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Sage Accounts Production Advanced 2023 - FRS102_2023
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COMPANY REGISTRATION NUMBER:
SC116747
Waltzing Waters (Scotland) Limited |
|
Filleted Unaudited Financial Statements |
|
Waltzing Waters (Scotland) Limited |
|
Statement of Financial Position |
|
31 January 2024
Fixed assets
Tangible assets |
5 |
|
597,493 |
599,371 |
|
|
|
|
|
Current assets
Debtors |
6 |
10,198 |
|
11,256 |
Cash at bank and in hand |
133,348 |
|
130,599 |
|
--------- |
|
--------- |
|
143,546 |
|
141,855 |
|
|
|
|
|
Creditors: amounts falling due within one year |
7 |
7,881 |
|
6,539 |
|
--------- |
|
--------- |
Net current assets |
|
135,665 |
135,316 |
|
|
--------- |
--------- |
Total assets less current liabilities |
|
733,158 |
734,687 |
|
|
|
|
|
Provisions
Taxation including deferred tax |
|
77,014 |
77,014 |
|
|
--------- |
--------- |
Net assets |
|
656,144 |
657,673 |
|
|
--------- |
--------- |
|
|
|
|
Capital and reserves
Called up share capital |
|
85,000 |
85,000 |
Profit and loss account |
8 |
|
571,144 |
572,673 |
|
|
--------- |
--------- |
Shareholders funds |
|
656,144 |
657,673 |
|
|
--------- |
--------- |
|
|
|
|
|
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 January 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
.
Waltzing Waters (Scotland) Limited |
|
Statement of Financial Position (continued) |
|
31 January 2024
These financial statements were approved by the
board of directors
and authorised for issue on
22 October 2024
, and are signed on behalf of the board by:
Company registration number:
SC116747
Waltzing Waters (Scotland) Limited |
|
Notes to the Financial Statements |
|
Year ended 31 January 2024
1.
General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is Forbes House, 36 Huntly Street, Inverness, IV3 5PR.
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.
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:
|
Main Show |
- |
15% reducing balance |
|
Equipment |
- |
25% reducing balance |
|
|
|
|
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
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.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
1
(2023:
1
).
5.
Tangible assets
|
Investment property |
Main show |
Equipment |
Total |
|
£ |
£ |
£ |
£ |
Cost |
|
|
|
|
At 1 February 2023 and 31 January 2024 |
587,400 |
175,990 |
443 |
763,833 |
|
--------- |
--------- |
---- |
--------- |
Depreciation |
|
|
|
|
At 1 February 2023 |
– |
164,019 |
443 |
164,462 |
Charge for the year |
– |
1,796 |
82 |
1,878 |
|
--------- |
--------- |
---- |
--------- |
At 31 January 2024 |
– |
165,815 |
525 |
166,340 |
|
--------- |
--------- |
---- |
--------- |
Carrying amount |
|
|
|
|
At 31 January 2024 |
587,400 |
10,175 |
(
82) |
597,493 |
|
--------- |
--------- |
---- |
--------- |
At 31 January 2023 |
587,400 |
11,971 |
– |
599,371 |
|
--------- |
--------- |
---- |
--------- |
|
|
|
|
|
Investment properties were valued on the basis of market value at 31 January 2024 at £587,400
(2023 - £587,400) by Mr A G Donald
, a director of the company. The historical cost of the properties included at valuation amounted to £182,062 (2023 - £182,062).
6.
Debtors
|
2024 |
2023 |
|
£ |
£ |
Other debtors |
10,198 |
11,256 |
|
-------- |
-------- |
|
|
|
7.
Creditors:
amounts falling due within one year
|
2024 |
2023 |
|
£ |
£ |
Corporation tax |
– |
3,758 |
Social security and other taxes |
551 |
551 |
Other creditors |
7,330 |
2,230 |
|
------- |
------- |
|
7,881 |
6,539 |
|
------- |
------- |
|
|
|
8.
Reserves
Profit and loss account - This reserve records retained earnings and accumulated losses. The Profit and Loss reserve balance at the year end of £571,144 (2023 - £572,673) is made up of
distributable reserves of £242,790 (2023 - £244,349
) and non-distributable reserves of £328,324 (2023 - £328,324). Non-distributable reserves relate to gains made on the revaluation of the company's investment properties.
9.
Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
|
2024 |
2023 |
|
£ |
£ |
Not later than 1 year |
3,745 |
8,988 |
Later than 1 year and not later than 5 years |
– |
3,745 |
|
------- |
-------- |
|
3,745 |
12,733 |
|
------- |
-------- |
|
|
|
The operating lease payments recognised as an expense amounted to £8,988 (2023 - £8,863).
10.
Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
|
2024 |
|
|
Balance brought forward |
Advances/ (credits) to the directors |
Amounts repaid |
Balance outstanding |
|
|
£ |
£ |
£ |
£ |
|
Mr A G Donald |
1,309 |
– |
(
5,459) |
(
4,150) |
|
|
------- |
---- |
------- |
------- |
|
|
|
|
|
|
|
2023 |
|
|
Balance brought forward |
Advances/ (credits) to the directors |
Amounts repaid |
Balance outstanding |
|
|
£ |
£ |
£ |
£ |
|
Mr A G Donald |
49,879 |
62,803 |
(
111,373) |
1,309 |
|
|
-------- |
-------- |
--------- |
------- |
|
|
|
|
|
|
11.
Related party transactions
At the year end date, the company owed one of the
directors
£ 4,150
(2023 - one director owed the company £1,309). Interest was charged on the overdrawn director's loan at 2.5% and the interest charge this year amounted to £nil (2023 - £1,151).