Company registration number SC557595 (Scotland)
WIGTOWN & BLADNOCH COMMUNITY INITIATIVE
(A COMPANY LIMITED BY GUARANTEE)
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
WIGTOWN & BLADNOCH COMMUNITY INITIATIVE
(A COMPANY LIMITED BY GUARANTEE)
COMPANY INFORMATION
Directors
Mr K R Witt
Mr M R Kitson
Mr P D Dobson
(Appointed 20 April 2023)
Mr F Irvine
(Appointed 20 April 2023)
Mrs A. McDowall
(Appointed 8 January 2024)
Mrs G Hamnett
(Appointed 8 January 2024)
Ms D Barclay
(Appointed 8 January 2024)
Secretary
Mr P D Dobson
Company number
SC557595
Registered office
Machars Initiative Centre
26 South Main Street
Wigtown
DG8 9EH
Accountants
Montpelier Professional (Galloway) Limited
1 Dashwood Square
Newton Stewart
Wigtownshire
DG8 6EQ
Bankers
The Co-Operative Bank
PO Box 250
Skelmersdale
England
WN8 6WT
WIGTOWN & BLADNOCH COMMUNITY INITIATIVE
(A COMPANY LIMITED BY GUARANTEE)
CONTENTS
Page
Directors' report
1 - 2
Accountants' report
3
Income and expenditure account
4
Balance sheet
5
Statement of changes in equity
6
Notes to the financial statements
7 - 11
WIGTOWN & BLADNOCH COMMUNITY INITIATIVE
(A COMPANY LIMITED BY GUARANTEE)
DIRECTORS' REPORT
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 1 -

The directors present their annual report and financial statements for the year ended 29 February 2024.

Principal activities

The principal activity of the company continued to be that of a community organisation.

 

Objects & activities

The over-arching objectives of the company are:

 

Achievements and Performance

The Bunkhouse has now been open for its first full year of trading. Following a slower start, bookings significantly increased over the spring into summer, and we have also seen some winter bookings over New Year. A big part of this has been more active promotion on the booking site Expedia. Due to poor early performance the decision was made to bring the management of bookings back within the Initiative and huge thanks must be given to Matt Kitson for running this throughout the year. It is hoped that with continued growth the revenue will grow to allow additional employment to manage the bunkhouse in the longer term.

Both flats are fully occupied, and works are due to start on the fencing work in the rear garden to allow more private use for residents.

 

The Plough

The Plough was identified as a potential project as part of discussions in the Town Team meetings. A Presentation was made to the W&BCI Board about the project in the summer and it was decided that we should pursue the project.

The running of the pub is a significant undertaking and therefore it was agreed that investigations should be made on the basis of the W&BCI purchasing the building and partnering with a separate community organisation to run the pub.

The presentation made to the Board was to run the pub as a community enterprise with a focus on delivering training and jobs to local people. The accommodation above would be used as well as the bar being open for public use.

The pub is in good condition having been renovated recently.

Funding is being sought from the Scottish Land Fund and the Community Ownership Fund.

Depending on the purchase being successful and any other developments in the town the possibility of housing a post office in the pub has also been considered as this is a solution that has been successful in other rural communities.

 

WIGTOWN & BLADNOCH COMMUNITY INITIATIVE
(A COMPANY LIMITED BY GUARANTEE)
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 2 -

The Church Hall

Following of the confirmation from the Church that the hall was going to be sold it was agreed by the Board in March to investigate the purchase of the building to retain it for community use. Consultation was issued and the responses were overwhelmingly supportive of this process.

Initial funding was secured for surveys and project development through the Scottish Land Fund and there has subsequently been a Stage 2 application submitted for the purchase of the building. Additional funding will be required to carry out repairs and improvements to the building to make it more efficient and therefore cost effective to run.

It is likely that funding will be decided by the end of January with the aim of completing the purchase before the end of March. Further funding bids will be required in the new year for net zero improvements and repairs.

The aims of this project are to secure the building for the community, we believe there is potential to utilise the Hall as a multi-use space. A detailed Business Plan is being developed and will look at all the potential uses for the building, with a key focus being making the building more sustainable and therefore keeping running costs to a minimum. Improvements will mean the building is more versatile and will deal with issues such as the poor acoustics and improvements to accessibility.

 

Financial Review

This year has seen significant changes in the way the organisation has approached its finances, with a clear aim of becoming a fully sustainable organisation with no reliance on grant funding. The income for the year has significantly increase both due to the bunkhouse and flats being available for the whole year and far more efficient advertising and management of bookings.

The organisation continues to paydown the remaining construction costs associated with the bunkhouse overruns as well as one-off costs associated with unfinished elements of the project such as fencing.

The organisation has committed to paying the Real Living Wage (as a minimum) to all employees going forward.

Principal Risks

The organisation has recruited additional Directors and continues to seek new/additional support.

