Company registration number SC037549 (Scotland)
WBS Keillor Limited
unaudited financial statements
for the year ended 31 May 2024
Pages for filing with Registrar
WBS Keillor Limited
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 9
WBS Keillor Limited
Balance sheet
as at 31 May 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
209,987
69,889
Current assets
Stocks
1,000
1,000
Debtors
4
371,899
493,987
Cash at bank and in hand
1,269,582
1,210,285
1,642,481
1,705,272
Creditors: amounts falling due within one year
5
(908,279)
(1,004,823)
Net current assets
734,202
700,449
Total assets less current liabilities
944,189
770,338
Creditors: amounts falling due after more than one year
6
(99,976)
(35,905)
Provisions for liabilities
(36,509)
(17,472)
Net assets
807,704
716,961
Capital and reserves
Called up share capital
10,000
10,000
Share premium account
17,144
17,144
Capital redemption reserve
82,856
82,856
Profit and loss reserves
697,704
606,961
Total equity
807,704
716,961
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 May 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 applicable to companies subject to the small companies regime.
WBS Keillor Limited
Balance sheet (continued)
as at 31 May 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 23 September 2024 and are signed on its behalf by:
Michael Smith
Director
Company Registration No. SC037549
WBS Keillor Limited
Notes to the financial statements
for the year ended 31 May 2024
- 3 -
1
Accounting policies
Company information
WBS Keillor Limited is a private company limited by shares incorporated in Scotland. The registered office is Unit 2, Pitkerro Park, Fowler Road, West Pitkerro Industrial Estate, Dundee, DD5 3RU.
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
Turnover
Turnover comprises the invoiced value of joinery services supplied by the company, net of value added tax.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to labour and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.
1.3
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:
Tenant's improvements
10% straight line basis
Plant & machinery
50% straight line basis
Fixtures & fittings
33.33% straight line basis
Motor vehicles
20% straight line basis
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.
WBS Keillor Limited
Notes to the financial statements (continued)
for the year ended 31 May 2024
1
Accounting policies (continued)
- 4 -
1.4
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
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.
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.
WBS Keillor Limited
Notes to the financial statements (continued)
for the year ended 31 May 2024
1
Accounting policies (continued)
- 5 -
1.6
Construction contracts
Where the outcome of a construction contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the reporting end date. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable.
When it is probable that total contract costs will exceed total contract turnover, the expected loss is recognised as an expense immediately.
Where the outcome of a construction contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred where it is probable that they will be recoverable. Contract costs are recognised as expenses in the period in which they are incurred. When costs incurred in securing a contract are recognised as an expense in the period in which they are incurred, they are not included in contract costs if the contract is obtained in a subsequent period.
The “percentage of completion method” is used to determine the appropriate amount to recognise in a given period. The stage of completion is measured by the proportion of contract costs incurred for work performed to date compared to the estimated total contract costs. Costs incurred in the year in connection with future activity on a contract are excluded from contract costs in determining the stage of completion. These costs are presented as stocks, prepayments or other assets depending on their nature, and provided it is probable they will be recovered.
1.7
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.
1.8
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.
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.
WBS Keillor Limited
Notes to the financial statements (continued)
for the year ended 31 May 2024
1
Accounting policies (continued)
- 6 -
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.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.10
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.
1.11
Retirement benefits
The company operates a fully insured defined contribution pension scheme for its directors and employees which requires contributions to be made to a separately administered fund. Contributions to this fund are charged to the profit and loss account as incurred.
1.12
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the profit and loss account as incurred.
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.
WBS Keillor Limited
Notes to the financial statements (continued)
for the year ended 31 May 2024
- 7 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 26 (2023 - 22).
2024
2023
Number
Number
Total
26
22
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 June 2023
22,448
172,146
194,594
Additions
177,571
177,571
Disposals
(22,448)
(39,448)
(61,896)
At 31 May 2024
310,269
310,269
Depreciation and impairment
At 1 June 2023
22,051
102,654
124,705
Depreciation charged in the year
397
37,076
37,473
Eliminated in respect of disposals
(22,448)
(39,448)
(61,896)
At 31 May 2024
100,282
100,282
Carrying amount
At 31 May 2024
209,987
209,987
At 31 May 2023
397
69,492
69,889
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
11,748
Amounts due from group undertakings
219,729
219,729
Amounts recoverable on contracts
68,107
199,313
Other debtors
84,063
63,197
371,899
493,987
WBS Keillor Limited
Notes to the financial statements (continued)
for the year ended 31 May 2024
- 8 -
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
10,572
10,000
Trade creditors
97,498
263,883
Corporation tax
74,110
48,447
Other taxation and social security
14,474
11,307
Payments on account
635,264
612,317
Other creditors
76,361
58,869
908,279
1,004,823
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
11,928
22,500
Other creditors
88,048
13,405
99,976
35,905
7
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
3,055
3,760
WBS Keillor Limited
Notes to the financial statements (continued)
for the year ended 31 May 2024
7
Operating lease commitments (continued)
- 9 -
Lessor
At the reporting end date the company had contracted with tenants for the following minimum lease payments:
2024
2023
£
£
4,500
4,500
8
Related party transactions
WBS Keillor Limited is a wholly owned subsidiary of WBS Keillor Holdings Limited, a company registered in Scotland.
The company has taken advantage of the exemption available in FRS102 Section 33.11 "Related party disclosures" whereby it has not disclosed transactions with the ultimate parent company, or any wholly owned subsidiary undertaking of the group.
9
Directors' transactions
During the year a director received an interest free loan of £25,000 (2023 - nil), £3,000 (2023 - nil) was repaid in the year and the balance outstanding at the year end was £22,000 (2023 - nil).
10
Control
The ultimate controlling party is WBS Keillor Holdings Limited.