IRIS Accounts Production v24.2.0.383 SC557631 Board of Directors 1.3.23 29.2.24 29.2.24 false true false false true false Ordinary A 1.00000 Ordinary B 1.00000 Ordinary C 1.00000 Ordinay D 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWhSC5576312023-02-28SC5576312024-02-29SC5576312023-03-012024-02-29SC5576312022-02-28SC5576312022-03-012023-02-28SC5576312023-02-28SC557631ns15:Scotland2023-03-012024-02-29SC557631ns14:PoundSterling2023-03-012024-02-29SC557631ns10:Director12023-03-012024-02-29SC557631ns10:PrivateLimitedCompanyLtd2023-03-012024-02-29SC557631ns10:SmallEntities2023-03-012024-02-29SC557631ns10:AuditExempt-NoAccountantsReport2023-03-012024-02-29SC557631ns10:SmallCompaniesRegimeForDirectorsReport2023-03-012024-02-29SC557631ns10:SmallCompaniesRegimeForAccounts2023-03-012024-02-29SC557631ns10:FullAccounts2023-03-012024-02-29SC557631ns10:OrdinaryShareClass12023-03-012024-02-29SC557631ns10:OrdinaryShareClass22023-03-012024-02-29SC557631ns10:OrdinaryShareClass32023-03-012024-02-29SC557631ns10:OrdinaryShareClass42023-03-012024-02-29SC557631ns10:Director22023-03-012024-02-29SC557631ns10:RegisteredOffice2023-03-012024-02-29SC557631ns5:CurrentFinancialInstruments2024-02-29SC557631ns5:CurrentFinancialInstruments2023-02-28SC557631ns5:Non-currentFinancialInstruments2024-02-29SC557631ns5:Non-currentFinancialInstruments2023-02-28SC557631ns5:ShareCapital2024-02-29SC557631ns5:ShareCapital2023-02-28SC557631ns5:RetainedEarningsAccumulatedLosses2024-02-29SC557631ns5:RetainedEarningsAccumulatedLosses2023-02-28SC557631ns5:PlantMachinery2023-03-012024-02-29SC557631ns5:PlantMachinery2023-02-28SC557631ns5:PlantMachinery2024-02-29SC557631ns5:PlantMachinery2023-02-28SC557631ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2023-02-28SC557631ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2023-03-012024-02-29SC557631ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2024-02-29SC557631ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2023-02-28SC557631ns5:WithinOneYearns5:CurrentFinancialInstruments2024-02-29SC557631ns5:WithinOneYearns5:CurrentFinancialInstruments2023-02-28SC557631ns10:OrdinaryShareClass12024-02-29SC557631ns10:OrdinaryShareClass22024-02-29SC557631ns10:OrdinaryShareClass32024-02-29SC557631ns10:OrdinaryShareClass42024-02-29
















Unaudited Financial Statements for the Year Ended 29 February 2024

for

Wallace Sealants Ltd.

Wallace Sealants Ltd. (Registered number: SC557631)






Contents of the Financial Statements
for the Year Ended 29 February 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Wallace Sealants Ltd.

Company Information
for the Year Ended 29 February 2024







DIRECTORS: Mr S Wallace
Mrs L E Wallace





REGISTERED OFFICE: 2 Melville Street
Falkirk
FK1 1HZ





REGISTERED NUMBER: SC557631 (Scotland)





ACCOUNTANTS: Ian Macfarlane Limited
Chartered Accountants
2 Melville Street
Falkirk
FK1 1HZ

Wallace Sealants Ltd. (Registered number: SC557631)

Balance Sheet
29 February 2024

29.2.24 28.2.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 80,333 52,439

CURRENT ASSETS
Debtors 5 100,383 137,014
Cash at bank and in hand 186,651 203,594
287,034 340,608
CREDITORS
Amounts falling due within one year 6 106,448 127,311
NET CURRENT ASSETS 180,586 213,297
TOTAL ASSETS LESS CURRENT
LIABILITIES

260,919

265,736

CREDITORS
Amounts falling due after more than one year 7 (21,442 ) (13,968 )

PROVISIONS FOR LIABILITIES (19,553 ) (9,964 )
NET ASSETS 219,924 241,804

CAPITAL AND RESERVES
Called up share capital 8 106 106
Retained earnings 219,818 241,698
SHAREHOLDERS' FUNDS 219,924 241,804

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Wallace Sealants Ltd. (Registered number: SC557631)

Balance Sheet - continued
29 February 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 19 September 2024 and were signed on its behalf by:





Mr S Wallace - Director


Wallace Sealants Ltd. (Registered number: SC557631)

Notes to the Financial Statements
for the Year Ended 29 February 2024

1. STATUTORY INFORMATION

Wallace Sealants Ltd. is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery etc - 25% on reducing balance

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Wallace Sealants Ltd. (Registered number: SC557631)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2023 - 7 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 March 2023 96,617
Additions 63,509
Disposals (26,378 )
At 29 February 2024 133,748
DEPRECIATION
At 1 March 2023 44,178
Charge for year 25,174
Eliminated on disposal (15,937 )
At 29 February 2024 53,415
NET BOOK VALUE
At 29 February 2024 80,333
At 28 February 2023 52,439

Wallace Sealants Ltd. (Registered number: SC557631)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
At 1 March 2023 71,841
Additions 62,780
Disposals (17,171 )
Transfer to ownership (17,742 )
At 29 February 2024 99,708
DEPRECIATION
At 1 March 2023 33,761
Charge for year 21,747
Eliminated on disposal (8,915 )
Transfer to ownership (12,128 )
At 29 February 2024 34,465
NET BOOK VALUE
At 29 February 2024 65,243
At 28 February 2023 38,080

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
29.2.24 28.2.23
£    £   
Trade debtors 21,679 48,334
Other debtors 78,704 88,680
100,383 137,014

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
29.2.24 28.2.23
£    £   
Hire purchase contracts 20,479 14,014
Trade creditors 12,529 15,718
Taxation and social security 54,950 75,110
Other creditors 18,490 22,469
106,448 127,311

Wallace Sealants Ltd. (Registered number: SC557631)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
29.2.24 28.2.23
£    £   
Hire purchase contracts 21,442 13,968

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 29.2.24 28.2.23
value: £    £   
75 Ordinary A £1 75 75
21 Ordinary B £1 21 21
5 Ordinary C £1 5 5
5 Ordinay D £1 5 5
106 106

9. ULTIMATE CONTROLLING PARTY

The controlling party is Mr S Wallace.