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Company No: 08964973 (England and Wales)

WCG SPORTING LIMITED T/A WEST COUNTRY GUNS

Unaudited Financial Statements
For the financial year ended 31 March 2024
Pages for filing with the registrar

WCG SPORTING LIMITED T/A WEST COUNTRY GUNS

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

WCG SPORTING LIMITED T/A WEST COUNTRY GUNS

BALANCE SHEET

As at 31 March 2024
WCG SPORTING LIMITED T/A WEST COUNTRY GUNS

BALANCE SHEET (continued)

As at 31 March 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 4 1,905 2,712
1,905 2,712
Current assets
Stocks 552,928 505,852
Debtors 5 16,206 13,098
Cash at bank and in hand 112,403 105,192
681,537 624,142
Creditors: amounts falling due within one year 6 ( 171,027) ( 144,040)
Net current assets 510,510 480,102
Total assets less current liabilities 512,415 482,814
Creditors: amounts falling due after more than one year 7 ( 96,999) ( 96,999)
Provision for liabilities ( 476) ( 304)
Net assets 414,940 385,511
Capital and reserves
Called-up share capital 1 1
Profit and loss account 414,939 385,510
Total shareholder's funds 414,940 385,511

For the financial 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 financial statements of WCG Sporting Limited T/A West Country Guns (registered number: 08964973) were approved and authorised for issue by the Director on 03 September 2024. They were signed on its behalf by:

S V Stacey
Director
WCG SPORTING LIMITED T/A WEST COUNTRY GUNS

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
WCG SPORTING LIMITED T/A WEST COUNTRY GUNS

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

WCG Sporting Limited T/A West Country Guns (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is The Old Railway Station Station Road, Wiveliscombe, Taunton, TA4 2LX, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

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;
and specific criteria have been met for each of the company's activities.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 4 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery 5 - 10 years straight line
Vehicles 2 - 5 years straight line
Office equipment 1 - 4 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Borrowing costs

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.

Leases

The Company as lessee
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 3 3

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 April 2023 20,007 20,007
At 31 March 2024 20,007 20,007
Accumulated amortisation
At 01 April 2023 20,007 20,007
At 31 March 2024 20,007 20,007
Net book value
At 31 March 2024 0 0
At 31 March 2023 0 0

4. Tangible assets

Plant and machinery Vehicles Office equipment Total
£ £ £ £
Cost
At 01 April 2023 4,728 16,475 9,060 30,263
Additions 0 0 603 603
Disposals 0 0 ( 519) ( 519)
At 31 March 2024 4,728 16,475 9,144 30,347
Accumulated depreciation
At 01 April 2023 4,728 16,475 6,348 27,551
Charge for the financial year 0 0 891 891
At 31 March 2024 4,728 16,475 7,239 28,442
Net book value
At 31 March 2024 0 0 1,905 1,905
At 31 March 2023 0 0 2,712 2,712

5. Debtors

2024 2023
£ £
Trade debtors 8,706 5,598
Other debtors 7,500 7,500
16,206 13,098

6. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 64,987 35,536
Taxation and social security 24,164 25,433
Other creditors 81,876 83,071
171,027 144,040

7. Creditors: amounts falling due after more than one year

2024 2023
£ £
Other loans 96,999 96,999

8. Related party transactions

Transactions with the entity's director

S V Stacey has provided a personal guarantee over the operating lease commitment disclosed in note 9.

9. Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £11,250 (2023 - £26,250). At 31 March 2024, the company had total commitments under non-cancellable operating leases over the remaining life of those leases of £11,250 (2023 - £26,250). The total commitment is due over the following periods: £11,250 (2023: £15,000) in one year and £nil (2023: £11,250) in two to five years.