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COMPANY REGISTRATION NUMBER: SC106857
W & J Allardyce (Commercials) Limited
Filleted Unaudited Financial Statements
For the year ended
31 October 2023
W & J Allardyce (Commercials) Limited
Financial Statements
Year ended 31 October 2023
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
W & J Allardyce (Commercials) Limited
Statement of Financial Position
31 October 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
106,426
121,422
Current assets
Stocks
147,500
152,710
Debtors
6
44,253
25,576
Cash at bank and in hand
349,039
313,818
---------
---------
540,792
492,104
Creditors: amounts falling due within one year
7
233,609
198,221
---------
---------
Net current assets
307,183
293,883
---------
---------
Total assets less current liabilities
413,609
415,305
Creditors: amounts falling due after more than one year
8
721
Provisions
7,271
5,577
---------
---------
Net assets
406,338
409,007
---------
---------
W & J Allardyce (Commercials) Limited
Statement of Financial Position (continued)
31 October 2023
2023
2022
Note
£
£
£
Capital and reserves
Called up share capital
400
400
Profit and loss account
405,938
408,607
---------
---------
Shareholders funds
406,338
409,007
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 October 2023 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 1 October 2024 , and are signed on behalf of the board by:
Mr W Allardyce
Mr J Allardyce
Director
Director
Company registration number: SC106857
W & J Allardyce (Commercials) Limited
Notes to the Financial Statements
Year ended 31 October 2023
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 47/49 West Main Street, Armadale, West Lothian, EH48 3PZ.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Operating leases
Lease income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Property
-
2% reducing balance
Plant & Machinery
-
15% reducing balance
Fixtures & Fittings
-
15% reducing balance
Motor Vehicles
-
20% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. 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. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. 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.
Defined contribution pension plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 5 (2022: 5 ).
5. Tangible assets
Freehold property
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 November 2022
149,913
30,065
15,085
77,161
272,224
Additions
1,030
1,030
Disposals
( 1,554)
( 6,308)
( 2,064)
( 11,099)
( 21,025)
---------
--------
--------
--------
---------
At 31 October 2023
148,359
24,787
13,021
66,062
252,229
---------
--------
--------
--------
---------
Depreciation
At 1 November 2022
61,298
23,774
12,568
53,162
150,802
Charge for the year
1,772
1,035
378
9,400
12,585
Disposals
( 699)
( 5,757)
( 1,889)
( 9,239)
( 17,584)
---------
--------
--------
--------
---------
At 31 October 2023
62,371
19,052
11,057
53,323
145,803
---------
--------
--------
--------
---------
Carrying amount
At 31 October 2023
85,988
5,735
1,964
12,739
106,426
---------
--------
--------
--------
---------
At 31 October 2022
88,615
6,291
2,517
23,999
121,422
---------
--------
--------
--------
---------
6. Debtors
2023
2022
£
£
Trade debtors
41,256
14,233
Other debtors
2,997
11,343
--------
--------
44,253
25,576
--------
--------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
4,788
Trade creditors
32,502
16,068
Corporation tax
19,670
13,653
Social security and other taxes
788
712
Other creditors
180,649
163,000
---------
---------
233,609
198,221
---------
---------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
721
----
----
9. Charges on assets
Creditors include net obligations under finance lease and hire purchase contracts secured of £706 (2022 - £7,790).
10. Directors' advances, credits and guarantees
The director's loan account was not in debit at any time during the year.
11. Related party transactions
Dividends of £60,000 (2022 - £60,000) were paid to the directors in the year.