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Company No: SC566993 (Scotland)

W & M STUART LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH THE REGISTRAR

W & M STUART LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024

Contents

W & M STUART LIMITED

BALANCE SHEET

AS AT 31 MARCH 2024
W & M STUART LIMITED

BALANCE SHEET (continued)

AS AT 31 MARCH 2024
Note 2024 2023
£ £
Fixed assets
Intangible assets 3 162,500 212,500
Tangible assets 4 858,718 821,119
1,021,218 1,033,619
Current assets
Stocks 182,152 216,825
Debtors 5 329,939 239,626
Cash at bank and in hand 336,926 252,527
849,017 708,978
Creditors: amounts falling due within one year 6 ( 442,565) ( 419,359)
Net current assets 406,452 289,619
Total assets less current liabilities 1,427,670 1,323,238
Creditors: amounts falling due after more than one year 7 ( 46,422) ( 68,749)
Provision for liabilities 8 ( 84,946) ( 92,469)
Net assets 1,296,302 1,162,020
Capital and reserves
Called-up share capital 9 200 200
Share premium account 960,669 960,669
Profit and loss account 335,433 201,151
Total shareholders' funds 1,296,302 1,162,020

For the financial year ending 31 March 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of W & M Stuart Limited (registered number: SC566993) were approved and authorised for issue by the Board of Directors on 23 October 2024. They were signed on its behalf by:

Mrs M Stuart
Director
Mr W Stuart
Director
W & M STUART LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024
W & M STUART LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

W & M Stuart Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is Old Military Road, Kingsford, Alford, AB33 8HN, United Kingdom.

The financial statements have been prepared under the historical cost convention and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

The company is included in the Plumbing and Industry Services (UK) Industry Pension Scheme, which is a multi-employer pension plan. There is insufficient information available to account for this as a defined benefit plan, therefore under FRS 102 this will be accounted for as if it was a defined contribution plan.

The latest actuarial report published in 2020 noted that the Actuary found that the pension assets were enough to cover 99% of the Scheme's liabilities. The scheme is now closed for new entrants therefore, there should be future benefit building up due to this.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 10 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings 50 years straight line
Plant and machinery 20 % reducing balance
Vehicles 20 % reducing balance
Office equipment 20 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible and intangible 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).

Financial assets
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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 assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs.

Basic financial liabilities
Basic financial liabilities, including creditors, are initially recognised at transaction price.

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.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 31 27

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 April 2023 500,000 500,000
At 31 March 2024 500,000 500,000
Accumulated amortisation
At 01 April 2023 287,500 287,500
Charge for the financial year 50,000 50,000
At 31 March 2024 337,500 337,500
Net book value
At 31 March 2024 162,500 162,500
At 31 March 2023 212,500 212,500

4. Tangible assets

Land and buildings Plant and machinery Vehicles Office equipment Total
£ £ £ £ £
Cost
At 01 April 2023 525,218 110,398 438,065 16,821 1,090,502
Additions 81,180 6,600 35,536 536 123,852
Disposals 0 0 ( 20,820) 0 ( 20,820)
At 31 March 2024 606,398 116,998 452,781 17,357 1,193,534
Accumulated depreciation
At 01 April 2023 38,781 52,149 168,450 10,003 269,383
Charge for the financial year 11,288 12,617 55,914 1,408 81,227
Disposals 0 0 ( 15,794) 0 ( 15,794)
At 31 March 2024 50,069 64,766 208,570 11,411 334,816
Net book value
At 31 March 2024 556,329 52,232 244,211 5,946 858,718
At 31 March 2023 486,437 58,249 269,615 6,818 821,119

5. Debtors

2024 2023
£ £
Trade debtors 307,706 220,494
Other debtors 22,233 19,132
329,939 239,626

6. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 198,553 277,546
Taxation and social security 166,639 78,411
Obligations under finance leases and hire purchase contracts 46,045 46,449
Other creditors 31,328 16,953
442,565 419,359

Obligations under finance leases and hire purchase contracts are secured on the assets to which they relate.

The bank holds a standard security and floating charge over the assets of the business.

7. Creditors: amounts falling due after more than one year

2024 2023
£ £
Obligations under finance leases and hire purchase contracts 46,422 68,749

Obligations under finance leases and hire purchase contracts are secured on the assets to which they relate.

The bank holds a standard security and floating charge over the assets of the business.

8. Provision for liabilities

2024 2023
£ £
Deferred tax 84,946 92,469

9. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
200 Ordinary shares of £ 1.00 each 200 200