 

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr K R Witt
Mr M R Kitson
Mr J Kane
(Resigned 8 January 2024)
Mr P D Dobson
(Appointed 20 April 2023)
Mr F Irvine
(Appointed 20 April 2023)
Mrs A. McDowall
(Appointed 8 January 2024)
Mrs G Hamnett
(Appointed 8 January 2024)
Ms D Barclay
(Appointed 8 January 2024)
Mr J Kane
(Resigned 20 April 2023)
Small companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

By order of the board
Mr P D Dobson
Secretary
1 November 2024
WIGTOWN & BLADNOCH COMMUNITY INITIATIVE
(A COMPANY LIMITED BY GUARANTEE)
REPORT TO THE DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY ACCOUNTS OF WIGTOWN & BLADNOCH COMMUNITY INITIATIVE
- 3 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Wigtown & Bladnoch Community Initiative for the year ended 29 February 2024 which comprise the income and expenditure account, the balance sheet, the statement of changes in equity and the related notes from the company’s accounting records and from information and explanations you have given us.

 

As a practising member firm of the ICAS we are subject to its ethical and other professional requirements which are detailed at https://icas.com/icas-framework-preparation-of-accounts.

This report is made solely to the board of directors of Wigtown & Bladnoch Community Initiative, as a body, in accordance with the terms of our engagement letter dated 7 January 2019. Our work has been undertaken solely to prepare for your approval the financial statements of Wigtown & Bladnoch Community Initiative and state those matters that we have agreed to state to the board of directors of Wigtown & Bladnoch Community Initiative, as a body, in this report in accordance with the requirements of the ICAS as detailed at https://icas.com/icas-framework-preparation-of-accounts. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Wigtown & Bladnoch Community Initiative and its board of directors as a body, for our work or for this report.

It is your duty to ensure that Wigtown & Bladnoch Community Initiative has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and surplus of Wigtown & Bladnoch Community Initiative. You consider that Wigtown & Bladnoch Community Initiative is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Wigtown & Bladnoch Community Initiative. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Montpelier Professional (Galloway) Limited
1 November 2024
Chartered Accountants
1 Dashwood Square
Newton Stewart
Wigtownshire
DG8 6EQ
WIGTOWN & BLADNOCH COMMUNITY INITIATIVE
(A COMPANY LIMITED BY GUARANTEE)
INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 4 -
2024
2023
Notes
£
£
Income
18,440
4,252
Cost of sales
-
0
(1,179)
Gross surplus
18,440
3,073
Administrative expenses
(30,860)
(30,310)
Other operating income
11,883
16,486
Operating deficit
(537)
(10,751)
Interest receivable and similar income
191
-
0
Deficit before taxation
(346)
(10,751)
Tax on deficit
5,313
-
0
Surplus/(deficit) for the financial year
4,967
(10,751)

The income and expenditure account has been prepared on the basis that all operations are continuing operations.

WIGTOWN & BLADNOCH COMMUNITY INITIATIVE
(A COMPANY LIMITED BY GUARANTEE)
BALANCE SHEET
AS AT
29 FEBRUARY 2024
29 February 2024
- 5 -
29 February 2024
28 February 2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
489,062
496,436
Current assets
Cash at bank and in hand
2,040
2,023
Creditors: amounts falling due within one year
5
(15,551)
(21,108)
Net current liabilities
(13,511)
(19,085)
Total assets less current liabilities
475,551
477,351
Creditors: amounts falling due after more than one year
6
(486,100)
(492,867)
Net liabilities
(10,549)
(15,516)
Reserves
Income and expenditure account
(10,549)
(15,516)
Members' funds
(10,549)
(15,516)

For the financial year ended 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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 Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

The financial statements were approved by the board of directors and authorised for issue on 1 November 2024 and are signed on its behalf by:
Mr M R Kitson
Director
Company registration number SC557595 (Scotland)
WIGTOWN & BLADNOCH COMMUNITY INITIATIVE
(A COMPANY LIMITED BY GUARANTEE)
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 6 -
Income and expenditure
£
Balance at 1 March 2022
(4,765)
Year ended 28 February 2023:
Deficit and total comprehensive income
(10,751)
Balance at 28 February 2023
(15,516)
Year ended 29 February 2024:
Surplus and total comprehensive income
4,967
Balance at 29 February 2024
(10,549)
WIGTOWN & BLADNOCH COMMUNITY INITIATIVE
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 7 -
1
Accounting policies
Company information

Wigtown & Bladnoch Community Initiative is a private company limited by guarantee incorporated in Scotland. The registered office is Machars Initiative Centre, 26 South Main Street, Wigtown, DG8 9EH.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Income and expenditure

Income and expenses are included in the financial statements as they become receivable or due.

 

Expenses include VAT where applicable as the company cannot reclaim it.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
2% straight line
Fixtures and fittings
20% reducing balance

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 surplus or deficit.

1.4
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible 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). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in surplus or deficit, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

WIGTOWN & BLADNOCH COMMUNITY INITIATIVE
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
1
Accounting policies
(Continued)
- 8 -

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in surplus or deficit, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

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 liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

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.

