Company registration number SC331705 (Scotland)
WALLACE QUINN & CO LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
WALLACE QUINN & CO LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
WALLACE QUINN & CO LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
35,700
57,000
Tangible assets
4
423,769
428,758
Investments
5
10
10
459,479
485,768
Current assets
Stocks
65,129
36,678
Debtors
6
110,224
156,070
Cash at bank and in hand
3,718,897
4,375,326
3,894,250
4,568,074
Creditors: amounts falling due within one year
7
(3,716,717)
(4,500,938)
Net current assets
177,533
67,136
Total assets less current liabilities
637,012
552,904
Creditors: amounts falling due after more than one year
8
(123,338)
(154,132)
Provisions for liabilities
(16,635)
(17,849)
Net assets
497,039
380,923
Capital and reserves
Called up share capital
1,053
1,053
Share premium account
4,947
4,947
Non-distributable profits reserve
10
32,543
32,543
Distributable profit and loss reserves
458,496
342,380
Total equity
497,039
380,923
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
WALLACE QUINN & CO LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023
31 December 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 27 August 2024 and are signed on its behalf by:
Mr J Quinn
Director
Company Registration No. SC331705
WALLACE QUINN & CO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information
Wallace Quinn & Co Limited is a private company limited by shares incorporated in Scotland. The registered office is Suite 3, 21 Glasgow Road, Baillieston, Glasgow, United Kingdom, G69 6JT.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.3
Intangible fixed assets - goodwill
Goodwill being paid in connection with the acquisition of a business in 2007, is being amortised evenly over its estimated useful life of ten years.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
- no depreciation
Improvements to property
- 10% on reducing balance
Fixtures and fittings
- 25% on reducing balance
Computer Equipment
- 25% on reducing balance
Under section 17 of FRS 102, freehold property held under the cost model should be depreciated over its useful life. Depreciation has not been applied to freehold property on the basis that any depreciation would be immaterial. The directors believe that this approach presents a true and fair view in the financial statements.
WALLACE QUINN & CO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.5
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
1.7
Stocks
Work in progress is valued at the lower of cost and net realisable value.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
WALLACE QUINN & CO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.12
Leases
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
36
34
WALLACE QUINN & CO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
3
Intangible fixed assets
Goodwill
£
Cost
At 1 January 2023 and 31 December 2023
360,000
Amortisation and impairment
At 1 January 2023
303,000
Amortisation charged for the year
21,300
At 31 December 2023
324,300
Carrying amount
At 31 December 2023
35,700
At 31 December 2022
57,000
4
Tangible fixed assets
Freehold land and buildings
Improvements to property
Fixtures and fittings
Computer Equipment
Total
£
£
£
£
£
Cost
At 1 January 2023
400,000
48,363
71,785
20,315
540,463
Additions
1,610
1,057
2,667
At 31 December 2023
400,000
48,363
73,395
21,372
543,130
Depreciation and impairment
At 1 January 2023
48,363
49,814
13,528
111,705
Depreciation charged in the year
5,761
1,895
7,656
At 31 December 2023
48,363
55,575
15,423
119,361
Carrying amount
At 31 December 2023
400,000
17,820
5,949
423,769
At 31 December 2022
400,000
21,971
6,787
428,758
5
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
10
10
WALLACE QUINN & CO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
15,710
47,667
Other debtors
94,514
108,403
110,224
156,070
7
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
45,589
45,589
Trade creditors
5,210
28,796
Taxation and social security
358,490
257,227
Other creditors
3,307,428
4,169,326
3,716,717
4,500,938
8
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
123,338
154,132
9
Secure debt
The company has granted a standard security over its property at Fairbairn Road in respect of bank from borrowings Bank of Scotland PLC.
It has also granted a floating charge over the property in respect of monies due to Bank of Scotland PLC.
10
Non-distributable profits reserve
2023
2022
£
£
At the beginning of the year
32,543
-
Non distributable profits in the year
-
32,543
At the end of the year
32,543
32,543
WALLACE QUINN & CO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
11
Operating lease commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
21,421
21,421
12
Related party transactions
The following amounts were outstanding at the reporting end date:
2023
2022
Amounts due to related parties
£
£
Other related parties
10
10
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