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COMPANY REGISTRATION NUMBER: SC504931
Wakeley Tree Surgeons Limited
Filleted Unaudited Financial Statements
31 May 2024
Wakeley Tree Surgeons Limited
Statement of Financial Position
31 May 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
578,012
422,477
Current assets
Debtors
6
51,651
72,495
Cash at bank and in hand
201,056
119,909
---------
---------
252,707
192,404
Creditors: amounts falling due within one year
7
221,166
161,399
---------
---------
Net current assets
31,541
31,005
---------
---------
Total assets less current liabilities
609,553
453,482
Creditors: amounts falling due after more than one year
8
140,446
128,674
Provisions
Taxation including deferred tax
94,447
55,824
---------
---------
Net assets
374,660
268,984
---------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
374,560
268,884
---------
---------
Shareholders funds
374,660
268,984
---------
---------
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 May 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 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 .
Wakeley Tree Surgeons Limited
Statement of Financial Position (continued)
31 May 2024
These financial statements were approved by the board of directors and authorised for issue on 9 October 2024 , and are signed on behalf of the board by:
Mr A MacPherson
Director
Company registration number: SC504931
Wakeley Tree Surgeons Limited
Notes to the Financial Statements
Year ended 31 May 2024
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is Sunnyhill, Birnie, Elgin, IV30 8ST.
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, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
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.
Income tax
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.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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:
Plant and machinery
-
15% reducing balance
Motor vehicles
-
25% reducing balance
Office equipment
-
33 % straight line
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
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Cash and cash equivalents in the statement of financial position comprise cash at bank and in hand held on demand. Bank overdrafts are shown within creditors due within one year. Trade debtors and creditors are measured at the undiscounted amounts receivable from the customer or payable to a supplier, which is normally the invoiced price. Trade debtors are assessed at the end of each reporting period for the objective evidence of impairment. If such evidence is found, an impairment loss is recognised in the statement of income and retained earnings. Directors' loans to the company which are repayable on demand are measured at the undiscounted amount of the cash expected to be paid.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 13 (2023: 11 ).
5. Tangible assets
Land and buildings
Plant and machinery
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 June 2023
126,633
317,435
152,526
2,114
598,708
Additions
62,779
92,542
90,479
2,175
247,975
Disposals
( 10,750)
( 10,750)
---------
---------
---------
-------
---------
At 31 May 2024
189,412
409,977
232,255
4,289
835,933
---------
---------
---------
-------
---------
Depreciation
At 1 June 2023
89,372
85,610
1,249
176,231
Charge for the year
48,095
38,221
1,590
87,906
Disposals
( 6,216)
( 6,216)
---------
---------
---------
-------
---------
At 31 May 2024
137,467
117,615
2,839
257,921
---------
---------
---------
-------
---------
Carrying amount
At 31 May 2024
189,412
272,510
114,640
1,450
578,012
---------
---------
---------
-------
---------
At 31 May 2023
126,633
228,063
66,916
865
422,477
---------
---------
---------
-------
---------
6. Debtors
2024
2023
£
£
Trade debtors
51,651
55,618
Other debtors
16,877
--------
--------
51,651
72,495
--------
--------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
10,000
10,000
Trade creditors
25,175
30,132
Corporation tax
30,609
3,220
Social security and other taxes
53,921
38,847
Credit card
882
494
Pension creditor
2,192
Other creditors
98,387
78,706
---------
---------
221,166
161,399
---------
---------
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
10,834
20,834
Other creditors
129,612
107,840
---------
---------
140,446
128,674
---------
---------
9. Related party transactions
Dividends in the amount of £52,300 (2023 £52,361) were paid to the directors during the year.