1.7
Taxation

The company is exempt from corporation tax, it being a company not carrying on a business for the purposes of making a profit.

WIGTOWN & BLADNOCH COMMUNITY INITIATIVE
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
1
Accounting policies
(Continued)
- 9 -
1.8
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

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

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.9
Leases

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

1.10
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. Grants relating to an asset are recognised in income systematically over the asset's expected useful life. If part of such a grant is deferred it is recognised as deferred income rather than being deducted from the asset's carrying amount.

1.11
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
1
2
WIGTOWN & BLADNOCH COMMUNITY INITIATIVE
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 10 -
4
Tangible fixed assets
Land and buildings
Fixtures & fittings
Total
£
£
£
Cost
At 1 March 2023
512,085
4,691
516,776
Additions
3,692
-
0
3,692
At 29 February 2024
515,777
4,691
520,468
Depreciation and impairment
At 1 March 2023
19,402
938
20,340
Depreciation charged in the year
10,316
750
11,066
At 29 February 2024
29,718
1,688
31,406
Carrying amount
At 29 February 2024
486,059
3,003
489,062
At 28 February 2023
492,683
3,753
496,436
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
960
1,179
Other creditors
14,591
19,929
15,551
21,108
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
486,100
492,867
7
Government grants
2024
2023
£
£
Arising from government grants
496,663
503,353
Included in the financial statements as follows:
Current liabilities
10,563
10,486
Non-current liabilities
486,100
492,867
496,663
503,353
WIGTOWN & BLADNOCH COMMUNITY INITIATIVE
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 11 -
8
Members' liability

The company is limited by guarantee, not having a share capital and consequently the liability of members is limited, subject to an undertaking by each member to contribute to the net assets or liabilities of the company on winding up such amounts as may be required not exceeding £1.

9
Security

The Scottish Ministers hold a security over 21 North Main Street, Wigtown in the event that the company default on the grant conditions of 12 May 2020.

2024-02-292023-03-01falseCCH SoftwareCCH Accounts Production 2024.200Mr K R WittMr M R KitsonMr J KaneMr F IrvineMrs A. McDowallMrs G HamnettMs D BarclayMr J KaneMr J KaneMr P D DobsonfalsetrueSC5575952023-03-012024-02-29SC557595bus:Director12023-03-012024-02-29SC557595bus:Director22023-03-012024-02-29SC557595bus:CompanySecretaryDirector12023-03-012024-02-29SC557595bus:Director42023-03-012024-02-29SC557595bus:Director52023-03-012024-02-29SC557595bus:Director62023-03-012024-02-29SC557595bus:Director72023-03-012024-02-29SC557595bus:Director32023-03-012024-02-29SC557595bus:Director82023-03-012024-02-29SC557595bus:Director92023-03-012024-02-29SC557595bus:CompanySecretary12023-03-012024-02-29SC557595bus:RegisteredOffice2023-03-012024-02-29SC557595bus:Agent12023-03-012024-02-29SC5575952024-02-29SC5575952022-03-012023-02-28SC557595core:RetainedEarningsAccumulatedLosses2022-03-012023-02-28SC557595core:RetainedEarningsAccumulatedLosses2023-03-012024-02-29SC5575952023-02-28SC557595core:LandBuildings2024-02-29SC557595core:OtherPropertyPlantEquipment2024-02-29SC557595core:LandBuildings2023-02-28SC557595core:OtherPropertyPlantEquipment2023-02-28SC557595core:CurrentFinancialInstrumentscore:WithinOneYear2024-02-29SC557595core:CurrentFinancialInstrumentscore:WithinOneYear2023-02-28SC557595core:Non-currentFinancialInstrumentscore:AfterOneYear2024-02-29SC557595core:Non-currentFinancialInstrumentscore:AfterOneYear2023-02-28SC557595core:CurrentFinancialInstruments2024-02-29SC557595core:CurrentFinancialInstruments2023-02-28SC557595core:RetainedEarningsAccumulatedLosses2024-02-29SC557595core:RetainedEarningsAccumulatedLosses2023-02-28SC557595core:RetainedEarningsAccumulatedLosses2022-02-28SC557595core:LandBuildingscore:OwnedOrFreeholdAssets2023-03-012024-02-29SC557595core:FurnitureFittings2023-03-012024-02-29SC557595core:LandBuildings2023-02-28SC557595core:OtherPropertyPlantEquipment2023-02-28SC5575952023-02-28SC557595core:LandBuildings2023-03-012024-02-29SC557595core:OtherPropertyPlantEquipment2023-03-012024-02-29SC557595core:Non-currentFinancialInstruments2024-02-29SC557595core:Non-currentFinancialInstruments2023-02-28SC557595bus:CompanyLimitedByGuarantee2023-03-012024-02-29SC557595bus:FRS1022023-03-012024-02-29SC557595bus:AuditExemptWithAccountantsReport2023-03-012024-02-29SC557595bus:FullAccounts2023-03-012024-02-29xbrli:purexbrli:sharesiso4217:GBP