January 2024
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
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Provisions for liabilities |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Retained earnings |
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Shareholders' funds |
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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.
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The directors acknowledge their responsibilities for |
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
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WFF Ayrshire Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024
General information |
The company is a private company limited by share capital, incorporated in Scotland.
The address of its registered office is:
These financial statements were authorised for issue by the
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)
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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)
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Accounting policies (continued) |
Financial instruments
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)
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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.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
WFF Ayrshire Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024 (continued)
Tangible assets |
Furniture, fittings and equipment |
Motor vehicles |
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Cost or valuation |
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At 1 February 2023 |
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Additions |
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Disposals |
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At 31 January 2024 |
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Depreciation |
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At 1 February 2023 |
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Charge for the year |
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Eliminated on disposal |
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At 31 January 2024 |
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Carrying amount |
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At 31 January 2024 |
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At 31 January 2023 |
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Stocks |
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Other inventories |
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WFF Ayrshire Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024 (continued)
Debtors |
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Trade debtors |
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Amounts owed by group undertakings and undertakings in which the company has a participating interest |
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Prepayments |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Creditors: amounts falling due after more than one year
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Due after one year |
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Loans and borrowings |
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WFF Ayrshire Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024 (continued)
Loans and borrowings |
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Non-current loans and borrowings |
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Bank borrowings |
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Hire purchase contracts |
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2023 |
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Current loans and borrowings |
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Bank borrowings |
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Hire purchase contracts |
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The Bank borrowings are unsecured and interest is charged at 9.75% per annum.
Parent and ultimate parent undertaking |
The company's immediate parent is
The ultimate controlling party is