Company registration number SC231078 (Scotland)
CRAIG WILSON LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
PAGES FOR FILING WITH REGISTRAR
CRAIG WILSON LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
CRAIG WILSON LIMITED
BALANCE SHEET
AS AT
31 JANUARY 2024
31 January 2024
- 1 -
2024
2023
Notes
£
£
£
£
Current assets
Stocks
20,921
31,366
Debtors
3
3,494,510
2,987,820
Cash at bank and in hand
1,076,006
828,682
4,591,437
3,847,868
Creditors: amounts falling due within one year
4
(1,110,283)
(696,503)
Net current assets
3,481,154
3,151,365
Capital and reserves
Called up share capital
150,000
150,000
Profit and loss reserves
3,331,154
3,001,365
Total equity
3,481,154
3,151,365

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 January 2024 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 of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the board of directors and authorised for issue on 29 April 2024 and are signed on its behalf by:
Mr J T Craig
Director
Company Registration No. SC231078
CRAIG WILSON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
- 2 -
1
Accounting policies
Company information

Craig Wilson Limited is a private company limited by shares incorporated in Scotland. The company's registered number and registered office address can be found on the Company Information page.

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.

1.2
Going concern

No material uncertainties related to events or conditions that may cast significant doubt about the ability of the company to continue as a going concern have been identified by the directors.true

1.3
Turnover

Turnover represents the amounts (excluding value added tax) derived from the provision of goods and services to customers. Turnover recognises principally the commission earned on livestock and other sales and is recognised when an auction sale has been completed. The turnover and profit is attributable to the principal activity of the Company, and is earned entirely within the United Kingdom.

1.4
Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

1.5
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 current liabilities.

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 balance sheet 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.

CRAIG WILSON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 3 -
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.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

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
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 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.

1.8
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.

1.9
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.

CRAIG WILSON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 4 -
1.10
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

2
Employees

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

2024
2023
Number
Number
Total
17
17
3
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
3,447,069
2,954,407
Other debtors
47,441
33,413
3,494,510
2,987,820
4
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
312,787
97,068
Amounts owed to group undertakings
287,344
266,677
Corporation tax
161,505
103,842
Other taxation and social security
77,187
53,145
Other creditors
271,460
175,771
1,110,283
696,503
5
Secured Debts

Bank overdraft facility is secured by a floating charge over the assets and the undertakings of the company.

CRAIG WILSON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 5 -
6
Related party transactions

James Craig Limited

At the balance sheet date, £3,041 was owed to the company to James Craig Limited, a company under common control of directors, M D & J T Craig. Prior year balance sheet date £10,879 was owed by James Craig Limited.

 

During the year £30,000 (2023: £30,000) of management fees were paid to James Craig Limited, a company under common control of directors, M D & J T Craig.

 

During the year £Nil (2023: £31,995) of insurance was paid to James Craig Limited, a company under common control of directors, M D & J T Craig.

 

James Craig Marts Limited

At the balance sheet date, £19,944 (2023 - £19,944) was owed to the company by James Craig Marts Limited, a company under common control of directors, M D & J T Craig.

 

During the year £419,614 (2023: £379,326) of property and equipment rental was paid to James Craig Marts Limited, a company under common control of directors, M D & J T Craig.

 

James Craig (Farms) Limited

At the balance sheet date, £298,000 (2023 - £298,000) was owed by the company to James Craig (Farms) Limited, a company under common control of directors, M D & J T Craig.

 

Loan interest of £21,000 (2023: £31,169) was paid to James Craig (Farms) Limited, a company under common control of directors, M D & J T Craig.

 

Craig Wilson Holdings Limited

At the balance sheet date, £6,246 was owed to the company Craig Wilson Holdings Limited, the parent company of Craig Wilson Limited. Prior year balance sheet date £500 was owed from Craig Wilson Holdings Limited.

 

 

7
Parent company

The directors consider the company's ultimate parent company to be Craig Wilson Holdings Limited, a company registered in Scotland. Copies of the accounts of Craig Wilson Holdings Limited can be obtained from the registered office of this company at Livestock Auction Mart, Whitefordhill, Ayr, KA6 5JW.

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