Company registration number 00714598 (England and Wales)
A. G. WAUGH & SONS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
PAGES FOR FILING WITH REGISTRAR
A. G. WAUGH & SONS LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 5
A. G. WAUGH & SONS LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
29 FEBRUARY 2024
29 February 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
179,313
322,800
Current assets
Stocks
4
24,435
20,990
Debtors
5
9,193
3,553
Cash at bank and in hand
35,171
-
0
68,799
24,543
Creditors: amounts falling due within one year
6
(183,854)
(572,042)
Net current liabilities
(115,055)
(547,499)
Net assets/(liabilities)
64,258
(224,699)
Capital and reserves
Called up share capital
30,000
30,000
Share premium account
404
404
Revaluation reserve
72,253
72,253
Profit and loss reserves
(38,399)
(327,356)
Total equity
64,258
(224,699)

The director of the company has elected not to include a copy of the income statement within the financial statements.true

For the financial year ended 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his 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.

The financial statements were approved and signed by the director and authorised for issue on 9 September 2024
S. G. Waugh
Director
Company Registration No. 00714598
A. G. WAUGH & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 2 -
1
Accounting policies
Company information

A. G. Waugh & Sons Limited is a private company limited by shares incorporated in England and Wales. The registered office is Molesden House, Molesden, Morpeth, Northumberland, NE61 3QF.

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 £.

1.2
Going concern

The financial statements have been prepared on a going concern basis, notwithstanding the negative asset position, The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for a period of at least 12 months from the date of signing these financial statements. true

The company meets its day to day working capital requirements through cash generated from operations and funding from shareholders.

If the going concern basis proved to be invalid, the financial statements would have to be prepared on a break up basis in which the balance sheet would be restated to include all assets at estimated realisable values and all liabilities would become current and would have to be increased to include those liabilities contingent on the company ceasing trade.

1.3
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.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

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:

Leasehold land and buildings
1% straight line
Plant and equipment
20% reducing balance
Fixtures and fittings
15% reducing balance
Motor vehicles
25% reducing balance
A. G. WAUGH & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
1
Accounting policies
(Continued)
- 3 -

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.7
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.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

A. G. WAUGH & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
1
Accounting policies
(Continued)
- 4 -
1.8
Retirement benefits

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

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
1
2
3
Tangible fixed assets
Leasehold land and buildings
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 March 2023
322,088
144,566
5,706
-
0
472,360
Additions
-
0
-
0
-
0
4,790
4,790
Disposals
(145,000)
-
0
-
0
-
0
(145,000)
At 29 February 2024
177,088
144,566
5,706
4,790
332,150
Depreciation and impairment
At 1 March 2023
8,875
134,991
5,694
-
0
149,560
Depreciation charged in the year
396
2,110
12
759
3,277
At 29 February 2024
9,271
137,101
5,706
759
152,837
Carrying amount
At 29 February 2024
167,817
7,465
-
0
4,031
179,313
At 28 February 2023
313,213
9,575
12
-
0
322,800

Included within the net book value of land and buildings above is £167,817 (2023 - £313,213) in respect of freehold land and buildings.

 

Land and buildings are stated at directors opinion of fair value which is equal to the original cost.

4
Stocks
2024
2023
£
£
Stocks
24,435
20,990
A. G. WAUGH & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 5 -
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
2,397
-
0
Prepayments and accrued income
6,796
3,553
9,193
3,553
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
7
-
0
346,479
Trade creditors
6,900
20,983
Corporation tax
100
100
Other taxation and social security
2,688
853
Other creditors
170,886
194,140
Accruals and deferred income
3,280
9,487
183,854
572,042

The long-term loans and bank borrowing are secured by fixed and floating charges over the undertaking and all property and assets present and future.

Included within other creditors due within one year is directors' loan account balance of £135,537 (2023 £147,601).

7
Loans and overdrafts
2024
2023
£
£
Bank overdrafts
-
0
346,479
Payable within one year
-
0
346,479
2024-02-292023-03-01false09 September 2024CCH SoftwareCCH Accounts Production 2024.100No description of principal activityS. G. Waughfalsefalse007145982023-03-012024-02-29007145982024-02-29007145982023-02-2800714598core:LandBuildingscore:LeasedAssetsHeldAsLessee2024-02-2900714598core:PlantMachinery2024-02-2900714598core:FurnitureFittings2024-02-2900714598core:MotorVehicles2024-02-2900714598core:LandBuildingscore:LeasedAssetsHeldAsLessee2023-02-2800714598core:PlantMachinery2023-02-2800714598core:FurnitureFittings2023-02-2800714598core:MotorVehicles2023-02-2800714598core:CurrentFinancialInstrumentscore:WithinOneYear2024-02-2900714598core:CurrentFinancialInstrumentscore:WithinOneYear2023-02-2800714598core:CurrentFinancialInstruments2024-02-2900714598core:CurrentFinancialInstruments2023-02-2800714598core:ShareCapital2024-02-2900714598core:ShareCapital2023-02-2800714598core:SharePremium2024-02-2900714598core:SharePremium2023-02-2800714598core:RevaluationReserve2024-02-2900714598core:RevaluationReserve2023-02-2800714598core:RetainedEarningsAccumulatedLosses2024-02-2900714598core:RetainedEarningsAccumulatedLosses2023-02-2800714598bus:Director12023-03-012024-02-2900714598core:LandBuildingscore:LongLeaseholdAssets2023-03-012024-02-2900714598core:PlantMachinery2023-03-012024-02-2900714598core:FurnitureFittings2023-03-012024-02-2900714598core:MotorVehicles2023-03-012024-02-29007145982022-03-012023-02-2800714598core:LandBuildingscore:LeasedAssetsHeldAsLessee2023-02-2800714598core:PlantMachinery2023-02-2800714598core:FurnitureFittings2023-02-2800714598core:MotorVehicles2023-02-28007145982023-02-2800714598core:LandBuildingscore:LeasedAssetsHeldAsLessee2023-03-012024-02-2900714598bus:PrivateLimitedCompanyLtd2023-03-012024-02-2900714598bus:SmallCompaniesRegimeForAccounts2023-03-012024-02-2900714598bus:FRS1022023-03-012024-02-2900714598bus:AuditExemptWithAccountantsReport2023-03-012024-02-2900714598bus:FullAccounts2023-03-012024-02-29xbrli:purexbrli:sharesiso4217:GBP