Registered number
SC071048
Wyvis Cosmetic Dental Laboratory Limited
Unaudited Filleted Accounts
30 January 2024
Wyvis Cosmetic Dental Laboratory Limited
Registered number: SC071048
Balance Sheet
as at 30 January 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 4,510 5,576
Current assets
Stocks 278 151
Debtors 4 65,443 56,693
65,721 56,844
Creditors: amounts falling due within one year 5 (41,621) (29,335)
Net current assets 24,100 27,509
Total assets less current liabilities 28,610 33,085
Creditors: amounts falling due after more than one year 6 (21,918) (26,295)
Provisions for liabilities (857) (1,060)
Net assets 5,835 5,730
Capital and reserves
Called up share capital 3,800 3,800
Capital redemption reserve 1,900 1,900
Profit and loss account 135 30
Shareholder's funds 5,835 5,730
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr J Moy
Director
Approved by the board on 30 October 2024
Wyvis Cosmetic Dental Laboratory Limited
Notes to the Accounts
for the year ended 30 January 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Motor vehicles 25% reducing balance
Plant and machinery 15% reducing balance
Computer equipment Straight line over 3 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received. Government grants relating to turnover are recognised as income over the periods when the related costs are incurred
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 31 January 2023 171,907 5,500 177,407
At 30 January 2024 171,907 5,500 177,407
Depreciation
At 31 January 2023 167,310 4,521 171,831
Charge for the year 821 245 1,066
At 30 January 2024 168,131 4,766 172,897
Net book value
At 30 January 2024 3,776 734 4,510
At 30 January 2023 4,597 979 5,576
4 Debtors 2024 2023
£ £
Trade debtors 8,225 10,888
Other debtors 57,218 45,805
65,443 56,693
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 14,192 9,421
Obligations under finance lease and hire purchase contracts 387 598
Trade creditors 2,248 1,455
Taxation and social security costs 18,147 14,925
Other creditors 6,647 2,936
41,621 29,335
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 21,918 26,295
7 Revaluation reserve 2024 2023
£ £
At 31 January 2023 1,900 1,900
At 30 January 2024 1,900 1,900
8 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
Mr John Moy
Directors loan - interest free and repayable on demand. 2,583 8,829 (231) 11,181
2,583 8,829 (231) 11,181
9 Other information
Wyvis Cosmetic Dental Laboratory Limited is a private company limited by shares and incorporated in Scotland. Its registered office is:
Lockhart House
Tulloch Street
Dingwall
IV15 9JY
Wyvis Cosmetic Dental Laboratory Limited SC071048 false 2023-01-31 2024-01-30 2024-01-30 VT Final Accounts July 2024 Mr J Moy No description of principal activity SC071048 2022-01-31 2023-01-30 SC071048 core:WithinOneYear 2023-01-30 SC071048 core:AfterOneYear 2023-01-30 SC071048 core:ShareCapital 2023-01-30 SC071048 core:OtherReservesSubtotal 2023-01-30 SC071048 core:RetainedEarningsAccumulatedLosses 2023-01-30 SC071048 core:RevaluationReserve 2022-01-30 SC071048 2023-01-31 2024-01-30 SC071048 bus:PrivateLimitedCompanyLtd 2023-01-31 2024-01-30 SC071048 bus:AuditExemptWithAccountantsReport 2023-01-31 2024-01-30 SC071048 bus:Director40 2023-01-31 2024-01-30 SC071048 1 2023-01-31 2024-01-30 SC071048 2 2023-01-31 2024-01-30 SC071048 core:PlantMachinery 2023-01-31 2024-01-30 SC071048 core:Vehicles 2023-01-31 2024-01-30 SC071048 bus:Director1 2023-01-31 2024-01-30 SC071048 bus:Director1 1 2023-01-31 2024-01-30 SC071048 countries:England 2023-01-31 2024-01-30 SC071048 bus:FRS102 2023-01-31 2024-01-30 SC071048 bus:FilletedAccounts 2023-01-31 2024-01-30 SC071048 2024-01-30 SC071048 core:WithinOneYear 2024-01-30 SC071048 core:AfterOneYear 2024-01-30 SC071048 core:ShareCapital 2024-01-30 SC071048 core:OtherReservesSubtotal 2024-01-30 SC071048 core:RetainedEarningsAccumulatedLosses 2024-01-30 SC071048 core:PlantMachinery 2024-01-30 SC071048 core:Vehicles 2024-01-30 SC071048 core:RevaluationReserve 2024-01-30 SC071048 bus:Director1 1 2024-01-30 SC071048 2023-01-30 SC071048 core:PlantMachinery 2023-01-30 SC071048 core:Vehicles 2023-01-30 SC071048 core:RevaluationReserve 2023-01-30 SC071048 bus:Director1 1 2023-01-30 iso4217:GBP xbrli:pure