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Company Registration number: SC161375

Wallets' Marts Castle Douglas Limited

Annual Report and Unaudited
Financial Statements


for the Year Ended 31 March 2024

 

Wallets' Marts Castle Douglas Limited

Contents

Pages

Balance sheet

1 to 2

Notes to the financial statements

3 to 7

 

Wallets' Marts Castle Douglas Limited

Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

164,304

164,736

Current assets

 

Stocks

10,706

600

Debtors

5

1,690,793

1,484,991

Cash at bank and in hand

 

471,356

482,250

 

2,172,855

1,967,841

Creditors: Amounts falling due within one year

6

(275,794)

(142,797)

Net current assets

 

1,897,061

1,825,044

Total assets less current liabilities

 

2,061,365

1,989,780

Provisions for liabilities

(21,332)

(20,579)

Net assets

 

2,040,033

1,969,201

Capital and reserves

 

Called up share capital

10,000

10,000

Retained earnings

2,030,033

1,959,201

Shareholders' funds

 

2,040,033

1,969,201

 

Wallets' Marts Castle Douglas Limited

Balance Sheet as at 31 March 2024 (continued)

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.

Directors' responsibilities:

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 complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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.

Company registration number: SC161375

Approved and authorised by the Board on 10 September 2024 and signed on its behalf by:
 

.........................................
Mr Joseph Lamont Hair
Chairman

 

Wallets' Marts Castle Douglas Limited

Notes to the financial statements for the Year Ended 31 March 2024

1

GENERAL INFORMATION

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

The address of its registered office is:
New Market Street
Castle Douglas
DG7 1HY

These financial statements were authorised for issue by the Board on 10 September 2024.

2

ACCOUNTING POLICIES

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling, which is the functional currency of the entity. Monetary amounts in these financial statements are rounded to the nearest £.

Going concern

The financial statements have been prepared on a going concern basis.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Actual results may differ from these estimates.

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

 

Wallets' Marts Castle Douglas Limited

Notes to the financial statements for the Year Ended 31 March 2024 (continued)

2

ACCOUNTING POLICIES (continued)

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, 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.
 

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered 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 reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Leasehold improvements

4.5% straight line

Plant and machinery

15% reducing balance

Furniture, fittings and equipment

15-25% reducing balance

Motor vehicles

25% reducing balance

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Dividends of £15,000 (6p per ordinary share) were declared during the year. At 31 March 2024, £6,665 of declared dividends were unpaid.

 

Wallets' Marts Castle Douglas Limited

Notes to the financial statements for the Year Ended 31 March 2024 (continued)

2

ACCOUNTING POLICIES (continued)

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Classification
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
 Recognition and measurement
Basic financial instruments are initially recognised at the transaction price.
 Impairment
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

3

STAFF NUMBERS

The average number of persons employed by the company (including directors) during the year, was 18 (2023 - 15).

 

Wallets' Marts Castle Douglas Limited

Notes to the financial statements for the Year Ended 31 March 2024 (continued)

4

TANGIBLE ASSETS

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 April 2023

31,510

99,911

150,844

141,719

423,984

Additions

-

1,017

-

36,361

37,378

Disposals

-

(8,321)

-

(1,100)

(9,421)

At 31 March 2024

31,510

92,607

150,844

176,980

451,941

Depreciation

At 1 April 2023

14,879

82,565

41,636

120,169

259,249

Charge for the year

1,262

3,105

27,302

3,713

35,382

Eliminated on disposal

-

(6,780)

-

(214)

(6,994)

At 31 March 2024

16,141

78,890

68,938

123,668

287,637

Carrying amount

At 31 March 2024

15,369

13,717

81,906

53,312

164,304

At 31 March 2023

16,632

17,346

109,208

21,550

164,736

 

Wallets' Marts Castle Douglas Limited

Notes to the financial statements for the Year Ended 31 March 2024 (continued)

5

DEBTORS

Current

2024
£

2023
£

Trade debtors

1,668,018

1,471,561

Prepayments

14,714

11,930

Other debtors

8,061

1,500

 

1,690,793

1,484,991

6

CREDITORS

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

97,396

20,845

Taxation and social security

88,605

41,656

Accruals and deferred income

21,020

23,706

Other creditors

68,773

56,590

275,794

142,797

7

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

58,120

58,120

Later than one year and not later than five years

232,480

232,480

Later than five years

256,697

319,139

547,297

609,739

The amount of non-cancellable operating lease payments recognised as an expense during the year was £58,120 (2023 - £58,120).

8

RELATED PARTY TRANSACTIONS

The directors have traded with the company as customers of the mart. The Transactions were on normal commercial terms