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REGISTERED NUMBER: SC033131 (Scotland)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2024

FOR

WALLACE ALLAN LIMITED

WALLACE ALLAN LIMITED (REGISTERED NUMBER: SC033131)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


WALLACE ALLAN LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JANUARY 2024







DIRECTORS: W G Allan
D Allan



SECRETARY: Mrs K Allan



REGISTERED OFFICE: 4 Newmarket Street
Ayr
Ayrshire
KA7 1LJ



REGISTERED NUMBER: SC033131 (Scotland)



ACCOUNTANTS: Galbraith Pritchards
Chartered Accountants
20 Barns Street
Ayr
Ayrshire
KA7 1XA



BANKERS: Clydesdale Bank plc
43 Alloway Street
Ayr
Ayrshire
KA7 1SP

WALLACE ALLAN LIMITED (REGISTERED NUMBER: SC033131)

BALANCE SHEET
31 JANUARY 2024

31/1/24 31/1/23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 353,743 344,733
Investment property 5 145,000 145,000
498,743 489,733

CURRENT ASSETS
Stocks 1,140,000 944,300
Debtors 6 2,701 2,354
Cash in hand 244 129
1,142,945 946,783
CREDITORS
Amounts falling due within one year 7 953,626 698,577
NET CURRENT ASSETS 189,319 248,206
TOTAL ASSETS LESS CURRENT
LIABILITIES

688,062

737,939

CREDITORS
Amounts falling due after more than one
year

8

32,538

90,051
NET ASSETS 655,524 647,888

CAPITAL AND RESERVES
Called up share capital 22,000 22,000
Revaluation reserve 10 49,391 49,391
Retained earnings 584,133 576,497
SHAREHOLDERS' FUNDS 655,524 647,888

WALLACE ALLAN LIMITED (REGISTERED NUMBER: SC033131)

BALANCE SHEET - continued
31 JANUARY 2024


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29 October 2024 and were signed on its behalf by:





W G Allan - Director


WALLACE ALLAN LIMITED (REGISTERED NUMBER: SC033131)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024


1. STATUTORY INFORMATION

Wallace Allan Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost

Investment property
Investment property is included at fair value. Gains are recognised in the income statement.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


WALLACE ALLAN LIMITED (REGISTERED NUMBER: SC033131)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024


2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2023 - 10 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and
property machinery fittings
£    £    £   
COST
At 1 February 2023 328,349 48,979 180,334
Additions - - -
At 31 January 2024 328,349 48,979 180,334
DEPRECIATION
At 1 February 2023 - 46,400 178,198
Charge for year - 516 428
At 31 January 2024 - 46,916 178,626
NET BOOK VALUE
At 31 January 2024 328,349 2,063 1,708
At 31 January 2023 328,349 2,579 2,136

WALLACE ALLAN LIMITED (REGISTERED NUMBER: SC033131)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024


4. TANGIBLE FIXED ASSETS - continued

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 February 2023 45,102 88,154 690,918
Additions 15,000 - 15,000
At 31 January 2024 60,102 88,154 705,918
DEPRECIATION
At 1 February 2023 33,434 88,153 346,185
Charge for year 5,045 1 5,990
At 31 January 2024 38,479 88,154 352,175
NET BOOK VALUE
At 31 January 2024 21,623 - 353,743
At 31 January 2023 11,668 1 344,733

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 February 2023
and 31 January 2024 145,000
NET BOOK VALUE
At 31 January 2024 145,000
At 31 January 2023 145,000

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/1/24 31/1/23
£    £   
Other debtors 2,701 2,354

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/1/24 31/1/23
£    £   
Bank loans and overdrafts 178,495 194,568
Hire purchase contracts 7,500 2,613
Trade creditors 692,890 434,141
Taxation and social security 34,610 46,830
Other creditors 40,131 20,425
953,626 698,577

WALLACE ALLAN LIMITED (REGISTERED NUMBER: SC033131)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024


8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31/1/24 31/1/23
£    £   
Bank loans 30,038 83,701
Hire purchase contracts 2,500 6,350
32,538 90,051

9. SECURED DEBTS

The following secured debts are included within creditors:

31/1/24 31/1/23
£    £   
Bank loans 69,555 123,218
Hire purchase contracts 10,000 8,963
79,555 132,181

10. RESERVES
Revaluation
reserve
£   
At 1 February 2023
and 31 January 2024 49,391

11. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is W G Allan.