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Registration number: 06002211

W.S.F. Specialist Marketing Limited

Unaudited Financial Statements

for the Year Ended 30 November 2023

 

W.S.F. Specialist Marketing Limited

(Registration number: 06002211)

Balance Sheet as at 30 November 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

3

51,288

60,707

Current assets

 

Stocks

34,750

47,265

Debtors

4

105,944

92,995

Cash at bank and in hand

 

40,024

15,700

 

180,718

155,960

Creditors: Amounts falling due within one year

5

(147,534)

(159,067)

Net current assets/(liabilities)

 

33,184

(3,107)

Total assets less current liabilities

 

84,472

57,600

Creditors: Amounts falling due after more than one year

5

(18,254)

(1,362)

Provisions for liabilities

(9,273)

-

Net assets

 

56,945

56,238

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

56,845

56,138

Shareholders' funds

 

56,945

56,238

For the financial year ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

 

W.S.F. Specialist Marketing Limited

(Registration number: 06002211)

Balance Sheet as at 30 November 2023

These financial statements, which have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and in accordance with the provisions of FRS 102 Section 1A Small Entities, were approved and authorised for issue by the director on 7 November 2024
 

.........................................

Jeffrey McNeil
Director

 

W.S.F. Specialist Marketing Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

1

Accounting policies

W.S.F. Specialist Marketing Limited is a private company, limited by shares, domiciled in England and Wales, company number 06002211. The registered office is at Low Moor Farm, Scagglethorpe Lane, Scagglethorpe, Malton, North Yorkshire, YO17 8EA.

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value. The presentation currency is United Kingdom pounds sterling, which is the functional currency of the company. The financial statements are those of an individual entity.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

 

W.S.F. Specialist Marketing Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Land & Building

10% Straight line

Plant & Machinery

25% Reducing balance

Motor Vehicles

25% Reducing balance

Computer Equipment

25% Reducing balance

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

W.S.F. Specialist Marketing Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

2

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 4 (2022 - 3).

 

W.S.F. Specialist Marketing Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

3

Tangible assets

Land and buildings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 December 2022

32,763

5,760

998

57,739

97,260

Additions

-

1,820

2,943

-

4,763

At 30 November 2023

32,763

7,580

3,941

57,739

102,023

Depreciation

At 1 December 2022

15,289

3,971

762

16,531

36,553

Charge for the year

3,276

545

59

10,302

14,182

At 30 November 2023

18,565

4,516

821

26,833

50,735

Carrying amount

At 30 November 2023

14,198

3,064

3,120

30,906

51,288

At 30 November 2022

17,474

1,789

236

41,208

60,707

Included within the net book value of land and buildings above is £14,198 (2022 - £17,474) in respect of freehold land and buildings.
 

 

W.S.F. Specialist Marketing Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

4

Debtors

2023
£

2022
£

Trade debtors

94,271

84,034

Prepayments

4,893

2,310

Other debtors

6,780

6,651

105,944

92,995

5

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Loans and borrowings

5,764

3,315

Trade creditors

61,680

91,346

Taxation and social security

14,916

2,110

Accruals and deferred income

1,500

925

Other creditors

63,674

61,371

147,534

159,067

Creditors: amounts falling due after more than one year

2023
£

2022
£

Due after one year

Loans and borrowings

18,254

1,362

 

W.S.F. Specialist Marketing Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

6

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

18,254

-

Hire purchase contracts

-

1,362

18,254

1,362

2023
£

2022
£

Current loans and borrowings

Bank borrowings

5,764

-

Hire purchase contracts

-

3,315

5,764

3,315

Bank borrowings are secured by a fixed and floating charge over the company's assets.